This study empirically examines the differential impacts of government support on firms’ innovation performance. Government support is categorized into financial support (tax, funding, and finance) and non-financial support (technology and human resources), and their respective effects on market performance and innovation capability are analyzed. Using data from the 2022 Korean Innovation Survey (KIS) conducted by the Science and Technology Policy Institute (STEPI), the analysis applies propensity score matching and logistic regression, along with moderation tests using Hayes’ process macro. The results indicate that both financial and non-financial support significantly enhance market performance, while only non-financial support exerts a meaningful influence on innovation capability. Furthermore, Non-financial support exhibited a positive moderating effect on market performance when market-based information sources were utilized, while its impact on innovation capability varied with the level of utilization. In contrast, the use of science-based information sources had significant positive effects on both market performance and innovation capability, with the latter strengthened particularly at higher levels of utilization. Additional mediation analysis shows that non-financial support enhances market performance through innovation capability, whereas financial support exhibits no such effect, highlighting the need for firms to build internal capabilities for sustainable outcomes. These findings suggest that government policies should be tailored to the type of support provided and that integrated strategies combining external knowledge sources are essential. In addition, strengthening innovation capability is critical for achieving sustainable innovation outcomes in the long term.

1. 서 론
2. 선행이론 및 가설 설정
    2.1 혁신성과
    2.2 정부지원
    2.3 지식원천
3. 연구방법
    3.1 자료 수집 및 표본
    3.2 변수의 정의
    3.3 분석 방법
4. 분석결과
    4.1 기술통계 분석
    4.2 정부지원이 혁신성과에 미치는 영향 검증
    4.3 외부 지식원천의 조절효과 검증
    4.4 매개효과 검증
5. 결론 및 시사점, 연구의 한계
    5.1 결론 및 시사점
    5.2. 연구의 한계점 및 향후 방향
Acknwoledgement
References

• Hyeong Eun Kwon(Department of Management Consulting, Hanyang University ERICA) | 권형은 (한양대학교 일반대학원 경영컨설팅학과)
• Gilsoo Lee(School of Business Administration, Hanyang University ERICA) | 이길수 (한양대학교 ERICA 경상대학 경영학부)
• Chang Hee Han(School of Business Administration, Hanyang University ERICA) | 한창희 (한양대학교 ERICA 경상대학 경영학부) Corresponding author