How Do New Ventures Implementing Green Innovation Strategy Achieve Performance Growth?

Manufacturing new ventures aiming to realize green innovative development play an essential role in the process of realizing the green transformation of economy and society. However, there is limited research on green manufacturing new ventures, and scholars have different views on whether green innovation strategy can improve new venture performance. This paper attempts to fill this gap by proposing a comprehensive framework of the relationship among green innovation strategy, green knowledge sharing, business model innovation, and new venture performance, based on the natural resource-based view. Through the empirical analysis of 240 sample enterprises in China, the results show that green innovation strategy has a significant positive effect on new venture performance. Green knowledge sharing and business model innovation are the essential paths for new ventures to achieve performance growth. Additionally, green knowledge sharing and business model innovation play a chain mediating role between green innovation strategy and new venture performance. This study suggests directions for manufacturing new ventures implementing a green innovation strategy to enhance performance and establishes a theoretical basis for the green transformation development of China’s economy and society.