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Does corporate social responsibility impact firms' innovation capacity? The indirect link between environmental & social governance implementation and innovation performance

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  • Broadstock, David C.
  • Matousek, Roman
  • Meyer, Martin
  • Tzeremes, Nickolaos G.
Abstract
Firms' choices on corporate social responsibility (CSR) and environmental, social and governance (ESG) implementation strategies can arguably have a positive impact on their value and performance. This “doing well by doing good” view remains debated in the literature. Our study contributes to this debate by investigating the impact of firms' engagement in ESG policies on their innovation capacity levels. More specifically, we apply a nonparametric frontier analysis framework to a sample of 320 Japanese firms over the period 2008–2016. Our study provides evidence of a nonlinear relationship between ESG policy adoption and firms' innovation capacity. In other words, our findings are consistent with a process of “indirect value-creation” under which firms' CSR/ESG policy adoption initially enhances their ability to pursue innovation activities and, then, eventually affects positively their value creation and financial/operational performance.

Suggested Citation

  • Broadstock, David C. & Matousek, Roman & Meyer, Martin & Tzeremes, Nickolaos G., 2020. "Does corporate social responsibility impact firms' innovation capacity? The indirect link between environmental & social governance implementation and innovation performance," Journal of Business Research, Elsevier, vol. 119(C), pages 99-110.
    • Handle: RePEc:eee:jbrese:v:119:y:2020:i:c:p:99-110
    DOI: 10.1016/j.jbusres.2019.07.014
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    More about this item

    Keywords

    Corporate social responsibility (CSR); Environmental; social and governance (ESG); Corporate social performance (CSP); Innovation capacity; Efficiency and productivity; Nonparametric analysis;
    All these keywords.

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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