SavedAdd your journal

Journals / İstatistik ve Uygulamalı Bilimler Dergisi / 2026 / Sayı: 13

The Relationship Between Marketing and ESG: Evidence on the Impact of Marketing Intensity on the Social Dimension

Pazarlama ve ESG Arasındaki İlişki: Pazarlama Yoğunluğunun Sosyal Boyut Üzerindeki Etkisine Dair Kanıtlar

Aytaç Erdem(GİRESUN ÜNİVERSİTESİ)0000-0003-3084-520X
Pages
—
Publication Date
2026-06-29
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The empirical results demonstrate that an increase in marketing intensity has a statistically positive and significant impact on firms' social scores.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:In today’s competitive business environment, firms increasingly integrate ESG (Environmental, Social, and Governance) principles into their marketing strategies to build reputation and gain stakeholder legitimacy.
📊
Key Findings & Data:This study examines the impact of marketing intensity on firms' ESG social performance scores, conceptualizing marketing expenditures as a strategic signaling mechanism.
💡
Conclusion & Impact:The empirical results demonstrate that an increase in marketing intensity has a statistically positive and significant impact on firms' social scores.
🔬Design:Modeling & Simulation
📍Scope:Comprehensive Sample
⚙️Variables:Pazarlama yoğunluğu · ESG · Kurumsal sürdürülebilirlik

Abstract

In today’s competitive business environment, firms increasingly integrate ESG (Environmental, Social, and Governance) principles into their marketing strategies to build reputation and gain stakeholder legitimacy. This study examines the impact of marketing intensity on firms' ESG social performance scores, conceptualizing marketing expenditures as a strategic signaling mechanism. Using data from Borsa Istanbul indices, the research employs a robust methodological framework including Multiple Linear Regression (OLS), lagged models to account for time-dependent effects, and Two-Stage Least Squares (2SLS) regression to address potential endogeneity. The empirical results demonstrate that an increase in marketing intensity has a statistically positive and significant impact on firms' social scores. This relationship remains robust when controlling for financial indicators such as profitability (ROA) and leverage, and it persists across various model specifications. The findings conclude that marketing intensity serves as a strategic antecedent that substantiates a firm’s social commitments, thereby strengthening corporate legitimacy and operational resilience. Consequently, marketing budgets should be managed as strategic investments for long-term value creation rather than mere tactical tools for short-term sales.

Özet

Günümüzün rekabetçi iş ortamında, şirketler itibarlarını güçlendirmek ve paydaşların gözünde meşruiyet kazanmak amacıyla ESG (Çevresel, Sosyal ve Yönetişim) ilkelerini pazarlama stratejilerine giderek daha fazla entegre etmektedir. Bu çalışma, pazarlama harcamalarını stratejik bir sinyal mekanizması olarak ele alarak, pazarlama yoğunluğunun şirketlerin ESG sosyal performans puanları üzerindeki etkisini incelemektedir. Borsa İstanbul endekslerinden elde edilen verileri kullanan araştırma, Çoklu Doğrusal Regresyon (OLS), zamana bağlı etkileri hesaba katmak için gecikmeli modeller ve potansiyel içselliği ele almak için İki Aşamalı En Küçük Kareler (2SLS) regresyonunu içeren sağlam bir metodolojik çerçeve kullanmaktadır. Ampirik sonuçlar, pazarlama yoğunluğundaki artışın firmaların sosyal puanları üzerinde istatistiksel olarak pozitif ve anlamlı bir etkiye sahip olduğunu göstermektedir. Bu ilişki, kârlılık (ROA) ve kaldıraç gibi finansal göstergeler kontrol edildiğinde de sağlamlığını korumakta ve çeşitli model spesifikasyonlarında da devam etmektedir. Bulgular, pazarlama yoğunluğunun bir şirketin sosyal taahhütlerini somutlaştıran stratejik bir ön koşul işlevi gördüğü ve dolayısıyla kurumsal meşruiyeti ve operasyonel dayanıklılığı güçlendirdiği sonucuna varmaktadır. Sonuç olarak, pazarlama bütçeleri, kısa vadeli satışlar için salt taktiksel araçlar olarak değil, uzun vadeli değer yaratmaya yönelik stratejik yatırımlar olarak yönetilmelidir.

