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Enterprise's R&D and Innovation Management

Agricultural Enterprise Business Model Innovation and Sustain⁃ ability Performance: An Empirical Study on Chinese Listed Agri⁃ cultural Companies 

Ding Luyang, Li Huajing 

(School of Economics and Management, Beijing Forestry University, Beijing 100083, China)

Abstract：Under the context of scientific and technological innovation, how agricultural enter‐ prises can utilize business model innovation to improve sustainability performance has become an important research issue, business model innovation provides new impetus for the sustainable development of agricultural enterprises' economy and social environment. This paper takes listed agricultural enterprises from 2015 to 2021 as a sample, based on the sustainable develop‐ ment theory, a combination of theory and empirical research was conducted to verify the impact of efficiency business model innovation and novelty business model innovation on the financial performance and environmental social responsibility performance of agricultural enterprises, as well as the impact of heterogeneity of nature of property rights and segmented industries. Re‐ search has found that efficiency business model innovation of agricultural enterprises has a greater impact on improving sustainability performance than novelty business model innovation. The implementation of efficiency business model innovation in agricultural enterprises signifi‐ cantly improved financial performance and environmental social responsibility performance. The implementation of novelty business model innovation in agricultural enterprises significantly im‐ proved financial performance, no positive impact on environmental social responsibility perfor‐ mance. The business model innovation of agricultural enterprise has a significant heterogeneity in property rights and segmented industries in enhancing sustainability performance. The re‐ search conclusions help to expand the theoretical relationship between business model innova‐ tion and sustainability performance of enterprises, and provide inspiration for promoting scien‐ tific and technological innovation and improving sustainability performance of agricultural enter‐ prises. First, agricultural enterprises should improve the ability of business model innovation to achieve sustainability of economic and environmental social benefits. Second, the government should strengthen top-level design and give play to the leading role of policies for agricultural enterprises. Third, the agricultural industry association needs to guide the healthy competition of the industry and build the industry business model innovation ecology. This study expands the relevant research on the outcome variables of business model innovation, measures business model innovation based on the medium and long-term financial data of listed agricultural enter‐ prises, and discusses the differences in the impact of different types of business model innova‐ tion on the economic performance and environmental social responsibility performance of agri‐ cultural enterprises under panel data. Therefore, this paper has some innovations, but also some shortcomings: The number of sample agricultural enterprises is small; Possible mediation mecha‐ nisms have not been considered. 

Key words：agricultural enterprise; business model innovation; sustainability performance; heterogeneity analysis