The Impact of Environmental, Social and Governance (ESG) Aspects on Consumers' Equity

Barış Armutcu

doi:10.15869/itobiad.1721561

Research Article

Year 2025, Volume: 14 Issue: 3, 1779 - 1798, 30.09.2025

Barış Armutcu

https://doi.org/10.15869/itobiad.1721561

Abstract

References

Agu, E., Iyelolu, T., Idemudia, C., & Ijomah, T. (2024). Exploring the relationship between sustainable business practices and increased brand loyalty. International Journal of Management & Entrepreneurship Research, 6(8), 2463-2475. https://doi.org/10.51594/ijmer.v6i8.1365
Aich, S., Thakur, A., Nanda, D., Tripathy, S., & Kim, H. (2021). Factors affecting esg towards impact on investment: A structural approach. Sustainability, 13(19), 10868. https://doi.org/10.3390/su131910868
Armutcu, B., Ramadani, V., Tan, A. & Appolloni, A. (2025), Understanding the Role of Consumers for a Sustainable Future: Empirical Evidence From a Three-Stage Hybrid Analysis Incorporating Bibliometrics, PLS-SEM, and ANN. Bus Strat Env, 34: 2065-2087. https://doi.org/10.1002/bse.4070
Armutcu, B. & Tan, M. F. (2023). A study on intentions of generation z consumers to buy recyclable products. Journal of Sustainable Marketing, 1-17. https://doi.org/10.51300/jsm-2023-109
Bianchi, E., Juan Manuel B., & Francisco J. & Sarabia, S. (2019). The impact of perceived CSR on corporate reputation and purchase intention. European Journal of Management and Business Economics 28:206–221.
Cao, Y. (2023). ESG, brand trust and brand loyalty. Communications in Humanities Research, 22(1), 183-189. https://doi.org/10.54254/2753-7064/22/20231704
Chow, M. Y. C., and Ho, S. P., S. (2024). Investigating the effect of ESG on retail banks’ customer equity. J Financ Serv Mark, 29, 1330–1344. https://doi.org/10.1057/s41264-024-00271-x
Cohen, J. (1988). Set correlation and contingency tables. Applied Psychological Measurement, Vol. 12 No. 4, pp. 425-434.
Çöllü, D. A. (2021). Bankaya özgü faktörlerin banka istikrarı üzerindeki etkileri: Türk bankacılık sektörü örneği. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 10(2), 1096-1117. https://doi.org/10.15869/itobiad.852327
Elamer, A. A., & Boulhaga, M. (2024). ESG controversies and corporate performance: The moderating effect of governance mechanisms and ESG practices. Corporate Social Responsibility and Environmental Management, 31(4), 3312–3327. https://doi.org/10.1002/csr.2749
Faul, F., Erdfelder, E., Lang, A.-G., & Buchner, A. (2007). G*Power 3: A flexible statistical power analysis program for the social, behavioral, and biomedical sciences. Behavior Research Methods, 39, 175-191.
Fornell, C. & Larcker, D.F. (1981). Structural equation models with unobservable variables and measurement error: algebra and statistics. Journal of Marketing Research, Vol. 18 No. 3, pp. 382-388, doi: 10.1177/002224378101800313
Hair, J.F., Jr, Sarstedt, M., Ringle, C. & Gudergan, S. (2017). Advanced Issues in Partial Least Squares Structural Equation Modeling. Sage Publications, London.
Hair, J.F., Ringle, C.M. & Sarstedt, M. (2011). PLS-SEM: indeed, a silver bullet. Journal of Marketing Theory and Practice, Vol. 19 No. 2, pp. 139-152, doi: 10.2753/MTP1069-6679190202
Hu, T., Chao, C., & Lin, C. (2024). The role of social media marketing in green product repurchase intention. Sustainability, 16(14), 5916. https://doi.org/10.3390/su16145916
Jaiwani, M., & Gopalkrishnan, S. (2023). Do private and public sector banks respond to ESG in the same way? Some evidences from India. Benchmarking: An International Journal, 32(1), 194–221. https://doi.org/10.1108/bij-05-2023-0340
Kim, K., Nobi, B., & Kim, T. (2020). Csr and brand resonance: the mediating role of brand love and involvement. Sustainability, 12(10), 4159. https://doi.org/10.3390/su12104159
Kline, R.B. (2011). Principals and Practice of Structural Equation Modeling. 3 rd, The Guilford Press, New York, NY.