🔖

Cite This Article

Erdem, A. (2026). The Relationship Between Marketing and ESG: Evidence on the Impact of Marketing Intensity on the Social Dimension. İstatistik ve Uygulamalı Bilimler Dergisi, Sayı: 13. https://doi.org/10.52693/jsas.1936345

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (63)

  1. G. S. I. Alliance, "Global sustainability investment review 2020," 2021.
  2. S. Kachen, S. Bozkurt, D. Gligor, M. Petrescu, A. S. Krishen, and M. Orzan, "Virtue signaling vs. authenticity: ESG reporting for stakeholder engagement," J. Bus. Res., vol. 210, p. 116139, 2026.
  3. S. Bernow, R. Nuttall, and S. Brown, "Why ESG is here to stay," McKinsey, May 2020.
  4. W. Palomino-Tamayo, J. Timana, and J. Cerviño, "The firm value and marketing intensity decision in conditions of financial constraint: A comparative study of the United States and Latin America," J. Int. Mark., vol. 28, no. 3, pp. 21–39, Sep. 2020, doi: 10.1177/1069031X20943533.
  5. D. Kurt and J. Hulland, "Aggressive marketing strategy following equity offerings and firm value: The role of relative strategic flexibility," J. Mark., vol. 77, no. 5, pp. 57–74, Sep. 2013, doi: 10.1509/jm.12.0078. [6] B. A. Iqbal and M. N. Rahman, "Comprehensive marketing intensity indicator for higher educational institutions," in Handb. Res. Mod. Educ. Technol., Appl., and Manag., IGI Global, 2021, pp. 588–599, Accessed: Apr. 08, 2026. [Online].
  6. J. Bae, S.-J. Kim, and H. Oh, "Taming polysemous signals: The role of marketing intensity on the relationship between financial leverage and firm performance," Rev. Financ. Econ., vol. 33, pp. 29–40, 2017.
  7. A. Aspelund and Ø. Moen, "Internationalization of small high-tech firms: The role of information technology," in Eur. Perspect. Mark., Routledge, 2012, pp. 85–105, Accessed: Apr. 08, 2026. [Online].
  8. N. Mizik and R. Jacobson, "Myopic marketing management: Evidence of the phenomenon and its long-term performance consequences in the SEO context," Mark. Sci., vol. 26, no. 3, pp. 361–379, May 2007, doi: 10.1287/mksc.1060.0261.
  9. O. Aliasghar, A. Sadeghi, J. Haar, and V. Jafari-Sadeghi, "Dare to sell! Impacts of “make and/or buy” decision strategies on outbound open innovation," R&D Manag., vol. 55, no. 5, pp. 1459–1473, 2025, doi: 10.1111/radm.12766.
  10. K. Dalvand and M. Tabatabaie, "Studying the role of marketing intensity on the relation of financial leverage and firm function," 2018, Accessed: Apr. 09, 2026. [Online].
  11. S. C. Myers and N. S. Majluf, "Corporate financing and investment decisions when firms have information that investors do not have," J. Financ. Econ., vol. 13, no. 2, pp. 187–221, 1984.
  12. H. Zhu, B. Chen, S. Chang, and H. Zhu, "The impact of financing efficiency in defense industry based on non-technological innovation: Evidence from China," Manag. Decis. Econ., vol. 45, no. 6, pp. 3775–3790, Sep. 2024, doi: 10.1002/mde.4212.
  13. K. Pyper, A. M. Doherty, S. Gounaris, and A. Wilson, "A contingency-based approach to the nexus between international strategic brand management and export performance," J. Bus. Res., vol. 148, pp. 472–488, 2022.
  14. H. Servaes and A. Tamayo, "The impact of corporate social responsibility on firm value: The role of customer awareness," Manag. Sci., vol. 59, no. 5, pp. 1045–1061, May 2013, doi: 10.1287/mnsc.1120.1630.
