The Effects of Corporations’ ESG Management on Consumer’s Behavioral Intentions through Perceived Value and Psychological Distance

Acknowledgments

This study is based on the Ph.D. dissertation at Daejeon University (in 2022).

References

• Aaker, J. L.(1997), “Dimensions of Brand Personality,” Journal of Marketing Research, 34(3), pp.347-356. [https://doi.org/10.1177/002224379703400304]
• Ahn, D. C.(2016), Understanding CSR Marketing, Booknet, Seoul.
• Ahn, J. Y., and Y. J. Sung(2019), “Donation toward In-groups vs. Out-groups: The Effects of Self-construal and Advertising Message Type,” The Korean Journal of Consumer and Advertising Psychology, 20(4), pp.423-444.
• Aida, M. I., H. M. A. Zuria, M. F. Fadzlina, D. Faizah, and C. Colin(2019), “Impact of Board Capabilities on Environmental and Social Governance(ESG) Practices: Evidence from Malaysia,” International Journal of Business and Management Science, 9(2), pp.321-340.
• Ajzen, I., and M. Fishbein(1980), Understanding Attitudes and Predicting Social Behavior Englewood-Cliffs, Prentice Hall, New Jersey.
• Ajzen, I.(1991), “The Theory of Planned Behavior,” Organizational Behavior and Human Decision Processes, 50(2), pp.179-211. [https://doi.org/10.1016/0749-5978(91)90020-T]
• Alhouti, S.(2013), CSR and Facets of Value Creation: The Role of Key Moderators, Department of Marketing, University of Alabama.
• Alshurideh, M., B. H. A. Kurdi, A. Vij, Z. Obiedat, and A. Naser(2016), “Marketing Ethics and Relationship Marketing: An Empirical Study that Measures the Effect of Ethics Practices Application on Maintaining Relationships with Customers,” International Business Research, 9(9), pp.78-90. [https://doi.org/10.5539/ibr.v9n9p78]
• Alvin, T.(1980), The Third Wave, Bantam, New York.
• Alwi, S. F. S., S. M. Ali, and B. Nguyen(2017), “The Importance of Ethics in Branding: Mediating Effects of Ethical Branding on Company Reputation and Brand Loyalty,” Business Ethics Quarterly, 27(3), pp.393-422. [https://doi.org/10.1017/beq.2017.20]
• Bagozzi, R. P., and Y. Yi(1988), “On the Evaluation of Structural Equation Models,” Journal of the Academy of Marketing Science, 16(1), pp.74-94. [https://doi.org/10.1007/BF02723327]
• Bilgin, B., A. Robyn, and LeBoeuf(2010), “Looming Losses in Future Time Perception,” Journal of Marketing Research, 47(3), pp.520-530. [https://doi.org/10.1509/jmkr.47.3.520]
• Boerner, H.(2011), “Sustainability and ESG Reporting Frameworks: Issuers have GAAP and IFRS for Reporting Financials: What about Reporting for Intangibles and Non-financials?,” Corporate Finance Review, 15, pp.34-37.
• Bogardus, E. S.(1933), “A Social Distance Scale,” Sociology and Social Research, 17, pp.256-271.
• Bolton, R. N., and J. H. Drew(1991), “A Multistage Model of Customer's Assessments of Service Quality and Value,” Journal of Consumer Research, 17(4), pp.375-384. [https://doi.org/10.1086/208564]
• Cha, M. K., Y. Yi, and R. Bagozzi(2016), “Effect of Customer Participation in Corporate Social Responsibility Programs on the CSR-brand Fit and Brand Loyalty,” Cornel Hospitality Quarterly, 57(3), pp.235-249. [https://doi.org/10.1177/1938965515620679]
• Chin, W. W., and P. A. Todd(1995), “On the Use, Usefulness and Ease of Use of Structural Equation Modeling in MIS Research: A Note of Caution,” MIS Quarterly, 19(2), pp.237-246. [https://doi.org/10.2307/249690]
• Chin, W. W., B. L. Marcolin, and P. R. Newsted(1996), “A partial least squares latent variable modeling approach for measuring interacting effect: Results from a Monte Carlo Simulation Study and Voice Mail Emotion/Adoption Study,” in 17th International Conference on Information Systems, OH, 21-41, 2008.
• Choi, S. I., J. S. Ahn, and S. B. Lee(2015), “The Effects of the Selective Attributes of Coffee Shop on Perceived Value and Customer Loyalty,” Journal of Tourism & Leisure Research, 27(7), pp.319-340.
