ESG와 경영 효율성이 기업 경쟁력에 미치는 영향: 중국 상장 기업을 대상으로

Purpose: This study examines the direct effects of ESG and management efficiency on corporate competitiveness, their interaction effect, and the moderating roles of ownership structure, internal control, CEO–chair duality, and risk management capabilities. Research design, data, and methodology: The study examines Shanghai and Shenzhen A-share listed firms in China from 2010 to 2023. Results: First, ESG exhibits a significant positive association with corporate competitiveness, supporting H1-1. In addition, the interaction between ESG and ownership structure is significantly positive, supporting H1-2. Furthermore, the interaction between ESG and internal control is also significantly positive, supporting H1-3. Finally, when the three-way interaction among ESG, ownership structure, and internal control is included to test the jointly moderated interaction effect, H1-4 is likewise supported. Second, management efficiency is positively related to corporate competitiveness, supporting H2-1. The independent moderating effects of CEO–chair duality and risk management capabilities are also significantly positive, supporting H2-2. Additionally, the interaction between management efficiency and risk management capabilities is significant, supporting H2-3. However, the three-way interaction involving management efficiency, CEO–chair duality, and risk management capabilities is insignificant, and H2-4 is not supported. Third, when the interaction term between ESG and management efficiency is introduced to assess how their interplay affects corporate competitiveness, the coefficient on the interaction term is significantly negative, supporting H3. Implications: The study systematically identifies the pathways through which ESG and management efficiency influence corporate competitiveness and proposes a multi-layered moderating-effect framework that incorporates ownership structure, internal control, CEO–chair duality, and risk management capabilities. Because the sample is limited to Chinese listed firms, external validity may be constrained. Future research should extend the sample to diverse countries and institutional settings to assess the generalizability of these findings.