RELATIONSHIPS AMONG CSG, INNOVATION AND VALUE CREATION: AN EMPIRICAL STUDY BASED ON CHINA LISTED COMPANIES

摘要

Recent years, administrators and researchers pay extensive attentions to corporate social responsibility (CSR) and innovation as business competencies. Based on the analysis of relationships among CSR, innovation and value creation, this paper constructs the effect model of them, and then tests the hypotheses through the panel data of 2008-2011 years from China A share listed companies. The empirical results show that, under the control of corporate type, size and age variables, CSR has positive effects on the current year value creation and the next year value creation, and both the effects are incompletely mediated by innovation. The conclusions have the positive influence on the decision-making of shareholders on the practice of CSR investment and innovation.