The Impacts and Mechanisms of Corporate Social Responsibility Disclosure on Corporate Exports: With Reference to the Moderating Effect of Environmental Regulation

Abstract

Corporate social responsibility (CSR) disclosure plays a pivotal role in mitigating “blue” (labor standard) and “green” (environmental standard) trade barriers, optimizing the foreign trade ecosystem, fostering sustainable development of export-oriented enterprises, and advancing societal welfare objectives—all critical to maintaining high-quality social order in China. Grounded in institutional and strategic management theories, this study systematically investigates the effects of CSR disclosure on corporate export performance, focusing on mediating and moderating mechanisms, and conducts rigorous empirical testing using comprehensive firm-level CSR disclosure data from Chinese listed companies. The results reveal the following key findings: (1) CSR disclosure positively influences corporate exports; (2) enterprise financing capacity and innovation output serve as dual mediating mechanisms, through which CSR disclosure enhances export performance by improving access to external capital and stimulating product/service innovation; (3) environmental regulations amplify the export-promoting effect of CSR disclosure, indicating that institutional environmental constraints incentivize firms to leverage disclosure as a strategic response to global sustainability demands; (4) heterogeneity analysis reveals that large enterprises derive the strongest export benefits from CSR disclosure, followed by medium-sized and small enterprises; and (5) private enterprises exhibit significantly greater export gains from CSR disclosure compared to state-owned enterprises. These results underscore the context-specific and multi-dimensional nature of CSR disclosure’s impact on exports, highlighting how firm size and ownership structure shape the efficacy of disclosure strategies in global markets. This study contributes to both academic literature on corporate sustainability and practical policy by demonstrating how strategic CSR disclosure can serve as a tool for overcoming institutional barriers and enhancing international competitiveness.

1. Introduction

After the economic reform and opening-up, China adopted an economically led growth pattern, leveraging comparative advantages such as relatively low labor costs to expand foreign trade and drive economic development [1]. Although China has experienced significant structural transformations in its economy in light of the shifting domestic and global economic environment, including the implementation of the “dual circulation” development strategy, exports still play a pillar role in the framework of China’s economy. In 2023, total exports amounted to 23.77 trillion yuan, with an annual increase of 0.6%, making it an important driver of GDP growth. Yet, the country’s export sector faces increasing strain from various aspects: pandemic-related demand shrinkage, surging trade tensions with major powers (especially the European Union, United States, and Japan) [2], narrowing foreign regulatory standards, and the increase in non-tariff trade barriers. Among these, technical non-tariff barriers (TNTBs)—including technical barriers to trade (TBTs) and sanitary/phytosanitary (SPS) measures—have become especially powerful constraints to Chinese export growth [3].

“Blue barriers”, rooted in labor and social responsibility standards, represent a critical subset of these challenges. Exemplified by the SA8000 standard—first codified to enforce minimum labor practices including fair remuneration, workplace safety, and human rights protections—such barriers impose compliance costs on exporters. Non-adherence can result in punitive tariffs or exclusion from preferential trade arrangements like the Generalized System of Preferences (GSP). Voluntary CSR certifications, such as the Business Social Compliance Initiative (BSCI), further operate as de facto trade hurdles for firms lacking robust social responsibility frameworks [4]. Concurrently, “green barriers”—environmental regulations designed to restrict market access based on ecological or public health concerns [5]—have gained salience amid deteriorating global environmental conditions. These barriers increasingly impact Chinese exports, particularly as the nation’s trade profile remains dominated by labor-intensive, resource-consumptive, and environmentally intensive industries, despite supply-side reforms aimed at integrating into global value chains and upgrading industrial structures. Collectively, blue and green barriers elevate export costs, erode product competitiveness, and heighten the risk of trade disputes, underscoring the urgent need for strategic policy responses.

Corporate social responsibility (CSR) disclosure has emerged as a strategic instrument for China to surmount non-tariff trade barriers and foster the sustainable development of enterprises. In 2008, China mandated CSR information disclosure for specific entities—primarily listed companies—and subsequently expanded this requirement in 2016 to include disclosures on poverty alleviation initiatives [6]. The government has also incentivized non-listed firms to voluntarily disclose CSR information in response to growing public and media scrutiny [7]. While initial disclosure efforts entail substantial costs, they enable firms to communicate their operational transparency, thereby enhancing corporate reputation, cultivating public trust, and securing governmental support [8]. This heightened focus on CSR not only elevates brand image but also equips Chinese enterprises with the means to navigate complex trade barriers, expand global market share, and enhance international competitiveness [9].

Enhanced CSR disclosure confers multiple economic benefits to enterprises. It improves firms’ credibility with financial institutions [10], facilitating access to capital and reducing debt risk, which in turn supports business expansion and bolsters export potential. Additionally, CSR reporting stimulates investments in research and development (R&D) and innovation, driving the creation of new products and technologies. This process enhances the technological sophistication and productivity of exports [11]. Environmental regulations, which play a crucial role in promoting cleaner production and mitigating environmental degradation, interact dynamically with CSR disclosure [1,12]. Together, they constitute a strategic framework that simultaneously promotes corporate export growth and sustainable trade practices. Although environmental regulations impose significant operational pressures on enterprises, they effectively complement CSR disclosure, compelling firms to accelerate their green transformation (Xu et al., 2024) [7]. These regulatory pressures encourage firms to upgrade production equipment, improve total factor productivity, and enhance the international competitiveness of export products. In the context of escalating “green barriers”, environmental regulations act as a catalyst, prompting firms to leverage CSR disclosure as a means to penetrate overseas markets and improve export performance [13,14].

Building on the extant literature, this study advances academic understanding by conducting a comprehensive theoretical analysis and rigorous empirical examination of the relationship between CSR disclosure and corporate exports. Specifically, it investigates the mediating roles of financing capacity and innovation capabilities and explores how environmental regulations moderate this relationship [15]. The overarching objective is to provide theoretical insights and practical policy recommendations for overcoming foreign trade barriers, optimizing the trade environment, implementing social welfare strategies, and enhancing the export performance of Chinese enterprises. By doing so, this research aims to offer both theoretical evidence and actionable policy guidelines that can assist China in breaking down trade barriers, improving its foreign trade ecosystem, and enhancing the international competitiveness of its export-oriented firms, thereby supporting sustainable economic development [16].

This study contributes to the literature through three distinct innovations: First, methodological innovation. Building on theoretical analyses of CSR disclosure’s impact on exports, this paper develops a heterogeneous firm model to formally derive the relationship between CSR disclosure and export performance. Unlike most extant research, which relies primarily on descriptive or correlational approaches [17,18], this study employs a structural modeling framework to mathematically characterize how CSR disclosure affects export outcomes. This rigorous methodological approach not only enhances the analytical precision of this study but also provides a novel theoretical toolkit for future research examining the micro-foundations of corporate sustainability practices. Second, perspective innovation. By integrating insights from financial economics and innovation literature, this study identifies financing capacity and innovation capabilities as critical mediating mechanisms through which CSR disclosure influences exports. While prior studies have explored the direct effects of CSR disclosure on export performance [19] or contextual moderators like institutional environments [18], few have systematically investigated the underlying transmission channels. This research demonstrates that CSR disclosure improves external financing accessibility and stimulates R&D investments, thereby enhancing export competitiveness—a theoretical contribution that enriches our understanding of the multifaceted benefits of sustainability disclosures. Third, framework innovation. This study advances the research agenda by integrating environmental regulation into the analytical framework alongside CSR disclosure and export performance. In contrast to previous studies that focus exclusively on the dyadic relationship between CSR and exports [4], this paper examines how environmental regulatory stringency moderates the CSR disclosure–export nexus. By positioning environmental regulation as a critical institutional factor that interacts with corporate disclosure strategies, this study addresses an important research gap, particularly relevant amid rising “blue” and “green” trade barriers. This framework innovation not only enhances the real-world applicability of the findings but also offers new analytical pathways for studying the intersection of sustainability, regulation, and international trade.

The remainder of this paper is structured as follows: Section 2 provides a comprehensive literature review, situating this study within existing scholarship on CSR, exports, and institutional regulation. Section 3 presents the theoretical model and hypotheses, formally deriving the relationships between CSR disclosure, mediating mechanisms, and moderating effects. Section 4 describes the empirical strategy, data sources, and results of the econometric analyses. Finally, Section 5 concludes by summarizing key findings, discussing policy implications, and outlining avenues for future research.

2. Literature Review

In the current international economic landscape, corporate social responsibility (CSR) disclosure has emerged as a strategic instrument for Chinese exporters to navigate both labor-related (“blue”) and environmental (“green”) trade barriers [20]. While the extant literature has extensively documented the economic consequences of CSR disclosure [17], several key findings merit attention. First, home-country CSR practices positively influence firm export performance, with particularly pronounced effects among private enterprises relative to state-owned counterparts. Second, the export benefits of CSR disclosure exhibit significant variation across sustainable product attribute (SPA) classifications [18], with mandatory disclosure regimes yielding greater export performance improvements than voluntary frameworks [21]. Third, this relationship is attenuated by the institutional environment of export markets. Fourth, product differentiation strategies serve as important mediators in the CSR–export nexus [19]. Recent scholarship has further examined how environmental disclosure affects multiple dimensions of export activity, including scale, decision-making, markup rates, intensity, and product quality [22]. Building on these foundations, our study synthesizes and extends this literature by investigating the financing and innovation channels through which CSR disclosure influences export outcomes.