Koh, H., Burnasheva, R., & Suh, Y. (2022). Perceived ESG (environmental, social, governance) and consumers’ responses: the mediating role of brand credibility, brand image, and perceived quality. Sustainability, 14(8), 4515. https://doi.org/10.3390/su14084515
Lee, B.Y., & So, Y.P. (2019). The role of customer delight and customer equity for loyalty in upscale hotels. Journal of Hospitality and Tourism Management 39: 175–184.
Lee, H. & Rhee, T. (2023). How does corporate esg management affect consumers’ brand choice? Sustainability, 15(8), 6795. https://doi.org/10.3390/su15086795
Lu, Y. (2024). Esg initiatives and branding in food and beverage industry (us). Advances in Economics Management and Political Sciences, 93(1), 93-97. https://doi.org/10.54254/2754-1169/93/20241054
Nugroho, D. P. D., Hartauer, A., Hsu, Y., & Hartauer, C. (2024). Investigating the Interconnection between Environmental, Social, and Governance (ESG), and Corporate Social Responsibility (CSR) Strategies: An Examination of the Influence on Consumer Behavior. Sustainability, 16(2), 614. https://doi.org/10.3390/su16020614
Omonijo, O. N., & Zhang, Y. (2025). Examining the relationship between technological innovation, environmental social governance and corporate sustainability: the moderating role of green operational innovation. Humanities and Social Sciences Communications, 12(1). https://doi.org/10.1057/s41599-025-04389-8
Park, S. R. & Oh, K. (2022). Integration of ESG information into individual investors’ corporate investment decisions: utilizing the utaut framework. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.899480
Puriwat, W. & Tripopsakul, S. (2023). Sustainability matters: unravelling the power of esg in fostering brand love and loyalty across generations and product involvements. Sustainability, 15(15), 11578. https://doi.org/10.3390/su151511578
Schermelleh-Engel, K., Moosbrugger, H. & Müller, H. (2003). Evaluating the fit of structural equation models: tests of significance and descriptive goodness-of-fit measures. Methods of Psychological Research, Vol. 8 No. 1, pp. 23-74.
Schumacker, R.E. & Lomax, R.G. (1996). A Beginner's Guide to Structural Equation Modeling. Psychology Press, New York, NY.
Sideri, L. (2023). The relationship between corporate environmental, social, governance issues and corporate sustainability in the financial sector: A managerial perspective. Business Strategy & Development, 6(4), 530–541. https://doi.org/10.1002/bsd2.260
Soper, D.S. (2022). A-Priori sample size calculator for structural equation models [software]. Available at: https://www.danielsoper.com/statcalc (accessed 10 January 2023).
Svanberg, J., Ardeshiri, T., Samsten, I., Öhman, P., Neidermeyer, P. E., Rana, T., … & Danielson, M. (2022). Corporate governance performance ratings with machine learning. Intelligent Systems in Accounting, Finance and Management, 29(1), 50-68. https://doi.org/10.1002/isaf.1505
Tabachnick, B.G. & Fidell, L.S. (2007). Using Multivariate Statistics. 5th ed., Pearson Education, Boston, MA.
Trahan, R. T. & Jantz, B. (2023). What is esg? rethinking the “e” pillar. Business Strategy and the Environment, 32(7), 4382-4391. https://doi.org/10.1002/bse.3371
Wang, N., Pan, H., Feng, Y., and Du, S. (2023). How do esg practices create value for businesses? research review and prospects. Sustainability Accounting, Management and Policy Journal, 15(5), 1155-1177. https://doi.org/10.1108/sampj-12-2021-0515
Wang, Y., Du, Q., Han, Y., & Hou, D. (2023). Executive Overconfidence and Corporate Environmental, Social, and Governance Performance. Sustainability, 15(21), 15570. https://doi.org/10.3390/su152115570
Yu, H., Ahn, M., & Han, E. (2023). Key driver of textile and apparel industry management: fashion brand esg and brand reputation. Frontiers in Environmental Science, 11. https://doi.org/10.3389/fenvs.2023.1140004

