Effect of Equity Checks and Balances on Corporate Social Responsibility: The Mediation and Moderator Roles of Green Innovation Performance and Environmental Uncertainty

In order to explore the interaction between internal factors of corporate governance, this study combined with principal-agent theory and stakeholder theory, using a sample of Chinese A-share listed companies on Shanghai and Shenzhen stock exchanges from 2012 to 2019, constructs a regulated mediation effect model, empirically examines the impact of equity checks and balances on corporate social responsibility and the mediation and mediator roles of green innovation performance and environmental uncertainty. The results show that: (1) Equity checks and balances among shareholders have a significant positive impact on corporate social responsibility; (2) Equity checks and balances have a positive impact on green innovation performance, green innovation performance has a positive impact on corporate social responsibility, and green innovation performance plays a partial mediation effect between equity checks and balances and corporate social responsibility; (3) Additionally, environmental uncertainty not only moderates the relationship between Green Innovation Performance and CSR, but also moderates the direct effect between equity balance and CSR, which verifies the existence of a moderated mediation effect. The effect of the robustness test is significant. These results can be used as a reference for corporate governance, improving innovation performance, and fulfilling CSR.