Driving sustainable business success: the interplay of corporate social responsibility, green innovation and institutional support

Purpose: Based on the new stakeholder theory, this study aims to investigate the interplay of corporate social responsibility (CSR), green innovation and institutional support by revealing the mediating role of green product innovation and green process innovation, and the moderating role of institutional support. Design/methodology/approach: A questionnaire was employed to collect data from 232 Chinese manufacturing firms. The proposed hypotheses were tested using regression analysis. Findings: The results show that CSR not only directly enhances firm performance but also indirectly influences it through green innovation, encompassing green product and green process innovation. Moreover, institutional support plays a crucial moderating role in the relationship between green process innovation and firm performance. Originality/value: This study contributes to the existing literature on the new stakeholder theory and green innovation by elucidating the direct and indirect influence of CSR on firm performance, the mediating role of green innovation, and the moderating role of institutional support. It provides valuable insights for academia and manufacturing firms seeking to leverage CSR, green innovation and institutional support in driving sustainable business success.