Year 2025, Volume: 14 Issue: 3, 1779 - 1798, 30.09.2025

Barış Armutcu

https://doi.org/10.15869/itobiad.1721561

Abstract

References

Agu, E., Iyelolu, T., Idemudia, C., & Ijomah, T. (2024). Exploring the relationship between sustainable business practices and increased brand loyalty. International Journal of Management & Entrepreneurship Research, 6(8), 2463-2475. https://doi.org/10.51594/ijmer.v6i8.1365
Aich, S., Thakur, A., Nanda, D., Tripathy, S., & Kim, H. (2021). Factors affecting esg towards impact on investment: A structural approach. Sustainability, 13(19), 10868. https://doi.org/10.3390/su131910868
Armutcu, B., Ramadani, V., Tan, A. & Appolloni, A. (2025), Understanding the Role of Consumers for a Sustainable Future: Empirical Evidence From a Three-Stage Hybrid Analysis Incorporating Bibliometrics, PLS-SEM, and ANN. Bus Strat Env, 34: 2065-2087. https://doi.org/10.1002/bse.4070
Armutcu, B. & Tan, M. F. (2023). A study on intentions of generation z consumers to buy recyclable products. Journal of Sustainable Marketing, 1-17. https://doi.org/10.51300/jsm-2023-109
Bianchi, E., Juan Manuel B., & Francisco J. & Sarabia, S. (2019). The impact of perceived CSR on corporate reputation and purchase intention. European Journal of Management and Business Economics 28:206–221.
Cao, Y. (2023). ESG, brand trust and brand loyalty. Communications in Humanities Research, 22(1), 183-189. https://doi.org/10.54254/2753-7064/22/20231704
Chow, M. Y. C., and Ho, S. P., S. (2024). Investigating the effect of ESG on retail banks’ customer equity. J Financ Serv Mark, 29, 1330–1344. https://doi.org/10.1057/s41264-024-00271-x
Cohen, J. (1988). Set correlation and contingency tables. Applied Psychological Measurement, Vol. 12 No. 4, pp. 425-434.
Çöllü, D. A. (2021). Bankaya özgü faktörlerin banka istikrarı üzerindeki etkileri: Türk bankacılık sektörü örneği. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 10(2), 1096-1117. https://doi.org/10.15869/itobiad.852327
Elamer, A. A., & Boulhaga, M. (2024). ESG controversies and corporate performance: The moderating effect of governance mechanisms and ESG practices. Corporate Social Responsibility and Environmental Management, 31(4), 3312–3327. https://doi.org/10.1002/csr.2749
Faul, F., Erdfelder, E., Lang, A.-G., & Buchner, A. (2007). G*Power 3: A flexible statistical power analysis program for the social, behavioral, and biomedical sciences. Behavior Research Methods, 39, 175-191.
Fornell, C. & Larcker, D.F. (1981). Structural equation models with unobservable variables and measurement error: algebra and statistics. Journal of Marketing Research, Vol. 18 No. 3, pp. 382-388, doi: 10.1177/002224378101800313
Hair, J.F., Jr, Sarstedt, M., Ringle, C. & Gudergan, S. (2017). Advanced Issues in Partial Least Squares Structural Equation Modeling. Sage Publications, London.
Hair, J.F., Ringle, C.M. & Sarstedt, M. (2011). PLS-SEM: indeed, a silver bullet. Journal of Marketing Theory and Practice, Vol. 19 No. 2, pp. 139-152, doi: 10.2753/MTP1069-6679190202
Hu, T., Chao, C., & Lin, C. (2024). The role of social media marketing in green product repurchase intention. Sustainability, 16(14), 5916. https://doi.org/10.3390/su16145916
Jaiwani, M., & Gopalkrishnan, S. (2023). Do private and public sector banks respond to ESG in the same way? Some evidences from India. Benchmarking: An International Journal, 32(1), 194–221. https://doi.org/10.1108/bij-05-2023-0340
Kim, K., Nobi, B., & Kim, T. (2020). Csr and brand resonance: the mediating role of brand love and involvement. Sustainability, 12(10), 4159. https://doi.org/10.3390/su12104159
Kline, R.B. (2011). Principals and Practice of Structural Equation Modeling. 3 rd, The Guilford Press, New York, NY.
Koh, H., Burnasheva, R., & Suh, Y. (2022). Perceived ESG (environmental, social, governance) and consumers’ responses: the mediating role of brand credibility, brand image, and perceived quality. Sustainability, 14(8), 4515. https://doi.org/10.3390/su14084515
Lee, B.Y., & So, Y.P. (2019). The role of customer delight and customer equity for loyalty in upscale hotels. Journal of Hospitality and Tourism Management 39: 175–184.
Lee, H. & Rhee, T. (2023). How does corporate esg management affect consumers’ brand choice? Sustainability, 15(8), 6795. https://doi.org/10.3390/su15086795
Lu, Y. (2024). Esg initiatives and branding in food and beverage industry (us). Advances in Economics Management and Political Sciences, 93(1), 93-97. https://doi.org/10.54254/2754-1169/93/20241054
Nugroho, D. P. D., Hartauer, A., Hsu, Y., & Hartauer, C. (2024). Investigating the Interconnection between Environmental, Social, and Governance (ESG), and Corporate Social Responsibility (CSR) Strategies: An Examination of the Influence on Consumer Behavior. Sustainability, 16(2), 614. https://doi.org/10.3390/su16020614
Omonijo, O. N., & Zhang, Y. (2025). Examining the relationship between technological innovation, environmental social governance and corporate sustainability: the moderating role of green operational innovation. Humanities and Social Sciences Communications, 12(1). https://doi.org/10.1057/s41599-025-04389-8
Park, S. R. & Oh, K. (2022). Integration of ESG information into individual investors’ corporate investment decisions: utilizing the utaut framework. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.899480
Puriwat, W. & Tripopsakul, S. (2023). Sustainability matters: unravelling the power of esg in fostering brand love and loyalty across generations and product involvements. Sustainability, 15(15), 11578. https://doi.org/10.3390/su151511578
Schermelleh-Engel, K., Moosbrugger, H. & Müller, H. (2003). Evaluating the fit of structural equation models: tests of significance and descriptive goodness-of-fit measures. Methods of Psychological Research, Vol. 8 No. 1, pp. 23-74.
Schumacker, R.E. & Lomax, R.G. (1996). A Beginner's Guide to Structural Equation Modeling. Psychology Press, New York, NY.
Sideri, L. (2023). The relationship between corporate environmental, social, governance issues and corporate sustainability in the financial sector: A managerial perspective. Business Strategy & Development, 6(4), 530–541. https://doi.org/10.1002/bsd2.260
Soper, D.S. (2022). A-Priori sample size calculator for structural equation models [software]. Available at: https://www.danielsoper.com/statcalc (accessed 10 January 2023).
Svanberg, J., Ardeshiri, T., Samsten, I., Öhman, P., Neidermeyer, P. E., Rana, T., … & Danielson, M. (2022). Corporate governance performance ratings with machine learning. Intelligent Systems in Accounting, Finance and Management, 29(1), 50-68. https://doi.org/10.1002/isaf.1505
Tabachnick, B.G. & Fidell, L.S. (2007). Using Multivariate Statistics. 5th ed., Pearson Education, Boston, MA.
Trahan, R. T. & Jantz, B. (2023). What is esg? rethinking the “e” pillar. Business Strategy and the Environment, 32(7), 4382-4391. https://doi.org/10.1002/bse.3371
Wang, N., Pan, H., Feng, Y., and Du, S. (2023). How do esg practices create value for businesses? research review and prospects. Sustainability Accounting, Management and Policy Journal, 15(5), 1155-1177. https://doi.org/10.1108/sampj-12-2021-0515
Wang, Y., Du, Q., Han, Y., & Hou, D. (2023). Executive Overconfidence and Corporate Environmental, Social, and Governance Performance. Sustainability, 15(21), 15570. https://doi.org/10.3390/su152115570
Yu, H., Ahn, M., & Han, E. (2023). Key driver of textile and apparel industry management: fashion brand esg and brand reputation. Frontiers in Environmental Science, 11. https://doi.org/10.3389/fenvs.2023.1140004