  15. Y. K. Dwivedi et al., "Setting the future of digital and social media marketing research: Perspectives and research propositions," Int. J. Inf. Manage., vol. 59, p. 102168, 2021.
  16. B. Surya, F. Menne, H. Sabhan, S. Suriani, H. Abubakar, and M. Idris, "Economic growth, increasing productivity of SMEs, and open innovation," J. Open Innov.: Technol., Mark., Complex., vol. 7, no. 1, p. 20, 2021.
  17. F. B. Owusu, D. Mali, A. El Fakir, H. Abdo, and A. Acheampong, "Corporate social responsibility and firm performance: Investigating the role of management innovation through marketing intensity," Thunderbird Int. Bus. Rev., p. tie.70033, Aug. 2025, doi: 10.1002/tie.70033.
  18. D. Jaisinghani, H. Kaur, J. Goyal, and M. Joshi, "Marketing intensity and persistence of firm performance: Empirical evidence from Indonesia," Int. J. Product. Perform. Manage., vol. 69, no. 6, pp. 1109–1127, 2020.
  19. D. G. Markovitch, D. Huang, and P. Ye, "Marketing intensity and firm performance: Contrasting the insights based on actual marketing expenditure and its SG&A proxy," J. Bus. Res., vol. 118, pp. 223–239, 2020.
  20. N. Rastogi et al., "Building trust through ESG: A study on consumer behaviour in sustainable fashion," F1000Research, vol. 14, p. 97, 2025.
  21. J. Maniora, "Mismanagement of sustainability: What business strategy makes the difference? Empirical evidence from the USA," J. Bus. Ethics, vol. 152, no. 4, pp. 931–947, 2018.
  22. O. Moses, A. T. M. Tariquzzaman, E. E. Michael, A. Islam, and T. van Zijl, "Business strategy and environmental, social, and governance (ESG) performance: Does a firm’s strategic orientation matter?," Br. Account. Rev., p. 101872, 2026.
  23. Y. A. Wong, "A study on the effectiveness of Patagonia’s sustainability-driven brand strategy," Adv. Econ. Manag. Polit. Sci., vol. 180, no. 1, pp. 302–306, 2025.
  24. K.-H. Huarng and T. H.-K. Yu, "Causal complexity analysis of ESG performance," J. Bus. Res., vol. 170, p. 114327, 2024.
  25. G. P. Maier, M. Serena, and D. J. Julkovski, "Environmental, social and governance (ESG) and consumer behavior: Trends towards conscious consumption," Rev. Gest. Soc. Ambient., 1981, Accessed: Apr. 21, 2026. [Online].
  26. A. Keskin, N. Kıraçlı Leblebicioğlu, A. Keskin, ve B. Leblebicioğlu, “Examining the Criteria Affecting Corporate Social Responsibility in Businesses from the Consumer Perspective Using the Pythagorean Fuzzy Entropy Technique”, Sosyoekonomi, c. 33, sy 64, ss. 183–203, Nis. 2025, doi: 10.17233/sosyoekonomi.2025.02.08.
  27. R. Albuquerque, Y. Koskinen, S. Yang, and C. Zhang, "Resiliency of environmental and social stocks: An analysis of the exogenous COVID-19 market crash," Rev. Corp. Financ. Stud., vol. 9, no. 3, pp. 593–621, 2020.
  28. L. Chen, M. U. Khurram, Y. Gao, M. Z. Abedin, and B. Lucey, "ESG disclosure and technological innovation capabilities of the Chinese listed companies," Res. Int. Bus. Finance, vol. 65, p. 101974, 2023.
  29. A. Iazzi, A. Papa, R. Palladino, and S. Lamusta, "Evaluating companies’ impression management tactics in mandatory sustainability reporting," Bus. Strategy Environ., vol. 34, no. 6, pp. 6828–6848, Sep. 2025, doi: 10.1002/bse.4326.