Corporate social responsibility disclosure plays a significant role in improving the efficiency of corporate financing. The financing channel operates through several mechanisms. CSR disclosure reduces information asymmetries and mitigates principal–agent problems [23], thereby enhancing corporate financing efficiency. It also sends positive signals to investors, including individual investors, banks, and other financing institutions, thereby alleviating financing constraints [24]. By signaling a commitment to stakeholders, CSR reports enable firms—particularly private enterprises—to alleviate financing constraints that traditionally require political connections. The efficacy of this channel depends critically on disclosure quality [25], with shareholder and employee-related disclosures proving most impactful. Financing constraints dampen export activities, with this effect being more pronounced in high-tech firms or those highly reliant on external funding [26,27]. Improved financing conditions subsequently enhance export performance through multiple pathways: facilitating exchange rate pass-through in pricing, enabling intermediate goods imports [28], and upgrading export product quality—especially in R&D-intensive sectors [29].

Corporate social responsibility (CSR) disclosure significantly enhances corporate investment in research and development (R&D) and innovation activities. Government-mandated CSR disclosure regimes generate positive signaling effects that reduce investor information acquisition costs, thereby attracting social capital and improving enterprise innovation performance [14]. Empirical evidence demonstrates that mandatory CSR disclosure requirements lead to a substantial increase in green innovation patents compared to non-disclosing firms [30]. These technological advancements directly affect export performance through two key channels: (1) enhancing product quality and (2) expanding export scale [31]. The innovation–export nexus operates through productivity gains, as firms with higher technological innovation capacity achieve greater production efficiency [32]. This efficiency reduces both fixed and variable costs, strengthening international competitiveness and foreign market profitability [27]. For export-oriented firms, continuous technological innovation is particularly critical as it drives production technology improvements and facilitates product differentiation in global markets [31,33]. Furthermore, environmental regulations amplify this effect by directing innovation toward sustainable technologies that enhance export product quality [34].

Existing research on corporate social responsibility (CSR) disclosure has generated a wealth of findings, demonstrating its diverse economic implications. In the current landscape where “blue” (labor-related) and “green” (environmental) barriers impede Chinese enterprises’ exports, CSR information disclosure is expected to have a significant impact on their export performance. However, a critical review of the literature reveals several notable limitations. First, most studies primarily rely on theoretical analyses grounded in prior research, without constructing formal theoretical models to conduct in-depth exploration and verification of the relationship between CSR disclosure and corporate exports. This absence of rigorous model-based analysis undermines the reliability and validity of the conclusions. Second, while some scholars have investigated the roles of factors such as sustainable product attributes and product differentiation strategies in the link between CSR disclosure and export performance, they have overlooked the fundamental roles that financing capabilities and innovation potential might play. As a result, the existing research remains incomplete in terms of content and scope. Third, current studies have largely neglected the crucial role of environmental regulation, which serves as a key instrument for balancing economic development and ecological protection, especially in the context of pervasive “blue” and “green” trade barriers affecting Chinese exports.

To address these gaps, this study makes four significant contributions. First, following a theoretical analysis of the impact of CSR disclosure on corporate exports, it develops a heterogeneous enterprise model for more rigorous theoretical analysis and validation, thereby enhancing this study’s methodological rigor. Second, it explores the mediating mechanisms of financing and innovation capabilities in the relationship between CSR disclosure and export performance from both theoretical and empirical perspectives, expanding the depth and breadth of research in this domain. Third, by integrating environmental regulation into the analytical framework alongside CSR disclosure and enterprise exports, this study investigates the moderating role of environmental regulation, offering new research directions. Fourth, it examines the potential heterogeneity in the effects of CSR disclosure on exports across different enterprise sizes and ownership types, further enriching the research content. Based on these findings, this study also proposes targeted strategies for Chinese export enterprises to leverage CSR disclosure effectively, enabling them to overcome trade barriers and improve export performance.

3. Theoretical Analysis and Research Hypothesis

3.1. CSR Disclosure Has an Incentive Effect on Corporate Exports

Corporate social responsibility (CSR) disclosure exerts a multifaceted influence on corporate export performance [11]. First, by ensuring compliance with diverse international regulatory requirements, CSR disclosure effectively mitigates legal risks for exporting firms. This compliance serves as a strategic imperative for Chinese exporters navigating “blue” (labor-related) and “green” (environmental) trade barriers, enabling them to penetrate overseas markets, capture market share, and enhance international competitiveness. Second, CSR disclosure bolsters a firm’s reputation and credibility in international markets. By fostering consumer trust, attracting global clientele, and facilitating technical exchanges with international partners, it acts as a catalyst for market expansion [35]. Third, transparency in CSR reporting improves supply chain management by enhancing visibility across the value chain, thereby equipping firms with greater resilience against international trade disruptions [36]. Finally, through systematic identification and management of social and environmental risks—such as labor rights violations and environmental degradation—CSR disclosure enables firms to implement proactive risk mitigation strategies, safeguarding against potential negative impacts. In the context of heightened global economic uncertainty, CSR disclosure thus emerges as a pivotal mechanism for reducing information asymmetries, promoting social welfare objectives, and driving sustainable growth among Chinese enterprises. It not only facilitates the circumvention of trade barriers but also stimulates overseas market exploration and sustains export-led economic development [37]. Building on these insights, this study employs a heterogeneous firm model to rigorously analyze the causal relationship between CSR disclosure and corporate export behavior.

Classical and new trade theories traditionally rely on the assumption of product homogeneity, positing that all exporting firms produce identical goods and exhibit uniform productivity levels. However, this simplifying assumption has been increasingly challenged by empirical evidence and theoretical advancements in light of evolving global trade dynamics. In response, Melitz and Redding’s (2021) heterogeneous firm model revolutionized trade theory by explicitly accounting for firm-level heterogeneity in productivity and export decisions [38]. This model has proven particularly adept at explaining real-world trade patterns, offering a more nuanced understanding of the factors influencing firm-level export performance [39].

This study leverages the heterogeneous firm model to investigate the impact of CSR disclosure on firms’ export strategies. The model is underpinned by several key assumptions [40]. First, firms incur sunk costs upon industry entry and subsequently learn about their productivity during the production process. Based on this information, they make strategic decisions regarding export participation and scale, factoring in additional export-specific costs. Second, product heterogeneity is assumed, with each firm producing a differentiated good and operating at a distinct productivity level; the marginal cost of production follows a stochastic distribution [41,42]. Third, the model assumes symmetry in economic size between trading partners. Fourth, labor is considered the sole factor of production, with identical wage rates across countries (set as w = 1). Finally, each country’s product market is modeled as monopolistically competitive with increasing returns to scale, reflecting the characteristics of modern global markets.

Consumers in this model have equal elasticity of substitution across products [43], and their utility function follows the CES (Constant Elasticity of Substitution) form:

$$U={[{\displaystyle \int q{(\varphi )}^{\frac{\sigma -1}{\sigma }}}d\varphi ]}^{{\displaystyle \frac{\sigma }{\sigma -1}}}, \sigma >1$$

(1)

where σ represents the elasticity of substitution between products and φ denotes the consumption of different products.

$$Y={\displaystyle \int p(\varphi )q(\varphi )d\varphi }$$

(2)

The income budget constraint is given by Equation (2), where y represents consumer income and p denotes the price of various products. By linking Equations (1) and (2), the optimal consumption decision under these conditions can be derived:

$$q(\varphi )={\displaystyle \frac{Y}{P}}{({\displaystyle \frac{p(\varphi )}{p}})}^{-\sigma }$$

(3)

Let P represent the price index of the product, as determined by the following formula:

$$P={[{\displaystyle \int p{(\varphi )}^{1-\sigma }}d\varphi ]}^{{\displaystyle \frac{1}{1-\sigma }}}$$

(4)

By assumption, the number of firms in the model is equal to the number of product types. Given that labor is the only input, the total cost per unit of the product q is defined as:

$$c(q,\lambda )=f+{\displaystyle \frac{q}{\lambda }}$$

(5)

where firm productivity $\lambda$ is denoted by ϕ and fixed costs are represented by $f$. Under the assumption of profit maximization, the optimal price of the product sold domestically $p(\lambda )$, along with revenue $r(\lambda )$ and profit $\pi (\lambda )$, is determined as follows:

$$p(\lambda )={\displaystyle \frac{\sigma }{\sigma -1}}{\displaystyle \frac{q}{\lambda }}$$

(6)

$$r(\lambda )=p(\lambda )q(\lambda )=Y({\displaystyle \frac{\sigma }{\sigma -1}}{\displaystyle \frac{1}{P\lambda }})$$

(7)

$$\pi (\lambda )=r(\lambda )-f-{\displaystyle \frac{q(\lambda )}{\lambda }}={\displaystyle \frac{Y}{\sigma }}{({\displaystyle \frac{\sigma }{P\varphi (\sigma -1)}})}^{1-\sigma }-f$$

(8)

When profits are zero, the minimum productivity required to enter the domestic market ${\lambda }^{\ast }$, as well as the minimum productivity needed to enter the international market ${\lambda }_x^{\ast }$, can be derived.