• Claudy, M. C., M. Peterson, and M. Pagell(2016), “The Roles of Sustainability Orientation and Market Knowledge Competence in New Product Development Success,” Journal of Product Innovation Management, 33, pp.72-84. [https://doi.org/10.1111/jpim.12343]
• Cronin, J. J., M. K. Brady, and G. T. M. Hult(2000), “Assessing the Effects of Quality, Value and Customer Satisfaction on Customer Behavioral Intentions in Service Environment,” Journal of Retailing, 76(2), pp.193-216. [https://doi.org/10.1016/S0022-4359(00)00028-2]
• Darke, P. R., M. K. Brady, R. L. Benedicktus, and A. E. Wilson(2016), “Feeling Close from a far: The Role of Psychological Distance in Offsetting Distrust in Unfamiliar Online Retailers,” Journal of Retailing, 92(3), pp.287-299. [https://doi.org/10.1016/j.jretai.2016.02.001]
• Dillman, D. A., J. D. Smyth, and L. M. Christian(2014). Internet, Phone, Mail and Mixed-mode Surveys: The Tailored Design Method, John Wiley & Sons, New Jersey.
• Eggert, A., and W. Ulaga(2002), “Customer Perceived Value: A Substitute for Satisfaction in Business Markets,” Journal of Business & Industrial Marketing, 17(2-3), pp.107-118. [https://doi.org/10.1108/08858620210419754]
• Engel, J. F., and R. D. Blackwell(1982), Consumer Behavior, Dryden Press, New York.
• Escrig-Olmedo, E., M. A. Fernandez-Izquierdo, J. M. Ferrero-Ferrero, Rivera-Lirio, and M. Munoz-Torres(2019), “Rating the Raters: Evaluating How ESG Rating Agencies Integrate Sustainability Principles,” Sustainability, 11(3), pp.915-930. [https://doi.org/10.3390/su11030915]
• Fishbein, M. A., and I. Ajzen(1975), Belief, Attitude, Intention and Behavior: An Introduction to Theory and Research. Reading, Addison Wesley, MA.
• Fornel, C., and D. Larcker(1981), “Evaluating Structural Equation Models with Unobservable Variables and Measurement Error,” Journal of Marketing Research, 18(1), pp.39-50. [https://doi.org/10.1177/002224378101800104]
• Freeman, R. E.(1984), Strategic Management: A Stakeholder Approach, Pitman Publishing, London.
• Friedman, M. A.(1970), “Friedman Doctrine: The Social Responsibility of Business is to Increase its Profits,” New York Times Magazine, pp.122-126.
• Galbreath, J.(2013), “ESG in Focus: The Australian Evidence,” Journal of Business Ethics, 118(3), pp.529-541. [https://doi.org/10.1007/s10551-012-1607-9]
• Green, T., and J. Peloza(2011), “How Does Corporate Social Responsibility Create Value for Consumers?,” Journal of Consumer Marketing, 28(1), pp.48-56. [https://doi.org/10.1108/07363761111101949]
• Ha. D. H.(2017), “The Effects of Food-service Company’s Corporate Social Responsibility (CSR) Activities on Repurchase Intention Mediated by Self-congruity,” Korea Academic Society of Hotel Administration, 26(4), pp.147-165. [https://doi.org/10.24992/KJHT.2017.06.26.04.147.]
• Hair, J. F., R. E. Anderson, and R. L. Tatham(2009), Multivariate Data Analysis with Reading(7th Eds.), Prentice Hall, New York.
• Hallen, L., and F. Wiedersheim-Paul(1994), “The Evolution of Psychic Distance in International Business Relationships,” in Hagg and Widersheim-paul(Eds.), Between Market and Hierchy, University of Uppsala, Departments Administration, Uppsala.
• Hanzaee, K. H., and S. P. Rezaeyeh(2012), “Investigation of the Effects of Hedonic Value and Utilitarian Value on Customer Satisfaction and Behavioral Intentions,” African Journal of Business Management, 7(11), pp.818-825.
