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How Do Resource-Based Listed Firms Achieve Sustainable Development? A Dynamic fsQCA Analysis Based on the TOE Framework

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  • Haoming Huang

    (Center for Social Governance and Innovation, Shenzhen Key Research Base of Humanities and Social Sciences, Tsinghua Shenzhen International Graduate School, Tsinghua University, Shenzhen 518055, China)

  • Jinquan Fu

    (School of Economics, Minzu University of China, Beijing 100081, China)

  • Zhuoyu He

    (School of Law, University of International Business and Economics, Beijing 100029, China)

  • Pusheng Wang

    (Center for Social Governance and Innovation, Shenzhen Key Research Base of Humanities and Social Sciences, Tsinghua Shenzhen International Graduate School, Tsinghua University, Shenzhen 518055, China)

Abstract

Amid escalating climate change and China’s “dual carbon” policy imperative, resource-based listed firms face urgent yet complex green transition challenges that single-factor approaches fail to adequately explain. Grounded in complex adaptive systems theory and the Technology-Organization-Environment (TOE) framework, this study employs dynamic fuzzy-set Qualitative Comparative Analysis (fsQCA) to analyze a panel of 160 Chinese resource-based A-share listed firms (2019–2024) to identify configurational pathways driving Environmental, Social, and Governance (ESG) performance. The results reveal eight high-performance pathways categorized into three archetypal patterns and six low-performance pathways reflecting distinct systemic misalignment traps. High- and low-performance pathways are causally asymmetric. Dynamic analysis further uncovers strong path-locking effects and divergent regional transition strategies. These findings advance configurational theory of corporate sustainability and offer strategic guidance for resource-dependent firms and policymakers.

Suggested Citation

  • Haoming Huang & Jinquan Fu & Zhuoyu He & Pusheng Wang, 2026. "How Do Resource-Based Listed Firms Achieve Sustainable Development? A Dynamic fsQCA Analysis Based on the TOE Framework," Sustainability, MDPI, vol. 18(14), pages 1-27, July.
    • Handle: RePEc:gam:jsusta:v:18:y:2026:i:14:p:7055-:d:1987816
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