Upon analyzing Equation (8), it becomes evident that a firm’s actual production level is contingent upon its individual productivity. This productivity is then juxtaposed against the minimum productivity thresholds required for the domestic and international markets. In accordance with the outcomes of this comparative analysis, the firm proceeds to make a profit-maximizing decision, as meticulously illustrated in

Table 1. Strategic decision.

Prerequisite	Strategic Decision
$\lambda >{\lambda }_x^{\ast }$	Access to international markets
${\lambda }^{\ast }<\lambda <{\lambda }_x^{\ast }$	Access to domestic markets without access to international markets
$\lambda <{\lambda }^{\ast }$	Exit

below:

The analytical framework reveals that firms will opt to enter the international market only when their productivity surpasses the critical threshold. Moreover, there exists a positive monotonic relationship between firm productivity and optimal export scale; specifically, higher-productivity firms must expand their export volumes more significantly to achieve profit maximization. Building on the seminal contributions of Melitz (2003) [44], this study integrates corporate social responsibility (CSR) disclosure as a core explanatory variable in the model of firm export decisions. By adopting their theoretical approach, this research systematically investigates the transmission mechanisms through which CSR disclosure impacts export performance. The incorporation of CSR disclosure necessitates the introduction of novel assumptions into the existing theoretical framework. Specifically:

First, there are only two countries in the model: the exporter (i) and the importer (j). The unit wages of labor in both countries are denoted as $w_i$ and $w_j$, respectively.

Second, both countries possess the same level of technology. All firms within the exporting country operate at the same rate of productivity.

Third, different products produced by different firms incur varying fixed costs.

Fourth, the elasticity of product substitution within firms is greater than the elasticity of product substitution between firms.

The demand for export products is influenced by this relationship:

$$U={[{\displaystyle \int X_i{(\varphi )}^{\frac{\sigma -1}{\sigma }}}d\varphi ]}^{{\displaystyle \frac{\sigma }{\sigma -1}}} ,\sigma >1$$

(9)

where $X_i(\varphi )$ has shown that corporate social responsibility (CSR) disclosure can effectively reduce information asymmetry and agency costs, curb surplus management behaviors, and enhance corporate reputation [40]. Moreover, CSR disclosure has been found to lower financing costs and alleviate financing constraints [25], as well as to reduce corporate production costs [45]. Consequently, both fixed and variable costs ($F_i$ and $V_i$) are modeled as monotonically decreasing functions of CSR disclosure $T_i$ by firms when exporting.

$$F_i=F(T_i),{\displaystyle \frac{\partial F_i}{\partial T_i}}<0$$

(10)

$$V_i=V(T_i),{\displaystyle \frac{\partial V_i}{\partial T_i}}<0$$

(11)

The price of the product $\varphi$ in the importing country is denoted as:

$$P_j={\displaystyle \frac{P_{i}V(T_i)}{e_j}}$$

(12)

Thus, the consumer’s income budget constraint is as follows:

$$Y={\displaystyle \int p_j(\varphi )q_i(\varphi )d\varphi }$$

(13)

The demand for export products can be derived from Equations (9), (12), and (13):

$$q_i(\varphi )=Q{({\displaystyle \frac{p_j(\varphi )}{p}})}^{-\sigma }={\displaystyle \frac{Y}{P^{\sigma -1}}}{[{\displaystyle \frac{p_i(\varphi )V(T_i)}{e_j}}]}^{-\sigma }$$

(14)

The nominal exchange rate $e_j$ is denoted as $E_j={\displaystyle \frac{e_j{w}_j}{e_i}}$, while the real exchange rate is represented by P. The overall price index in the importing country is $P={[{\displaystyle \int p_j{(\varphi )}^{1-\sigma }}d\varphi ]}^{{\displaystyle \frac{1}{1-\sigma }}}$. The price of the product in the home country is $p_i(\varphi )$, while the price of the product in the importing country is $p_j(\varphi )$. The firm’s profit function for exporting the product is given by:

$${\pi }_i(\varphi )=[p_i(\varphi )-w_i]q_i(\varphi )-F(T_i)$$

(15)

Deriving the optimal solution yields the following export value and profit equation:

$${\displaystyle \frac{\partial {\pi }_i}{\partial p_i}}=q_i(\varphi )+[p_i(\varphi )-w_i]{\displaystyle \frac{\partial q_i(\varphi )}{\partial p_i(\varphi )}}=0\Rightarrow p_i(\varphi )={\displaystyle \frac{\sigma }{\sigma -1}}{w}_i$$

(16)

$$q_i(\varphi )=Y_j{P}^{\sigma -1}{({\displaystyle \frac{\sigma }{\sigma -1}})}^{-\sigma }{({\displaystyle \frac{w_i}{e_j}})}^{-\sigma }V{(T_i)}^{-\sigma }$$

(17)

Deriving the optimal solution yields the following export value $r(\varphi )$ and profit equation $\pi (\varphi )$:

$$r(\varphi )=p_i(\varphi )q_i(\varphi )=Y_j{P}^{\sigma -1}{w}_i{({\displaystyle \frac{\sigma }{\sigma -1}})}^{1-\sigma }V{(T_i)}^{-\sigma }$$

(18)

$$\pi (\varphi )=[p_i(\varphi )-w_i]q_i(\varphi )-F(T_i)=Y_j{P}^{\sigma -1}{\displaystyle \frac{w_i}{\sigma -1}}{({\displaystyle \frac{\sigma }{\sigma -1}})}^{-\sigma }V{(T_i)}^{-\sigma }-F(T_i)$$

(19)

This leads to the relationship between social responsibility $A=Y_j{P}^{\sigma -1}{w}_i{({\displaystyle \frac{\sigma }{\sigma -1}})}^{1-\sigma }$ disclosure $T_i$ and export volume:

$${\displaystyle \frac{\partial r(\varphi )}{\partial T_i}}=A\cdot (-\sigma )\cdot V{(T_i)}^{-\sigma -1}{\displaystyle \frac{\partial V_i}{\partial T_i}}$$

(20)

It then follows that:

$${\displaystyle \frac{\partial r(\varphi )}{\partial T_i}}>0$$

(21)

Let $B=Y_j{P}^{\sigma -1}{\displaystyle \frac{w_i}{\sigma -1}}{({\displaystyle \frac{\sigma }{\sigma -1}})}^{-\sigma }$, further simplification results in the relationship between social responsibility disclosure $T_i$ and export profits:

$${\displaystyle \frac{\partial \pi (\varphi )}{\partial T_i}}=B\cdot (-\sigma )\cdot V{(T_i)}^{-\sigma -1}{\displaystyle \frac{\partial V_i}{\partial T_i}}-{\displaystyle \frac{\partial F_i}{\partial T_i}}$$

(22)

It then follows that:

$${\displaystyle \frac{\partial \pi (\varphi )}{\partial T_i}}>0$$

(23)

Thus, it is evident that CSR disclosure has a positive effect on both export volume and export profit. As the level of CSR disclosure increases, both export volume and export profit rise. Accordingly, Hypothesis 1 is proposed:

Hypothesis 1: 

CSR disclosure has a positive effect on corporate exports.

3.2. The Mechanism of CSR Disclosure on Corporate Exports

Corporate social responsibility (CSR) disclosure is hypothesized to influence firm export activities through two distinct transmission channels: the financing effect and the innovation effect. Specifically, a firm’s financing capacity and innovation capability are posited to act as mediating mechanisms in this relationship, facilitating the translation of CSR disclosure into improved export performance. This study investigates the underlying mechanisms of these two channels—financing accessibility and innovation output—within the context of CSR disclosure’s impact on export behavior, grounded in the theoretical frameworks of organizational legitimacy, information asymmetry, and stakeholder theory [46].

3.2.1. Financing Effect Path

From the perspective of organizational legitimacy, certain enterprises, especially publicly listed entities, strategically undertake efforts to refine their operational practices, actively participate in social responsibility initiatives, and disclose comprehensive CSR information. This strategic maneuver not only aligns the firm’s actions with societal values but also enables compliance with international industry norms. By doing so, firms can surmount trade barriers and elevate their standing within global supply and value chains [47]. Additionally, CSR disclosure functions as a positive signal to financial intermediaries, such as banks and venture capital firms, signifying sound management practices and a commitment to sustainable growth [48]. Consequently, this signaling effect enhances the firm’s access to external financing, facilitating production scale-ups, operational expansions, and export promotions while bolstering overall production capacity [49].

From the perspective of information asymmetry, substantial information gaps persist between firms and various stakeholders, including creditors, investment institutions, the media, and government agencies [50]. This asymmetry is particularly acute in environments characterized by relatively weak governmental oversight of corporate social responsibility [51]. Stakeholders, including investors and financial institutions, must rely on the limited data—whether mandatorily or voluntarily disclosed by firms—to evaluate a company’s economic activities and strategic trajectories [14]. High-quality and extensive CSR disclosures can effectively mitigate information asymmetry by reducing stakeholders’ information acquisition costs. The level of transparency in CSR reporting directly impacts the information barriers between firms and investors, thereby influencing the financing decisions of banks, venture capitalists, and other financial backers. These financing decisions, in turn, have a profound impact on a firm’s production capacity and export performance.

