ESG 경영이 혁신 성과에 미치는 영향: 재무 제약의 조절효과

This study examines the impact of Environmental, Social, and Governance (ESG) performance on corporate innovation using a sample of non-financial firms listed on the Korea Composite Stock Price Index (KOSPI). In addition, we investigate whether financial constraints moderate the relationship between ESG performance and innovation, and further analyze the impact of ESG performance on green innovation. The empirical results show that firms with higher overall ESG performance exhibit significantly greater innovation performance in both quantity and quality. When ESG is decomposed into its environmental (E), social (S), and governance (G) dimensions, each dimension is positively associated with innovation performance. In contrast, the relationship between the composite ESG score and green innovation is limited; however, environmental (E) performance shows a more direct and significant association with the quantitative measures of green innovation, suggesting that green innovation, which is purpose-oriented toward environmental improvement, is more closely linked with environmental performance than with the overall ESG rating. Further analyses reveal that the positive effect of ESG performance on corporate innovation is significantly weakened for financially constrained firms, and this moderating effect is consistently observed using both the SA index and firm size. However, financial constraints do not significantly moderate the relationship between ESG performance and green innovation. Overall, this study provides evidence that ESG performance plays an important role in enhancing firms’ innovation capabilities, while demonstrating that the innovation effects of ESG vary depending on the type of innovation and the firm’s financial conditions, thereby offering meaningful academic and policy implications.