Exploring pathways to superior CSR performance in China’s new energy companies: a qualitative comparative analysis

What the paper says

Purpose This study aims to explore how Chinese A-share listed new energy enterprises achieve superior corporate social responsibility (CSR) performance under the triple bottom line (TBL) framework. It identifies pathways across economic, social and environmental dimensions, addressing gaps in existing research by examining causal complexity and the unique institutional context of China’s “dual carbon” strategy. Design/methodology/approach Using fuzzy-set qualitative comparative analysis (fsQCA), this study analyzes configurational effects of seven variables: marketization level, return on assets, charitable donations, independent directors, women on boards, environmental regulation and green investment. Based on 180 listed firms, CSR performance is measured by the CSRQUA index, with calibrated variables and necessity–sufficiency tests to uncover equifinal pathways. Findings The results identify three pathways to superior CSR performance: economic responsibility-oriented, economic–social dual-driven and TBL synergistic. Economic responsibility consistently serves as the core driver, while social and environmental responsibilities provide compensatory or synergistic support depending on context. These findings refine CSR theory by demonstrating multidimensional interactions and offer practical implications for firms and policymakers to advance sustainable development. Originality/value This study advances CSR research by integrating the TBL framework with fsQCA to reveal multiple equifinal paths in the new energy sector. It revises Carroll’s pyramid model by showing that social and environmental responsibilities can substitute for economic responsibility in certain contexts. The findings enrich stakeholder and legitimacy theory in emerging markets and offer practical implications for firms and policymakers pursuing sustainable development.