Thank you for giving me the opportunity to review your paper investigating the strategic CSR conceptualization and how it influences innovation. My following comments are mainly on the improvement of the clarity of your paper.

• Whether firms should maximize shareholder value or stakeholder welfare has been debated since the New York Times published an influential essay by Milton Friedman in 1970. This question gained renewed interest during the global financial crisis of 2008–2009, and more recently with the COVID-19 pandemic. At its heart is whether corporate social responsibility (CSR) activities are value-enhancing (e.g., Borghesi et al., 2014; Flammer, 2015). Your paper needs to take into account that most of the CSR related activities are driven by shareholders and hence enhance the engagement with the literature accordingly. In this vein, please see the following papers;
  -- Griffin et al. (2020) show that the positive association between CSR and firm value is stronger when the cultural environment entails a greater demand for CSR.
• Servaes and Tamayo (2013) find evidence suggesting that firms undertaking and publicizing CSR activities achieve higher (lower) valuation if these activities and firm reputation are consistent (inconsistent).
• Albuquerque et al. (2020) show that firms with higher environmental and social performance displayed better stock return performance during the crash. Moreover, Garel and Petit-Romec (2020) find that the Environment score from Refinitiv (2018) is significantly and positively related to stock returns during the crisis period.
  -- Arslan-Ayaydin and Thewissen (2016) show that energy sector firms with good environmental performance financially outperform energy sector firms with poor environmental performance.

R. Albuquerque, Y. Koskinen, S. Yang, C. Zhang "Resiliency of environmental and social stocks: an analysis of the exogenous COVID-19 market crash" Rev. Corp. Financ. Stud., 9 (3) (2020), pp. 593-621
Ö. Arslan-Ayaydin, J. Thewissen, J. "The financial reward for environmental performance in the energy sector" Eng. & Envr., 27(2016), pp. 389-413.
R. Borghesi, J.F. Houston, A. Naranjo "Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests", J. Corp. Finan., 26 (2014), pp. 164-181
C. Flammer "Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach:"Manag. Sci., 61 (2015), pp. 2549-2568
A. Garel, A. Petit-Romec "Investor Rewards to Environmental Responsibility in the COVID-19 Crisis" (2020)
(Available at SSRN 3620109)
D.W. Griffin, O. Guedhami, K. Li, G. Lu "National culture and the value implications of corporate social responsibility: a channel analysis" (2020) (Available at SSRN 3250222)
H. Servaes, A. Tamayo "The impact of corporate social responsibility on firm value: the role of customer awareness" Manag. Sci., 59 (5) (2013), pp. 1045-1061

• Please clarify the contingency theory.
• Please provide more information on the survey data on product and process innovation.
• Please clarify the Footnote 1.
• Footnote 2 (Page 6) is related with "ii" (Page 5) in the text. Please provide a footnote for "ii".
• On Page 5, what is "CSR annual reports rate"?
• Descriptive Statistics; you measure LEV as total debt to total assets ratio. How do you get a minimum value of -14.386 for LEV? You need to more effectively in cleaning your data for the outliers.
• Please describe the copé-Zimmermann law.
• Your paper needs to go through an extensive proof reading. For example on Page 20, "...women risk aversion.." needs to be corrected as "...women's risk aversion...".
• In the conclusion section, you state that "companies should improve their collaborations and
  partnerships strategically to create synergetic effect and create shared value". Who are the companies recommended to improve their collaboration and partnerships with?

Best of luck as you continue developing this interesting research.

Thank you for addressing my concerns in the prevision version of your study. However, the paper is still poorly written and requires improvement in clarity. I hope you find the following recommendations helpful;

• The Abstract is very poorly written. Please see the following;
  "Results show the following: First, the Strategic CSR global score is positively associated with corporate innovation. Yet, we find that only the stakeholders’ reciprocation and the innovation capacity improvement among the strategic CSR pillars have a significant influence on innovation outcomes.Our findings provide several implications for the practitioners."

Above is the last two sentences of your Abstract. It lists "first" yet does not identify any other results.

• Correct on Page 5, "global positioni"

• Your bibliography is incomplete. Please include all cited studies on the text in the Bibliography.

• On Page 6, what does "he highest CSR annual reports rate" mean? Does that mean that French firms are the ones that provide the highest amount of annual CRS reports per year in Europe/ World.

• On Page 6, the numbers for footnotes are not indicated in superscripts.

• In the Conclusions section, please rephrase "the S_CSR effect is more pronounced" and be specific about S_CSR.

• What is this study cited in Page 6 "Peer Review on Corporate Social Responsibility – Paris (France), 22 October 2013".

• The correct citation of Arslan-Ayaydin and Thewissen, to which the authors referred on Page 9, is not " Arslan-Ayaydin, Ö., Boudt, K., & Thewissen, J. (2016). Managers set the tone: Equity incentives and the tone of earnings press releases. Journal of Banking & Finance, 72, S132-S147."

Please correct the citation as " Arslan-Ayaydin, Ö., & Thewissen, J. (2016). The financial reward for environmental performance in the energy sector. Energy & Environment, 27(3-4), 389-413."

Thank you for addressing all of my recommendations.