Unveiling The Ergo-Iconic Brand Strategy: A Qualitative Exploration of An Sem-Amos Model for Socially Responsible Investment

Andriyansah Andriyansah; Fatia Fatimah

doi:10.32535/ijabim.v10i3.4542

Unveiling The Ergo-Iconic Brand Strategy: A Qualitative Exploration of An Sem-Amos Model for Socially Responsible Investment

Andriyansah Andriyansah, Fatia Fatimah

Abstract

The transition toward Socially Responsible Investment (SRI) in emerging markets requires more than regulatory ESG compliance. Despite the growing body of SRI literature, a theoretical gap persists regarding how non-financial brand heuristics influence investor capital allocation under conditions of information opacity. This study introduces the novel concept of "ergo-iconic" brand value, comprising ergonomic (functional) and iconic (symbolic) dimensions, to construct a conceptual SEM-AMOS model for SRI intention. Employing an exploratory qualitative design, we conducted in-depth interviews with 18 ESG experts and institutional investors. The findings reveal that while the Ergonomic Brand Dimension (EBD) serves as a foundational hygiene factor preventing greenwashing skepticism, the Iconic Brand Dimension (IBD) drives Sustainable Brand Equity (SBE). This research extends Signaling Theory by introducing a dual-signal heuristic and provides actionable managerial insights, emphasizing that firms must structurally reduce information asymmetry before ergo-iconic branding strategies can successfully generate sustainable capital inflows

Keywords

Ergo-Iconic Brand Value; Socially Responsible Investment; Sustainable Brand Equity; ESG Information Asymmetry; Signaling Theory; SEM-AMOS; Emerging Markets

Full Text:

PDF

References

Aaker, D. A. (1991). Managing brand equity: Capitalizing on the value of a brand name. Free Press.

Andriyansah, A. (2025). Ecological Identity and Social Representation of Green MSMEs: Ergo-Iconic Value, Performativity, and Representational Resistance in the Platform Economy. Society, 13(2), 877–894. https://doi.org/10.33019/society.v13i2.815

Andriyansah, & Fatimah, F. (2020). Developing the Concept of E-Customer Relationship Management Model to Improve Marketing Performance. International Conference on E-Commerce, E-Business and E-Government, 22–26. https://dl.acm.org/doi/proceedings/10.1145/3409929

Andriyansah, Ginting, G., & Rahim, A. R. (2023). Developing the competitive advantage of small and medium enterprises through an ergoiconic value approach in Indonesia. International Journal of Applied Economics, Finance and Accounting, 17(2), 436–444. https://doi.org/https://doi.org/10.33094/ijaefa.v17i2.1196

Andriyansah, Maria, M., Riana, K. E., Pujiastuti, S. L., & Yolanda, L. (2025). Innovative Marketing Strategies for Enhancing Neighbourhood Conversational Commerce. Ilomata International Journal of Management, 6(4), 1621–1632. https://doi.org/https://doi.org/10.61194/ijjm.v6i4.1882

Andriyansah, & Rulinawaty. (2023). Network Model of Lower Level Bureaucracy Capacity Building in Community Empowerment Policy Case Study of Street Vendors (PKL) Policy Implementation in South Sulawesi Province. Jurnal. Pamator: Jurnal Ilmiah Universitas Trunojoyo, 16(4).

Andriyansah, & Sukendri, N. (2025). Digital-Green Integration Enabling Traditional Food Smes Performance: a Structural Model of Sustainable Culinary Heritage Value Preservation. Veredas Do Direito Direito Ambiental e Desenvolvimento Sustentável, 22(2), e3278. https://doi.org/10.18623/rvd.v22.n2.3278

Arma, N. A., Andriyansah, Afriyanti, R., & Yolanda, L. (2025). Regional Development Management Through Integrated Hierarchical Geo-Governance: A Conceptual Approach. Pakistan Journal of Life and Social Sciences, 23(1), 1796–1806. https://doi.org/https://doi.org/10.57239/PJLSS-2025-23.1.00139

Bilyay-Erdogan, S. (2022). Corporate ESG engagement and information asymmetry: the moderating role of country-level institutional differences. Journal of Sustainable Finance & Investment, 1–37. https://doi.org/10.1080/20430795.2022.2128710

Bschaden, A., Schulz, J., & Stroebele-Benschop, N. (2022). The sustainability halo effect: Does the provision of sustainability information of a snack affect sensory and health perception, and willingness to pay? Future Foods, 5, 100143. https://doi.org/https://doi.org/10.1016/j.fufo.2022.100143

Chen, M., Tang, G., & Wu, X. (2022). ESG reporting quality and firm value: The moderating role of media coverage. Journal of Business Research, 140, 332–345. https://doi.org/10.1016/j.jbusres.2021.11.044

Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419

Delmas, M. A., & Burbano, V. C. (2021). The drivers of greenwashing. California Management Review, 63(4), 98–126. https://doi.org/10.1177/00081256211036397

Dempere, J., Alamash, E., & Mattos, P. (2024). Unveiling the truth: greenwashing in sustainable finance. Frontiers in Sustainability, Volume 5-2024. https://www.frontiersin.org/journals/sustainability/articles/10.3389/frsus.2024.1362051

Desmet, P., van Erp, J., & Hekkert, P. (2020). The multi-layered model of product experience revisited: A review of the 15-year journey. International Journal of Design, 14(1), 1–12. https://www.ijdesign.org/index.php/IJDesign/article/view/3542

Firmansyah, H., Gunarto, M., & Andriyansah. (2024). Synergy of Occupational Safety and Work Environment to Support Productivity and Sustainable Well-Being in the Port Sector. Society, 12(2), 859-882.

Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of why, how, and what comes next. The Review of Corporate Finance Studies, 10(2), 242–288. https://doi.org/10.1093/rcfs/cfaa012

Grewatsch, S., & Kleer, R. (2022). When does it pay to be good? How CSR reputation moderates the effect of environmental and social performance on financial performance. Journal of Business Ethics, 175(2), 257–276. https://doi.org/10.1007/s10551-020-04555-y

Gunawan, A., Rahim, A. R., Andriyansah, A., & Fatimah, F. (2025). Organizational Agility Based on Automatic Patch Work Behavior in the Era of Environmental Uncertainty. Journal of Applied Science, Engineering, Technology, and Education, 7(3), 392-410. https://doi.org/https://doi.org/10.35877/454RI.asci4192

Kautsar, M. W., & Soekarno, S. (2024). Financial Performance and Financial Distress Analysis of Seven Indonesian State - Owned Construction Companies. American International Journal of Business Management, 07(07), 50–66.

Kinnunen, J., Saunila, M., Ukko, J., & Rantanen, H. (2022). Strategic sustainability in the construction industry: Impacts on sustainability performance and brand. Journal of Cleaner Production, 368, 133063. https://doi.org/https://doi.org/10.1016/j.jclepro.2022.133063

Meria, L., Andriyansah, A., Sutisna, F., William, A., & Pasha, L. (2025). Unveiling the Role of SmartPLS and Technology in Analyzing HR Dynamics for Organizational Effectiveness. International Journal of Cyber and IT Service Management, 5(1), 71–80. https://doi.org/10.34306/ijcitsm.v5i1.179

Mishra, P., & Modi, S. B. (2023). Sustainable brand equity: Conceptualization, measurement, and outcomes. Journal of Business Research, 154, 113399. https://doi.org/10.1016/j.jbusres.2022.113399

Pujiastuti, S. L., Maesaroh, I., & Andriyansah, A. (2025). Financial Literacy and Inclusion as Determinants of Investment Interest Among Indonesian Migrant Workers. Society, 13(1), 670–686. https://doi.org/.33019/society.v13i1.886

Sansome, K., Wilkie, D., & Conduit, J. (2024). Beyond information availability: Specifying the dimensions of consumer perceived brand transparency. Journal of Business Research, 170, 114358. https://doi.org/https://doi.org/10.1016/j.jbusres.2023.114358

Serpell, A., & Rubio, G. (2022). Organizational readiness for project management: A conceptual framework. Journal of Management in Engineering, 38(3), 4022004. https://doi.org/10.1061/(ASCE)ME.1943-5479.0001018

Sukendri, N., & Andriyansah. (2024). Implementation of Geocentric Finance Equity Concept and Ergo-Iconical Value for MSME Financial Management. MANAJEMEN : JURNAL EKONOMI, 6(3), 571–577. https://doi.org/https://doi.org/10.36985/ahj21g65

Sukendri, N., Andriyansah, A., Hermajiwandini, C. M. D. W., Lestari, D. A., & Karmanto, G. D. (2025). VIRALITAS KONTEN MEDIA SOSIAL MELALUI PENERAPAN NILAI ERGO-IKONIK DAN DAMPAKNYA TERHADAP PERTUMBUHAN FINANSIAL. Waisya: Jurnal Ekonomi Hindu, 4(2), 160–171.

Tournois, L., & Jolibert, A. (2021). Symbolic brand value and consumer behavior: A meta-analysis. Journal of Brand Management, 28(5), 537–554. https://doi.org/10.1057/s41262-021-00250-6

Trihatmoko, R. A., & Susilo, Y. S. (2023). Conditions, Challenges and Prospects of State-owned Enterprises in Indonesia: The Governance Perspective Based on Economic Constitution. Applied Research in Quality of Life, 18(5), 2459–2484. https://doi.org/10.1007/s11482-023-10194-9

Uli, W. N., & Rahadi, R. A. (2023). Optimizing Investment Portfolio of a State-Owned Company Pension Fund. International Journal of Current Science Research and Review, 6(2), 1478–1487. https://doi.org/https://doi.org/10.47191/ijcsrr/V6-i2-67

Ullah, S., Zhang, J., Khan, M. U., Sharif, A., & Majeed, M. A. (2022). Institutional voids and corporate environmental responsibility in emerging economies: The role of stakeholder pressure and green innovation. Technological Forecasting and Social Change, 174, 121218. https://doi.org/10.1016/j.techfore.2021.121218

Zamir, F., Shailer, G., & Saeed, A. (2020). Do corporate social responsibility disclosures influence investment efficiency in the emerging markets of Asia? International Journal of Managerial Finance, 18(1), 28–48. https://doi.org/10.1108/IJMF-02-2020-0084

Zetzsche, D. A., & Anker-Sørensen, L. (2022). Regulating Sustainable Finance in the Dark. European Business Organization Law Review, 23(1), 47–85. https://doi.org/10.1007/s40804-021-00237-9

Zhang, H., & Chen, Z. (2021). Extended maximum Sharpe ratio for socially responsible investment portfolio construction. Finance Research Letters, 43, 101972. https://doi.org/10.1016/j.frl.2021.101972

DOI: https://doi.org/10.32535/ijabim.v10i3.4542