Corporate social and financial performance: Revisiting the role of innovation

R&D intensity has been highlighted as an important factor in analyzing the relationship between corporate social (CSP) and financial performance (CFP). However, underlying mechanisms of how influences CSP-CFP have caused a great deal confusion: first, while controlling for intensity, studies continued to report ambiguous results and, second, many found be negatively related CFP. Motivated by insights from innovation literature, we revise functional examine moderation effects intensity. Accordingly, find u-shaped We conclude that this is essential finding future order avoid misspecifications. Further, cannot empirical support effect Thus, CSP should not considered mutually reinforcing drivers