This chapter provides the basic concepts and a theoretical framework for empirical analyses to examine whether and how stakeholder engagement based on corporate social responsibility (CSR) links to organizational innovation. Combining stakeholder theory with a resource-based view of corporate management, responsible engagement with stakeholders to build good relationships is an investment in intangible resources or capabilities to develop long-term competitive advantages, such as intellectual capital, organizational disciplines, investor trust, consumer confidence, and social reputation. Employee-oriented CSR in human resource management (HRM) is the core of internal stakeholder engagement which works on employees’ intrinsic motivation and commitment to the organization. Information and communications are especially important tools of external stakeholder engagement to build trust and confidence in markets and society.