Corporate social responsibility, financing capacity and innovation investment -- an empirical analysis based on a-share listed high tech enterprises

ABSTRACT

Over the past few years, China’s economy has been on a rapid upswing, and corporate R&D and innovation performance, the first driver of high-quality development, has been considered the key to achieving a breakthrough in China’s economic development. At the same time, the ability of companies to assume social responsibility while operating has been the focus of public attention. This study examines the impact of taking social responsibility on the ability of enterprises to invest in innovation. This study uses A-share high-tech enterprises in China from 2017–2019 as the research sample and uses ordinary least squares (OLS) to conduct the analysis. The results illustrate that shouldering social responsibility is a facilitator of innovation investment, and external financing can enhance the facilitation effect of CSR on innovation investment.

KEYWORDS:

• Corporate social responsibility
• innovation investment
• moderating effect
• financing capacity

JEL CLASSIFICATION:

• A13
• A14

Disclosure statement

The authors declare that they have no known competing financial interests or personal relationships that could appear to influence the work reported in this paper.

Additional information

Funding

This work was supported by [National Social Science Fund of China (20BGL099)]