Research On The Impact Of Corporate Social Responsibility On Green Innovation Performance

In recent years,while China’s economy has grown rapidly,the emergence of a series of ecological pollution problems has sounded the "alarm bell" of environmental safety.Environmental pollution has become a bottleneck restricting high-quality economic development and endangering the survival and safety of mankind.The report of the 20 th National Congress of the Communist Party of China pointed out that "promoting green and low-carbon economic and social development is the key link to achieve high-quality development" and "promoting green development and promoting harmonious coexistence between man and nature".Accelerating the green transformation of development methods is crucial to fundamentally resolving the contradiction between economic development and environmental resource constraints.Green innovation,as a way to reconcile economic growth and ecological preservation,can bring about sustainable growth and adhere to the development notion of the modern age.Enterprises,as the primary source of market economy and innovation,are essential for advancing green innovation.How to promote enterprises to carry out green innovation and improve their green innovation performance has become a hot topic in the theoretical and practical circles.Due to the dual externalities of green innovation technology and environment,enterprises are faced with such difficulties as long R&D cycle,high difficulty,high cost and great uncertainty when carrying out green innovation activities.Therefore,they need to rely on the input support of various resources such as capital,manpower,technology and knowledge from stakeholders.Therefore,establishing a good social reputation and improving the relationship with stakeholders become the key to improve the performance of green innovation.As a powerful tool to maintain and deepen the relationship between enterprises and stakeholders,corporate social responsibility can help enterprises obtain more green innovation resources and improve R&D investment,and form a supervision mechanism,improve information transparency,inhibit the tendency of enterprises to carry out surplus management,and promote enterprises to improve their green innovation performance.However,both corporate social responsibility and green innovation are long-term strategies,corporate social responsibility need to consume internal resources of enterprises and may crowd out innovation resources,resulting in the reduction of R&D investment in green innovation.And the fulfillment of social responsibility may also be used by the management as a means to carry out earnings management,damaging the interests of enterprises and thus reducing green innovation.Consequently,it is of great theoretical and practical importance to investigate the impact and trajectory of corporate social responsibility on the execution of green innovation,and if it will foster green innovation by augmenting R&D investment and restraining surplus management.This paper sorted out the relevant literature on corporate social responsibility performance and green innovation performance,started from stakeholder theory,resource dependence theory,signal transmission theory,entrusted agency theory and impression management theory,selected the annual data of China’s A-share listed companies from2011 to 2021,constructed a panel regression model on the impact of corporate social responsibility performance on green innovation performance and its role path.The moderating role of organizational redundancy,industry pollution attributes,media attention in the relationship between CSR performance and green innovation performance were analyzed.The results showed that:(1)Corporate social responsibility can improve the performance of green innovation.(2)Corporate social responsibility can improve green innovation performance by increasing R&D investment.(3)Corporate social responsibility cannot improve green innovation performance by suppressing accrued earnings management,but it can improve green innovation performance by suppressing real earnings management.(4)Organizational redundancy has a negative moderating effect on the relationship between CSR and green innovation performance.(5)Industry pollution attributes has a negative moderating effect on the relationship between CSR and green innovation performance.(6)Media attention has a positive moderating effect on the relationship between CSR and green innovation performance.Theoretical research on the relationship of corporate social responsibility and green innovation was enriched by this paper,as well as the research into the factors that shape green innovation.From the viewpoint of R&D investment and surplus management,this paper expounded the functional path between CSR fulfillment and green innovation performance,which provided experience for realizing the effective combination of CSR and green innovation,improving ecological environment and achieving China’s "double carbon" goal.