Impact of Corporate Social Responsibility on Innovation Performance: An Empirical Study
DOI:
https://doi.org/10.53469/ijomsr.2023.06(06).10Keywords:
Mission statement, Corporate social responsibility, Innovative performance, StakeholdersAbstract
This study is dedicated to exploring the relationship between Corporate Social Responsibility (CSR) and innovation performance, especially in the context of intense competition and society's pursuit of high quality development, where corporate innovation has become a key factor in maintaining competitiveness and realizing sustainable development. The core of the study is to understand the role of mission statement in corporate culture and how it affects long-term corporate strategy and innovation performance. In terms of theoretical framework, this study relies on strategic management theory, stakeholder theory, corporate culture theory and resource dependence theory to construct a mediation model of "mission statement-Corporate Social Responsibility (CSR)-innovation performance", and adopts the "words-actions-report" model. Using the logical framework of "words—actions—report", we analyze how the guiding principles of mission statement can promote innovation results by motivating enterprises to fulfill their social responsibility and gain the support of stakeholders. By empirically analyzing data from 1,297 A-share listed companies that have been established for more than ten years between 2015 and 2019, this study finds that the focus on stakeholders in the mission statement, especially the focus on customers, employees, and suppliers, can significantly improve innovation performance by enhancing the fulfillment of corporate social responsibility. At the same time, no significant relationship was observed for the impact of this focus on shareholders and society, suggesting that firms may differ in the consistency of their words and actions. Overall, this study brings a new perspective to the field of mission statement research and fills the gap in previous research on the relationship between mission statement and non-financial performance, especially innovation performance. The results of this study have important implications for subsequent research and practice, providing suggestions on how to effectively incentivize and promote corporate innovation through mission statement management and social responsibility activities to achieve long-term business performance improvement.
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