IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v86y2025ipbs1544612325017052.html

Acquisition of financial resources, dynamic capabilities, and embedding in corporate ecosystem platforms

Author

Listed:
  • He, Junyi
  • He, Feng

Abstract

This paper explores the relationship between the acquisition of financial resources, dynamic capabilities, and the embedding of enterprise ecological platforms based on data from China’s A-share listed companies from 2011 to 2023. The research finds that the capability to acquire financial resources significantly enhances the level of embedding of enterprise ecological platforms. Innovation capability, absorptive capacity, and adaptive capability all have a positive impact on the embedding of enterprise ecological platforms, and there is a significant synergistic effect among the three. Further analysis indicates that dynamic capabilities play a partial mediating role in the process through which the acquisition of financial resources influences the embedding of enterprise ecological platforms. This paper reveals the key mechanisms for the implementation of enterprise ecological platform strategies from the dual perspectives of external resource acquisition and internal capability development, providing theoretical support and empirical evidence for promoting digital transformation and ecological embedding in enterprises.

Suggested Citation

  • He, Junyi & He, Feng, 2025. "Acquisition of financial resources, dynamic capabilities, and embedding in corporate ecosystem platforms," Finance Research Letters, Elsevier, vol. 86(PB).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pb:s1544612325017052
    DOI: 10.1016/j.frl.2025.108451
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612325017052
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2025.108451?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Tang, Ke & Xiong, Qiaoqin & Zhang, Fengyu, 2022. "Can the E-commercialization improve residents’ income? --Evidence from “Taobao Counties” in China," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 540-553.
    2. Yantai Chen & Jing Li & Jingwen Zhang, 2024. "Digitalisation, data-driven dynamic capabilities and responsible innovation: An empirical study of SMEs in China," Asia Pacific Journal of Management, Springer, vol. 41(3), pages 1211-1251, September.
    3. Cui, Lin & Wang, Yanshu, 2023. "Can corporate digital transformation alleviate financial distress?," Finance Research Letters, Elsevier, vol. 55(PB).
    4. Zabel, Christian & O'Brien, Daniel & Natzel, Jonathan, 2023. "Sensing the Metaverse: The microfoundations of complementor firms' dynamic sensing capabilities in emerging-technology ecosystems," Technological Forecasting and Social Change, Elsevier, vol. 192(C).
    5. Yina Zhang & Jiancheng Long & Wu Zhao, 2023. "Building dynamic capabilities of small and medium-sized enterprises through relational embeddedness: evidence from China," Electronic Commerce Research, Springer, vol. 23(4), pages 2859-2906, December.
    6. Haim Faridian, Parisa & Neubaum, Donald O., 2021. "Ambidexterity in the age of asset sharing: Development of dynamic capabilities in open source ecosystems," Technovation, Elsevier, vol. 99(C).
    7. Marquardt, Leon & Harima, Aki, 2024. "Digital boundary spanning in the evolution of entrepreneurial ecosystems: A dynamic capabilities perspective," Journal of Business Research, Elsevier, vol. 182(C).
    8. Chin, Tachia & Shi, Yi & Singh, Sanjay Kumar & Agbanyo, George Kwame & Ferraris, Alberto, 2022. "Leveraging blockchain technology for green innovation in ecosystem-based business models: A dynamic capability of values appropriation," Technological Forecasting and Social Change, Elsevier, vol. 183(C).
    9. David J. Teece, 2025. "The multinational enterprise, capabilities, and digitalization: governance and growth with world disorder," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 56(1), pages 7-22, February.
    10. Jing Zeng & Yunlu Yang & Soo Hee Lee, 2023. "Resource Orchestration and Scaling‐up of Platform‐Based Entrepreneurial Firms: The Logic of Dialectic Tuning," Journal of Management Studies, Wiley Blackwell, vol. 60(3), pages 605-638, May.
    11. Anlan Chen & Yong Lin & Marcello Mariani & Yongyi Shou & Yufeng Zhang, 2023. "Entrepreneurial growth in digital business ecosystems: an integrated framework blending the knowledge-based view of the firm and business ecosystems," The Journal of Technology Transfer, Springer, vol. 48(5), pages 1628-1653, October.
    12. Wang, Ye & Jiang, Zongzheng & Li, Xiao & Chen, Yang & Cui, Xiao & Wang, Shipeng, 2023. "Research on antecedent configurations of enterprise digital transformation and enterprise performance from the perspective of dynamic capability," Finance Research Letters, Elsevier, vol. 57(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zhang, Yuan & Li, Ying, 2025. "Enhancing innovation capabilities, digital management, and corporate competitiveness," Finance Research Letters, Elsevier, vol. 73(C).
