<p>This study explores the moderation effect of corporate social responsibility (CSR) on the negative effect of earnings pressure on firm value. Through a large sample of Chinese listed firms over the past decade, we find that, in the early 2010s, CSR amplifies the impact of earnings pressure on firm value. Specifically, we find that firms’ higher CSR scores appear to reduce firm value when faced with earnings pressure to a greater extent. However, as shareholder primacy gradually shifts towards stakeholder orientation, the amplifying effect of CSR on the impact of earnings pressure on firm value become weaker and finally turn to an attenuating effect. For non-polluting firms, non-state-owned-enterprises, and firms located in areas with low environmental regulations, this transition of CSR effect is stronger than for polluting firms, state-owned-enterprises, and firms located in areas with high environmental regulations. This study provides evidence of an evolution from a shareholder primacy towards a stakeholder orientation of investors from the perspective of firm value’s response to earnings pressure.</p>