기업의 ESG 경영이 녹색 혁신 및 지속가능한 성과에 미치는 영향: 한국과 중국 제조기업의 비교 분석을 중심으로

Purpose: This study examines the impact of ESG management strategies on green innovation processes (product innovation and process innovation) and sustainable performance (financial and non-financial performance) through a comparative analysis of Korean and Chinese enterprises. Furthermore, it explores the moderating effects of government policies and digital transformation on the relationship between ESG management strategies and green innovation. Research design, data, and methodology: To empirically test the proposed hypotheses, survey data were collected f rom 606 Korean f irms and 780 Chinese f irms, and structural equation modeling (SEM) was employed for analysis. Results: Results indicate that ESG management strategies positively influence both product and process innovation, which in turn enhance sustainable perf ormance. H owever, the direct i mpact of E SG s trategies on s ustainable perf ormance was found to be stronger in China than in Korea. This suggests that C hinese f irms tend to e xperience more immediate b enef its from E SG management due to stronger regulatory enforcement and government-led initiatives, whereas Korean f irms adopt E SG s trategies with a more long-term innovation-oriented approach. Regarding the moderating effects, government policies and digital transformation did not show statistically significant moderating r oles in either c ountry. This implies t hat f irms may b e integrating ESG management independently of government support or digital transformation. Conclusions: This study contributes to the theoretical discourse on ESG management by incorporating green innovation as a mediating factor and examining cross-national differences in regulatory environments. The findings provide practical implications for policymakers and corporate decision-makers, emphasizing the necessity of tailored ESG strategies that align with national institutional contexts and industrial dynamics.