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An Analysis of the Moderated Mediation Effect of Technological Innovation and ESG Using Panel Data of Korean Firms: The Relationship Between Entrepreneurial Orientation and Sustainable Growth Rate

Ji Hong Min1 · Yu Jin Chang2 · Jae Wook Yoo3

1 National Institute of Green Technology, 2 Anyang University, 3 Konkuk University

Published: January 2025 · Vol. 29, No. 3 · pp. 115-142

DOI: https://doi.org/10.17287/kbr.2025.29.3.115

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Abstract

For sustainable growth, companies must be able to simultaneously pursue economic and social values based on entrepreneurial orientation. However, study on the complementary value creation process of entrepreneurial orientation (EO), technological innovation (TI), and ESG(Environmental, Social, and Governance) is very insufficient. Therefore, in this study, the effect of entrepreneurial orientation of domestic companies on the Sustainable Growth Rate (SGR) and the mediating effect of technological innovation and the moderating effect of ESG on their relationship were explored through GLS regression analysis and conditional indirect effect analysis. According to the analysis results, it was found that entrepreneurial orientation had a positive effect on the sustainable growth rate through technology innovation, and the mediating effect of technological innovation was stronger in companies with high ESG ratings. The results suggest that the creation of complementary effects between ESG strategies to create intangible assets and technological innovation that converts intangible assets into economic performance is becoming an important factor for the sustainable growth of companies. This study provides an empirical basis that companies should organically combine technological innovation and ESG for sustainable growth, and through this, useful implications for establishing corporate management strategies and policies are presented.
Keywords: 기술혁신지속가능한 성장률기업가 지향성ESG