This paper is intended to investigate the role of Venture-Capital Syndication (VCS) background in the relationship between intellectual capital (IC) and portfolio firm performance (PFP); specifically, this article examines the moderating effect of VCS’s leading firm background and member heterogeneity on the effect of IC on PFP. This study used a modified VAIC model to measure IC to compose a 4-component variable including human capital, structural capital, relational capital, and innovation capital. The data were collected from VCS-backed and listed firms in China during 2014 to 2018 applying the pooled OLS model for hypotheses test, Generalized Method of Moments (GMMs) to reduce endogeneity and unobserved factor control, and also return on equity (ROE) instead of ROA for the robustness test. Empirical results showed that IC and its components can improve PFP for VCS-backed firms in China; in detail, IC showed greater impact on performance of firms invested by foreign lead investors than in private or government VCS, specially reflected in the impact of innovation capital on PFP. Furthermore, IC showed weaker impact on PFP of mixed VCS-backed firms compared to pure VCS-backed firms and showed diminished effect on higher VCS member heterogeneity mainly reflected in the impact of relational capital on firm performance. These findings propose a new way of combining IC and VC to improve firm performance and are beneficial to theoretical development of IC and VC as well as a perspective for VC firm managers to choose suitable partners prior to join a VCS.

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The mechanisms underlying the relationship between firms' digitalization transformation and environmental, social, and governance (ESG) are underexplored. Using a sample of Chinese listed firms from 2011 to 2020, this research explores the mechanisms whereby digitalization affects firms' ESG performance. We found: (i) digitalization transformation can effectively promote firms' ESG performance; (ii) digital transformation promotes firms' ESG performance by enhancing internal control and green innovation; and (iii) the positive effects between digital transformation and ESG performance are more pronounced in non‐state‐owned‐enterprises (non‐SOEs) and firms of the manufacturing industry, and hi‐tech firms, as well as firms with a higher ratio of independent directors and higher analyst coverage. (iv) The government's supportive attitude towards industrial policy has a positive moderating effect on the impact of digital transformation on ESG performance, and the degree of marketization in the region where the firm is located has a negative moderating effect on the relationship between digital transformation and ESG performance. Our research deepens the understanding of the nuanced mechanism underlying the positive relationship between firms' digital transformation and their ESG performance.

With increasing and global environmental and climate problems, green innovation has become an important means to solve the environmental crisis. With the increasing practice of green innovation in enterprises, scholars at home and abroad have discussed the drivers and effects of green innovation from different perspectives. Based on an analysis of 119 articles about the drivers and effects of green innovation in top international journals from 2006 to 2021, this paper tries to find the consistencies and contradictions of research conclusions and to explore the possible research opportunities, sorting out the main theoretical mechanisms of the existing research on the drivers and effects of green innovation, pinpointing the consistency of these theoretical perspectives in explaining the different drivers and effects of green innovation, and putting forward research prospects. The results show that the drivers of green innovation include two kinds of factors: environment and organization. The pressure of external environment and system drives enterprises to adopt green innovation practices to cater to isomorphic factors, to obtain more environmental performance, and to improve organizational legitimacy. The lack of development resources, such as knowledge and technology, within an organization drives enterprises to carry out green innovation practices and enhance organizational competitive advantage by learning and absorbing new external knowledge, new technology and other resources. In addition, resource-based view and institutional theory are two commonly used theoretical perspectives, and their theoretical logic obtains consistent support in explaining the drivers and effects of enterprise green innovation.

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