IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v17y2025i6p2523-d1611434.html
   My bibliography  Save this article

The Impact of ESG Performance on Corporate Value in Listed Sports Companies: The Mediating Role of Intangible Assets and Moderating Role of Policy Environment

Author

Listed:
  • Ying Bai

    (The School of Physical Education, Kunsan National University, Daehak-ro, Gunsan-si 54150, Jeollabuk-do, Republic of Korea)

  • Zerui Wang

    (The Graduate School of Business Administration, Hoseo University, 12 Hoseodae-gil, Dongnam-gu, Cheonan-si 31066, Chungcheongnam-do, Republic of Korea)

  • Qi Huang

    (The Graduate School of Interdisciplinary Science and Engineering in Health Systems, Okayama University, Okayama 7008530, Japan)

  • Haoming Ding

    (The Graduate School of Business Administration, Hoseo University, 12 Hoseodae-gil, Dongnam-gu, Cheonan-si 31066, Chungcheongnam-do, Republic of Korea)

Abstract

This study investigates how ESG (environmental, social, and governance) performance influences the corporate value of publicly listed sports companies in China, with a focus on the mediating role of intangible assets and the moderating effect of the policy environment. Analyzing panel data from 41 A-share sports firms over 2009–2023 using a two-way fixed-effects model, the findings reveal that a robust ESG performance significantly enhances corporate value by strengthening brand equity and optimizing resource allocation. Intangible assets, particularly brand value, serve as pivotal mediators in translating ESG efforts into market value. Furthermore, the policy environment plays a critical moderating role: state-owned enterprises (SOEs) exhibit amplified ESG-driven value creation due to stronger policy support and resource advantages. Robustness checks, including an instrumental variable analysis, reinforce the reliability of these conclusions, highlighting the interplay of ESG, intangible assets, and policy in driving long-term competitiveness within the sports sector. By addressing the unique dynamics of ESG in the sports industry, this research bridges a gap in the sector-specific literature and underscores ESG’s strategic importance in fostering sustainable business growth. The results provide actionable insights for corporate managers to align ESG strategies with brand development and for policymakers to design targeted frameworks that incentivize sustainable practices.

