How does social responsibility practice promote corporate green innovation? Based on the Mediating Effects Model of Double Chains

As China undergoes its present phase of economic transformation, it is critical that the Chinese manufacturing sector takes the initiative to address its social responsibility and pursue green, sustainable growth. Stakeholder theory forms the basis for this paper, categorizing Corporate Social Responsibility (CSR) into internal and external social responsibility based on stakeholder profiles. Additionally, a dual-chain intermediary model has been devised to explore the mechanism of heterogeneous social responsibility for green innovation. This study draws the following conclusions based on data from 1743 listed manufacturing companies in China from 2011 to 2020: Generally, corporate social responsibility activities have a positive effect on green innovation. Internal corporate social responsibility activities promote green innovation of enterprises significantly, while external corporate social responsibility activities inhibit the green innovation of enterprises considerably. The influence mechanisms of heterogeneous social responsibility on green innovation are evidenced by the mediating roles of financing constraints and R&D expenditures. Following a series of robustness tests, the above conclusion remains sound. This study not only advances the theoretical research scope of corporate social responsibility from a subdivision framework but also offers a novel way of analyzing the impact of CSR on green innovation. Moreover, it serves as a theoretical resource and guidance for the green innovation practices of manufacturing enterprises.