Credit linkage and resilience mechanism Differentiation: The dual pathways of commercial credit peer effects on organizational resilience in Chinese firms

Against the backdrop of escalating supply chain disruptions, organizational resilience has become a vital capability for Chinese firms. Using 2006–2022 matched microdata of A-share listed companies and city commercial banks, this study examines how commercial credit peer effects shape resilience. The results reveal a distinct "competition duality" mechanism: the economic consequences of peer mimicry are contingent on the dominant institutional logic of the field. Specifically, industry-level peer effects, driven by rivalry logic, negatively impact resilience by triggering excessive industry competition and resource depletion. Conversely, regional-level peer effects, driven by trust logic, positively influence resilience by generating a "cluster certification effect" that enhances market contestability among banks, thereby optimizing credit allocation. Boundary condition analysis shows that supply chain concentration exacerbates the negative industry impact, while stability amplifies the positive regional synergy. Furthermore, innovation efficiency provides immunity against industry rivalry, whereas innovation input acts as a signal to capture regional resources. Heterogeneity analysis indicates that the destructive industry effect is more pronounced in SOEs and manufacturing firms, while the constructive regional effect is more prominent in non-SOEs and non-manufacturing sectors. By resolving the tension between "destructive industry rivalry" and "constructive regional synergy," this study offers guidance for firms to avoid blind emulation and for policymakers to implement targeted supply chain finance interventions.