Interaction of Corporate Social Responsibility Reporting at the Crossroads of Green Innovation Performance and Firm Performance: The Moderating Role of the Enterprise Life Stage

Abstract

This research delves into the intricate interplay between green innovation performance (GIP), firm performance (FP), and corporate social responsibility (CSR) reporting, leveraging enterprise life stage performance as a pivotal moderator. Analyzing a robust sample of 5450 firm-year observations spanning from 2015 to 2021, this study employs OLS regressions with panel data sourced from the CSMAR and HEXUN databases to validate prevailing research hypotheses. The findings underscore the pivotal role of CSR reporting in augmenting corporate value while concurrently mitigating inadequacies within the system. Moreover, this study uncovers a nuanced relationship between CSR reporting, GIP, and FP in the context of China, revealing a significant moderation effect attributed to the enterprise life cycle. These revelations carry profound implications for CSR reporting stakeholders, including academics, practitioners, and regulators. Notably, they provide valuable insights to authorities and boards of directors concerning the growth potential of enterprises and states. A distinctive facet of this study lies in its exploration of the moderating influence of an enterprise’s life stage on the relationship between CSR reporting and GIP or FP.