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August 29, 2026Sustainable FuturesOpen Access

Building SME resilience in a circular economy transition: An integrated model of firm capabilities and institutional support in Vietnam

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Authors

PLPham Thi Hanh LanTTTa Thi Nguỵet TrangVNU University of ScienceNHNguyen Mai Huong

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Implication

Cross-sectional survey reveals internal capabilities drive resilience in small and medium enterprises, indicating high government aid may dampen financial innovation.

Key Points

  • Investigate how financial innovation, technological adaptation, social capital, and government support influence small and medium-sized enterprise resilience during circular economy transitions, with dynamic capabilities serving as a mediator.
  • Surveyed N=350 small and medium-sized enterprises located in Thai Nguyen province, Vietnam.
  • Analyzed structural relationships using partial least squares structural equation modeling (PLS-SEM).
  • Evaluated dynamic capability mediation pathways using bootstrapped indirect effect estimates.
  • Financial innovation, technological adaptation, social capital, and government support demonstrate significant positive associations with firm resilience.
  • Dynamic capabilities partially and complementarily mediate the relationships between all four operational drivers and enterprise resilience.
  • Government support acts as a negative moderator, significantly attenuating the positive relationship between financial innovation and resilience until it becomes statistically non-significant under high state aid.

Cite This Study

Lan et al. (2026) studied this question.

synapsesocial.com/papers/6a9298d38e5d7d1fc0c10acbhttps://doi.org/10.1016/j.sftr.2026.102098
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Also Consider

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  1. 1Social capital and corporate resilience: The case of small and medium enterprises in Vietnam2024
  2. 2Sustainable Operations of SMEs in the Southern Thailand Special Economic Corridor: The Roles of Dynamic Capabilities and Business Model Innovation2026 · 1 citations
  3. 3Does the transition to a circular economy contribute to business resilience and transformation? Evidence from SMEs2024 · 45 citations
  4. 4Technological capabilities, institutional context and circular economy adoption2026 · 3 citations
  5. 5Seeking circularity: The role of government initiatives in facilitating circular business model transformation in SMEs2026