Relationships among CSR, Innovation and Value Creation:An Empirical Study Based on China Listed Companies

In recent years, administrators and researchers have paid extensive attention to corporate social responsibility (CSR) and innovation as business competencies. Based on the analysis of relationships among CSR, innovation and value creation, this paper constructs an effective model of them. It then tests the hypotheses through the panel data of the years 2008-2011 from China A share listed companies. The empirical results show that - under the control of corporate type, size and age variables - CSR has positive effects on the current year value creation and the next year value creation. Both effects are incompletely mediated by innovation. The conclusions have a positive influence on the decision-making of shareholders on the practice of CSR investment and innovation.