Navigating sustainable growth: green innovation as a mediator between CSR Engagement and firm value in emerging markets

Zhe Sun, Liang Zhao (), Hind Alofaysan, Bhumika Gupta () and Vikram Kumar Sharma
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Zhe Sun: JLU - Jilin University
Liang Zhao: Strathclyde Business School [Glasgow]
Hind Alofaysan: Princess Nourah Bint Abdulrahman University
Bhumika Gupta: LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], IMT-BS - MMS - Département Management, Marketing et Stratégie - TEM - Télécom Ecole de Management - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris]
Vikram Kumar Sharma: IMS - Institute of Management Studies Ghaziabad

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Abstract: Research on the relationship between corporate social responsibility (CSR), green innovation, and firm value remains contentious, debating whether CSR acts as a value-enhancing driver or a cost-inducing burden; this study constructs a unified theoretical framework—drawing on the attention-based view, stakeholder theory, and institutional theory—to reconcile these perspectives, finding empirically that CSR engagement significantly enhances firm value by promoting green innovation. We uncover critical boundary conditions: financial constraints significantly weaken the CSR–green innovation link, while executive compensation incentives significantly strengthen it, and ownership type (SOE vs. POE) moderates all these relationships; these results deepen the theoretical understanding of the CSR–innovation–value nexus and offer actionable insights for firms and policymakers pursuing sustainable growth in emerging economies.

Keywords: Firm ownership type; Executive compensation incentives; Financial constraints; Firm value; Green innovation; CSR (search for similar items in EconPapers)
Date: 2026-05
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Published in Technological Forecasting and Social Change, 2026, 226, pp.124566. ⟨10.1016/j.techfore.2026.124566⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05523062

DOI: 10.1016/j.techfore.2026.124566

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