Environmental, Social and Governance Performance on Brand Value in the Context of "Dual Carbon": The Mediating Effect of R&D Innovation

As an important asset of an enterprise, brand value reflects its competitive position in the market. With the proposed goal of "carbon peak" and "carbon neutrality", the development of enterprises is paying more and more attention to ESG performance (that is, the performance of enterprises in environmental, social and governance aspects), and the attention of brand management is slowly shifting away from traditional products and markets into being green and sustainable. In order to verify the relationship between ESG performance and brand value, this study takes Chinese A-share listed enterprises from 2012 to 2021 as research samples to reveal the mechanism of ESG performance's impact on brand value. The results show that ESG performance can significantly improve brand value, indicating that the investment in ESG will ultimately affect brand value. The mediation mechanism analysis shows that R&D innovation plays a mediating role in the relationship between the two. A heterogeneity analysis shows that the ESG performance of state-owned enterprises and large enterprises has a stronger promoting effect on brand value, while small enterprises do not show heterogeneity. The research results provide new evidence to reveal the impact of ESG performance on brand management, and have reference significance for ESG construction, brand marketing innovation, and corporate green innovation.