중소 제조기업의 ESG 경영활동이 경영혁신에 미치는 영향: 정부지원 및 정부규제의 조절 효과를 중심으로

Small and medium-sized manufacturing enterprises must pursue continuous innovation to ensure survival and growth amid environmental crises and rapid socio-economic transformation. This study empirically examines the impact of ESG management activities on business innovation and analyzes the moderating effects of government support and regulation in this relationship. The findings indicate, first, that ESG management activities (environmental responsibility, social responsibility, and governance practices) have a significant positive effect on business innovation (technological and managerial innovation). Second, both government support and regulation exert partially positive moderating effects on the relationship between ESG activities and business innovation. These results suggest that ESG management serves as a critical factor in strengthening innovation capabilities and enhancing performance. Furthermore, when government support surpasses a certain threshold, ESG management activities function as a core component of corporate innovation strategies and become a driving force for sustainable growth. Finally, the balanced implementation of government support and regulatory policies is essential to promoting the diffusion of ESG management, enabling firms to pursue ESG initiatives in a more systematic and effective manner.