Year 2025, Volume: 14 Issue: 3, 1779 - 1798, 30.09.2025

Barış Armutcu

https://doi.org/10.15869/itobiad.1721561

Abstract

References

Agu, E., Iyelolu, T., Idemudia, C., & Ijomah, T. (2024). Exploring the relationship between sustainable business practices and increased brand loyalty. International Journal of Management & Entrepreneurship Research, 6(8), 2463-2475. https://doi.org/10.51594/ijmer.v6i8.1365
Aich, S., Thakur, A., Nanda, D., Tripathy, S., & Kim, H. (2021). Factors affecting esg towards impact on investment: A structural approach. Sustainability, 13(19), 10868. https://doi.org/10.3390/su131910868
Armutcu, B., Ramadani, V., Tan, A. & Appolloni, A. (2025), Understanding the Role of Consumers for a Sustainable Future: Empirical Evidence From a Three-Stage Hybrid Analysis Incorporating Bibliometrics, PLS-SEM, and ANN. Bus Strat Env, 34: 2065-2087. https://doi.org/10.1002/bse.4070
Armutcu, B. & Tan, M. F. (2023). A study on intentions of generation z consumers to buy recyclable products. Journal of Sustainable Marketing, 1-17. https://doi.org/10.51300/jsm-2023-109
Bianchi, E., Juan Manuel B., & Francisco J. & Sarabia, S. (2019). The impact of perceived CSR on corporate reputation and purchase intention. European Journal of Management and Business Economics 28:206–221.
Cao, Y. (2023). ESG, brand trust and brand loyalty. Communications in Humanities Research, 22(1), 183-189. https://doi.org/10.54254/2753-7064/22/20231704
Chow, M. Y. C., and Ho, S. P., S. (2024). Investigating the effect of ESG on retail banks’ customer equity. J Financ Serv Mark, 29, 1330–1344. https://doi.org/10.1057/s41264-024-00271-x
Cohen, J. (1988). Set correlation and contingency tables. Applied Psychological Measurement, Vol. 12 No. 4, pp. 425-434.
Çöllü, D. A. (2021). Bankaya özgü faktörlerin banka istikrarı üzerindeki etkileri: Türk bankacılık sektörü örneği. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 10(2), 1096-1117. https://doi.org/10.15869/itobiad.852327
Elamer, A. A., & Boulhaga, M. (2024). ESG controversies and corporate performance: The moderating effect of governance mechanisms and ESG practices. Corporate Social Responsibility and Environmental Management, 31(4), 3312–3327. https://doi.org/10.1002/csr.2749
Faul, F., Erdfelder, E., Lang, A.-G., & Buchner, A. (2007). G*Power 3: A flexible statistical power analysis program for the social, behavioral, and biomedical sciences. Behavior Research Methods, 39, 175-191.
Fornell, C. & Larcker, D.F. (1981). Structural equation models with unobservable variables and measurement error: algebra and statistics. Journal of Marketing Research, Vol. 18 No. 3, pp. 382-388, doi: 10.1177/002224378101800313
Hair, J.F., Jr, Sarstedt, M., Ringle, C. & Gudergan, S. (2017). Advanced Issues in Partial Least Squares Structural Equation Modeling. Sage Publications, London.
Hair, J.F., Ringle, C.M. & Sarstedt, M. (2011). PLS-SEM: indeed, a silver bullet. Journal of Marketing Theory and Practice, Vol. 19 No. 2, pp. 139-152, doi: 10.2753/MTP1069-6679190202
Hu, T., Chao, C., & Lin, C. (2024). The role of social media marketing in green product repurchase intention. Sustainability, 16(14), 5916. https://doi.org/10.3390/su16145916
Jaiwani, M., & Gopalkrishnan, S. (2023). Do private and public sector banks respond to ESG in the same way? Some evidences from India. Benchmarking: An International Journal, 32(1), 194–221. https://doi.org/10.1108/bij-05-2023-0340
Kim, K., Nobi, B., & Kim, T. (2020). Csr and brand resonance: the mediating role of brand love and involvement. Sustainability, 12(10), 4159. https://doi.org/10.3390/su12104159
Kline, R.B. (2011). Principals and Practice of Structural Equation Modeling. 3 rd, The Guilford Press, New York, NY.
Koh, H., Burnasheva, R., & Suh, Y. (2022). Perceived ESG (environmental, social, governance) and consumers’ responses: the mediating role of brand credibility, brand image, and perceived quality. Sustainability, 14(8), 4515. https://doi.org/10.3390/su14084515
Lee, B.Y., & So, Y.P. (2019). The role of customer delight and customer equity for loyalty in upscale hotels. Journal of Hospitality and Tourism Management 39: 175–184.
Lee, H. & Rhee, T. (2023). How does corporate esg management affect consumers’ brand choice? Sustainability, 15(8), 6795. https://doi.org/10.3390/su15086795
Lu, Y. (2024). Esg initiatives and branding in food and beverage industry (us). Advances in Economics Management and Political Sciences, 93(1), 93-97. https://doi.org/10.54254/2754-1169/93/20241054
Nugroho, D. P. D., Hartauer, A., Hsu, Y., & Hartauer, C. (2024). Investigating the Interconnection between Environmental, Social, and Governance (ESG), and Corporate Social Responsibility (CSR) Strategies: An Examination of the Influence on Consumer Behavior. Sustainability, 16(2), 614. https://doi.org/10.3390/su16020614
Omonijo, O. N., & Zhang, Y. (2025). Examining the relationship between technological innovation, environmental social governance and corporate sustainability: the moderating role of green operational innovation. Humanities and Social Sciences Communications, 12(1). https://doi.org/10.1057/s41599-025-04389-8
Park, S. R. & Oh, K. (2022). Integration of ESG information into individual investors’ corporate investment decisions: utilizing the utaut framework. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.899480
Puriwat, W. & Tripopsakul, S. (2023). Sustainability matters: unravelling the power of esg in fostering brand love and loyalty across generations and product involvements. Sustainability, 15(15), 11578. https://doi.org/10.3390/su151511578
Schermelleh-Engel, K., Moosbrugger, H. & Müller, H. (2003). Evaluating the fit of structural equation models: tests of significance and descriptive goodness-of-fit measures. Methods of Psychological Research, Vol. 8 No. 1, pp. 23-74.
Schumacker, R.E. & Lomax, R.G. (1996). A Beginner's Guide to Structural Equation Modeling. Psychology Press, New York, NY.
Sideri, L. (2023). The relationship between corporate environmental, social, governance issues and corporate sustainability in the financial sector: A managerial perspective. Business Strategy & Development, 6(4), 530–541. https://doi.org/10.1002/bsd2.260
Soper, D.S. (2022). A-Priori sample size calculator for structural equation models [software]. Available at: https://www.danielsoper.com/statcalc (accessed 10 January 2023).
Svanberg, J., Ardeshiri, T., Samsten, I., Öhman, P., Neidermeyer, P. E., Rana, T., … & Danielson, M. (2022). Corporate governance performance ratings with machine learning. Intelligent Systems in Accounting, Finance and Management, 29(1), 50-68. https://doi.org/10.1002/isaf.1505
Tabachnick, B.G. & Fidell, L.S. (2007). Using Multivariate Statistics. 5th ed., Pearson Education, Boston, MA.
Trahan, R. T. & Jantz, B. (2023). What is esg? rethinking the “e” pillar. Business Strategy and the Environment, 32(7), 4382-4391. https://doi.org/10.1002/bse.3371
Wang, N., Pan, H., Feng, Y., and Du, S. (2023). How do esg practices create value for businesses? research review and prospects. Sustainability Accounting, Management and Policy Journal, 15(5), 1155-1177. https://doi.org/10.1108/sampj-12-2021-0515
Wang, Y., Du, Q., Han, Y., & Hou, D. (2023). Executive Overconfidence and Corporate Environmental, Social, and Governance Performance. Sustainability, 15(21), 15570. https://doi.org/10.3390/su152115570
Yu, H., Ahn, M., & Han, E. (2023). Key driver of textile and apparel industry management: fashion brand esg and brand reputation. Frontiers in Environmental Science, 11. https://doi.org/10.3389/fenvs.2023.1140004

