From Corporate Social Responsibility to Employee Mental Well‐Being: The Differential Role of Social and Psychological Capital in Companies' Rural Depopulation Areas

In response to the demographic issue posed by rural depopulation, literature has emphasized the necessity of exploring how corporate social responsibility (CSR) improves employees' mental well‐being and strengthens the competitiveness and development of rural enterprises, thereby attracting and retaining residents in vulnerable areas. This study examines how CSR fosters social and psychological capital, leading to improved mental well‐being among employees. Data were collected through an online survey (n = 277) targeting employees and residents of rural businesses in municipalities facing depopulation risk. The results show that CSR has a positive and significant influence on employees' social and psychological capital. Social and psychological capital positively and significantly impacts employees' mental well‐being. However, CSR significantly influences well‐being only when it is mediated by social and psychological capital. This study highlights the importance of CSR management in generating high levels of social and psychological capital. It also contributes to human resource management by identifying social and psychological capital as key mechanisms for achieving higher levels of employee mental well‐being and ensuring the positive impact of CSR. These insights provide valuable guidance for managers in implementing initiatives to improve business performance and address social challenges.