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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Zhe Sun & Liang Zhao & Hind Alofaysan & Bhumika Gupta & Vikram Kumar Sharma, 2026. "Navigating sustainable growth: green innovation as a mediator between CSR Engagement and firm value in emerging markets," Post-Print hal-05523062, HAL.
    • Handle: RePEc:hal:journl:hal-05523062
    DOI: 10.1016/j.techfore.2026.124566
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