Dual function of corporate social responsibility on R&D strategy: Moderating effect of board interlock

Corporate social responsibility (CSR) has been known as a strategic factor that drives enterprises to innovate. However, the current scholarship has largely overlooked the influence of CSR on R&D strategy. This paper investigates the dual function of CSR on R&D strategy from resource and risk perspectives. By using an unbalanced panel dataset compiled from multiple archival sources of Chinese-listed companies, this paper examines the influence of CSR on R&D strategy (depth and diversification) and the moderating function of board interlock. The results indicate that a U-shaped relationship exists between CSR and R&D depth as well as between CSR and R&D diversification. Furthermore, board interlock moderates the relationship between CSR and R&D depth.