This study investigates whether cognitive identification, affective identification, and moral identification impact ESG perceptions of a brand. More importantly, it explores whether this ESG perception towards a brand impacts consumers’ willingness to pay price premiums on goods and services. In addition, belief in reincarnation (BR) and belief in a just world (BJW) are the two moderators being considered for this research. The research is primarily conducted with a focus on the food industry in Taiwan. This research was carried out with the hope that companies can use the result to improve the ESG strategy of their businesses and, to a further extent, improve their bottom line and their impact on the world. Hopefully, it can contribute to the currently available knowledge and provide valuable insight into what affects consumers’ willingness to pay price premiums.
The results demonstrate that cognitive, affective, and moral identification significantly affect consumer ESG perceptions of the brand. In addition, the effect of consumer ESG perception towards a brand also significantly affects the willingness of consumers to pay price premiums. The belief in reincarnation was found to have no significant moderating effect but belief in a just world’s moderating effect on the relationship between ESG perception towards the brand and the willingness to pay price premiums was found to be partially supported. As a result of the identifications affecting consumer ESG perceptions towards the brand and ultimately on consumer willingness to pay price premiums, businesses can adjust their strategy accordingly to take advantage of these characteristics.

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