    2. Wang, Wenwen, 2025. "Digital finance and firm green innovation: The role of media and executives," Finance Research Letters, Elsevier, vol. 74(C).
    3. Ge Zhang & Yuxiang Gao & Gaoyong Li, 2023. "Research on Digital Transformation and Green Technology Innovation—Evidence from China’s Listed Manufacturing Enterprises," Sustainability, MDPI, vol. 15(8), pages 1-23, April.
    4. Jinxin Liu & Mengli Zhao & Kun Wang, 2025. "Professional connections and digital innovation of SMEs," The Journal of Technology Transfer, Springer, vol. 50(6), pages 2896-2927, December.
    5. Anhang Chen & Huiqin Zhang & Yuxiang Zhang & Junwei Zhao, 2024. "Manufacturers’ digital transformation under carbon cap-and-trade policy: investment strategy and environmental impact," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-14, December.
    6. John T. Scott, 2024. "The digital commercial revolution: U.S. business sales and the entrepreneurial exploitation of information and communications technology," The Journal of Technology Transfer, Springer, vol. 49(2), pages 401-436, April.
    7. Francesco Chirico & Kimberly A. Eddleston & Pankaj C. Patel, 2025. "Does it Pay to Patent Green Innovations? Stock Market Reactions to Family and Nonfamily Firms’ Green Patents," Journal of Business Ethics, Springer, vol. 198(4), pages 947-970, May.
    8. Li, Yuanyuan, 2025. "Digital financial inclusion and intangible cultural heritage," Finance Research Letters, Elsevier, vol. 77(C).
    9. David B. Audretsch & Maribel Guerrero, 2023. "Is ambidexterity the missing link between entrepreneurship, management, and innovation?," The Journal of Technology Transfer, Springer, vol. 48(6), pages 1891-1918, December.
    10. Wang, Shaofeng & Zhang, Hao, 2024. "Green entrepreneurship success in the age of generative artificial intelligence: The interplay of technology adoption, knowledge management, and government support," Technology in Society, Elsevier, vol. 79(C).
    11. MingCan JI & Xing Zhang, 2024. "RETRACTED ARTICLE: Assessing the Impacts and Mechanisms of Green Bond Financing on the Enhancement of Green Management and Technological Innovation in Environmental Conservation Enterprises," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 12709-12750, September.
    12. Sun, Yumeng, 2024. "Digital transformation and corporates' green technology innovation performance–The mediating role of knowledge sharing," Finance Research Letters, Elsevier, vol. 62(PA).
    13. Zheng, Deyuan & Song, Hang & Zhao, Chunguang & Liu, Yujiao & Zhao, Wenhao, 2024. "Is it possible for semiconductor companies to reduce carbon emissions through digital transformation? Evidence from China," International Journal of Production Economics, Elsevier, vol. 272(C).
    14. Figueiredo, Marco & Ferreira, João J. & Vrontis, Demetris, 2024. "Perspectives on dynamic capabilities and ambidexterity in born-global companies: Theoretical framing, review and research agenda," Journal of International Management, Elsevier, vol. 30(1).
    15. Katharina Brenk & Nino Tomini & Dominik K. Kanbach & Stephan Stubner & Michele Pinelli, 2026. "From virtual vision to business reality: embracing the metaverse revolution," Review of Managerial Science, Springer, vol. 20(1), pages 81-107, January.
    16. Guo, Panting & Bi, Jiefeng & Zhu, Mengnan, 2025. "Enterprise digital transformation and investment efficiency: Empirical evidence from listed enterprises in China," Journal of Asian Economics, Elsevier, vol. 97(C).
    17. He, Jiale & Xue, Haozhong & Yang, Wei & Zhong, Yanyi & Fan, Bingyu, 2025. "Green credit policy and corporate green innovation," International Review of Economics & Finance, Elsevier, vol. 99(C).
    18. Ranjani Kumari & Jyoti Verma & Rajeev Verma & Vikas Arya & Armando Papa, 2025. "Flying High With Entrepreneurial Ecosystems—A Systematic Literature Review to Determine the Factors of Entrepreneurial Ecosystem Development," Business Strategy and the Environment, Wiley Blackwell, vol. 34(8), pages 10551-10589, December.
    19. Zhao, Zhe & Mao, Qi, 2025. "Who can survive under the pressure of “quality”? A study on the digital transformation and financial stability of tourism enterprises," Finance Research Letters, Elsevier, vol. 85(PE).
    20. Fang Yuan & Shuxiang Wang & Jianjun Sun, 2023. "Intrapreneurial Capabilities: Multidimensional Construction and Measurement Index Validation," Sustainability, MDPI, vol. 15(13), pages 1-21, July.

    More about this item

    Keywords

    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:86:y:2025:i:pb:s1544612325017052. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.