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In this study, firm competence mediates the impact of the institutional environment on HCMC real estate enterprises' competitive capacity. A conceptual model based on institutional theory, the resource-based view (RBV), and dynamic capability theory is constructed and empirically verified using survey data from 356 real estate business employees. PLS-SEM is used for analysis. The results show that legal-policy quality, access to finance, infrastructure and planning assistance, and innovation support oriented boost company capabilities and competitive capacity. Also, corporate capability fully mediates the relationship between institutional characteristics and competitiveness. The findings suggest that internal capability development is crucial to turning institutional advantages into competitive outcomes, affecting policymakers and emerging market real estate enterprises.
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Nguyen et al. (2026) studied this question.
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