Navigating sustainable growth: Green innovation as a mediator between CSR Engagement and firm value in emerging markets
研究了新兴市场中企业社会责任参与如何通过绿色创新提升企业价值，并发现财务约束和薪酬激励等边界条件的影响，为企业与政策制定者提供了可持续增长的实践启示。
Research on the relationship between corporate social responsibility (CSR), green innovation, and firm value remains contentious, debating whether CSR acts as a value-enhancing driver or a cost-inducing burden; this study constructs a unified theoretical framework—drawing on the attention-based view, stakeholder theory, and institutional theory—to reconcile these perspectives, finding empirically that CSR engagement significantly enhances firm value by promoting green innovation. We uncover critical boundary conditions: financial constraints significantly weaken the CSR–green innovation link, while executive compensation incentives significantly strengthen it, and ownership type (SOE vs. POE) moderates all these relationships; these results deepen the theoretical understanding of the CSR–innovation–value nexus and offer actionable insights for firms and policymakers pursuing sustainable growth in emerging economies.