ESG performance and the ecosystem-based business model innovation: evidence from Chinese firms

Abstract

To implement the United Nations’ sustainable development goals (SDGs), corporate focus has shifted towards firm environmental, social, and governance (ESG) practices. We use Yin-Yang dialectical systems and institutional theory to examine ecosystem-based business model (EBM) innovation and investigate conflicting results in extant empirical studies of the relationship between ESG, EBM innovation, and cross-cultural legitimacy in China. Using panel data from Chinese A-share listed companies from 2010 to 2023, we reveal an inverted U-shaped relationship between ESG and EBM innovation moderated by cross-cultural legitimacy and suggest how Chinese enterprises can achieve ESG objectives while navigating cultural conflicts within a systemic framework.

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