From the stakeholder perspective, firms that comply with government-mandated CSR disclosure requirements tend to prioritize social responsibility and consider the interests of multiple stakeholders, including creditors. This approach stands in contrast to firms that focus solely on maximizing shareholder wealth, which can lead to goal divergence, exacerbate information asymmetry, and potentially trigger principal–agent conflicts. Moreover, firms with high-quality CSR disclosures typically exhibit robust internal governance structures and effective multi-stakeholder collaboration. This creates a low-risk environment that is highly attractive to investors, prompting banks and venture capitalists to inject significant capital into these enterprises. The resulting financial support enables firms to expand production capacity, realize economies of scale and scope, and enhance their international competitiveness [52].

In light of the above theoretical analyses, it is evident that CSR disclosure can influence a firm’s export performance via the financing effect channel. By disclosing social responsibility information, firms can expand their financing sources, alleviate financing constraints, and strengthen their financial capabilities [53]. These improvements, in turn, contribute to the expansion of export scale, increased productivity, enhanced product quality, and the development of international markets [54]. We therefore propose:

Hypothesis 2: 

Financing capacity mediates the positive relationship between CSR disclosure and export performance.

3.2.2. Innovation Effect Pathways

From the perspective of organizational legitimacy, firms strategically enhance their legitimacy by refining operational practices, adhering to international industry standards, and fulfilling social responsibilities [28]. These efforts aim to secure governmental recognition and cultivate the confidence of investment institutions. By aligning with elevated operational and regulatory standards, firms are incentivized to increase research and development (R&D) investments, upgrade production technologies, and strengthen innovation capabilities [7]. Such initiatives drive improvements in productivity, expand production scales, enhance product differentiation, and elevate value-added offerings [55]. Consequently, firms with heightened legitimacy are better positioned to penetrate international markets, leading to improved export performance. The pursuit of competitive advantages through productivity gains and value enhancement thus compels firms to prioritize R&D and technological optimization, directly boosting their innovative capacities.

From the perspective of stakeholders, stakeholder theory highlights the role of diverse stakeholders—including investors, consumers, and regulatory bodies—in shaping corporate behavior. Driven by expectations for environmental sustainability, product safety, and ethical practices, stakeholders often demand that firms adopt advanced production technologies consistent with global standards [56]. In this context, CSR disclosure serves as a commitment signal, obligating firms to continuously innovate and improve technological capabilities [7]. Enhanced transparency in social responsibility reporting attracts stakeholder support for R&D activities, thereby strengthening technological innovation capacities. This process elevates the technological sophistication of exported products, facilitates upward mobility in global value chains, and drives export expansion.

From the perspective of information asymmetry, CSR disclosure mitigates principal-agent risks and reduces financing frictions by enhancing transparency [23]. Improved access to capital—partly driven by reduced information costs—addresses R&D funding shortages and encourages greater investment in innovation. Venture capital inflows, in particular, not only alleviate financial constraints but also foster managerial improvements, reducing operational risks and promoting technological adoption [57]. Concurrently, regulatory environments mandating CSR disclosure impose stricter penalties for non-compliance, discouraging opportunistic behavior and ensuring that disclosure efforts align with genuine operational improvements. These institutional pressures compel firms to adopt high-tech standards, enhance production efficiency, and ultimately improve export competitiveness.

Collectively, these theoretical perspectives indicate that CSR disclosure influences export performance through an innovation effect. By disclosing social responsibility information, firms attract R&D investments, enhance technological innovation capabilities, and achieve cost efficiencies through economies of scale [58]. These advancements strengthen product competitiveness in international markets and facilitate integration into high-value global supply chains [54]. Thus, CSR disclosure serves as a catalyst for technological innovation, which in turn drives export performance. We therefore propose:

Hypothesis 3: 

Innovation capacity mediates the positive relationship between CSR disclosure and export performance.

3.3. Moderating Effects of Environmental Regulation

Environmental regulation, serving as a pivotal policy instrument for fostering clean production practices and reducing environmental degradation, has the potential to moderate the relationship between corporate social responsibility (CSR) disclosure and firms’ export performance [11]. This moderating effect can be observed in three key aspects.

First, government-mandated compliance inspections under environmental regulations prompt firms to establish and uphold robust environmental management systems, thereby enhancing the legitimacy of their operations [59]. For example, obtaining ISO 14001 certification for environmental management systems has become a common requirement, enabling firms to systematically identify and address environmental risks. Moreover, regulatory mandates often necessitate environmental impact assessments prior to project implementation, coupled with the adoption of appropriate mitigation measures [60]. These requirements incentivize firms to increase the frequency and quality of CSR-related disclosures, thereby cultivating a positive public image. In turn, this enhanced transparency bolsters firms’ competitiveness in international markets and contributes to improved export performance.

Second, environmental regulations serve as a corrective mechanism against selective disclosure, opacity, and “greenwashing” practices. Such unethical behaviors undermine the integrity of CSR disclosures and exacerbate information asymmetry in markets [61]. By compelling firms to adopt environmentally friendly production processes, enhance resource efficiency, and reduce ecological footprints, environmental regulations promote sustainable development [50]. This regulatory impetus encourages firms to proactively disclose CSR information, leveraging cleaner production technologies and eco-friendly products to penetrate international markets and ascend the global value chain [1,62].

Third, while environmental regulations impose immediate cost burdens on firms, they also mitigate long-term risks associated with regulatory non-compliance, reputational damage, and environmental controversies. Over time, these regulations contribute to corporate stability and sustainability, fostering confidence among consumers, investors, and other stakeholders [63]. This trust-building process enables firms to cultivate strong brand identities in global markets, thereby enhancing their competitiveness. Additionally, CSR disclosure aligns internal operations with corporate values, boosts employee motivation and innovation, improves labor productivity, and ultimately drives export performance. By stabilizing human capital and attracting top talent, CSR disclosures help firms develop new sources of competitive advantage, providing sustained support for long-term growth [30].

Collectively, environmental regulation may facilitate the enhancement of firms’ international competitiveness through improved CSR disclosure practices, promote upward mobility in global value chains, and ultimately strengthen export performance [64]. We therefore propose:

Hypothesis 4: 

Environmental regulation positively moderates the relationship between CSR disclosure and firms’ export performance.

4. Selection of Variables, Data Sources, and Modeling by Materials and Methods

4.1. Selection of Variables

4.1.1. Explained Variables

Size of Exports (Exports): Numerous approaches exist for measuring export scale in empirical research [65]. In this study, we manually extract overseas operating revenues from the annual reports of 207 sampled listed enterprises to quantify their export activities. To account for the potential confounding effect of firm size on export capacity—where larger firms may naturally exhibit higher absolute export volumes—we employ the ratio of overseas operating income to total operating income as the primary measure of export scale [66]. This relative metric mitigates biases arising from inter-firm differences in business size, enabling a more comparable analysis of export performance across enterprises with distinct operational scales. By normalizing export revenues against total operations, the approach enhances the validity of cross-sectional comparisons, ensuring that observed variations in export scale reflect true export orientation rather than mere firm size disparities.

4.1.2. Explanatory Variables

Corporate Social Responsibility (CSR) Disclosure: Constructing a rigorous evaluation index system is essential for measuring corporate social responsibility (CSR) disclosure. This process involves assigning appropriate weights to each index, followed by comprehensive evaluation and scoring. In China, although numerous enterprises have developed their own CSR scoring index systems, the weight assignment often lacks alignment with the actual operational and social contexts [6,21]. Among the prominent CSR and ESG rating agencies in China, Hexun and RKS have established themselves as reliable providers of objective and scientifically grounded corporate responsibility ratings. These ratings serve as valuable resources for responsible investors, conscious consumers, and the general public. Hexun collates publicly available data from listed companies, including annual reports, social responsibility reports, and environmental reports, to construct a systematic indicator framework. This framework comprehensively assesses five key dimensions of corporate responsibility: shareholder stewardship, employee welfare, supplier and customer rights protection, environmental sustainability, and broader social contributions. RKS employs its proprietary MCT three-dimensional evaluation model, which incorporates over 100 detailed indicators. This model emphasizes the systematic nature of CSR management, the materiality of disclosed content, and the technical standardization of reporting practices. Due to their methodological rigor and comprehensive coverage, the CSR ratings provided by Hexun and RKS exhibit high levels of scientific validity, systematic coherence, and professional credibility. In this study, the Hexun CSR rating score is utilized as the primary measure of CSR disclosure. Subsequently, the RKS score is employed in robustness tests to validate the consistency and reliability of the empirical findings, ensuring the robustness of the research results.

4.1.3. Mediating Variables

• Financing capacity (Financing)

Prior research has operationalized firm financing capacity through multiple indicators, particularly focusing on exogenous financing and financing efficiency [24]. Following the established methodology, we measure financing capacity using interest expenses, which serve as an effective proxy for external financing accessibility [67]. This metric captures two critical dimensions: (1) the cost of capital, where lower borrowing costs facilitate greater external financing; and (2) financing scale, where higher interest expenses indicate greater reliance on external funding. To control for firm size heterogeneity, we compute the ratio of interest expenses to fixed assets, consistent with Li et al. (2023) [24]. This relative measure offers two analytical advantages: first, it eliminates scale effects that might otherwise bias cross-firm comparisons; second, it enables meaningful assessment of financing capacity among firms with comparable asset bases. Higher values of this ratio indicate superior financing capacity, reflecting either lower financing costs or greater access to external capital.

2.

