Abstract
The implementation of innovation-driven strategy requires business organizations to actively conduct technological innovation activities. Corporate social responsibility (CSR) performance is an important factor to promote technological innovation, and venture capital (VC) as a matching capital with technological innovation also affects technological innovation. Using Chinese listed companies on the Growth Enterprise Market (GEM) during the 2014–2018 period as a sample, we study the role of corporate social responsibility performance in technological innovation and the impact of venture capital on the relationship between the two. We find that social responsibility performance can effectively promote innovation, which is promoted significantly by the shareholder responsibility and employee responsibility dimensions of social responsibility. We also find that venture capital inhibits the promotion of social responsibility to technological innovation. This work will guide VC institutions to pay more attention to business organizations social innovation projects.
Highlights
Innovation of High-Growth BusinessThe 19th CPC National Congress report pointed out that innovation is the driving force for the long-term development of the world economy and the strategic support for constructing a modern economic system
Focusing on Growth Enterprise Market (GEM)-listed companies, this paper investigates the influence mechanism of corporate social responsibility (CSR) fulfillment on technological innovation under the strategic background of “responsibility-driven innovation and innovation-led development”
Focuses too much on short-term excess returns and a good “market reputation”. It may ignore the demands of stakeholders, and believe that the fulfillment of social responsibility by enterprises is a kind of burden behavior of value destruction, which requires enterprises to bear direct costs and may lose opportunity costs, leading to enterprises in a competitive disadvantage and bringing investment risks to venture capital (VC) institutions [67]
Summary
The 19th CPC National Congress report pointed out that innovation is the driving force for the long-term development of the world economy and the strategic support for constructing a modern economic system. The fulfillment of social responsibility and the realization of firm innovation are inseparable from resource support and financing channels, and Venture Capital (VC) has become the preferred financing channel for more and more enterprises at present [31,32] It is worth further study whether CSR on innovation will be affected after VC participation. Focusing on GEM-listed companies, this paper investigates the influence mechanism of CSR fulfillment on technological innovation under the strategic background of “responsibility-driven innovation and innovation-led development”. It enriches the theoretical research on technological innovation of start-up enterprises by combining it with the actual fulfillment of social responsibility of domestic start-ups. It expands the theoretical research on the influence mechanism of VC
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