Ecological awareness of stakeholders as a key determinant of ESG effects in the chain “Green Brand – Corporate Social Responsibility”


  • Tetyana Pimonenko Sumy State University
  • Oleksii Lyulyov Sumy State University
  • Inna Makarenko Sumy State University
  • Yana Us Sumy State University
  • Vikoriia Haag Sumy State University



sustainable development, education, ESG, brand, green marketing


Introduction. In the modern world, where environmental issues and sustainable development are gaining increasing attention, the role of environmental awareness becomes critically important. ESG effects (environmental, social, and governance) influence business activities, investment decisions, contribute to sustainable development and social responsibility, and shape a country’s green brand. It is worth noting that stakeholders with a high level of environmental awareness play a crucial role in this process as they can influence decisions aimed at achieving environmental and social responsibility in business.

The paper aims is to determine the level of public awareness of ESG effects, the green brand, and corporate social responsibility in the context of achieving sustainable development goals.

Research methods. To determine the level of environmental awareness, a survey was conducted involving participants from various sectors and age groups. The survey was created using the Google Forms tool and conducted online.

Results. According to the survey results, the level of education has a significant impact on awareness of sustainable development goals. Respondents aged 30 to 59, who are already employed, showed a greater interest in sustainable development, indicating the importance of practical experience and participation in the business environment. Furthermore, increasing the level of education contributes to reducing indifference towards sustainable development issues, and education in higher educational institutions plays a crucial role in shaping competencies and knowledge about sustainable development, thereby increasing awareness of ESG effects, the green brand, and corporate social responsibility.

Perspectives. Despite the significant volume of scientific research related to ESG effects, the green brand, corporate social responsibility, and the achievement of sustainable development goals, it is important to provide practical justification for the impact of environmental awareness on the formation of a country’s green brand. Additionally, determining the role of education in stimulating conscious consumer behavior, participation in green innovation programs, and promoting sustainable consumption is a vital task. Future research can focus on analyzing the effectiveness of social programs and business initiatives in achieving sustainable development goals.

Author Biographies

  • Tetyana Pimonenko, Sumy State University
    D. Sc. (Economics), Associate Professor of Marketing
  • Oleksii Lyulyov, Sumy State University
    D. Sc. (Economics), Professor, Head of the Department of Marketing
  • Inna Makarenko, Sumy State University

    D. Sc. (Economics), Professor, Professor of the Department of Accounting and Taxation

  • Yana Us, Sumy State University
    PhD student, Department of Marketing
  • Vikoriia Haag, Sumy State University
    Student 4th course, Department of Marketing


Górska-Warsewicz, H., Dębski, M., Fabuš, M., & Kováč, M. (2021). Green brand equity - Empirical experience from a systematic literature review. Sustainability, 13 (20), 11130. [in English].

Insch, A. (2011). Conceptualization and anatomy of green destination brands. International journal of culture, tourism and hospitality research, 5 (3), 282-290. [in English].

Pimonenko, T., Us, Ya., Myroshnychenko, Yu., Dubyna, O., Vasylyna, T. (2021). Green Financing for Carbon-Free Growth: Role of Banks Marketing Strategy. Financial Markets, Institutions and Risks, 5 (3), 71-78. DOI: https://doi. org/10.21272/fmir.5(3).71-78.2021 [in English].

Mitra, A. W., & Anas, E. P. (2021). Impact of ESG/corporate social responsibility on company performance before and during Covid 19 crisis: study of listed companies in Indonesia. International Journal of Business and Technology Management, 3 (2), 143-155. [in English].

Nguyen-Viet, B. (2022). Understanding the influence of eco-label, and green advertising on green purchase intention: The mediating role of green brand equity. Journal of Food Products Marketing, 28 (2), 87-103. [in English].

Us, Ya., Pimonenko, T., Lyulyov, O., Ziabina, Ye. (2022). Country’s green brand: the main gaps in the scientific treatises. Vadyba – Journal of Management, 1 (38), 9-15. DOI: [in English].

Akhundova, N., Pimonenko, T., Us, Y. (2020). Sustainable growth and country green brand: visualisation and analysis of mapping knowledge. Economic and Social Development: Book of Proceedings, pp. 234-243. [in English].

Chygryn, O., Kuzior, A., Olefirenko, O., & Uzik, J (2022). Green Brand as a New Pattern of Energy-Efficient Consumption Marketing and Management of Innovations, 3, 78-87. DOI: [in English].

Gerard, B. (2019). ESG and socially responsible investment: Acritical review. Beta, 33 (1), 61-83. [in English].

Kang, S., & Hur, W. M. (2012). Investigating the antecedents of green brand equity: a sustainable development perspective. Corporate Social Responsibility and Environmental Management, 19 (5), 306-316. [in English].

Lee, Y.-K. (2020), “The Relationship between Green Country Image, Green Trust, and Purchase Intention of Korean Products: Focusing on Vietnamese Gen Z Consumers”, Sustainability, 12, 5098. [in English].



How to Cite

Pimonenko, Tetyana, et al. “Ecological Awareness of Stakeholders As a Key Determinant of ESG Effects in the Chain ‘Green Brand – Corporate Social Responsibility’”. Herald of Economics, no. 3, Nov. 2023, pp. 26-38,

Similar Articles

1-10 of 317

You may also start an advanced similarity search for this article.