Table 1

Contradicting results in selected empiric articles studying the link sustainability-brand value

Type of relationshipAuthor and yearTheoretical frameworkMethodologySample detailsPeriodMechanisms, moderators or mediatorsBrand value sourceHow the study measured sustainability
PerceptionsInvestmentSource
PositiveMelo and Galan (2011) Instrumental stakeholder theoryPanel regressionUS, cross-industry2001–2003Not exploredInterbrand XKLD
Torres et al. (2012) Stakeholder and signaling theoryPanel regression57 brands, US, EU, Asia2002–2008Not exploredInterbrand XSustainalytics
Bouvain et al. (2013) Not explicitly mentionedPanel regression84 bank brands in Asia and the US2012Not exploredBrand Finance XCSRHub
Harjoto and Salas (2017) Instrumental stakeholder theoryPanel regression47 brands, manufacturing sector, US2000–2014Not exploredInterbrand XKLD
Alcaide et al. (2020) Not explicitly mentionedMultivariate linear regression by OLS13 IT brands, US, Asia2000–2017Not exploredInterbrand, Brand Finance, Kantar XGreen Ranking, CSR Reptrak, Finance Yahoo Sustainability, Global 100 most sustainable corporations
Loh and Tan (2020) Legitimacy theoryLinear regression90 firms, 180 observations, cross-industry, Singapore2016–2018Not exploredBrand Finance XScored by authors based on public company reports
El Zein et al. (2020) Not explicitly mentionedPanel regression1,100 financial brands, US, EU2013–2017Not exploredEstimated by author based on Damodaran’s model XSustainalytics
 Lin et al. (2021) Resource-based viewGeneralized method of moments164 firms, automotive, global2011–2018Marketing and innovation capabilities positively moderate the relationshipGoodwill estimated by authors XCSRHub
 Pope and Kim (2021) Stakeholder theory, institutional theoryPanel regression618 firms, cross-industry, global2007–2013Brand architecture type (impact stronger for masterbrand type of structure)Brand Finance XASSET4 (now Refinitiv), DJSI, ETHICAL, FTSE4GOOD, G100
 Chiang et al. (2022) Stewardship and stakeholder theoryMultivariate linear regression6,763 observations, cross-industry, Taiwan2014–2017Moderated by type of ownership (stronger effect for family vs non-family owned)Estimated by authors based on Hirose model XSupervisory Commission and Corporate Governance Center, Taiwan Stock Exchange
 Ma et al. (2023) Signaling theoryLinear regression1,515 observations, cross-industry, China2010–2020Mediating role of investor sentiment and analyst ratingsWorld Brand Lab XAnnual reports and ESG reports
 Zhang and Liu (2023) Stakeholder theoryPanel regression810 observations, non-financial companies, China2013–2022Not exploredWorld Brand Lab XHEXUN, RKS
 Zou et al. (2024) Not explicitly mentionedPanel regression282 listed non-financial companies, 1,715 observations, China2010–2021Mediating role of media coverage and moderating role of firm sizeWorld Brand Lab XShanghai Huazheng Index Information Service Co
Non-significantFirst and Khetriwal (2010) Not explicitly mentionedANOVA18 brands in the electronics and electrical equipment sectors in the US, EU, Asia2006Not exploredInterbrand XDJSI, FTSE4Good and the World Economic Forum’s Global 100
NegativeNguyen et al. (2015) Not explicitly mentionedLinear regression15 firms, 348 respondents. Electronics, food, clothing, financial and automobile, US, EU, Asia2009–2011Not exploredInterbrandX Survey designed by author
Non-linearU-shapedWang et al. (2024) Signaling theoryLinear regression126 brands, cross-industry in China2012–2021Digitalization level of the firm positively moderates the relationshipWorld Brand Lab XBloomberg
Inverted U-shapedQi et al. (2021) Not explicitly mentionedThreshold regression110 firms, 770 observations, cross-industry, China2012–2018Not exploredWorld Brand Lab XEstimated by authors based on annual reviews

Source(s): Authors’ own work

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