• Holbrook, M. B.(1999), Introduction to Consumer Value in M. B. Holbrook(Eds.), Consumer Value: A Framework for Analysis and Research, Routledge, London. [https://doi.org/10.4324/9780203010679.ch0]
• Holbrook, M. B.(2005), “Customer Value and Auto Ethnography: Subjective Personal Introspection and the Meanings of a Photograph Collection,” Journal of Business Research, 58(1), pp.45-61. [https://doi.org/10.1016/S0148-2963(03)00079-1]
• Holbrook, M. B.(2006), “Consumption Experience, Customer Value, and Subjective Personal Introspection: An Illustrative Photographic Essay,” Journal of Business Research, 59(6), pp.714-725. [https://doi.org/10.1016/j.jbusres.2006.01.008]
• Howard, D. J., and R. A. Kerin(2006), “Broadening the Scope of Reference Price Advertising Research: A Field Study of Consumer Shopping Involvement,” Journal of Marketing, 70(4), pp.185-204. [https://doi.org/10.1509/jmkg.70.4.185]
• Ji, Y. B., and Y. W. Seo(2021), “The Effect of Domestic Corporations' ESG Activities on Purchase Intentions through Psychological Distance: Analysis of Differences by Product Involvement Level,” Journal of the Korea Contents Association, 21(12), pp.217-237.
• Kim, B. S., and J. H. Min(2016), “An Exploratory Study on the Lead-lag Relationship between Firms’ ESG Efforts and Their Financial Performance,” Journal of the Korean Production and Operations Management Society, 27(4), pp.513-538.
• Kim, H. J., and S. C. Lee(2022), “A Contents Analysis of Environmental Ethics Education in the Moral Subject,” Journal of Moral & Ethics Education, 0(77), pp.71-97. [https://doi.org/10.18338/kojmee.2022..77.71]
• Kim, J. J., S. J. Shin, and I. Ryu(2013), “The Effect of User Perceived-Value on Intention to Use for Mobile Application Service,” The Journal of Internet Electronic Commerce Research, 13(3), pp.229-255.
• Kim, J. S.(2016), “The Limitations and Applications of Good and Evil as the Ethical Value Concept,” Journal of Korean Ethics Studies, 108(0), pp.329-355. [https://doi.org/10.15801/je.1.108.201606.329]
• Kim, J. U., S. K. Shin, and B. G. Kim(2004), “An Impirical Study of the Influence of Expectation, Perceived Performance and Disconfirmation on Information Systems User Satisfaction,” Journal of MIS Research, 14(1), pp.101-123.
• Kim, K., M. Zhang, and X. Li(2008), “Effects of Temporal and Social Distance on Consumer Evaluations,” Journal of Consumer Research, 35(4), pp.706-713. [https://doi.org/10.1086/592131]
• Kim, N. Y., and T. M. Lee(2018), “The Effects of Perceived Value on Sharing Consumption Intention: Focused on the Comparison of Sharing Goods and Services,” The E-business Studies, 19(6), pp.37-54. [https://doi.org/10.20462/TeBS.2018.12.19.6.37]
• Korea Chamber of Commerce and Industry, “A Survey on Perception on ESG Management and Corporations' the Role,” http://www.korcham.net/nCham/Service/Economy/appl/KcciReportDetail.asp?SEQ_NO_C010=20120933852&CHAM_CD=B001, (retrieved 30 May 2021).
• Krugman, H. E.(1965), “The Impact of Television Advertising: Learning without Involvement,” Public Opinion Quarterly, 29(3), pp.349-356. [https://doi.org/10.1086/267335]
• Ledgerwood, A., Y. Trope, and S. Chaiken(2010), “Flexibility Now, Consistency Later: Psychological Distance and Construal Shape Evaluative Responding,” Journal of Personality and Social Psychology, 99(1), pp.32-51. [https://doi.org/10.1037/a0019843]
• Ledgerwood, A.(2014), “Evaluations in Their Social Context: Distance Regulates Consistency and Context Dependence,” Social and Personality Psychology Compass, 8(8), pp.436-447. [https://doi.org/10.1111/spc3.12123]
• Liberman, N., and Y. Trope(1998), “The Role of Feasibility and Desirability Considerations in near and Distant Future Decisions: A Test of Temporal Construal Theory,” Journal of Personality and Social Psychology, 75(1), pp.5-18. [https://doi.org/10.1037/0022-3514.75.1.5]
• Liberman, N., Y. Trope, and C. Wakslak(2007), “Construal Level Theory and Consumer Behavior,” Journal of Consumer Psychology, 17(2), pp.113-117. [https://doi.org/10.1016/S1057-7408(07)70017-7]
• Liviatan, I., Y. Trope, and N. Liberman(2008), “Interpersonal Similarity as a Social Distance Dimension: Implications for Perception of Others’ Actions,” Journal of Experimental Social Psychology, 44(5), pp.1256-1269. [https://doi.org/10.1016/j.jesp.2008.04.007]
• Lohr, L. S.(1999), “Sampling Design and Analysis,” Duxbury Press.
