스타트업 ESG 인식과 지속가능 경영성과: 제조업 중심 실증연구

초록

In recent years, startups have faced the dual challenge of ensuring survival and achieving growth amid increasing social demands for sustainability and ESG (Environmental, Social, and Governance) management. However, existing ESG research has primarily focused on large and mid-sized enterprises, leaving a gap in understanding how resource-constrained startups—particularly those in the manufacturing sector—perceive ESG and how it influences their sustainable business performance. To address this gap, this study empirically examines the impact of ESG factors on the sustainable business performance (both financial and non-financial) of manufacturing-focused startups. This study categorizes ESG factors into environmental, social, and governance dimensions and applies multiple regression analysis using survey data collected from manufacturing startups. The results reveal that social factors have a significant positive effect on non-financial performance, indicating that corporate social responsibility initiatives help build organizational trust and enhance consumer satisfaction.However, environmental and governance factors do not exhibit a significant relationship with non-financial performance. Conversely, environmental factors positively impact financial performance, suggesting that eco-friendly management practices contribute to cost reduction and revenue growth. Meanwhile, social and governance factors do not significantly affect financial performance, implying that these factors may play an indirect role in fostering organizational trust and operational stability in the early stages of a startup.This study contributes to the academic discourse by empirically identifying the distinct relationships between ESG perceptions and sustainable business performance in manufacturing startups. It highlights the need for startups to adopt a differentiated ESG strategy tailored to industry characteristics and business growth stages rather than applying all ESG factors uniformly. From a practical perspective, manufacturing startups should leverage environmental management practices to strengthen financial performance while enhancing non-financial performance through social responsibility initiatives.By offering insights into ESG strategy development and its impact on sustainable business performance, this study provides practical implications for startups, policymakers, and investors. Future research should expand the scope to include diverse industries and conduct comparative analyses to assess the long-term effects of ESG factors on startup performance.

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