  30. Z. Wu and S. Chen, "Does environmental, social, and governance (ESG) performance improve financial institutions’ efficiency? Evidence from China," Mathematics, vol. 12, no. 9, p. 1369, 2024.
  31. N. A. Faraz, F. Ahmed, and Z. Xiong, "How firms leverage corporate environmental strategy to nurture green behavior: Role of multi-level environmentally responsible leadership," Corp. Soc. Responsib. Environ. Manage., vol. 31, no. 1, pp. 243–259, Jan. 2024, doi: 10.1002/csr.2565.
  32. C.-D. Chen, C.-H. J. Su, and M.-H. Chen, "Are ESG-committed hotels financially resilient to the COVID-19 pandemic? An autoregressive jump intensity trend model," Tourism Manag., vol. 93, p. 104581, 2022.
  33. V. D. Beloskar and S. V. D. N. Rao, "Did ESG save the day? Evidence from India during the COVID-19 crisis," Asia-Pac. Financ. Markets, Apr. 2022, doi: 10.1007/s10690-022-09369-5.
  34. B. Deng, Z. Peng, K. Albitar, and L. Ji, "Top management team stability and ESG greenwashing: Evidence from China," Bus. Strategy Environ., vol. 34, no. 1, pp. 450–467, Jan. 2025, doi: 10.1002/bse.3998.
  35. S. Misra and S. Mishra, "Environmental, social, and governance performances, media sentiments, and shareholder wealth," J. Bus. Res., vol. 203, p. 115811, 2026.
  36. S. H. Lee, "Effects of retailers’ corporate social responsibility on retailer equity and consumer usage intention," Sustainability, vol. 13, no. 6, p. 3080, 2021.
  37. S. Zhou, M. H. U. Rashid, S. A. Mohd. Zobair, F. A. Sobhani, and A. B. Siddik, "Does ESG impact firms’ sustainability performance? The mediating effect of innovation performance," Sustainability, vol. 15, no. 6, p. 5586, 2023.
  38. Y. Yuan, L. Y. Lu, G. Tian, and Y. Yu, "Business strategy and corporate social responsibility," J. Bus. Ethics, vol. 162, no. 2, pp. 359–377, 2020.
  39. W. Drobetz, S. El Ghoul, O. Guedhami, J. P. Hackmann, and P. P. Momtaz, "Entrepreneurial finance and sustainability: Do institutional investors impact the ESG performance of SMEs?," J. Bus. Ventur. Insights, vol. 22, p. e00498, 2024.
  40. K. P. Nielsen and R. W. Noergaard, "CSR and mainstream investing: A new match? – An analysis of the existing ESG integration methods in theory and practice and the way forward," J. Sustain. Financ. Invest., vol. 1, no. 3–4, pp. 209–221, 2011.
  41. E. Battisti, C. Troise, A. Salvi, and M. Christofi, "Decoding the success of equity crowdfunding: Investment decisions of professional and non-professional investors," Rev. Manag. Sci., vol. 18, no. 12, pp. 3545–3573, 2024.
  42. K. White, R. Habib, and D. J. Hardisty, "How to SHIFT consumer behaviors to be more sustainable: A literature review and guiding framework," J. Mark., vol. 83, no. 3, pp. 22–49, May 2019, doi: 10.1177/0022242919825649.
  43. P. C. Stern, "New environmental theories: Toward a coherent theory of environmentally significant behavior," J. Soc. Issues, vol. 56, no. 3, pp. 407–424, Jan. 2000, doi: 10.1111/0022-4537.00175.
  44. M. A. Qureshi, M. Akbar, A. Akbar, and P. Poulova, "Do ESG endeavors assist firms in achieving superior financial performance? A case of 100 best corporate citizens," Sage Open, vol. 11, no. 2, p. 21582440211021598, Apr. 2021, doi: 10.1177/21582440211021598.
  45. L. Nguyen and T. P. Huynh, "Factors influencing carbon-labeled product purchase intentions: A case study in Vietnam," Innov. Mark., vol. 20, no. 1, p. 146, 2024.
