The Effectiveness of ESG Strategies in Building Intangible Capital: The Moderating Role of National Intellectual Property Intensity and Firm Age
Üçüncü Sektör Sosyal Ekonomi, cilt.60, sa.3, ss.2561-2580, 2025 (TRDizin)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 60 Sayı: 3
- Basım Tarihi: 2025
- Dergi Adı: Üçüncü Sektör Sosyal Ekonomi
- Derginin Tarandığı İndeksler: TR DİZİN (ULAKBİM)
- Sayfa Sayıları: ss.2561-2580
- Ankara Hacı Bayram Veli Üniversitesi Adresli: Evet
Özet
This study examines the relationship between ESG
performance and intangible asset accumulation using firm-level panel data from
201 telecommunications companies over the period 2013-2023. While ESG
strategies are widely believed to enhance firm value by enhancing brand equity,
reputation, and stakeholder trust, their impact on intangible assets remains
empirically unclear. Drawing on insights from institutional theory and
organizational learning theory, this paper examines how this relationship
varies with firm age and the strength of the intellectual property (IP)
environment. Using random-effects panel regressions with Driscoll-Kraay
standard errors, the study finds that ESG scores have an overall negative
effect on intangible assets, but this turns positive when moderated by strong
intellectual property (IP) regimes. Firm age significantly shapes this
relationship. ESG alone has no impact for young firms, yet becomes effective
under strong IP protection. For middle-aged firms, ESG is detrimental unless
supported by IP environments. In older firms, ESG is slightly beneficial, but
the marginal benefit of IP declines. These results highlight that ESG
strategies require supportive institutional contexts, especially in early stages,
and that firm maturity alters their effectiveness. The study enriches
ESG–intangible asset literature through institutional and organizational
learning lenses.