Does Corporate Social Responsibility Have An Impact On Innovation?

Innovation is the fundamental driving force for the development of society,and the enterprises are a key element in the national science and technology innovation system.However,as the innovation activities face huge agency problems and financing constraints,the intensity of innovation activities of enterprises is often at a low level.In the past,the research of innovation of enterprises was mostly based on the external environment or corporate governance.Few scholars studied the impact of corporate behavior on corporate innovation activities.In fact,the performance of corporate social responsibility will affect the overall performance of the company,which has the function of alleviating agency problems and providing financing convenience.From a theoretical point of view,companies can help mitigate the obstacles to innovation by taking on the comprehensive benefits of CSR.Thus,the positive correlation between CSR and corporate innovation activities is a problem that needs to be studied.In addition,according to the dual innovation theory,the company's exploratory innovation activities are very different from the development innovation.To conduct research on corporate innovation issues,it is necessary to consider the heterogeneity of innovation activities.At the same time,there are a large number of state-owned enterprises and non-state-owned enterprises in China's current economic system.These two types of companies have significant differences in personnel management,business objectives and organizational culture.Therefore,when studying the impact of corporate social responsibility on innovation,we must consider the heterogeneity of property rights.This paper takes a sample of all A-share listed companies from 2008 to 2017 to study the relationship between corporate social responsibility and corporate innovation and consider the impact of R&D investment heterogeneity and property heterogeneity.Research indicates:(1)The performance of corporate social responsibility and the innovation activities of enterprises show a positive correlation;(2)After considering the heterogeneity of R&D investment,the positive incentive effect of corporate social responsibility performance on the enterprise's exploratory innovation is greater;(3)After considering the heterogeneity of ownership,the positive correlations of the overall innovation activities and exploratory innovation activities between corporate social responsibility performance are more obvious in non-state-owned enterprises.