Suggested Citation

  • Ying Bai & Zerui Wang & Qi Huang & Haoming Ding, 2025. "The Impact of ESG Performance on Corporate Value in Listed Sports Companies: The Mediating Role of Intangible Assets and Moderating Role of Policy Environment," Sustainability, MDPI, vol. 17(6), pages 1-15, March.
    • Handle: RePEc:gam:jsusta:v:17:y:2025:i:6:p:2523-:d:1611434
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/17/6/2523/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/17/6/2523/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Mark Anthony Camilleri, 2017. "Corporate Sustainability, Social Responsibility and Environmental Management," Springer Books, Springer, number 978-3-319-46849-5, March.
    2. Lee, Michael T. & Raschke, Robyn L. & Krishen, Anjala S., 2022. "Signaling green! firm ESG signals in an interconnected environment that promote brand valuation," Journal of Business Research, Elsevier, vol. 138(C), pages 1-11.
    3. Lee, Michael T. & Raschke, Robyn L. & Krishen, Anjala S., 2023. "Understanding ESG scores and firm performance: Are high-performing firms E, S, and G-balanced?," Technological Forecasting and Social Change, Elsevier, vol. 195(C).
    4. Kuang-Hua Hu & Fu-Hsiang Chen & Gwo-Hshiung Tzeng, 2016. "Evaluating the Improvement of Sustainability of Sports Industry Policy Based on MADM," Sustainability, MDPI, vol. 8(7), pages 1-21, June.
    5. Yusheng Kong & Andrew Agyemang & Noha Alessa & Maxwell Kongkuah, 2023. "The Moderating Role of Technological Innovation on Environment, Social, and Governance (ESG) Performance and Firm Value: Evidence from Developing and Least-Developed Countries," Sustainability, MDPI, vol. 15(19), pages 1-16, September.
    6. Hela Sheth & Kathy Babiak, 2010. "Beyond the Game: Perceptions and Practices of Corporate Social Responsibility in the Professional Sport Industry," Journal of Business Ethics, Springer, vol. 91(3), pages 433-450, February.
    7. Inoue, Yuhei & Funk, Daniel C. & McDonald, Heath, 2017. "Predicting behavioral loyalty through corporate social responsibility: The mediating role of involvement and commitment," Journal of Business Research, Elsevier, vol. 75(C), pages 46-56.
    8. Birger Wernerfelt, 1984. "A resource‐based view of the firm," Strategic Management Journal, Wiley Blackwell, vol. 5(2), pages 171-180, April.
    9. Sylvia Trendafilova & Kathy Babiak & Kathryn Heinze, 2013. "Corporate social responsibility and environmental sustainability: Why professional sport is greening the playing field," Sport Management Review, Taylor & Francis Journals, vol. 16(3), pages 298-313, July.
    10. Seok, Junhee & Kim, Yanghee & Oh, Yun Kyung, 2024. "How ESG shapes firm value: The mediating role of customer satisfaction," Technological Forecasting and Social Change, Elsevier, vol. 208(C).
    11. Faizul Haque & Collins G Ntim, 2018. "Environmental Policy, Sustainable Development, Governance Mechanisms and Environmental Performance," Business Strategy and the Environment, Wiley Blackwell, vol. 27(3), pages 415-435, March.
    12. Shauhrat S. Chopra & Sachini Supunsala Senadheera & Pavani Dulanja Dissanayake & Piumi Amasha Withana & Rajeev Chib & Jay Hyuk Rhee & Yong Sik Ok, 2024. "Navigating the Challenges of Environmental, Social, and Governance (ESG) Reporting: The Path to Broader Sustainable Development," Sustainability, MDPI, vol. 16(2), pages 1-14, January.
    13. Yina Zhang & Wu Zhao & Haiman Liu, 2024. "Effect of Digital Transformation in Sports Companies on Green Innovation: Evidence from Listed Companies in China," Sustainability, MDPI, vol. 16(19), pages 1-31, September.
    14. Yu-Shan Chen, 2010. "The Drivers of Green Brand Equity: Green Brand Image, Green Satisfaction, and Green Trust," Journal of Business Ethics, Springer, vol. 93(2), pages 307-319, May.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dewan Muktadir‐Al‐Mukit & Firoz Haroon Bhaiyat, 2024. "Impact of corporate governance diversity on carbon emission under environmental policy via the mandatory nonfinancial reporting regulation," Business Strategy and the Environment, Wiley Blackwell, vol. 33(2), pages 1397-1417, February.
    2. Virginia S. Harrison & Michail Vafeiadis & Joseph Bober, 2022. "Greening Professional Sport: How Communicating the Fit, Proximity, and Impact of Sustainability Efforts Affects Fan Perceptions and Supportive Intentions," Sustainability, MDPI, vol. 14(6), pages 1-21, March.
    3. Schyvinck, Cleo & Willem, Annick, 2018. "A typology of cause-related marketing approaches in European professional basketball," Sport Management Review, Elsevier, vol. 21(4), pages 347-362.
