ABSTRACT The demand of the climate agenda and 2060 China's carbon‐neutrality target need firms to enhance environmental sustainability in their economic performance. This research determines the relationship between corporate social responsibility (CSR) and eco‐finance and their impact on circular supply chain performance (CSCP) from green innovation (GI) and circular supply chain adoption (CSCA) between Chinese sports‐goods companies. This study has used resource‐based theory and stakeholder theory; a serial mediation framework is being developed for explaining how ethical and financial commitments translate into operational capabilities and outcomes of performance. By using time‐lagged survey data from 376 firms and analysis performed through PLS‐SEM, the outcomes show that CSR and eco‐finance significantly promote green innovation (GI) that in turn facilitates the circular supply chain adoption and increases CSCP. The outcomes further show that these relationships are indirect, operating through sequential mediating mechanisms rather than direct effects. This study practically highlights the sports‐good companies in China that should strategically integrate CSR initiatives with eco‐financial investments for strengthening green innovation capabilities and accelerating circular supply chain adoption. The policy‐makers could also support this transition with the promotion of green financing instruments and sustainability‐driven regulations tailored for the sports industry. By linking the sustainability commitments with capability development, this study would provide actionable insights for the advancement of circular economy practices in the sports sector of China.
Yang et al. (Tue,) studied this question.