본문 바로가기
KERD
논문KCI 등재

기업가 지향성과 지속가능성장의 관계에서 ESG의 매개효과에 관한 연구

A Study on the Mediating Effect of ESG in the Relationship between Entrepreneurial Orientation and Sustainable Growth

1

조회

0

다운로드

16

인용

0

참고문헌

키워드

주제분류경영학

초록

경제·환경·사회적 측면의 조화로운 성장의 필요성이 강조되면서 ESG 활동을 통해 경제적성과를 향상시키는 지속가능한 경영의 중요성이 한층 더 강조되고 있다. 하지만 기업이ESG 활동을 강화하게 되는 외부 환경요인들과 비교할 때 기업 내부 요인들에 대해서는 상대적으로 충분한 논의와 연구가 이뤄지지 못해왔다. 선행연구들의 이 같은 한계점을 극복하기 위하여 본 연구에서는 경영자의 특성을 반영하는 기업가 지향성과 지속가능한 성장률 간의 관계와 ESG의 매개효과에 대한 연구모형을 제시하고 분석하였다. 실증분석을 위해서는ESG 등급부여 방식이 변경된 직후인 2013년도부터 COVID-19가 본격적으로 확산되기 이전인 2019년까지 총 7년의 기간 동안 ESG를 실행한 국내기업들을 대상으로 하는 GLS 회귀분석을 실행하였다. 분석결과는 ESG가 기업가 지향성과 지속가능한 성장률 간의 유의한 정(+)의 관계를 부분 매개하고 있음을 보여주고 있다. 이는 기업가 지향성이 다양한 이해관계자들과의 관계 형성과 활용이 필요한 ESG에 도움이 되고, 이는 다시 기업의 지속가능한 성장에 도움이 된다는 주장을 뒷받침해주는 실증분석 결과이다. 또한 기업들에게 변화된 기업환경에서 전략 수립과 실행에 중대한 영향을 미칠 수 있는 기업가 지향성과 차별화된 전략적 도구로서의 ESG 활용 가능성 및 중요성을 시사하고 있다.

Abstract

As the need for harmonious growth in economic, environmental, and social aspects is emphasized, the importance of sustainable management that improves economic performance through ESG activities is further emphasized. However, there has been relatively insufficient discussion and research on internal factors compared to external environmental factors in which companies strengthen ESG activities. To overcome these limitations, this study presented and analyzed a research model in which ESG mediates the relationship between entrepreneurial orientation and sustainable growth rate that reflects the characteristics of managers. For empirical analysis, GLS regression analysis was conducted for domestic companies that implemented ESG for a total of seven years from 2013 right after the ESG rating method was changed to 2019 before COVID-19 spread. The results show that ESG partially mediates a significant positive (+) relationship between entrepreneurial orientation and sustainable growth rate. This is a result supporting the argument that entrepreneurial orientation helps ESG that needs to form and utilize relationships with various stakeholders, which in turn helps sustainable growth of a company. The findings show the possibility and importance of entrepreneurial orientation and ESG utilization as a differentiated strategic tool that can have a significant impact on strategy development and implementation in a changed business environment.

참고문헌 (95)