    4. Jawad Abbas & Stefano Bresciani & Ghulam Subhani & Paola Bernardi, 2025. "Nexus of ambidexterity and frugal innovation for enhanced ESG performance of entrepreneurial firms. The role of organizational capabilities," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-23, December.
    5. Tang, Hua & Xiong, Langyu & Peng, Ru, 2024. "The mediating role of investor confidence on ESG performance and firm value: Evidence from Chinese listed firms," Finance Research Letters, Elsevier, vol. 61(C).
    6. Abdullah Kaid Al‐Swidi & Joseph F. Hair & Mohammed A. Al‐Hakimi, 2023. "Sustainable development‐oriented regulatory and competitive pressures to shift toward a circular economy: The role of environmental orientation and Industry 4.0 technologies," Business Strategy and the Environment, Wiley Blackwell, vol. 32(7), pages 4782-4797, November.
    7. Seok, Junhee & Kim, Yanghee & Oh, Yun Kyung, 2024. "How ESG shapes firm value: The mediating role of customer satisfaction," Technological Forecasting and Social Change, Elsevier, vol. 208(C).
    8. Brian P. McCullough & Jamee Pelcher & Sylvia Trendafilova, 2020. "An Exploratory Analysis of the Environmental Sustainability Performance Signaling Communications among North American Sport Organizations," Sustainability, MDPI, vol. 12(5), pages 1-17, March.
    9. Rongtitya Rith & Riccardo Spinelli, 2024. "Examining the X factor of corporate social responsibility in professional football clubs: An integrative literature review," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(4), pages 3487-3501, July.
    10. Georgia Lagoudaki & Efi Tsitskari & Thomas Karagiorgos & Georgia Yfantidou & George Tzetzis & George Tsiotras, 2024. "Corporate Social Responsibility and Consumer Behavior in Sports: Exploring and Adapting a Participatory Sports Scale," Sustainability, MDPI, vol. 16(14), pages 1-18, July.
    11. Maziriri E T & Chinomona E, 2016. "Modeling the Influence of Relationship Marketing, Green Marketing and Innovative Marketing on the Business Performance of Small, Medium and Micro Enterprises (SMMES)," Journal of Economics and Behavioral Studies, AMH International, vol. 8(3), pages 127-139.
    12. Le Luo & Qingliang Tang, 2021. "Corporate governance and carbon performance: role of carbon strategy and awareness of climate risk," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(2), pages 2891-2934, June.
    13. Chulin Pan & Hongpeng Guo & Yufeng Jiang & Hanying Wang & Weihong Qi, 2020. "The double effects of female executives' participation on corporate sustainable competitive advantage through unethical environmental behavior and proactive environmental strategy," Business Strategy and the Environment, Wiley Blackwell, vol. 29(6), pages 2324-2337, September.
    14. Hanne Knight & Phil Megicks & Sheela Agarwal & M.A.A.M. Leenders, 2019. "Firm resources and the development of environmental sustainability among small and medium‐sized enterprises: Evidence from the Australian wine industry," Business Strategy and the Environment, Wiley Blackwell, vol. 28(1), pages 25-39, January.
    15. Jaeman Son & Stephen W. Dittmore & Younghwan Choi, 2023. "Understanding the Relationship between Corporate Social Responsibility, Team Identification, and Behavioral Intention with the Mediating Effect of Satisfaction in Korean Professional Baseball League," Sustainability, MDPI, vol. 15(10), pages 1-12, May.
    16. Zhonghuan Luo & Yujia Li & Luu Thi Nguyen & Irfan Jo & Jing Zhao, 2024. "The Moderating Role of Country Governance in the Link between ESG and Financial Performance: A Study of Listed Companies in 58 Countries," Sustainability, MDPI, vol. 16(13), pages 1-18, June.
    17. Tayebeh Zargar & Steven Rynne, 2023. "The Corporate Social Responsibility Sport Model: Grounded Theory Approach," SAGE Open, , vol. 13(4), pages 21582440231, October.
    18. Joanna Wall-Tweedie & Sheila N. Nguyen, 2018. "Is the Grass Greener on the Other Side? A Review of the Asia-Pacific Sport Industry’s Environmental Sustainability Practices," Journal of Business Ethics, Springer, vol. 152(3), pages 741-761, October.
    19. Mansour Alyahya & Gomaa Agag, 2025. "How Does Corporate Environmental Performance Contribute to Firm Performance and Customer Satisfaction? A Longitudinal Investigation," Sustainability, MDPI, vol. 17(4), pages 1-22, February.
    20. Marina Dabić & Jane Maley & Leo-Paul Dana & Ivan Novak & Massimiliano M. Pellegrini & Andrea Caputo, 2020. "Pathways of SME internationalization: a bibliometric and systematic review," Small Business Economics, Springer, vol. 55(3), pages 705-725, October.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:17:y:2025:i:6:p:2523-:d:1611434. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.