Innovative capacity (Innovation)

The literature has developed multiple approaches to operationalize firm innovation capacity, including input-based measures (e.g., R&D expenditures, research personnel), output-based indicators (e.g., patent counts), and comprehensive efficiency metrics [7,15]. Following established practice, we measure innovation capacity using the natural logarithm of patent applications per employee. This normalized metric offers two key advantages: (1) it controls for firm size heterogeneity by accounting for workforce scale, and (2) it provides a standardized measure of innovation productivity across firms with different employment levels. The per capita adjustment ensures comparability in assessing innovation performance while maintaining the interpretability of absolute patent counts.

4.1.4. Moderating Variables

The existing literature typically operationalizes environmental regulation through two primary approaches: direct measures of regulatory stringency and composite indicator systems. Following Liu et al. (2021) [45], we employ a widely adopted metric that captures regulatory intensity—the ratio of completed industrial pollution control investment to value added in the secondary sector. This measure offers three distinct advantages: (1) it directly reflects the financial commitment to environmental compliance; (2) it accounts for regional industrial composition by normalizing against sectoral output; and (3) it facilitates cross-regional comparability by controlling for economic scale effects.

4.1.5. Control Variables

Our empirical analysis incorporates a comprehensive set of firm-level control variables that satisfy two key criteria: (1) conceptual independence from our key explanatory variables, and (2) empirical non-redundancy in their explanatory power [68].

Table 2. Variable selection and description of values.

	Variable Name	Notation	Hidden Meaning
Explanatory variable	Scale of exports	Exports	Ratio of enterprises’ overseas operating income to operating income
Intermediary variable	Innovation capacity	Innovation	Natural logarithm of the number of annual patent applications in the enterprise/number of regular employees in the enterprise
	Financing capacity	Financing	Interest expense/fixed assets of the enterprise
Moderator variable	Environmental regulation	Environment	Completed investment in industrial pollution control/added value of secondary industry
Explanatory variable	Disclosure of social responsibility information	CSR	Natural logarithm of CSR disclosure rating scores
Control variable	Enterprise size	Size	Natural logarithm of total assets at year-end
	Capital intensity	Capital	Fixed assets of the enterprise/number of regular employees of the enterprise
	Age of business	Age	Sample observation year—firm establishment year
	Corporate tax burden	Tax	Total enterprise tax for the year/number of employees in the enterprise
	Gearing	Lev	Total assets/total liabilities
	Enterprise risk resilience	Risking	Working capital/borrowings
	Enterprise solvency	Solvency	Total EBITDA/Liability

provides complete documentation of all variables, including their operational definitions, measurement units, and data sources.

Table 3. Descriptive tests.

Variant	Observed Value	Average Value	Variance (Statistics)	Maximum Values	Minimum Value
export1	2484	0.1913319	0.0487513	0.9164797	0
lcsr	2484	3.712808	0.117072	4.488674	0
Innovation	2484	3.865048	24.34786	55.69038	0.141493
Financing	2484	0.0111606	0.001402	1.268511	−0.2705286
Environment	2484	22.62383	421.9679	311.8064	0.0002159
Capital	2483	0.0069173	0.0002244	0.6092117	0.0001426
Tax	2484	0.0022583	0.0000692	0.2055085	6.65 × 10−6
Age	2484	2.94901	0.1057328	3.663562	1.386294
Size	2483	23.61682	2.377715	28.63649	19.54107
Lev	2483	0.5127874	0.0343282	1.420436	0.0340937
Risking	2484	0.006882	0.0054154	1.936471	−0.117285
Solvency	2484	0.006882	0.0054154	1.936471	−0.117285

presents the corresponding descriptive statistics, including means, standard deviations, and ranges for all variables in our analysis.

4.2. Data Sources

To maintain an analytical focus on export performance, we exclude several categories of firms from our sample: (1) financial institutions and real estate companies, which typically lack overseas operations; (2) firms with missing critical financial data; and (3) Special Treatment (ST) listed companies facing financial distress. This screening process yields a final sample of 207 publicly listed firms suitable for our analysis. We collect overseas operating revenue data through manual extraction from corporate annual reports. Corporate social responsibility (CSR) disclosure metrics are obtained from two authoritative rating systems: Hexun and RKS. These providers adopted a comprehensive new indicator system for evaluating Chinese firms’ CSR disclosures in 2011, establishing our study period from 2011 to 2022. Additional financial and governance variables, including business scale, cost structures, profitability measures, and corporate governance indicators, are sourced from the CSMAR and WIND databases—China’s most comprehensive and widely used financial data platforms. All regression analyses in this paper were done in version 16 of the Stata software.

4.3. Modeling by Materials and Methods

4.3.1. Benchmark Regression Model

To examine the relationship between corporate social responsibility (CSR) disclosure and export performance, we estimate the following panel regression model:

$${\mathrm{E}\mathrm{x}\mathrm{p}\mathrm{o}\mathrm{r}\mathrm{t}\mathrm{s}}_{\mathrm{i}\mathrm{t}}={\mathsf{\alpha }}_0+{\mathsf{\alpha }}_1{\mathrm{C}\mathrm{S}\mathrm{R}}_{\mathrm{i}\mathrm{t}}+{\mathsf{\alpha }}_{\mathrm{i}}\sum {\mathrm{X}}_{\mathrm{i}\mathrm{t}}+{\mathrm{u}}_{\mathrm{t}}+{\mathsf{\lambda }}_{\mathrm{i}}+{\mathsf{\epsilon }}_{\mathrm{i}\mathrm{t}}$$

(24)

In this equation, i denotes the enterprise, t represents the year, and the explanatory variables are as follows: Exports represent the enterprise’s exports, CSR refers to corporate social responsibility (CSR) disclosure, and X includes control variables such as enterprise size (Size), capital intensity (Capital), enterprise age (Age), tax burden (Tax), risk resistance (Risk), and Solvency. The equation includes a constant term ${\alpha }_0$, a coefficient to be estimated ${\alpha }_n$, and a random error term ${\epsilon }_{it}$.

4.3.2. Mechanisms Tests

To empirically test the hypothesized mediating effects of financing capacity and innovation capability on the relationship between CSR disclosure and export performance, we estimate the following system of equations:

$${\mathrm{F}\mathrm{i}\mathrm{n}\mathrm{a}\mathrm{n}\mathrm{c}\mathrm{i}\mathrm{n}\mathrm{g}}_{\mathrm{i}\mathrm{t}}\left({\mathrm{I}\mathrm{n}\mathrm{n}\mathrm{o}\mathrm{v}\mathrm{a}\mathrm{t}\mathrm{i}\mathrm{o}\mathrm{n}}_{\mathrm{i}\mathrm{t}}\right)={\mathsf{\alpha }}_0+{\mathsf{\alpha }}_1{\mathrm{C}\mathrm{S}\mathrm{R}}_{\mathrm{i}\mathrm{t}}+{\mathsf{\alpha }}_{\mathrm{i}}\sum {\mathrm{X}}_{\mathrm{i}\mathrm{t}}+{\mathrm{u}}_{\mathrm{t}}+{\mathsf{\lambda }}_{\mathrm{i}}+{\mathsf{\epsilon }}_{\mathrm{i}\mathrm{t}}$$

(25)

Here, Financing and Innovation represent the mechanism variables. This study builds upon the panel regression model (24) and focuses on the test of Equation (25), drawing from the work of Mostafiz et al. (2022) [69], to verify the mechanism roles of financing ability and innovation ability based on the existing literature and theoretical framework.

4.3.3. Moderating Effects Test

To investigate whether environmental regulation acts as a moderating variable in the relationship between CSR disclosure and corporate exports, the following moderating effect model is proposed:

$${\mathrm{E}\mathrm{x}\mathrm{p}\mathrm{o}\mathrm{r}\mathrm{t}\mathrm{s}}_{\mathrm{i}\mathrm{t}}={\mathsf{\alpha }}_0+{\mathsf{\alpha }}_1{\mathrm{C}\mathrm{S}\mathrm{R}}_{\mathrm{i}\mathrm{t}}+{\mathsf{\alpha }}_2{\mathrm{E}\mathrm{n}\mathrm{v}\mathrm{i}\mathrm{r}\mathrm{o}\mathrm{n}\mathrm{m}\mathrm{e}\mathrm{n}\mathrm{t}}_{\mathrm{i}\mathrm{t}}+{\mathsf{\alpha }}_3{\mathrm{E}\mathrm{n}\mathrm{v}\mathrm{i}\mathrm{r}\mathrm{o}\mathrm{n}\mathrm{m}\mathrm{e}\mathrm{n}\mathrm{t}}_{\mathrm{i}\mathrm{t}}\times {\mathrm{C}\mathrm{S}\mathrm{R}}_{\mathrm{i}\mathrm{t}}+{\mathsf{\alpha }}_{\mathrm{i}}\sum {\mathrm{X}}_{\mathrm{i}\mathrm{t}}+{\mathrm{u}}_{\mathrm{t}}+{\mathsf{\lambda }}_{\mathrm{i}}+{\mathsf{\epsilon }}_{\mathrm{i}\mathrm{t}}$$

(26)

In this equation, Environment refers to environmental regulation, and the interaction term Environment × CSR captures the combined effect of environmental regulation and CSR disclosure. Additionally, the main variables of interest are standardized to facilitate moderated effects testing.

