Corporate Social Responsibility and Firm Performance: Investigating the Role of Management Innovation Through Marketing Intensity

This study investigates the relationship between Corporate Social Responsibility (CSR) and firm performance using panel data from 716 Chinese firms listed on the Shanghai and Shenzhen Stock from 2013 to 2019. It further examines the role of management innovation, specifically marketing intensity, in moderating the CSR–financial performance relationship. The findings reveal that CSR has a positive and statistically significant impact on firm financial performance. Moreover, firms with higher marketing intensity derive greater financial benefits from their CSR activities. These results deepen the understanding of how CSR contributes to firm performance and highlight the strategic value of marketing in amplifying the returns from sustainability efforts. Marketing intensity appears to legitimize sustainability efforts in the eyes of stakeholders, thereby strengthening the financial returns from CSR. Our findings offer valuable practical and policy implications for firms and decision‐makers aiming to integrate CSR into their strategic and operational frameworks.