  1. 김영준, "우리나라 기업 특성별 성장성 및 고용창출 효과 분석", 한국경제의 분석, 21(2), pp.183~241 (2015), 한국경제의 분석패널
  2. 김익성, "한국 유통업체의 ESG 경영현황과 전략시사점", 경상논총, 40(3), pp.43~61 (2022), 한독경상학회
  3. 신동령, "한국제조기업의 유동성제약 및 내부자금조달과 기업성장의 관계에 관한 실증적 연구", 회계정보연구, 32(4), pp.151~174 (2014), 한국회계정보학회
  4. 이기훈, "사회책임경영(CSR)의 역사적 고찰과 기업의 대응전략", 창조와 혁신, 4(1), pp.87~117 (2011), 피터드러커 소사이어티[DOI]
  5. 국내외 ESG 투자 현황 및 건전한 투자 생태계 조성을 위한 시사점, "이시연", KIF, 1~97 (2021)
  6. 임종옥, "ESG 사회평가와 사회공헌활동비와의 관계", 산업경제연구, 31(6), pp.2017~2034 (2018), 한국산업경제학회[DOI]
  7. 주병철, "한국 상장기업의 지속가능 성장에 관한 실증연구", 산업경제연구, 32(5), pp.1885~1907 (2019), 한국산업경제학회[DOI]
  8. Akeem, O. A., "Ernest Shonekan and Interim National Governance in Nigeria", Research on Humanities and Social Sciences, 4(18), pp.182~187 (2014)
  9. Amouzesh, N., "Sustainable growth rate and firm performance: Evidence from Iran Stock Exchange", International Journal of Business and Social Science, 2(23) (2011)
  10. Arora, L., "The anatomy of sustainable growth rate of Indian manufacturing firms", Global Business Review, 19(4), pp.1050~1071 (2018)
  11. Atuahene-Gima, K., "An empirical investigation of the effect of market orientation and entrepreneurship orientation alignment on product innovation", Organization science, 12(1), pp.54~74 (2001)
  12. Backhaus, K. B., "Exploringthe relationship between corporate social performance and employer attractiveness", Business and Society, 41(3), pp.292~318 (2002)
  13. Bansal, P., "risk in the context of the natural environment", The Academy of Management Journal, 47(1), pp.93~103 (2004)
  14. Baron, D. P., "Private Politics, Corporate Social Responsibility, and Integrated Strategy", Journal of Economics and Management Strategy, 10(1), pp.7~45 (2001)
  15. Baron, D. P., "Strategic Activism and Nonmarket Strategy", Journal of Economics and Management Strategy, 16(3), pp.599~634 (2007)
  16. Brick, I. E., "A comparison of alternative models for estimating firm’s growth rate", Review of quantitative finance and accounting, 47(2), pp.369~393 (2016)
  17. Brown, T. E., "An operationalization of Stevenson's conceptualization of entrepreneurship as opportunity-based firm behavior", Strategic management journal, 22(10), pp.953~968 (2001)
  18. Campa, J. M., "Explaining the diversification discount", The journal of finance, 57(4), pp.1731~1762 (2002)
  19. Cantele, S., "Is sustainability a competitive advantage for small businesses? An empirical analysis of possible mediators in the sustainability–financial performance relationship", Journal of cleaner production, 182, pp.166~176 (2018)
  20. Clarkson, P. M., "Does it really pay to be green? Determinants and consequences of proactive environmental strategies", Journal of accounting and public policy, 30(2), pp.122~144 (2011)
  21. Claudy, M. C., "The roles of sustainability orientation and market knowledge competence in new product development success", Journal of Product Innovation Management, 33, pp.72~85 (2016)
  22. Cohen, B. D., "Information asymmetry and investor valuation of IPOs : Top management team legitimacy as a capital market signal", Strategic Management Journal, 26(7), pp.683~690 (2005)
  23. Covin, J. G., "The influence of organization structure on the utility of an entrepreneurial top management style", Journal of management studies, 25(3), pp.217~234 (1988)
  24. Covin, J. G., "A Conceptual Model of Entrepreneurship as Firm Behavior", Entrepreneurship Theory and Practice, 15(1), pp.7~24 (1991)
  25. Covin, J. G., "Strategic process effects on the entrepreneurial orientation–sales growth rate relationship", Entrepreneurship theory and practice, 30(1), pp.57~81 (2006)
  26. Dimitratos P, "The Relationship Between Entrepreneurship and International Performance : The Importance of Domestic Environment", International Business Review, 13(1), pp.19~41 (2004)
