The correlation between corporate social responsibility (CSR) and competitive advantage (CA) has been studied for decades; however, a consistent conclusion has still not been reached. This may be due to the lack of discussion about the variables that affect the relationship between them. We extended the examination of the relationship between CSR and CA through largely ignored perspectives of organization resources and capabilities. Drawing on the multiple mediations of social capital (SC) and dynamic capabilities (DCs), we generated propositions concerning the relationship of CSR with CA. Based on 112 enterprises in China, the data from 269 surveys were used to test our theoretical model. The results showed that CSR can positively affect CA directly and indirectly with mediations of structure and relational dimensions of CA. The results also showed that, in the dynamic environment, CSR indirectly created CA by enhancing DCs, such as resource integration capability and organizing learning capability, but not by innovation and transformation capability. From these results, the paper concluded that with a proper combination of external social measures, internal competitive resources and capabilities, enterprises can realize the creation of a shared value of economy and society, which in turn will become the sustainable power with which enterprises can gain CA.

The airline industry faces increasing pressure to balance economic performance with social and environmental responsibilities. This study investigates the influence of corporate social responsibility (CSR) on corporate value, incorporating the moderating role of carbon performance and the mediating effect of customer perception. A comprehensive CSR assessment framework based on ISO 26000 is developed across six dimensions: organizational governance, labor practices, the environment, consumer issues, fair operating practices, and community involvement. Panel data from 20 global airlines over 2017–2024 are used to test the proposed relationships. The results indicate that higher CSR scores are positively associated with corporate value and that customer perception, measured through Skytrax ratings, provides partial mediation. In addition, lower unit carbon intensity strengthens the positive CSR–value relationship, highlighting the importance of verifiable carbon performance in improving the financial returns to CSR. These findings distinguish broad CSR engagement from operational carbon outcomes and reinforce the role of carbon efficiency in sustainable airline strategy.