The Impact of Environmental, Social and Governance (ESG) Aspects on Consumers' Equity

Year 2025, Volume: 14 Issue: 3, 1779 - 1798, 30.09.2025

Barış Armutcu

https://doi.org/10.15869/itobiad.1721561

Abstract

Recently, environmental, social and governance (ESG) factors have become an important focus in corporate governance strategies around the world. This study examines how ESG impacts the customer equity of retail banks. This study examines how ESG initiatives affect customer attitudes and the components of customer equity in attitudes. It also examines the impact of customer equity on purchase intention. Within the scope of the study, data were collected from a total of 287 bank customers in Asian countries using a survey method. A partial least squares structural equation modeling (PLS-SEM) test with 10.000 subsamples was conducted to analyze the developed research model and the collected data. The results showed that all three ESG factors - environmental, social, and governance - positively influenced customer attitudes, with governance having the strongest effect. Customer attitudes, in turn, strongly impact value, brands and relationship equity. Value and relationship equity were found to positively influence purchase intention, whereas brand equity did not show a significant effect. This study contributes to advancing the understanding of ESG and customer equity in banking, providing insights for developing sustainable marketing strategies and responsible banking practices. The findings suggest that banks should focus on governance initiatives as primary drivers of customer equity and purchase intent. This study has implications for banking practitioners in prioritizing ESG efforts and policymakers in promoting sustainable banking frameworks. While limited to the retail banking context, this study offers a foundation for future research exploring these relationships in other settings. Furthermore, the study contributes to the limited empirical evidence on the relationship between ESG and customer behavior.

Keywords

ESG , Environment , Social , Governance , Customer Equity , Customer Attitude

Ethical Statement

Etik izin alınmıştır ve belge sisteme yüklenmiştir.