  46. M. T. Lee, R. L. Raschke, and A. S. Krishen, "Signaling green! Firm ESG signals in an interconnected environment that promote brand valuation," J. Bus. Res., vol. 138, pp. 1–11, 2022.
  47. A. Amelia, C. Mathies, and P. G. Patterson, "Customer acceptance of frontline service robots in retail banking: A qualitative approach," J. Serv. Manage., vol. 33, no. 2, pp. 321–341, 2022.
  48. S. Mishra and S. B. Modi, "Corporate social responsibility and shareholder wealth: The role of marketing capability," J. Mark., vol. 80, no. 1, pp. 26–46, Jan. 2016, doi: 10.1509/jm.15.0013.
  49. N. A. Morgan, "Marketing and business performance," J. Acad. Mark. Sci., vol. 40, no. 1, pp. 102–119, 2012.
  50. A. M. Burton and A. Dickinger, "Innovation in crisis: The role of leadership and dynamic capabilities for a more innovative hospitality industry," Int. J. Hosp. Manage., vol. 124, p. 103946, 2025.
  51. M. T. Lee and R. L. Raschke, "Innovative sustainability and stakeholders’ shared understanding: The secret sauce to “performance with a purpose”," J. Bus. Res., vol. 108, pp. 20–28, 2020.
  52. G. Xiong and S. Bharadwaj, "Asymmetric roles of advertising and marketing capability in financial returns to news: Turning bad into good and good into great," J. Mark. Res., vol. 50, no. 6, pp. 706–724, Dec. 2013, doi: 10.1509/jmr.12.0278.
  53. R. Liu, J. Long, and L. Liu, "Seeking the resilience of service firms: A strategic learning process based on digital platform capability," J. Serv. Mark., vol. 37, no. 3, pp. 371–391, 2023.
  54. J. Brower and V. Mahajan, "Driven to be good: A stakeholder theory perspective on the drivers of corporate social performance," J. Bus. Ethics, vol. 117, no. 2, pp. 313–331, 2013.
  55. Y. S. Kang, E. Huh, and M.-H. Lim, "Effects of foreign directors’ nationalities and director types on corporate philanthropic behavior: Evidence from Korean firms," Sustainability, vol. 11, no. 11, p. 3132, 2019.
  56. X. Ye, R. Hou, S. Wang, and N. A. B. Omar, "Social media, relationship marketing and corporate ESG performance," Financ. Res. Lett., vol. 63, p. 105288, 2024.
  57. M. Spence, "Job market signalling," Q. J. Econ., vol. 87, no. 3, pp. 355–374, 1973.
  58. J. M. Wooldridge, Econometric Analysis of Cross Section and Panel Data, 2nd ed. Cambridge, MA: MIT Press, 2010.
  59. W. H. Greene, Econometric Analysis, 8th ed. New York: Pearson, 2018.
  60. B. H. Baltagi, Econometric Analysis of Panel Data, Cham: Springer, 2021, doi: 10.1007/978-3-030-53953-5.
  61. A. Keskin, A. Atalan, A. Keskin ve E. Beşoluk, “The impact of social expenditures on poverty: a study on Türkiye,” Eunomia–Rozwój Zrównoważony–Sustainable Development, sayı 2 (108), ss. 11–26, 2024.
  62. C. Hsiao, Analysis of Panel Data, 3rd ed. Cambridge: Cambridge University Press, 2022.
  63. D. Kurt and J. Hulland, "Aggressive marketing strategy following equity offerings and firm value: The role of relative strategic flexibility," J. Mark., vol. 77, no. 5, pp. 57–74, Sep. 2013, doi: 10.1509/jm.12.0078. [6] B. A. Iqbal and M. N. Rahman, "Comprehensive marketing intensity indicator for higher educational institutions," in Handb. Res. Mod. Educ. Technol., Appl., and Manag., IGI Global, 2021, pp. 588–599, Accessed: Apr. 08, 2026. [Online].