earticle

영어

The entrepreneur will behave according to the principle of interest maximization entrepreneurship configuration, first forming the enterprise's internal balance, then, based on the logical order of the priority of system construction in the combination of strategic behavior. Therefore, the dual balance between entrepreneurship allocation and business environment elements is of great significance for enterprises to achieve high performance. Based on the configuration perspective and multiple institutional logic, this paper uses fuzzy-set qualitative comparative analysis (fsQCA) to explore the interaction between business environment elements and entrepreneurship configuration and the combination path to produce high firm performance, with 641 listed equipment manufacturing companies as the sample. The results show the following: ① high firm performance is the result of the interaction between entrepreneurship and the business environment; ② the configuration of entrepreneurship is closely related to the configuration of the business environment, showing differentiation characteristics; and ③ there is heterogeneity in the portfolio path of high performance for firms with different property rights. This paper can help enterprises correctly understand and grasp the balanced relationship between entrepreneurship and business environment elements and allocate entrepreneurship actively according to the changes in the external business environment to reach high enterprise performance. This paper still has some limitations. On the one hand, it is based on 641 listed companies in the equipment manufacturing industry, and the data have certain industry characteristics. In future research, more industries can be included to verify the universal applicability of the conclusions. On the other hand, limited by the length of the research and the number of term conditions by the fsQCA method, the term conditions selected in this paper are environmental variables, while less attention is given to the enterprise's own factors. More comprehensive variables can be included in future research to produce more in-depth and convincing research conclusions.