From Compliance to Value: Does Sports-Certified Firms’ CSR Performance Really Enhance Brand Value?

This study investigates listed companies in Taiwan that have obtained sports enterprise certification, examining how three dimensions of corporate social responsibility (CSR)—environmental, social, and governance (ESG)—together with financial performance affect brand value. Using longitudinal financial data and Taiwan ESG (TESG) sustainability indicators from 2019 to 2023, this study integrates the Hirose brand valuation model with a panel regression analysis. Firm size and financial performance were the primary determinants of brand value, whereas the direct effects of the three CSR dimensions were not statistically significant, suggesting that CSR initiatives encounter difficulty translating into brand value in the short term. From a managerial perspective, sports enterprises aiming to enhance brand value should strengthen resource allocation, ensure the authenticity and long-term orientation of their CSR activities, and closely align them with core brand values to avoid superficial practices. Future research could extend the observation period or incorporate qualitative approaches to examine the long-term and indirect effects of CSR on brand value.