  27. Fisher, G., "Changing with the times : An integrated view of identity, legitimacy, and new venture life cycles", Academy of Management Review, 41(3), pp.383~409 (2016)
  28. Flammer, C., "Corporate social responsibility as an employee governance tool : Evidence from a quasi-experiment", Strategic Management Journal, 38(2), pp.163~183 (2017)
  29. Fonseka, M. M., "The most appropriate sustainable growth rate model for managers and researchers", Journal of Applied Business Research, 28(3), pp.481~500 (2012)
  30. Friedman, M., "A theoretical framework for monetary analysis", journal of Political Economy, 78(2), pp.193~238 (1970)
  31. Hardy, C., "Resources, knowledge and influence : The organizational effects of interorganizational collaboration", Journal of management studies, 40(2), pp.321~347 (2003)
  32. Harkleroad, D., "Sustainable growth rate analysis : Evaluating worldwide competitors' ability to grow profitably", Competitive Intelligence Review, 4(2), pp.36~45 (1993)
  33. Higgins, R. C., "How Much Growth Can a Firm Afford?", Financial Management, 6(3), pp.7~16 (1977)
  34. Holden, E., "The imperatives of sustainable development: needs, justice, limits" (2017), Routledge
  35. Hult, G. T. M., "Innovativeness : Its antecedents and impact on business performance", Industrial marketing management, 33(5), pp.429~438 (2004)
  36. Hwang, J., "The Effect of ESG Activities on Financial Performance during the COVID-19 Pandemic—Evidence from Korea", Sustainability, 13(20), pp.11362~ (2021)
  37. Ismail, K., "Linking the dots : innovative capability and sustainable growth of women owned technoprises in Asian developing countries", International Journal of Academic Research in Business and Social Sciences, 2(4), pp.281~ (2012)
  38. Ismail, A. M., "Board capabilities and the mediating roles of absorptive capacity on environmental social and governance(ESG)practices", International Journal of Financial Research, 10(3), pp.11~30 (2019)
  39. Jafri, S. K. A., "Impact of social capital and firms’ innovative capability on sustainable growth of women owned technoprises(SMEs) : A study in Malaysia", World applied sciences journal, 29(10), pp.1282~1290 (2014)
  40. Jiang, W., "Stakeholder Relationship Capability and Firm Innovation : A Contingent Analysis", Journal of Business Ethics, 167(1), pp.111~125 (2020)
  41. Kreiser, P. M., "Entrepreneurial orientation and firm performance : The unique impact of innovativeness, proactiveness, and risk-taking", Journal of small business and entrepreneurship, 23(1), pp.39~51 (2010)
  42. Ladzani, M. W., "Business social responsibility : how are SMEs doing in Gauteng, South Africa?", Social Responsibility Journal, 8(1), pp.87~99 (2012)
  43. Lerner, M., "Relationships among strategic capabilities and the performance of women-owned small ventures", Journal of small business management, 40(2), pp.109~125 (2002)
  44. Lockwood, L., "Sustainable growth and stock returns", Journal of Financial Research, 33(4), pp.519~538 (2010)
  45. Lu, H., "How do investors value corporate social responsibility? Market valuation and the firm specific contexts", Journal of Business Research, 125, pp.14~25 (2021)
  46. Lumpkin, G. T., "Clarifying the entrepreneurial orientation construct and linking it to performance", Academy of Management Review, 21(1), pp.135~172 (1996)
  47. Luo, X., "Corporate social responsibility, customer satisfaction, and market value", Journal of marketing, 70(4), pp.1~18 (2006)
  48. Margolis, J. D., "Misery loves companies : Rethinking social initiatives by business", Administrative science quarterly, 48(2), pp.268~305 (2003)
  49. Menon, A., "A model of marketing knowledge use within firms", Journal of marketing, 56(4), pp.53~71 (1992)
  50. Miller D., "The Correlates of Entrepreneurship in Three Types of Firms", Management Science, 29(7), pp.770~791 (1983)
