Extending Legitimacy Theory for Sustainable Business Performance through the Lens of Green Innovation and Financial Synergy

This study examined the influence of innovative capacity on sustainable company performance, enhancing legitimacy theory by including green money as both a mediator and moderator. A quantitative research methodology was utilized, gathering data from 142 seafood export enterprises in Vietnam. Partial Least Squares Structural Equation Modeling was employed to examine the hypotheses. The results indicated that innovative capacity improved sustainable performance. Moreover, the result determined that green finance, a vital mediator and moderator, is crucial for enhancing the influence of innovative capability on sustainability results. This work conceptually advanced legitimacy theory and provided practical insights for governments and corporations.