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Green business performance and innovation willingness: Exploring the impact of ecosystem-oriented business models

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  • Du, Anna Min
  • Sun, Zhennan
  • Li, Zhongyuan
  • Boateng, Agyenim

Abstract

The uncertainty of technological innovation and the trend of sustainable development require enterprises to adjust their business models and development strategies accordingly. However, existing research often overlooks the integration of sustainability with market performance. In particular, the coordinated development of green and market performance is crucial for advancing research on corporate innovation willingness. This paper uses the A-share listed companies in China from 2009 to 2022 as a sample to test the innovation effect of corporate green business performance based on coupling coordination method. Corporate innovation willingness is constructed based on text analysis. The findings reveal that corporate green business performance significantly boosts corporate innovation willingness while effectively curbing corporate greenwashing behavior. The robustness results are confirmed through sensitivity analysis, instrumental variables analysis, and double debiased machine learning. This study offers empirical insights from developing countries and contributes to understanding ecosystem-oriented business development models.

Suggested Citation

  • Du, Anna Min & Sun, Zhennan & Li, Zhongyuan & Boateng, Agyenim, 2025. "Green business performance and innovation willingness: Exploring the impact of ecosystem-oriented business models," International Review of Financial Analysis, Elsevier, vol. 105(C).
    • Handle: RePEc:eee:finana:v:105:y:2025:i:c:s1057521925005101
    DOI: 10.1016/j.irfa.2025.104423
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