References

Agu, E., Iyelolu, T., Idemudia, C., & Ijomah, T. (2024). Exploring the relationship between sustainable business practices and increased brand loyalty. International Journal of Management & Entrepreneurship Research, 6(8), 2463-2475. https://doi.org/10.51594/ijmer.v6i8.1365
Aich, S., Thakur, A., Nanda, D., Tripathy, S., & Kim, H. (2021). Factors affecting esg towards impact on investment: A structural approach. Sustainability, 13(19), 10868. https://doi.org/10.3390/su131910868
Armutcu, B., Ramadani, V., Tan, A. & Appolloni, A. (2025), Understanding the Role of Consumers for a Sustainable Future: Empirical Evidence From a Three-Stage Hybrid Analysis Incorporating Bibliometrics, PLS-SEM, and ANN. Bus Strat Env, 34: 2065-2087. https://doi.org/10.1002/bse.4070
Armutcu, B. & Tan, M. F. (2023). A study on intentions of generation z consumers to buy recyclable products. Journal of Sustainable Marketing, 1-17. https://doi.org/10.51300/jsm-2023-109
Bianchi, E., Juan Manuel B., & Francisco J. & Sarabia, S. (2019). The impact of perceived CSR on corporate reputation and purchase intention. European Journal of Management and Business Economics 28:206–221.
Cao, Y. (2023). ESG, brand trust and brand loyalty. Communications in Humanities Research, 22(1), 183-189. https://doi.org/10.54254/2753-7064/22/20231704
Chow, M. Y. C., and Ho, S. P., S. (2024). Investigating the effect of ESG on retail banks’ customer equity. J Financ Serv Mark, 29, 1330–1344. https://doi.org/10.1057/s41264-024-00271-x
Cohen, J. (1988). Set correlation and contingency tables. Applied Psychological Measurement, Vol. 12 No. 4, pp. 425-434.
Çöllü, D. A. (2021). Bankaya özgü faktörlerin banka istikrarı üzerindeki etkileri: Türk bankacılık sektörü örneği. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 10(2), 1096-1117. https://doi.org/10.15869/itobiad.852327
Elamer, A. A., & Boulhaga, M. (2024). ESG controversies and corporate performance: The moderating effect of governance mechanisms and ESG practices. Corporate Social Responsibility and Environmental Management, 31(4), 3312–3327. https://doi.org/10.1002/csr.2749
Faul, F., Erdfelder, E., Lang, A.-G., & Buchner, A. (2007). G*Power 3: A flexible statistical power analysis program for the social, behavioral, and biomedical sciences. Behavior Research Methods, 39, 175-191.
Fornell, C. & Larcker, D.F. (1981). Structural equation models with unobservable variables and measurement error: algebra and statistics. Journal of Marketing Research, Vol. 18 No. 3, pp. 382-388, doi: 10.1177/002224378101800313
Hair, J.F., Jr, Sarstedt, M., Ringle, C. & Gudergan, S. (2017). Advanced Issues in Partial Least Squares Structural Equation Modeling. Sage Publications, London.
Hair, J.F., Ringle, C.M. & Sarstedt, M. (2011). PLS-SEM: indeed, a silver bullet. Journal of Marketing Theory and Practice, Vol. 19 No. 2, pp. 139-152, doi: 10.2753/MTP1069-6679190202
Hu, T., Chao, C., & Lin, C. (2024). The role of social media marketing in green product repurchase intention. Sustainability, 16(14), 5916. https://doi.org/10.3390/su16145916
Jaiwani, M., & Gopalkrishnan, S. (2023). Do private and public sector banks respond to ESG in the same way? Some evidences from India. Benchmarking: An International Journal, 32(1), 194–221. https://doi.org/10.1108/bij-05-2023-0340
Kim, K., Nobi, B., & Kim, T. (2020). Csr and brand resonance: the mediating role of brand love and involvement. Sustainability, 12(10), 4159. https://doi.org/10.3390/su12104159
Kline, R.B. (2011). Principals and Practice of Structural Equation Modeling. 3 rd, The Guilford Press, New York, NY.
Koh, H., Burnasheva, R., & Suh, Y. (2022). Perceived ESG (environmental, social, governance) and consumers’ responses: the mediating role of brand credibility, brand image, and perceived quality. Sustainability, 14(8), 4515. https://doi.org/10.3390/su14084515
Lee, B.Y., & So, Y.P. (2019). The role of customer delight and customer equity for loyalty in upscale hotels. Journal of Hospitality and Tourism Management 39: 175–184.
Lee, H. & Rhee, T. (2023). How does corporate esg management affect consumers’ brand choice? Sustainability, 15(8), 6795. https://doi.org/10.3390/su15086795
Lu, Y. (2024). Esg initiatives and branding in food and beverage industry (us). Advances in Economics Management and Political Sciences, 93(1), 93-97. https://doi.org/10.54254/2754-1169/93/20241054
Nugroho, D. P. D., Hartauer, A., Hsu, Y., & Hartauer, C. (2024). Investigating the Interconnection between Environmental, Social, and Governance (ESG), and Corporate Social Responsibility (CSR) Strategies: An Examination of the Influence on Consumer Behavior. Sustainability, 16(2), 614. https://doi.org/10.3390/su16020614
Omonijo, O. N., & Zhang, Y. (2025). Examining the relationship between technological innovation, environmental social governance and corporate sustainability: the moderating role of green operational innovation. Humanities and Social Sciences Communications, 12(1). https://doi.org/10.1057/s41599-025-04389-8
Park, S. R. & Oh, K. (2022). Integration of ESG information into individual investors’ corporate investment decisions: utilizing the utaut framework. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.899480
Puriwat, W. & Tripopsakul, S. (2023). Sustainability matters: unravelling the power of esg in fostering brand love and loyalty across generations and product involvements. Sustainability, 15(15), 11578. https://doi.org/10.3390/su151511578
Schermelleh-Engel, K., Moosbrugger, H. & Müller, H. (2003). Evaluating the fit of structural equation models: tests of significance and descriptive goodness-of-fit measures. Methods of Psychological Research, Vol. 8 No. 1, pp. 23-74.
Schumacker, R.E. & Lomax, R.G. (1996). A Beginner's Guide to Structural Equation Modeling. Psychology Press, New York, NY.
Sideri, L. (2023). The relationship between corporate environmental, social, governance issues and corporate sustainability in the financial sector: A managerial perspective. Business Strategy & Development, 6(4), 530–541. https://doi.org/10.1002/bsd2.260
Soper, D.S. (2022). A-Priori sample size calculator for structural equation models [software]. Available at: https://www.danielsoper.com/statcalc (accessed 10 January 2023).
Svanberg, J., Ardeshiri, T., Samsten, I., Öhman, P., Neidermeyer, P. E., Rana, T., … & Danielson, M. (2022). Corporate governance performance ratings with machine learning. Intelligent Systems in Accounting, Finance and Management, 29(1), 50-68. https://doi.org/10.1002/isaf.1505
Tabachnick, B.G. & Fidell, L.S. (2007). Using Multivariate Statistics. 5th ed., Pearson Education, Boston, MA.
Trahan, R. T. & Jantz, B. (2023). What is esg? rethinking the “e” pillar. Business Strategy and the Environment, 32(7), 4382-4391. https://doi.org/10.1002/bse.3371
Wang, N., Pan, H., Feng, Y., and Du, S. (2023). How do esg practices create value for businesses? research review and prospects. Sustainability Accounting, Management and Policy Journal, 15(5), 1155-1177. https://doi.org/10.1108/sampj-12-2021-0515
Wang, Y., Du, Q., Han, Y., & Hou, D. (2023). Executive Overconfidence and Corporate Environmental, Social, and Governance Performance. Sustainability, 15(21), 15570. https://doi.org/10.3390/su152115570
Yu, H., Ahn, M., & Han, E. (2023). Key driver of textile and apparel industry management: fashion brand esg and brand reputation. Frontiers in Environmental Science, 11. https://doi.org/10.3389/fenvs.2023.1140004

Çevresel, Sosyal ve Yönetişim (ESG) Unsurlarının Tüketicilerin Öz Kaynakları Üzerindeki Etkisi

