How market openness, narrative distinctiveness, and innovation capability impact firm performance: A comparative study of Chinese and foreign platform enterprises in China
基于最优独特性理论，研究中国A股322家平台企业2007-2019年数据，发现叙事独特性通过创新能力提升绩效，区域市场开放度正向调节该路径，且内外资企业存在差异。
In highly competitive markets, platform enterprises are increasingly relying on narrative behaviors to attract stakeholders and improve performance. Based on the optimal distinctiveness theory, this study investigates how narrative distinctiveness enhances the performance of platform firms, focusing on the mediating role of innovation capability, the moderating role of regional market openness, and differences between foreign-invested enterprises (FIEs) and domestic enterprises in China. Using optimal distinctiveness theory, the research analyzes a sample of 322 firms listed on China's A-share market from 2007 to 2019 and applies fixed-effects regressions and configurational analyses. The results show that: (1) Narrative distinctiveness has a significantly positive effect on firm performance. (2) Innovation capability mediates the relationship between narrative distinctiveness and performance. (3) Regional market openness positively moderates the link between narrative distinctiveness and innovation capability. (4) FIEs strengthen this positive moderating effect of regional market openness. Fuzzy-set Qualitative Comparative Analysis (fsQCA) uncovers five context-dependent paths to high performance: For domestic firms, young and small companies reach high performance through either narrative consistency or innovation capability in highly open markets, while younger firms benefit from the combination of both. For FIEs, young and large firms in closed markets leverage innovation capability and narrative consistency, whereas older and smaller firms in open markets depend on the synergy of narrative distinctiveness and innovation capability. This research expands the application of optimal distinctiveness theory to emerging markets and platform economies by incorporating institutional context and ownership differences. It also offers practical guidance for platform firms on developing context-aware narrative and innovation strategies, and provides methodological insights through the combination of regression and fsQCA.