Research on the Relationship Between Corporate Social Responsibility and R&D Investment and Enterprise Financial Performance

Ye Liu


Chinese listed enterprises from 2015-2019 were selected as samples to study the relationship between enterprise social responsibility, R&D investment and enterprise financial performance. The results show that the performance of internal social responsibility can simultaneously promote the short and long-term financial performance; external social responsibility and R&D investment can affect financial performance in the short term, both can positively affect long-term performance and offset the negative impact of R&D investment on the short-term financial performance; overall, social responsibility performance and R&D investment enhance the positive effect of long-term financial performance. These research conclusions help us to understand the importance of corporate social responsibility and R&D investment to the sustainable development of the enterprise, and have certain enlightenment significance to improve the awareness of innovation and the fulfillment of social responsibility.


Financial performance; Corporate social responsibility; R&D investment; Social Innovation

Full Text:



Barnett, M. L. (2007). Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Academy of Management Review.

Chen, J., & Huang, S. F. (2014). Research on the Evolution of Enterprise Technology Innovation System. Journal of Management Engineering, 28(04), 219-227 + 218.

Dong, Q. L., Wang, D. F., & Yu, L. X. (2017). Research on the relations between enterprise scale, corporate social responsibility and corporate financial performance. Research on Technical Economy and Management, (02), 23-28.

Fu, Q., & Liu, Y. (2013). Research on the performance impact of corporate social responsibility based on technological innovation. Scientific Research, 31(03), 463-468.

Guo, A. P., & Ye, C. M. (2017). Research on corporate social responsibility, technological innovation investment and enterprise performance — Is based on the empirical analysis of listed enterprises on China growth enterprise board. Science and Technology and Economy, 30(04), 101-105.

Ji, G. P., Kan, Y. Y., & Wu, W. H. (2016). The impact of corporate social responsibility on financial performance: must it be linear?. Economic Issues, (10), 92-97.

Li, W. X., & Liu, Y. (2017). For technological innovation, corporate social responsibility and corporate competitiveness empirical analysis based on data of listed companies. Science and Science and Technology Management, 38 (01), 154-165.

Liu, Y. H., Zhang, Y. J., & Li, W. H. (2020). Research on the relationship between corporate social responsibility, foreign stock ownership and financial performance. Accounting Communication, (15), 88-91+96.

McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification. Strat Egic Management, 21(5), 603-609.

Mcwilliams, A., Siegel, D. S., & Wright, P. M. (2006). Corporate social responsibility: Strategic implications. Social Science Electronic Publishing.

Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2008). Corporate social and financial performance: A meta-analysis. Palgrave Macmillan UK.

Qian, S. (2017). Research on the relationship between corporate social responsibility, innovation investment and corporate financial performance. University of Science and Technology of China.

Qian, Y. (2013). Typical correlation analysis of CSR and corporate performance — Is based on a stakeholder perspective. Enterprise Economy, 32 (03), 79-82.

Sheng, Y., & Jiang, X. H. (2020). Case study of the Corporate Social Innovation Process from a stakeholder network perspective. Scientific Research Management, 41(08), 160-170.

Shi, J. W., Hu, L. J., & Fu, H. Y. (2009). Corporate social responsibility, social capital and organizational competitive advantage: A Strategic Interactive Perspective —— Empirical research based on China’s transition experience. China Industrial Economy, (11), 87-98.

Tian, M., Li, C. Q., & Xiao, Q. L. (2014). Influence of CSR behavior on consumer brand evaluation. Nankai Management Review, 17(06), 19-29.

Walsh, M. (2003). Misery loves companies: Rethinking Social Initiatives by Business. Administrative Science Quarterly, 48(2), 268-305.

Wang, B. W. (2020). Research on the relationship between CSR and corporate R&D investment —Empirical analysis based on signaling theory. Shanxi Agricultural Classic, (17), 15-16 + 19.