Year 2025, Volume: 14 Issue: 3, 1779 - 1798, 30.09.2025

Barış Armutcu

https://doi.org/10.15869/itobiad.1721561

Abstract

Son zamanlarda çevresel, sosyal ve yönetişim (ESG) faktörleri, dünya çapında kurumsal yönetim stratejilerinde önemli bir odak noktası haline gelmiştir. Bu çalışma, ESG'nin perakende bankaların müşteri özkaynaklarını nasıl etkilediğini incelemektedir. Bu çalışma, ESG girişimlerinin müşteri tutumlarını nasıl etkilediğini ve tutumlarda müşteri özkaynaklarının bileşenlerini incelemektedir. Ayrıca müşteri özkaynaklarının satın alma niyeti üzerindeki etkisini de incelemektedir. Çalışma kapsamında Asya ülkeleri özelinde toplam 287 banka müşterisinden anket yöntemi ile veriler toplanmıştır. Geliştirilen araştırma modelini ve elde edilen verileri analiz etmek için 10.000 alt örneklem ile kısmi en küçük kareler yapısal eşitlik modellemesi (PLS-SEM) testi yapılmıştır. Sonuçlar, çevresel, sosyal ve yönetişim olmak üzere üç ESG faktörünün de müşteri tutumlarını olumlu yönde etkilediğini ve yönetişimin en güçlü etkiye sahip olduğunu göstermiştir. Müşteri tutumları da değeri, markaları ve ilişki sermayesini güçlü bir şekilde etkilemektedir. Değer ve ilişki sermayesinin satın alma niyetini olumlu yönde etkilediği, marka sermayesinin ise anlamlı bir etki göstermediği tespit edilmiştir. Bu çalışma, sürdürülebilir pazarlama stratejileri ve sorumlu bankacılık uygulamaları geliştirmek için içgörüler sağlayarak bankacılıkta ESG ve müşteri özkaynaklarının anlaşılmasına katkıda bulunmaktadır. Bulgular, bankaların müşteri özvarlığı ve satın alma niyetinin birincil itici gücü olarak yönetişim girişimlerine odaklanmaları gerektiğini göstermektedir. Bu çalışma, sürdürülebilir pazarlama stratejileri ve sorumlu bankacılık uygulamaları geliştirmek için içgörüler sağlayarak bankacılıkta ESG ve müşteri özkaynaklarının anlaşılmasına katkıda bulunmaktadır. Bulgular, bankaların müşteri eşitliği ve satın alma niyetinin birincil itici gücü olarak yönetişim girişimlerine odaklanmaları gerektiğini göstermektedir. Bu çalışma, bankacılık uygulayıcılarının ESG çabalarına öncelik vermeleri ve politika yapıcıların sürdürülebilir bankacılık çerçevelerini teşvik etmeleri açısından önem taşımaktadır. Bu çalışma bankacılık bağlamıyla sınırlı olsa da bu ilişkileri diğer ortamlarda inceleyen gelecekteki araştırmalar için bir temel sunmaktadır. Ayrıca çalışma ESG ve müşteri davranışı arasındaki ilişkiyi araştıran sınırlı ampirik kanıtlara katkı sağlayarak ileriye taşımaktadır.

Keywords

ESG , Çevre , Sosyal , Yönetişim , Müşteri Sermayesi , Müşteri Tutumu , Satın Alma , PLS-SEM

