기업의 지속가능한 성장에 대한 정부정책지원의 효과 분석

How Government Supports Affect Firms’ Sustainable Growth: Evidence from Renewable Energy Technology Sector

This article investigates the relationship between public policy and firms’ sustainable growth, using the unbalanced panel data for Korean renewable energy technology firms over the period 1993-2016. We conducted a variety of panel framework tests to confirm the characteristics of the data before establishing the empirical model. Pooled mean group (PMG) estimator is employed to test the long-run relationship between the variables examined in the study. The results of the study show that government support positively affects index of propensity to approach sustainable growth (SAGAP index), and that productivity, profitability, and knowledge assets have positive effects on the SAGAP index. However, leverage negatively influences the SAGAP index. We proposed policy implications based on the results of the study.