Can CSR Effectively Promote Corporate Green Innovation Efficiency?

Climate change and environmental pollution have become major problems that threaten the survival of mankind, and it is urgent to integrate ecological and environmental protection into economic development. With deepening social and environmental problems, enterprises are responsible and obligated to promote sustainable development. Therefore, the influence of corporate social responsibility (CSR) on green innovation efficiency (GIE) deserves attention. We use the 10,591 data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 to examine the influence of CSR on GIE. The main findings are presented: (1) CSR significantly promotes green innovation efficiency. The promotion role is superior in samples with state ownership, high information transparency, and declining performance. (2) Media attention and executive green cognition play a positive moderating role. (3) CSR increases GIE by alleviating financing constraints, increasing executive compensation, and accumulating redundant resources. (4) Notably, further research indicates that green innovation efficiency significantly improved local ecological situations. This paper proposes recommendations in the conclusion accordingly, such as constructing a CSR governance system.