• McDougall, G. H., and T. Levesque(2000), “Customer Satisfaction with Services: Putting Perceived Value into the Equation,” Journal of Services Marketing, 14(5), pp.392-410. [https://doi.org/10.1108/08876040010340937]
• Moon, S. H., and J. H. Kim(2016), “The Effect of Corporate Social Responsibilities and Creating Shared Value on Cognitive/Emotional Trust and Loyalty: Focused on the Discount Stores,” Korea Research Academy of Distribution and Management Review, 19(3), pp.37-49. [https://doi.org/10.17961/jdmr.19.3.201606.37]
• Munoz-Torres, M. J., M. A. Fernandez-Izquierdo, J. M. Rivera-Lirio, I. Ferrero, E. Escrig-Olmedo, J. V. Gisbert-Navarro, and M. C. Marullo(2018), “An Assessment Tool to Integrate Sustainability Principles into the Global Supply Chain,” Sustainability, 10(2), pp.535-554. [https://doi.org/10.3390/su10020535]
• Neter, J., and W. Wasserman(1974), Applied Linear Statistical Models: Regression, Analysis of Variance, and Experimental Designs, R. D. Irwin, Michigan.
• Nichols, A. L., and J. K. Maner(2008), “The Good-subject Effect: Investigating Participant Demand Characteristics,” The Journal of General Psychology, 135(2), pp.151-166. [https://doi.org/10.3200/GENP.135.2.151-166]
• Nordstrom, K. A., and J. E. Vahlne(1996), “Is the Globe Shrinking? Psychic Distance and the Establishment of Swedish Sales Subsidaries during the Last 100Years,” in M. Landeck (Eds.), International Trade: Regional and Global Issues, St Martin’s Press.
• Nunnally, J. C., and I. H. Bernstein(1994), Psychometric Theory, McGraw-Hill, New York.
• Obermiller, C., and E. R. Spangenberg(1998), “Development of a Scale to Measure Consumer Skepticism toward Advertising,” Journal of Consumer Psychology, 7(2), pp.159-186. [https://doi.org/10.1207/s15327663jcp0702_03]
• Oh, D.(2011), The Corporate Social Responsibility and Corporate Growth: Is Being Socially Responsible Profitable?, Lambert Academic Publishing, Germany.
• Park, Y. A.(2017), “The Effects of Smartsumer Propensity, Experiential, and Material Purchase on Revisit Intention to Traditional Markets,” The Journal of Internet Electronic Commerce Research, 17(3), pp.177-195.
• Pava, M. L., and J. Krausz(1996), “The Association between Corporate Social Responsibility and Financial Performance: The Paradox of Social Cost,” Journal of Business Ethics, 15(3), pp.321-357. [https://doi.org/10.1007/BF00382958]
• Peter, P. J., and J. C. Olson(1990), Consumer Behavior and Marketing Strategy(2nd Edition), R. R. Donnelley, Chicago.
• Petrick, J. F., and S. J. Backman(2002), “An Examination of the Determinants of Golf Travelers’ Satisfaction,” Journal of Travel Research, 40(3), pp.252-258. [https://doi.org/10.1177/0047287502040003003]
• Petty, R. E., and J. T. Caccioppo(1986), Communication and Persuasion: Central and Peripheral Routes to Attitude Change, Springer-Verlag, New York.
• Petty, R. E., J. T. Cacioppo, and D. Schmann(1983), “Central and Peripheral Routes to Advertising Effectiveness: The Moderating Role of Involvement,” Journal of Consumer Research, 10(2), pp.135-146. [https://doi.org/10.1086/208954]
• Porter, M. E., and M. R. Kramer(2006), “Strategy and Society: The Link between Competitive Advantage and Corporate Social Responsibility,” Harvard Business Review, 84(12), pp.78-92.
• Rokeach, M. A.(1968), “Theory of Organization and Change within Value-attitude Systems,” Social Issues, 24(1), pp.13-33. [https://doi.org/10.1111/j.1540-4560.1968.tb01466.x]
• Roman, S., and S. Ruiz(2005), “Relationship Out-comes of Perceived Ethical Sales Behavior: The Customer’s Perspective,” Journal of Business Research, 58(4), pp.439-445. [https://doi.org/10.1016/j.jbusres.2003.07.002]
• Rust, R. T., V. A. Zeithaml, and K. N. Lemon(2000), Driving Customer Equity, Free Press.
