Research Handbook of Finance and Sustainability
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Research Handbook of Finance and Sustainability

Edited by Sabri Boubaker, Douglas Cumming and Duc K. Nguyen

The severe consequences of the global financial crisis 2008-2009 and numerous accounting frauds and financial scandals over the last fifteen years have let to calls for more ethical and responsible actions in all economic activities including consumption, investing, governance and regulation. Despite the fact that ethics in business and corporate social responsibility rules have been adopted in various countries, more efforts have to be devoted to motivate and empower more actors to integrate ethical behavior and rules in making business and managerial decisions. The Research Handbook of Finance and Sustainability will provide the readers but particularly investors, managers, and policymakers with comprehensive coverage of the issues at the crossroads of finance, ethics and sustainable development as well as proposed solutions, while focusing on three different levels: corporations, investment funds, and financial markets.
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Chapter 6: Corporate social responsibility and firm innovation

Dongyoung Lee

Abstract

This chapter examines whether corporate social responsibility (CSR) is associated with a company’s innovative activities. Specifically, we focus on both patent applications and patent citations to capture the quantity and quality of innovative outputs, respectively. We find that the level of CSR is positively related to the number of patent applications and the sum of patent citations even after controlling for R & D intensity as an input of innovative efforts. Additional analysis indicates that among various CSR activities, CSR engagement in both environment and employment areas is the main driver of the positive association between CSR and patent outcomes. Overall findings are consistent with the notion that managers engage in strategic CSR to help generate a sustainable competitive advantage.

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