Corporate social responsibility and corporate innovation output: Empirical evidence based on Chinese listed companies

This study investigated the relation between corporate social responsibility (CSR) fulfillment and corporate innovation output based on a sample of 9165 Chinese listed companies. The present findings revealed that CSR fulfillment promoted corporate innovation output. Government subsidies and research and development investment showed significant mediating effects on the relation between CSR fulfillment and corporate innovation output. Additionally, the policy implementation of mixed ownership reform and corporate size had a significant moderating effect on this relation. Finally, the research revealed that CSR fulfillment not only promoted corporate innovation output but also improved corporate performance and the market value of a company.