近年來，氣候變遷的嚴重性已經成為人類不可忽視的事實，氣候變化相關的影響已經達到歷史推演中最高值的一端，也比聯合國政府間氣候變化專門委員會之前評估的速度快得多，因此，對於企業實施ESG的重視程度越來越高。過去已有許多文獻探討ESG實施與資金成本、盈餘管理或財務績效間之關係，卻鮮少有文獻研究ESG和品牌權益的關聯性。品牌權益是可以提升消費者心中的品牌形象，進而提升產品競爭力，帶來無形且長期影響的無形資產。本文藉由Brand Finance每年排行前百大品牌為樣本，研究期間橫跨2008-2022年，共計15個年度，涵蓋不同國家及產業，以探討ESG實施是否助於提升公司的品牌權益。實證研究結果發現: 主測試與穩健性測試下，ESG分數與品牌權益呈現顯著負相關。額外測試中依照產業分群，則從製造業與非製造業發現不同的結果，於非製造業可以發現ESG分數與品牌權益間顯著的正向關係。以上結果表示，不同產業中，ESG實施所影響的程度亦不同，且非製造業中滯後效果的顯著正向關係透露出ESG是個需要長期投資的資產，才能發揮效益。

Humanity can no longer deny the severity of climate change, which has accelerated in recent years. The rate at which climate change is having an effect is much faster than the IPCC (The Intergovernmental Panel on Climate Change) predicted in its last report, and it has already reached the upper end of historical ranges. That's why there's such a strong push for businesses to embrace ESG principles. Numerous studies have looked into how ESG implementation affects capital costs, earnings management, and overall financial performance. However, there has been a dearth of research into the link between ESG and brand value. Brand equity is an intangible asset that can increase product competitiveness by improving the brand's image in consumers' minds. This study uses Brand Finance's annual ranking of the top 100 brands across a variety of countries and industries (from 2008 to 2022) to investigate the connection between brand equity and ESG. The empirical research found that brand equity and ESG score significantly correlated negatively under both the main test and the robustness test. When the sample was split between the manufacturing and non-manufacturing sectors, the results of the supplementary test varied. In the service sector, a strong positive correlation was discovered between the two. While the results show that ESG implementation is affected differently by different sectors, the positive correlation between brand equity and ESG that lags by a year in the non-manufacturing sector shows that ESG is an asset worth investing in the long term.

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