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Based on stakeholder theory, this research aims to examine the effects of the two dimensions of corporate environmental responsibility (CER), which are CER strength and CER concern, on firm innovation performance, and the moderating effect of firm visibility on these relationships. Using data on Chinese firms listed on Shenzhen stock exchange from 2006 to 2015, this research finds that CER strength positively affects firm innovation performance while CER concern negatively affects innovation performance. These relationships are stronger for firms with greater visibility. This research provides insights for understanding the relationship between CER and innovation performance and has important managerial implications for firms to manage their environmental behaviors and improve innovation performance to achieve sustainable development.
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Wu et al. (2020) studied this question.
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