Extending Legitimacy Theory for Sustainable Business Performance through the Lens of Green Innovation and Financial Synergy
1Center for Distance training and Technology transfer consultation, Ho Chi Minh University of Banking, Viet Nam
2Faculty of Commerce and Tourism, Industrial University of Ho Chi Minh City, Viet Nam
*Author to whom correspondence should be addressed:
E-mail: bui.thanh.khoa.example@university.edu (BTK)
E-mail: bui.thanh.khoa.example@university.edu (BTK)
Received: April 14, 2025 | Revised: May 01, 2025 | Accepted: May 10, 2025 | Published: June 2025
Abstract
This study examined the influence of innovative capacity on sustainable company performance, enhancing legitimacy theory by including green money as both a mediator and moderator. A quantitative research methodology was utilized, gathering data from 142 seafood export enterprises in Vietnam. Partial Least Squares Structural Equation Modeling was employed to examine the hypotheses. The results indicated that innovative capacity improved sustainable performance. Moreover, the result determined that green finance, a vital mediator and moderator, is crucial for enhancing the influence of innovative capability on sustainability results. This work conceptually advanced legitimacy theory and provided practical insights for governments and corporations.
Keywords
structural equation modeling ; green finance ; legitimacy theory ; innovative capacity ; sustainable business performance
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