기업혁신, 지속가능경영 및 기업가치

[Purpose] This study examines whether firm innovation is a driving force for social responsibility management, and to find out whether such firm innovation affects the relevance of firm values of sustainability management firm. [Methodology] ESG evaluation grade of the Korea Corporate Governance Service(KCGS) is used to measure sustainability management, and R&D investment and Drucker(2015) parametric method are used to measure firm innovation. This study conducted multiple regression analysis and logistic regression analysis for listed companies is from 2012 to 2019. [Findings] First, there was a significant positive relationship between firm innovation and sustainability management activities. Second, as a result of examining the additional role of firm innovation in the relationship between sustainable management and firm value, innovation has an interaction that positively leads to the relationship between sustainability management activities and firm value. [Implications] There are many foreign studies that indicate that firm innovation is a major driver of sustainable management, but few studies in Korea. This study attempted this research topic. In particular, while foreign research results focused only on social responsibility, this study used sustainability management activities including social responsibility, environmental management and corporate governance. In addition, the preceding studies focused on the measurement of corporate innovation on R&D investment, but this study used the innovation variable in terms of productivity. The measurement of these various variables confirmed firm innovation as an important factor in determining the firm value of a sustainable management firm.