  51. Miller, D., "Governance, social identity, and entrepreneurial orientation in closely held public companies", Entrepreneurship Theory and practice, 35(5), pp.1051~1076 (2011)
  52. Moreno, A. M., "Entrepreneurial orientation and growth of SMEs : A causal model", Entrepreneurship theory and practice, 32(3), pp.507~528 (2008)
  53. Morris, M. H., "Understanding the manifestation of entrepreneurial orientation in the nonprofit context", Entrepreneurship theory and practice, 35(5), pp.947~971 (2011)
  54. Mukherjee, T., "Impact of corporate governance on corporate sustainable growth", International Research Journal of Business Studies, 12(2), pp.167~184 (2019)
  55. Naman, J. L., "Entrepreneurship and the concept of fit : A model and empirical tests", Strategic management journal, 14(2), pp.137~153 (1993)
  56. Nasim, A., "Pengaruh Profit Margin, Assets Turnover Dan Leverage Terhadap Sustainable Growth Rate Pada Perusahaan Sektor Jasa Yang Terdaftar Di Bursa Efek Indonesia Periode 2010-2012", Jurnal Riset Akuntansi dan Keuangan, 3(1), pp.632~648 (2015)
  57. Nastiti, P. K. Y., "Working Capital Management and Its Influence on Profitability and Sustainable Growth", Business : Theory and Practice, 20, pp.61~68 (2019)
  58. Newbert, S. L., "Empirical research on the resource-based view of the firm : an assessment and suggestions for future research", Strategic Management Journal, 28, pp.121~146 (2007)
  59. Oh, H. M., "Corporate sustainability management, earnings transparency, and chaebols", Sustainability, 12(10), pp.4222~ (2020)
  60. Patel, P. C., "Industry profitability matters : The value of sustainable growth rate and distance from bankruptcy as enablers of venture survival", Journal of Business Research, 114, pp.80~92 (2020)
  61. Perrott, B. E., "Building the sustainable organization : an integrated approach", Journal of Business Strategy, 36(1), pp.41~51 (2015)
  62. Porter, M. E., "Creating shared value: Redefining capitalism and the role of the corporation in society", Harvard Business Review, 89(1, pp.2) (2011), 62~77
  63. Purkayastha, A., "Business group affiliation and entrepreneurial orientation: Contingent effect of level of internationalization and firm’s performance", Asia Pacific Journal of Management, pp.1~30 (2022)
  64. Rao, R. S., "The fruits of legitimacy : Why some new ventures gain more from innovation than others", Journal of Marketing, 72(4), pp.58~75 (2008)
  65. Ratiu, C., "The multiple identities of sustainability", World Journal of Science, Technology and Sustainable Development, 12(3), pp.194~205 (2015)
  66. Rauch A, "Entrepreneurial Orientation and Business Performance : Cumulative Empirical Evidence", Entrepreneurship Theory and Practice, 30(2), pp.145~160 (2006)
  67. Rauch, A., "Entrepreneurial orientation and business performance : An assessment of past research and suggestions for the future", Entrepreneurship theory and practice, 33(3), pp.761~787 (2009)
  68. Rueda-Manzanares, A., "The influence of stakeholders on the environmental strategy of service firms : The moderating effects of complexity, uncertainty and munificence", British Journal of management, 19(2), pp.185~203 (2008)
  69. Schaltegger, S., "In search of the dominant rationale in sustainability management : legitimacy-or profit-seeking?", Journal of Business Ethics, 145(2), pp.259~276 (2017)
  70. Scott, M., "Five stages of growth in small business", Long range planning, 20(3), pp.45~52 (1987)
  71. Seo, R., "When is interorganizational learning beneficial for inbound open innovation of ventures? A contingent role of entrepreneurial orientation", Technovation, 116 (2022)
  72. Silva, G. M., "Sustainable development in small and medium enterprises : The role of entrepreneurial orientation in supply chain management", Business Strategy and the Environment, 30(8), pp.3804~3820 (2021)
