This paper presents the innovative activity of enterprises as a process that is risky but necessary for the survival of a company in a competitive market, and as a way to maximize the long-term value for the owners. Risks and benefits were analysed, and the possible sources of added value in innovative projects were identified in the context of the capital market equilibrium and the budgeting of investments. Innovative projects become a source of added value for investors if the financial effects such as changes in the residual cash flow and higher growth rate outweigh the combined impact on the risk generated by two factors: increase of systematic risk and emerging specific risks.

The presented article consists of two studies (correlation and experimental) on the importance of self-esteem for the perceived value added by a brand to a consumer’s self-image. Both studies were conducted online, using the snowball method, controlling for participants’ gender and product categories. The correlation study showed that consumers, with an increase in self-esteem understood as a trait, look for more positive traits in brands and fewer negative traits to incorporate into their self-image by purchasing the brand. In addition, they confirmed that brand preference is mainly related to the qualities possessed, which the consumer can confirm by purchasing the brand. The experimental study showed that people with lowered self-esteem perceive more positive traits in brands that they can incorporate into their self-image by purchasing the brand, and there were no differences in confirming positive traits and avoiding negative traits that are associated with the brand. The new measurement of the perceived value of a brand to a consumer’s self- image, used, allowed the identification of specific areas of brand image sensitive to a consumer’s self-esteem.