5. Empirical Analysis

5.1. Benchmark Regression Results

Prior to conducting multiple regression analysis, we perform Hausman tests to determine the appropriate specification—whether a fixed-effects, random-effects, or mixed model should be employed. The test results support the use of a fixed-effects model. Column (1) of

Table 4. Benchmark and mediation regression results.

Variables	(1)	(2)	(3)
	Exports	Financing	Innovation
CSR	0.0523 ***	0.00347 *	0.958 ***
	(3.32)	(1.71)	(2.78)
Capital	0.276	0.0012	−12.6
	(1.01)	(0.13)	(−1.28)
Tax	0.0678	0.235 ***	21.4
	(0.36)	(4.26)	(1.35)
Age	−0.223 ***	0.00769	1.593 **
	(−3.52)	(1.28)	(2.25)
Size	−0.0128	0.00308 **	0.736 ***
	(−1.02)	(2.13)	(3.53)
Lev	−0.00716	−0.0126 **	7.178 ***
	(−0.12)	(−2.43)	(9.83)
Risking	−0.0133	−0.00434	1.18 *
	(−0.69)	(−1.25)	(1.84)
Solvency	−0.0340 **	0.00252	0.420 ***
	(−2.56)	(1.28)	(2.64)
_cons	0.970 ***	−0.0924 ***	−25.53 ***
	(3.23)	(−2.73)	(−4.73)
Company	Yes	Yes	Yes
Year	Yes	Yes	Yes
N	2483	2483	2483
F	4.143	4.892	18.83
R2	0.712	0.574	0.84

Note: Robust t-statistics in parentheses; *** p < 0.01, ** p < 0.05, * p < 0.1.

presents the regression estimates for Hypothesis 1.

The results reveal that the coefficient of CSR disclosure on corporate export performance is 0.0523, which is statistically significant at the 1% level. In economic terms, after controlling for other covariates, a one-unit increase in CSR disclosure corresponds to an approximate 0.0523-unit rise in corporate exports. This finding underscores that CSR disclosure exerts a statistically and economically significant positive effect on export performance. Enhanced CSR disclosure improves corporate reputation, fosters brand equity, increases firm valuation, and facilitates entry into international markets—thereby expanding overseas exports. Furthermore, improved CSR transparency mitigates information asymmetry, reducing financing and production costs while stimulating technological advancement. These factors collectively strengthen firms’ competitiveness in global markets, leading to superior export performance. Thus, the empirical evidence strongly supports Hypothesis 1, confirming that CSR disclosure positively influences corporate export outcomes.

5.2. Mechanism Test Results

Building upon the baseline analysis, this study examines the mediating roles of financing capacity and innovation capability in the relationship between CSR disclosure and export performance. The regression results for these mechanism tests are presented in columns (2) and (3) of Table 4.

5.2.1. Financing Capacity

Adopting the methodology for analyzing mediating effects proposed by Mostafiz et al. (2022) [69], this study elucidates the causal link between firms’ financing ability and corporate exports in a clear and straightforward manner. The empirical analysis primarily focuses on examining the impact of corporate social responsibility (CSR) disclosure on financing capacity. The results of the empirical tests reveal that CSR disclosure has a positive and statistically significant effect (at the 10% significance level) on financing ability, as evidenced by the coefficients reported in column (2). This finding is consistent with theoretical predictions and previous research [70,71], which argue that increased CSR transparency effectively mitigates information asymmetry, eases financing constraints, and improves firms’ access to capital markets. Specifically, enhanced CSR disclosure helps to reduce information gaps, enabling enterprises to surmount financing obstacles and fortify their financing capabilities. Consequently, this facilitates production expansion, realization of economies of scale, and enhancement of international competitiveness. Taken together, these results confirm that financing capacity acts as a crucial transmission mechanism through which CSR disclosure promotes export performance, providing robust empirical support for Hypothesis 2.

5.2.2. Innovative Capacity

Similarly, column (3) presents the results of the mediating mechanism test for innovation capability. The coefficient associated with CSR disclosure is positive and statistically significant at the 1% level, suggesting that more comprehensive CSR disclosure significantly enhances enterprises’ innovation capacity. As discussed in the literature review and theoretical framework, innovation plays a pivotal role in determining export performance. Drawing on theoretical perspectives such as endogenous growth theory and new trade theory, studies by Melitz (2003) [44], Pan et al. (2022) [72], and other scholars have emphasized the importance of research and development (R&D) innovation in export activities, especially in the trade of high-tech products. These findings validate the role of innovation capability as a mediating variable in the relationship between CSR disclosure and export performance. Mechanistically, improved CSR disclosure reduces information asymmetry, signals positive firm attributes to stakeholders, and attracts critical resources, including financial capital, skilled human resources, and advanced technologies. This resource influx boosts R&D investment, enhances innovation capabilities, and increases technological outputs, ultimately leading to greater product differentiation, stronger international competitiveness, and improved export performance. Hence, Hypothesis 3 is strongly supported by the empirical evidence.

5.3. Moderating Effects Results

Environmental regulation functions as a pivotal institutional mechanism that not only mitigates environmental pollution, enhances ecological quality, and promotes sustainable development but also shapes the influence of corporate social responsibility (CSR) disclosure on firm export performance. This regulatory framework enables firms to acquire competitive advantages in international markets, thereby fostering improvements in export outcomes. The empirical results of the moderating effect analysis for environmental regulation are reported in

Table 5. Moderating effect of environmental regulation test results.

Variables	(1)
	Exports
Environment	−0.000722
	(−0.05)
CSR	0.0948 ***
	(3.84)
Environment × CSR	0.0000415 ***
	(2.64)
Capital	1.1
	(0.99)
Tax	0.57
	(0.7)
Age	−0.887 ***
	(−3.42)
Size	−0.0427
	(−0.80)
Lev	−0.0412
	(−0.17)
Risking	−0.0845
	(−1.13)
Solvency	−0.143 ***
	(−2.59)
_cons	3.674 ***
	(2.98)
Company	Yes
Year	Yes
N	2483
F	3.862
R2	0.713

Note: Robust t-statistics in parentheses; *** p < 0.01.

.

In column (1) of Table 5, the interaction term between environmental regulation and CSR disclosure is statistically significant at the 1% level with a positive coefficient, demonstrating that environmental regulation plays a constructive moderating role in the relationship between CSR disclosure and firm exports. Mechanistically, stringent environmental regulations incentivize firms to establish and maintain robust environmental management systems, which enhance organizational legitimacy in the eyes of stakeholders. These regulations also promote the adoption of eco-friendly production processes and operational practices, thereby improving resource utilization efficiency and reducing environmental risks. Crucially, such regulatory pressures help firms mitigate potential hazards associated with non-compliance, including production halts due to social responsibility standard violations, reputational damages, or environmental legal liabilities. As a result, firms become more motivated to disclose detailed CSR information with greater accuracy and transparency, which strengthens their public image and credibility. This enhanced transparency not only directly contributes to improved export performance but also reinforces firms’ competitive positioning in global markets, facilitates their upgrading within global value chains, and supports long-term sustainable development. Collectively, these findings provide robust empirical validation for Hypothesis 4, confirming the moderating role of environmental regulation in the CSR disclosure-export performance nexus.

5.4. Heterogeneity Test Results

When investigating the impact of corporate social responsibility (CSR) disclosure on corporate exports, firm size and ownership structure emerge as critical sources of heterogeneity. Therefore, this paper tests for heterogeneity in these two dimensions.

5.4.1. Enterprise Size

To explore the presence of enterprise-size heterogeneity in the influence of CSR disclosure on corporate exports, this paper employs the number of formal employees as the classification criterion for firm size. This approach aligns with the methodologies adopted by international organizations such as the European Union and the OECD, and offers the advantage of being less susceptible to accounting policy variations compared to financial metrics like total assets, thereby ensuring greater cross-sectional comparability. The sample is categorized into small, medium, and large enterprises based on the ascending order of the number of formal employees, followed by grouped regression analyses. The regression results are presented in

Table 6. Tests for firm size heterogeneity.

Variables	(1)	(2)	(3)
	Oldest	Middle	Few
	Exports	Exports	Exports
CSR	0.0964 **	0.0558 ***	0.0349
	(2.15)	(2.96)	(1.31)
Capital	6.94	1.33	−0.065
	(1.44)	(0.61)	(−0.62)
Tax	−1.84	1.41	1.03 ***
	(−0.50)	(0.99)	(2.7)
Age	−0.266 **	−0.141	−0.057
	(−1.98)	(−1.23)	(−1.09)
Size	0.0433	−0.0852 ***	−0.0753 ***
	(1.15)	(−3.04)	(−4.98)
Lev	−0.291	0.0117	0.021
	(−1.11)	(0.14)	(0.5)
Risking	−1.71 ***	−0.0207	0.00498
	(−2.74)	(−0.69)	(0.31)
Solvency	−0.137 **	−0.0693 *	−0.0144
	(−2.18)	(−1.90)	(−1.24)
_cons	−0.334	2.428 ***	1.875 ***
	(−0.40)	(3.32)	(5.29)
Company	Yes	Yes	Yes
Year	Yes	Yes	Yes
N	824	822	814
F	2.955	2.801	4.03
R2	0.686	0.762	0.832

Note: Robust t-statistics in parentheses; *** p < 0.01, ** p < 0.05, * p < 0.1.

.

