This article explores the relationship between corporate social responsibility (CSR) and innovation, focusing on medium-sized enterprises and adopting a stakeholder-based view. Using a platform launched by the Italian government, which provides information about CSR efforts and innovation performances at the firm level, the authors distinguish, by means of a hierarchical cluster analysis, two types of CSR approaches (going lateral and going vertical) that differ in terms of breadth and depth of the stakeholder-oriented actions implemented. A bivariate probit model, estimated to explain the different types of innovations (product and/or process), shows that firms adopting a going lateral approach are more likely to innovate in both products and processes. Results provide a theoretical contribution regarding the CSR-innovation relationship, by adopting a stakeholder theory lens. Most studies delve into the relationship between specific stakeholder-oriented CSR actions and innovation, while we consider them in aggregation. Our research also increases knowledge on CSR in medium-sized companies, which are scarcely investigated.