Abstract
This study examines the impact of mandatory CSR regulation on the innovations of Indian firms using the CSR regulation implemented in 2014 as a quasi-natural experiment setting. By employing the Difference in Differences approach, we show that CSR regulation positively impacted firm innovations, proxied using R&D intensity. Moreover, the results remain robust for various specifications and sample selection procedures. This positive relationship is consistent with the resource-based view that CSR is an intangible resource that firms use to gain specialized knowledge about the stakeholders, positively affecting innovations.
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