ESG 거버넌스와 기업 성과의 비선형적 관계: 기업 혁신과의 상호작용 효과를 중심으로

This study empirically examines the effects of ESG governance and corporate innovation on firmperformance using panel data from 592 Korean listed firms (2016–2023). Correlated Random Effects(CRE) models, instrumental variable (IV) analysis, non-linear analysis, and conditional quantile regressionwere employed. Results show that ESG governance operates more strongly at the long-term level thanshort-term variations, influencing performance through organizational culture internalization and stakeholdertrust accumulation. Marginal effects analysis reveals that innovation effects are negligible in firms with lowESG governance but amplify about 84-fold in firms with high governance, confirming an asymmetricpattern. Additionally, ESG effects are found to be underestimated without controlling for endogeneity. Non-linear analysis found inverted U-shaped relationships for accounting performance (ROA, ROE), whileno non-linearity was detected for market value (Tobin’s Q). This is explained by Real Options Theory(ROT), suggesting that markets recognize ESG investment as long-term option value, offsetting short-termcosts. This study identifies the long-term effects of ESG governance, its interaction mechanism withinnovation, and integrates conflicting results between accounting and market performance through an ROTperspective. Practical implications suggest that managers should invest in ESG governance with a long-termorientation while pursuing innovation concurrently, investors should recognize ESG’s option value, andpolicymakers should provide gradual mandates with tailored support.