The impact of green strategy hybrid orientation on startup performance in SMEs
研究了绿色战略混合导向（整合绿色创业导向与绿色学习导向）如何通过商业模式创新和创业拼凑影响初创企业的财务与环境绩效，发现商业模式创新是关键中介机制。
• Green strategy hybrid orientation enhances financial and environmental performance. • Business model innovation is a significant mediator. • Entrepreneurial bricolage alone is not a significant mediator. • Mediation is sequential from entrepreneurial bricolage to business model innovation. • Business model innovation is a stronger mediator in high-tech manufacturing sectors. Grounded in the resource-based view (RBV), this study addresses a critical gap in the literature regarding the impact of green strategy hybrid orientation (i.e., the integration of green entrepreneurial orientation and green learning orientation) on startup performance. Despite recognition of the importance of green strategies in entrepreneurship, the mechanisms underlying such strategies within resource-constrained startups remain underexplored. We investigated whether green strategy hybrid orientation can enhance both financial and environmental performance and identified key mediating mechanisms in this relationship. By analyzing a data set of 364 startups with structural equation modeling, we assessed the relationships among green strategy hybrid orientation, mediating mechanisms, and performance outcomes. Green strategy hybrid orientation positively influenced both financial and environmental performance. Significant indirect effects were mediated primarily by business model innovation and, to a lesser extent, by entrepreneurial bricolage. Business model innovation was crucial in translating green strategies into enhanced performance, whereas entrepreneurial bricolage did not fully explain the relationship between green strategy hybrid orientation and performance outcomes. These findings contribute to theory by integrating two green orientations within a hybrid framework and identifying internal capabilities as the mechanisms that convert strategic intent into performance. For practitioners, the results underscore the importance of investing in systematic innovation capabilities rather than relying solely on improvised resource use.