References

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Armutcu, B., Ramadani, V., Tan, A. & Appolloni, A. (2025), Understanding the Role of Consumers for a Sustainable Future: Empirical Evidence From a Three-Stage Hybrid Analysis Incorporating Bibliometrics, PLS-SEM, and ANN. Bus Strat Env, 34: 2065-2087. https://doi.org/10.1002/bse.4070
Armutcu, B. & Tan, M. F. (2023). A study on intentions of generation z consumers to buy recyclable products. Journal of Sustainable Marketing, 1-17. https://doi.org/10.51300/jsm-2023-109
Bianchi, E., Juan Manuel B., & Francisco J. & Sarabia, S. (2019). The impact of perceived CSR on corporate reputation and purchase intention. European Journal of Management and Business Economics 28:206–221.
Cao, Y. (2023). ESG, brand trust and brand loyalty. Communications in Humanities Research, 22(1), 183-189. https://doi.org/10.54254/2753-7064/22/20231704
Chow, M. Y. C., and Ho, S. P., S. (2024). Investigating the effect of ESG on retail banks’ customer equity. J Financ Serv Mark, 29, 1330–1344. https://doi.org/10.1057/s41264-024-00271-x
Cohen, J. (1988). Set correlation and contingency tables. Applied Psychological Measurement, Vol. 12 No. 4, pp. 425-434.
Çöllü, D. A. (2021). Bankaya özgü faktörlerin banka istikrarı üzerindeki etkileri: Türk bankacılık sektörü örneği. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 10(2), 1096-1117. https://doi.org/10.15869/itobiad.852327
Elamer, A. A., & Boulhaga, M. (2024). ESG controversies and corporate performance: The moderating effect of governance mechanisms and ESG practices. Corporate Social Responsibility and Environmental Management, 31(4), 3312–3327. https://doi.org/10.1002/csr.2749
Faul, F., Erdfelder, E., Lang, A.-G., & Buchner, A. (2007). G*Power 3: A flexible statistical power analysis program for the social, behavioral, and biomedical sciences. Behavior Research Methods, 39, 175-191.
Fornell, C. & Larcker, D.F. (1981). Structural equation models with unobservable variables and measurement error: algebra and statistics. Journal of Marketing Research, Vol. 18 No. 3, pp. 382-388, doi: 10.1177/002224378101800313
Hair, J.F., Jr, Sarstedt, M., Ringle, C. & Gudergan, S. (2017). Advanced Issues in Partial Least Squares Structural Equation Modeling. Sage Publications, London.
Hair, J.F., Ringle, C.M. & Sarstedt, M. (2011). PLS-SEM: indeed, a silver bullet. Journal of Marketing Theory and Practice, Vol. 19 No. 2, pp. 139-152, doi: 10.2753/MTP1069-6679190202
Hu, T., Chao, C., & Lin, C. (2024). The role of social media marketing in green product repurchase intention. Sustainability, 16(14), 5916. https://doi.org/10.3390/su16145916
Jaiwani, M., & Gopalkrishnan, S. (2023). Do private and public sector banks respond to ESG in the same way? Some evidences from India. Benchmarking: An International Journal, 32(1), 194–221. https://doi.org/10.1108/bij-05-2023-0340
Kim, K., Nobi, B., & Kim, T. (2020). Csr and brand resonance: the mediating role of brand love and involvement. Sustainability, 12(10), 4159. https://doi.org/10.3390/su12104159
Kline, R.B. (2011). Principals and Practice of Structural Equation Modeling. 3 rd, The Guilford Press, New York, NY.
Koh, H., Burnasheva, R., & Suh, Y. (2022). Perceived ESG (environmental, social, governance) and consumers’ responses: the mediating role of brand credibility, brand image, and perceived quality. Sustainability, 14(8), 4515. https://doi.org/10.3390/su14084515
Lee, B.Y., & So, Y.P. (2019). The role of customer delight and customer equity for loyalty in upscale hotels. Journal of Hospitality and Tourism Management 39: 175–184.
Lee, H. & Rhee, T. (2023). How does corporate esg management affect consumers’ brand choice? Sustainability, 15(8), 6795. https://doi.org/10.3390/su15086795
Lu, Y. (2024). Esg initiatives and branding in food and beverage industry (us). Advances in Economics Management and Political Sciences, 93(1), 93-97. https://doi.org/10.54254/2754-1169/93/20241054
Nugroho, D. P. D., Hartauer, A., Hsu, Y., & Hartauer, C. (2024). Investigating the Interconnection between Environmental, Social, and Governance (ESG), and Corporate Social Responsibility (CSR) Strategies: An Examination of the Influence on Consumer Behavior. Sustainability, 16(2), 614. https://doi.org/10.3390/su16020614
Omonijo, O. N., & Zhang, Y. (2025). Examining the relationship between technological innovation, environmental social governance and corporate sustainability: the moderating role of green operational innovation. Humanities and Social Sciences Communications, 12(1). https://doi.org/10.1057/s41599-025-04389-8
Park, S. R. & Oh, K. (2022). Integration of ESG information into individual investors’ corporate investment decisions: utilizing the utaut framework. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.899480
Puriwat, W. & Tripopsakul, S. (2023). Sustainability matters: unravelling the power of esg in fostering brand love and loyalty across generations and product involvements. Sustainability, 15(15), 11578. https://doi.org/10.3390/su151511578
Schermelleh-Engel, K., Moosbrugger, H. & Müller, H. (2003). Evaluating the fit of structural equation models: tests of significance and descriptive goodness-of-fit measures. Methods of Psychological Research, Vol. 8 No. 1, pp. 23-74.
Schumacker, R.E. & Lomax, R.G. (1996). A Beginner's Guide to Structural Equation Modeling. Psychology Press, New York, NY.
Sideri, L. (2023). The relationship between corporate environmental, social, governance issues and corporate sustainability in the financial sector: A managerial perspective. Business Strategy & Development, 6(4), 530–541. https://doi.org/10.1002/bsd2.260
Soper, D.S. (2022). A-Priori sample size calculator for structural equation models [software]. Available at: https://www.danielsoper.com/statcalc (accessed 10 January 2023).
Svanberg, J., Ardeshiri, T., Samsten, I., Öhman, P., Neidermeyer, P. E., Rana, T., … & Danielson, M. (2022). Corporate governance performance ratings with machine learning. Intelligent Systems in Accounting, Finance and Management, 29(1), 50-68. https://doi.org/10.1002/isaf.1505
Tabachnick, B.G. & Fidell, L.S. (2007). Using Multivariate Statistics. 5th ed., Pearson Education, Boston, MA.
Trahan, R. T. & Jantz, B. (2023). What is esg? rethinking the “e” pillar. Business Strategy and the Environment, 32(7), 4382-4391. https://doi.org/10.1002/bse.3371
Wang, N., Pan, H., Feng, Y., and Du, S. (2023). How do esg practices create value for businesses? research review and prospects. Sustainability Accounting, Management and Policy Journal, 15(5), 1155-1177. https://doi.org/10.1108/sampj-12-2021-0515
Wang, Y., Du, Q., Han, Y., & Hou, D. (2023). Executive Overconfidence and Corporate Environmental, Social, and Governance Performance. Sustainability, 15(21), 15570. https://doi.org/10.3390/su152115570
Yu, H., Ahn, M., & Han, E. (2023). Key driver of textile and apparel industry management: fashion brand esg and brand reputation. Frontiers in Environmental Science, 11. https://doi.org/10.3389/fenvs.2023.1140004

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Details

Primary Language	English
Subjects	Environmental Sociology, Strategy, Management and Organisational Behaviour (Other)
Journal Section	Articles
Authors	Barış Armutcu 0000-0002-4865-026X
Early Pub Date	September 23, 2025
Publication Date	September 30, 2025
Submission Date	June 17, 2025
Acceptance Date	September 16, 2025
Published in Issue	Year 2025 Volume: 14 Issue: 3

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APA	Armutcu, B. (2025). The Impact of Environmental, Social and Governance (ESG) Aspects on Consumers’ Equity. İnsan Ve Toplum Bilimleri Araştırmaları Dergisi, 14(3), 1779-1798. https://doi.org/10.15869/itobiad.1721561

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