An analysis of these results reveals that the regression coefficients for CSR disclosure in large and medium-sized enterprises are significantly positive at the 5% and 1% levels, respectively. Conversely, the coefficient for small enterprises, though positive, is statistically insignificant. This indicates that enhanced CSR disclosure effectively promotes exports in large and medium-sized firms, whereas small enterprises have not yet fully capitalized on these benefits. Moreover, the coefficient magnitudes vary across firm sizes: large enterprises exhibit the highest coefficient (0.0964), followed by medium-sized enterprises (0.0558), and small enterprises with the lowest (0.0349). This gradient suggests that larger firms’ export performance is most responsive to improvements in CSR disclosure, followed by medium-sized firms, with small firms showing the least sensitivity. This finding is consistent with the understanding that larger firms typically interact with a more diverse set of stakeholders, resulting in heightened information asymmetry. To address this, larger firms are more proactive in adhering to CSR disclosure norms. Additionally, improved CSR disclosure generates substantial financing and innovation advantages. When combined with economies of scale and scope, these advantages enable larger firms to leverage their size to enhance export performance. Therefore, as firms grow, they should simultaneously enhance their CSR disclosures to maximize economic benefits and advance their international business endeavors.

5.4.2. Nature of Business

To investigate the existence of ownership-based heterogeneity in the relationship between CSR disclosure and corporate exports, this paper classifies enterprises into state-owned and private firms based on their ownership structures. Grouped regression analyses are then conducted, and the results are reported in

Table 7. Tests for heterogeneity in the nature of firms.

Variables	State-Owned Business	Private Business
	(1)	(2)
	Exports	Exports
CSR	0.0414 **	0.0616 **
	(2.26)	(2.02)
Capital	0.193	1.81
	(0.87)	(1.16)
Tax	0.067	−0.821
	(0.31)	(−0.57)
Age	−0.180 *	−0.263 ***
	(−1.86)	(−3.28)
Size	−0.00878	−0.0342 **
	(−0.49)	(−2.11)
Lev	−0.15	0.108 *
	(−1.54)	(1.68)
Risking	−0.0839 ***	0.0258
	(−3.32)	(1.00)
Solvency	−0.0680 **	−0.00341
	(−2.32)	(−0.32)
_cons	0.860 **	1.489 ***
	(2.06)	(3.02)
Company	Yes	Yes
Year	Yes	Yes
N	1588	867
F	3.609	3.053
R2	0.698	0.777

Note: Robust t-statistics in parentheses; *** p < 0.01, ** p < 0.05, * p < 0.1.

.

The analysis of the test results shows that the regression coefficients for the impact of CSR disclosure on corporate exports are significantly positive for both state-owned and private enterprises, suggesting that enhanced CSR disclosure can promote exports across different ownership types. However, the magnitude of this effect varies: private enterprises exhibit a higher coefficient (0.0616) compared to state-owned enterprises (0.0414), indicating a more substantial impact of CSR disclosure on the export performance of private firms. This disparity can be attributed to the fact that state-owned enterprises operate under extensive government control, benefit from significant state-provided financial resources, and are required to strictly comply with national regulations. As a result, while their CSR disclosures meet regulatory requirements, the incremental impact on export performance remains relatively limited. In contrast, many private enterprises historically have had lower CSR and information disclosure standards. An improvement in the quality of their CSR disclosure is more likely to attract greater financial support, which in turn enables them to expand production, optimize operations, and increase R&D investments. These actions enhance productivity and international competitiveness, ultimately driving improvements in export performance.

5.5. Robustness Tests

5.5.1. Robustness Test

This study employs an alternative variable approach to conduct robustness tests, with control variables excluded from table presentation but retained in all estimations. In column (1) of

Table 8. Robustness test results.

Variables	(1)	(2)	(3)	(4)	(5)	(6)
	Exports1	Exports	WW	Apply	Exports	Exports
CSR	0.0323 ***		−0.00678 **	0.00393 *	0.0956 ***	0.0761 ***
	(3.09)		(−2.23)	(1.75)	(3.76)	(3.41)
CSR1		0.0117 ***
		(3.06)
Environment1					−0.0132
					(−0.86)
Environment1 × CSR					0.0354 **
					(2.47)
Company	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
N	2482	2483	2387	2483	2483	2276
F	4.117	5.17	102.6	4.729	3.722	69.99
R2	0.738	0.712	0.891	0.58	0.713	0.72

Note: Robust t-statistics in parentheses; *** p < 0.01, ** p < 0.05, * p < 0.1.

, the logarithmic value of overseas operating revenues (Exports1) is used as an alternative measure of corporate export performance in the regression analysis. The estimated coefficients remain consistent with the baseline results, affirming the stability of our findings. Column (2) replaces the Hexun CSR disclosure rating with the Runling Global CSR disclosure rating (CSR1), yielding results that align closely with the original specifications. To assess the robustness of financing capacity as a mediating variable, column (3) utilizes the negative value of the Whited-Wu financing constraint index (WW) to proxy for financing ability. Since a lower WW score indicates reduced financing constraints (i.e., improved financing capacity), the unchanged regression results confirm the mediating role identified in the prior analysis. Column (4) tests the robustness of innovation capability as a mediator by substituting firm innovation capacity with the logarithmic value of patent applications (Apply). The estimated coefficients remain statistically significant and directionally consistent with earlier findings. Finally, column (5) evaluates the moderating effect of environmental regulation using an alternative composite measure. Following Li et al. (2021) [73], we construct an environmental regulation index (Environment1) by integrating indicators such as sulfur dioxide removal rate and industrial soot removal rate. The regression results demonstrate no material deviation from the baseline model, further validating the robustness of the moderating effect.

5.5.2. Endogeneity Test

The potential endogeneity arising from the mutual causality between CSR disclosure and exports is addressed in this paper. Following conventional practice in the literature, we use the one-period lagged CSR disclosure as an instrumental variable to conduct the endogeneity test. The CSR disclosure in the lagged period is correlated with the current CSR disclosure, while the CSR disclosure in the lagged period lags behind the current dependent variable in time, avoiding causal interactions. In addition, lagged CSR disclosure is usually not affected by the current error term, which can better fulfill the exogeneity requirement of instrumental variables. Therefore, in line with the traditional practice in the literature, we use one-period lagged CSR disclosure as an instrumental variable to conduct endogeneity tests, and the results are shown in column (6) of Table 8. The Kleibergen–Paap rank LM statistic (41.576) exceeds the critical value at the 1% significance level (p < 0.001), rejecting the null hypothesis of under-identification. Both the Cragg–Donald Wald F statistic (2974.464) and the Kleibergen–Paap rank Wald F statistic (133.505) far surpass the Stock–Yogo weak instrument critical value (16.38) for the 10% significance level, providing strong evidence against weak identification. These tests collectively validate the instrumental variable’s relevance and exogeneity. After addressing endogeneity concerns, the estimated coefficient for CSR disclosure remains positive and statistically significant, with results largely consistent with the baseline analysis. This indicates that the observed positive relationship between enhanced CSR disclosure and improved export performance is not confounded by reverse causality or omitted variable bias, reinforcing the robustness of our core findings.

6. Discussion and Conclusions

6.1. Discussion

The foreign trade sector has long served as a critical engine for China’s economic growth, driving industrial upgrading, expanding employment, and enhancing global competitiveness. However, against the backdrop of a complex and volatile international economic landscape—characterized by escalating Sino–US trade frictions and rising non-tariff barriers such as green and blue trade standards—Chinese enterprises face mounting challenges in sustaining export growth. At this pivotal juncture of trade transformation, high-quality corporate social responsibility (CSR) disclosure emerges as a strategic tool to navigate these new trade barriers and enhance overseas market performance. Building on the extant literature and theoretical frameworks, this study develops a heterogeneous firm model and conducts empirical tests, demonstrating that CSR disclosure positively influences corporate exports. Enterprises with transparent CSR reporting are more likely to gain international market recognition and trust, thereby enhancing product competitiveness. Moreover, robust CSR disclosure helps firms comply with international certifications (e.g., ISO 26000), surmount trade barriers, expand export market share, and improve overall export performance. In contrast, opaque or socially irresponsible firms risk market access restrictions and reputational damage, undermining their global expansion efforts. These findings align with prior research, underscoring CSR disclosure as a critical determinant of export success.

In terms of path mechanisms, financing and innovation capabilities serve as key mediating mechanisms through which corporate social responsibility (CSR) disclosure influences firm export performance. This study theoretically articulates and empirically validates two distinct transmission channels linking CSR disclosure to enhanced exports. First is the financing channel. High-quality CSR disclosure mitigates information asymmetry via a signaling mechanism, conveying firms’ long-term sustainable development potential to capital markets. By demonstrating commitment to social and environmental responsibilities, firms strengthen investor confidence, expand access to diverse financing channels (e.g., bank loans, equity offerings), and reduce both debt and equity financing costs. These effects collectively alleviate financing constraints, enabling enterprises to scale up overseas market operations, invest in international distribution networks, and enhance export volumes. Second is the innovation channel. CSR disclosure imposes operational and technological standards that incentivize firms to increase investments in research and development (R&D), upgrade production technologies, and enhance innovation capabilities. Improved innovation directly boosts productivity, expands output capacity, and fosters product differentiation—critical for competing in global markets. Moreover, the enhanced financing capacity facilitated by CSR disclosure provides the financial foundation for sustained R&D efforts, creating a reinforcing cycle: improved access to capital supports innovation, which in turn drives higher-value exports and strengthens international competitiveness. This synergy between financing and innovation ensures that CSR disclosure not only addresses immediate resource needs but also cultivates long-term technological advantages essential for export resilience. Empirical evidence confirms that these mechanisms operate concurrently: CSR disclosure improves export performance by enhancing both firms’ ability to secure capital and their capacity to innovate. These findings contribute to the literature by demonstrating how strategic CSR disclosure can be leveraged to build dual advantages in financing and innovation, thereby enabling firms to navigate complex global market environments and achieve sustainable export growth.