Wang, Z. J., & Xie, X. (2020). Corporate social responsibility performance, R&D investment and financial performance — Is based on an internal and external stakeholder perspective. Accounting Communication, (07), 51-55.

Wu, R., & Ye, R. (2019). Corporate social innovation: Evolution, mechanism, and path selection. Business Economics Research, (11), 111-115.

Xie, X. M., & Xu, M. (2014). Collaborative innovation mechanism, collaborative innovation atmosphere and innovation performance —— Takes collaborative network as the intermediary variable. Research Management, 35(12), 9-16.

Xu, E. M., & Yi, P. (2014). Relationship between Corporate Social Responsibility and Financial Performance of Chinese Listed Companies in —— Industry Competition. Proceedings of Liaoning University (Philosophy and Social Sciences Edition), 42 (01), 91-98.

Yang, W. S., & Yang, S. (2016). Empirical study on the relations between corporate social responsibility and financial performance in China — Based on the comparative analysis of large, small and medium-sized listed companies. Management Science of China, 24 (01), 143-150.

Ye, W. W., Mei, L., Li, W., Wang, C. X., & Zhang, G. P. (2014). Dynamic mechanisms and incentive policies of collaborative innovation —— Is based on a complex systems theoretical perspective. Managing the World, (06), 79-91.

Yu, Y. (2014). Empirical analysis of the correlation between R&D expenditure and enterprise performance —Targets listed GEM companies. Friends of Accounting, (36), 58-61.

Zhang, C., Zhang, Z. G., & Bao, L. L. (2020). Study on the interaction influence of enterprise environmental responsibility and financial performance and its mechanism of action. Admin Review, 32(02), 76-89.

Zhang, Z. G. (2008). Enterprise financial management change: Based on corporate social responsibility research. Friends of Accounting (ten), (09), 4-8.

Zhang, Z. G., Jin, X. C., & Li, G. Q. (2013). Intertemporal impact empirical study of interaction between corporate social responsibility and financial performance. Accounting Research, (08), 32-39 + 96.

Zhou, L., & Wang, F. (2013). Research on the impact of corporate social responsibility on technology innovation. Accounting Communications, (03), 91-94+129.

Zhu, N. P., Zhu, L., Kong, Y. S., & Shen, Y. (2014). Research on the collaborative impact of technological innovation investment and social responsibility on financial performance. Accounting Research, (02), 57-63 + 95.

Zhu, R. X., & Guo, J. F. (2004). Research on social responsibility and corporate international competitiveness. East China Economic Management, (06), 28-30.

Zou, Y., & Xie, H. (2020). R&D investment, enterprise competitiveness, and equity capital cost. Journal of Shanxi University (Philosophy and Social Sciences), 43(04), 69-77.



  • There are currently no refbacks.

Copyright (c) 2021 Ye Liu

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Share us to:   


  • How to do online submission to another Journal?
  • If you have already registered in Journal A, then how can you submit another article to Journal B? It takes two steps to make it happen:

1. Register yourself in Journal B as an Author

  • Find the journal you want to submit to in CATEGORIES, click on “VIEW JOURNAL”, “Online Submissions”, “GO TO LOGIN” and “Edit My Profile”. Check “Author” on the “Edit Profile” page, then “Save”.

2. Submission

Online Submission:

  • Go to “User Home”, and click on “Author” under the name of Journal B. You may start a New Submission by clicking on “CLICK HERE”.
  • We only use four mailboxes as follows to deal with issues about paper acceptance, payment and submission of electronic versions of our journals to databases:;;;

 Articles published in Cross-Cultural Communication are licensed under Creative Commons Attribution 4.0 (CC-BY).


Address: 1055 Rue Lucien-L'Allier, Unit #772, Montreal, QC H3G 3C4, Canada.
Telephone: 1-514-558 6138 
Website: Http://; Http://;

Copyright © Canadian Academy of Oriental and Occidental Culture