  73. Slater, S. F., "Market orientation and the learning organization", Journal of marketing, 59(3), pp.63~74 (1995)
  74. Sobel, M. E., "Asymptotic confidence intervals for indirect effects in structural equation models", Sociological methodology, 13, pp.290~312 (1982)
  75. Teece, D. J., "Dynamic capabilities and strategic management", Strategic management journal, 18(7), pp.509~533 (1997)
  76. Todd, P. R., "Understanding the characteristics of the growth of SMEs in B to B markets in emerging ecology approach", Journal of Business and Industrial Marketing, 29(4), pp.295~303 (2014)
  77. Tovstiga, G., "Intellectual capital practices : a four-region comparative study", Journal of Intellectual Capital, 10(1), pp.70~80 (2009)
  78. Van Horne, J. C., "Fundamentals of Financial Management" (2015), PHI Learning Private Limited
  79. Vij, S., "Relationship between entrepreneurial orientation and business performance : A review of literature", The IUP Journal of Business Strategy, 9(3), pp.17~31 (2012)
  80. Waddock, S. A., "The corporate social performance–financial performance link", Strategic management journal, 18(4), pp.303~319 (1997)
  81. Wei, Z., "How does environmental corporate social responsibility matter in a dysfunctional institutional environment? Evidence from China", Journal of business ethics, 140(2), pp.209~223 (2017)
  82. Weidenbaum, M., "Takeovers and stockholders : Winners and losers", California Management Review, 29(4), pp.157~168 (1987)
  83. Wiklund, J., "The sustainability of the entrepreneurial orientation—performance relationship Entrepreneurship theory and practice", 24(1), pp.37~48 (1999)
  84. Wiklund, J., "Entrepreneurial orientation and small business performance : a configurational approach", Journal of business venturing, 20(1), pp.71~91 (2005)
  85. Wolff, J. A., "Small-firm performance : modeling the role of product and process improvements", Journal of small business management, 44(2), pp.268~284 (2006)
  86. Wu, W., "Will green CSR enhance innovation? A perspective of public visibility and firm transparency", International journal of environmental research and public health, 15(2), pp.268~ (2018)
  87. Xu, J., "Intellectual capital, financial performance and companies’ sustainable growth : Evidence from the Korean manufacturing industry", Sustainability, 10(12), pp.4651~ (2018)
  88. 유순미, "지속가능경영정보가 자기자본비용에 미치는 영향", 인터넷전자상거래연구, 16(6), pp.37~57 (2016), 한국인터넷전자상거래학회
  89. Yoon, B., "Does ESG performance enhance firm value? Evidence from Korea", Sustainability, 10(10), pp.3635~ (2018)
  90. Zahra, S. A., "Contextual influences on the corporate entrepreneurship-performance relationship : A longitudinal analysis", Journal of business venturing, 10(1), pp.43~58 (1995)
  91. Zahra, S. A., "Corporate entrepreneurship, knowledge, and competence development", Entrepreneurship theory and practice, 23(3), pp.169~189 (1999)
  92. Zhai, Y. M., "An empirical study on entrepreneurial orientation, absorptive capacity, and SMEs’ innovation performance : A sustainable perspective", Sustainability, 10(2), pp.314~ (2018)
  93. Zhang, W., "Overcoming the liability of newness : Entrepreneurial action and the emergence of China's private solar photovoltaic firms", Research Policy, 45(3), pp.604~617 (2016)
  94. Zhuang, Y., "Entrepreneurial orientation and corporate social responsibility performance : An empirical study of statecontrolled and privately controlled firms in China", Corporate Social Responsibility and Environmental Management, 27(1), pp.383~392 (2020)
  95. Zvitambo, K., "DRIVING SUSTAINABLE GROWTH THROUGH HUMANISTIC SOCIAL RESPONSIBILITY IN SMALL AND MEDIUM ENTERPRISES OF DEVELOPING COUNTRIES", International Journal of Recent Advances in Multidisciplinary Research, 6(3), pp.4750~4754 (2019)

관련 논문AI추천

이 간행물의 다른 논문 (7건)