Environmental regulation functions as a critical institutional mechanism for balancing economic growth and ecological sustainability, amplifying the signaling efficacy of corporate social responsibility (CSR) disclosure in international markets. This study integrates CSR disclosure, export performance, and environmental regulation into a unified analytical framework, exploring their interactions through theoretical modeling and empirical testing. The findings reveal that environmental regulation exerts a positive moderating effect on the relationship between CSR disclosure and corporate exports. It is shown in the following three aspects. First, stringent environmental regulations mandate the establishment of standardized environmental management systems (e.g., ISO 14001), which ensure the accuracy and reliability of environmental performance data reported in CSR disclosures. This process not only strengthens firms’ organizational legitimacy in the eyes of international stakeholders—including buyers, regulators, and investors—but also facilitates recognition in high-standard markets such as the European Union and North America, where environmental compliance is a prerequisite for market access. Second, environmental regulations reduce the likelihood of production disruptions caused by non-compliance with social and environmental standards, such as facility shutdowns or reputational crises. By aligning CSR disclosure with regulatory requirements, firms signal operational stability and commitment to sustainable practices, thereby enhancing confidence among consumers, investors, and supply chain partners. This risk-mitigation effect is particularly valuable in global markets where regulatory scrutiny and consumer expectations for corporate accountability are escalating. Third, incentivizing Green Innovation and Market Differentiation Regulatory pressures to adopt clean energy technologies and green production methods drive firms to invest in environmentally friendly R&D, improving their green innovation capabilities. As firms develop advanced green technologies and eco-friendly products, they are more inclined to disclose detailed environmental information to showcase competitive advantages. This proactive disclosure strategy not only helps surmount green trade barriers but also enables differentiation in global value chains, translating into improved export performance and strengthened international competitiveness. The moderating effect of environmental regulation is empirically validated: in regions with stricter environmental standards, the positive impact of CSR disclosure on exports is significantly amplified. This finding contributes to the literature by demonstrating how institutional contexts shape the efficacy of CSR as a strategic tool for export promotion. From a policy perspective, it underscores the importance of integrating environmental regulation with corporate disclosure mandates to foster sustainable globalization, enabling firms to leverage CSR transparency as a mechanism for both regulatory compliance and market expansion.

Due to the varying scales and ownership natures of enterprises, the effects of corporate social responsibility (CSR) disclosure on export performance may exhibit substantial heterogeneity. This study employs group regression analysis to investigate how firm size and ownership structure moderate the relationship between CSR disclosure and exports. The empirical results reveal significant size-based heterogeneity: large-scale enterprises demonstrate the strongest export-promoting effect of CSR disclosure, followed by medium-sized and small-sized firms in descending order. Large enterprises tend to prioritize CSR disclosure, leveraging their operational scale to more effectively promote exports and overseas business expansion while enhancing disclosure quality, thereby establishing a competitive advantage in international markets. With respect to ownership heterogeneity, CSR disclosure exerts a more pronounced positive impact on export promotion for private enterprises compared to state-owned enterprises (SOEs). This divergence can be attributed to the inherent institutional characteristics of SOEs, which already bear substantial social policy burdens. As such, CSR disclosure provides relatively marginal benefits to SOEs in improving financing conditions, stimulating innovation, and facilitating exports, whereas private firms—often lacking formalized behavioral norms, robust social responsibility frameworks, and standardized information disclosure mechanisms—derive greater incremental value from CSR disclosure in overcoming institutional voids and building trust with international stakeholders. These findings offer practical implications for firms by highlighting how different enterprise types can strategically utilize CSR disclosure in alignment with their unique characteristics to develop overseas markets and enhance export performance. By tailoring disclosure strategies to firm-specific attributes, enterprises can more effectively translate CSR efforts into tangible international competitive advantages.

This study, while contributing to the extant literature, is not without limitations. Regarding sample selection, data availability constraints have led to a sample bias towards listed companies, resulting in limited discussion and empirical analysis of non-listed firms. In terms of research scope, the investigation is confined to the Chinese context, examining how corporate social responsibility (CSR) disclosure by Chinese enterprises impacts export performance. Such a narrow focus restricts the external validity of this study. With respect to model specification, although the empirical model incorporates most major determinants of corporate exports as control variables, numerous other factors can influence export behavior, potentially introducing omitted variable bias. Despite these limitations, they are deemed unlikely to substantially undermine the robustness of the conclusions. Future research endeavors will aim to systematically address these issues.

To enhance the rigor and scope of future studies, several research directions are proposed. First, expanding the sample size by collecting data from a more diverse range of enterprises, including non-listed firms, can improve sample representativeness and enhance the reliability of the research findings. Second, conducting cross-country comparative analyses across different institutional settings would enable an examination of the stability and heterogeneity of the relationship between CSR disclosure and exports. Finally, integrating qualitative case studies with the existing theoretical and empirical framework would provide in-depth insights into the mechanisms underlying this relationship. By triangulating multiple research methods, researchers can offer more comprehensive validations of the study’s findings. These research extensions not only contribute to the academic understanding of CSR disclosure but also have practical implications for policy formulation, corporate strategy, and stakeholder decision-making. As global awareness of social responsibility continues to grow, further exploration in this area holds significant practical and theoretical value.

6.2. Conclusions

This study generates four key findings: (1) Within the constructed heterogeneous firm model, the partial derivatives of corporate social responsibility (CSR) disclosure with respect to both export turnover and export profits are statistically positive, establishing a theoretical foundation for the affirmative relationship between CSR disclosure and export performance. This theoretical prediction is empirically validated using a dataset of Chinese firms, where an increase of one unit in the CSR disclosure index is associated with a 0.0523-unit rise in subsequent export volumes. These results remain robust after implementing a series of robustness tests, including alternative model specifications and endogeneity checks. (2) Mediation analysis confirms that firms’ financing capabilities and innovation outputs serve as critical transmission mechanisms in the CSR disclosure–export relationship. Specifically, enhanced CSR disclosure improves external financing accessibility and stimulates innovative activities, both of which directly contribute to strengthened export competitiveness. (3) Moderation analysis reveals that environmental regulatory stringency exerts a positive moderating effect on the linkage between CSR disclosure and corporate exports. In contexts with more stringent environmental regulations, the export-promoting impact of CSR disclosure is amplified, indicating that institutional environmental constraints incentivize firms to leverage CSR disclosure as a strategic tool for maintaining international market advantages. (4) Substantial heterogeneity exists in the export effects of CSR disclosure across firm size and ownership structure. Large enterprises demonstrate the strongest export facilitation from CSR disclosure, followed by medium-sized and small firms in descending order, a pattern attributable to large firms’ superior capacity for investing in disclosure quality and exploiting scale economies in global markets. In terms of ownership, private enterprises derive significantly greater export benefits from CSR disclosure than state-owned enterprises, likely because the latter’s pre-existing institutional obligations reduce the marginal value of additional disclosure efforts in enhancing export performance.

6.3. Policy Recommendations

The test results and research data give rise to the following conclusions and policy recommendations:

First, there is an urgent need to accelerate the development of the corporate social responsibility (CSR) disclosure system and enhance corporate awareness of its importance. Enterprise management should place a premium on understanding social responsibility and the significance of related information disclosure, capitalizing on the positive influence of CSR disclosures on corporate value and international competitiveness. This strategic approach will underpin the long-term, sustainable development of enterprises. At the governmental level, efforts should be made to expeditiously refine the CSR disclosure framework. This involves establishing a robust supervisory mechanism, providing targeted guidance to enterprises, enabling them to fully appreciate the benefits of CSR disclosure, and encouraging them to assume greater social responsibility.

Second, an initial subsidy mechanism should be instituted to incentivize enterprises to disclose socially responsible information. In the nascent stages of CSR information disclosure, enterprises typically incur substantial costs with no immediate returns, which may act as a deterrent to their engagement in social responsibility initiatives. Therefore, the government should introduce a subsidy program to support enterprises during this transitional phase, facilitating their adaptation and eventual transition to high-quality CSR disclosures. The subsidy should be gradually phased out over time while ensuring that regulatory oversight remains in place even after the subsidy withdrawal.

Third, it is crucial to formulate customized information disclosure standards for different types of enterprises and further strengthen the CSR disclosure system. The impact of CSR disclosures on corporate exports varies significantly depending on enterprise size and ownership nature. Notably, large-scale and private enterprises tend to reap the most substantial benefits from CSR disclosures. In response, the government should implement specific disclosure standards for these enterprise categories. This will help enhance their corporate image, break down international trade barriers, and promote their advancement within global supply and value chains. Additionally, government agencies should develop differentiated CSR disclosure guidelines tailored to enterprises of different sizes, sectors, and industries. By doing so, the overall CSR disclosure framework can be fortified, China’s social welfare objectives can be advanced, and social order can be maintained.