• Savitz, A. W., and K. Weber(2006), The Triple Bottom Line: How Today’s Best-run Companies are Achieving Economic, Social, and Environmental Success-and How You Can Too, Jossey-Bass, San Francisco.
• Schaltegger, S., and J. Horisch(2017), “In Search of the Dominant Rationale in Sustainability Management: Legitimacy-or Profit-seeking?,” Journal of Business Ethics, 145(2), pp.259-276. [https://doi.org/10.1007/s10551-015-2854-3]
• Sen, S., and C. B. Bhattacharya(2001), “Does Doing Good Always Lead to Doing Better? Consumer Reactions to Corporate Social Responsibility,” Journal of Marketing Research, 38(2), pp.225-243. [https://doi.org/10.1509/jmkr.38.2.225.18838]
• Sherif, M., and H. Cantril(1947), The Psychology of Ego-Involvements; Social Attitudes and Identifications In the Psychology of Ego-Involvements, John Wiley & Sons, Inc., Somerset. [https://doi.org/10.1037/10840-000]
• Sheth, J. N., B. I. Newman, and B. L. Gross(1991), “Why We Buy What We Buy: A Theory of Consumer Values,” Journal of Business Research, 22(2), pp.159-170. [https://doi.org/10.1016/0148-2963(91)90050-8]
• Son, S. H., and J. H. Lee(2019), “Price Impact of ESG Scores: Evidence from Korean Retail Firms,” The Journal of Distribution Science, 17(7), pp.55-63. [https://doi.org/10.15722/jds.17.7.201907.55]
• Surroca, J., J. Tribo, and S. Waddock(2010), “Corporate Responsibility and Financial Performance: The Role of Intangible Resources,” Strategic Management Journal, 31(5), pp.463-490. [https://doi.org/10.1002/smj.820]
• Sweeney, A.(1994), “Debt-covenat Violations and Managers Accounting Responses,” Journal of Accounting and Economics, 17(3), pp.281-308. [https://doi.org/10.1016/0165-4101(94)90030-2]
• Sweeney, J. C., and G. N. Soutar(2001), “Consumer Perceived Value: The Development of a Multiple Item Scale,” Journal of Retailing, 77(2), pp.203-220. [https://doi.org/10.1016/S0022-4359(01)00041-0]
• Taylor, S. A., and T. L. Baker(1994), “An Assessment of the Relationship between Service Quality and Customer Satisfaction in the Formation of Consumers' Purchase Intentions,” Journal of Retailing, 70(2), pp.163-178. [https://doi.org/10.1016/0022-4359(94)90013-2]
• Tollgerdt-Andersson, I.(1993), “Attitudes, Values and Demands on Leadership: A Cultural Comparison,” Management Education and Development, 24(1), pp.48-57. [https://doi.org/10.1177/135050769302400105]
• Trochim, W., “Research methods knowledge base,” http://www.socialresearchmethods.net/kb, (retrieved 2016).
• Trope, Y., and N. Liberman(1998), “The Role of Feasibility and Desirability Considerations in near and Distant Future Decisions: A Test of Temporal Construal Theory,” Journal of Personality and Social Psychology, 75(1), pp.5-18. [https://doi.org/10.1037/0022-3514.75.1.5]
• Trope, Y., and N. Liberman(2010), “Construal-level Theory of Psychological Distance,” Psychological Review, 117(2), pp.440-463. [https://doi.org/10.1037/a0018963]
• United Nations General Assembly, “Report of the World Commission on Environment and Development: Our Common Future,” https://sustainabledevelopment.un.org/content/documents/5987our-common-future.pdf, (retrieved 1987).
• Walter, A. H.(1976), “Cultural Values Do Correlate with Consumer Behavior,” Journal of Marketing Research, 13(2), pp.121-127. [https://doi.org/10.1177/002224377601300201]
• Yu, E. P., C. Q. Guo, and B. V. Luu(2018), “Environmental, Social and Governance Transparency and Firm Value,” Business Strategy and the Environment, 27, pp.987-1004. [https://doi.org/10.1002/bse.2047]
• Zeichkowsky, J. L.(1985), “Measuring the Involvement Construct,” Journal of Consumer Research, 12(3), pp.341-352. [https://doi.org/10.1086/208520]
• Zeithaml, V. A.(1988), “Consumer Perceptions of Price, Quality, and Value: A Means-end Model and Synthesis of Evidence,” The Journal of Marketing, 52(3), pp.2-22. [https://doi.org/10.1177/002224298805200302]