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This chapter focuses on the interaction between innovation strategies and those of CSR to determine innovation risk in the context of Japanese manufacturing firms. We explore the impact of CSR engagement on firm-level innovation and its connection to the capital market. We examine the effects of CSR intensity on the relationship between innovation capability and idiosyncratic risk, using different innovation measures; input, output, and efficiency. The findings reveal that CSR intensity not only directly reduce risk, but also negatively moderates the relationship between innovation and risk.

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Investor Perceptions of CSR, Firm-Specific Risk, and Innovation

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  • 发表日期：

    2025年

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  • Megumi Suto,
  • Hitoshi Takehara

摘要

This chapter focuses on the interaction between innovation strategies and those of CSR to determine innovation risk in the context of Japanese manufacturing firms. We explore the impact of CSR engagement on firm-level innovation and its connection to the capital market. We examine the effects of CSR intensity on the relationship between innovation capability and idiosyncratic risk, using different innovation measures; input, output, and efficiency. The findings reveal that CSR intensity not only directly reduce risk, but also negatively moderates the relationship between innovation and risk.