The Impact of Corporate Social Responsibility on Green Technology Innovation: An Empirical Study of Chinese Multinational Corporations

As global challenges related to environmental sustainability intensify, multinational corporations (MNCs) face mounting pressure to advance green technology innovation (GTI). Although substantial research on this topic exists in developed economies, significant gaps remain in understanding how corporate social responsibility (CSR) drives GTI in emerging markets such as China. To address this research gap, this study empirically examines the relationship between CSR and GTI within Chinese MNCs, utilizing data from 436 firms listed on the Shanghai and Shenzhen A-share markets from 2010 to 2020. The findings demonstrate that CSR activities positively influence GTI, with internal corporate governance and external media scrutiny serving to further strengthen this relationship. Additionally, increased research and development (R&D) investment and reduced financing constraints are identified as critical pathways through which CSR promotes GTI. These results remain robust across various statistical models, including zero-inflated negative binomial regression and Tobit model regression. This study offers valuable insights for MNCs navigating the complex dynamics of green and sustainable development, emphasizing the strategic importance of integrating CSR initiatives to drive innovation.