This paper examines the effect of corporate social responsibility on firm performance by accounting for the role of Intellectual capital efficiency as a mechanism underlying Corporate Social Responsibility (CSR)– firm performance association. In this study, we consider 2132 US companies and develop a structural model for CSR, Intellectual Capital (IC), and firm performance while contemplating endogeneity issues in analyses over the period of 2009–2018. The value-added intellectual capital co-efficient is employed as a proxy measure for IC performance, taking into consideration corporate performance and governance measures. The findings suggest that CSR has a significant effect on firm performance. In particular, the findings reveal that CSR has a link with IC, indirectly affecting a firm performance, and the association between CSR and firm performance is partially mediated by Intellectual capital efficiency.

本文通过将知识资本效率作为企业社会责任 (CSR) 与企业绩效关联的机制的作用，来检验企业社会责任对企业绩效的影响。在这项研究中，我们考虑了 2132 家美国公司，并为 CSR、智力资本 (IC) 和公司绩效开发了一个结构模型，同时在分析中考虑了 2009-2018 年期间的内生性问题。考虑到公司绩效和治理措施，增值智力资本系数被用作 IC 绩效的代理措施。研究结果表明，企业社会责任对企业绩效有显着影响。特别是，研究结果表明，企业社会责任与 IC 有联系，间接影响公司绩效，