Configuration Paths for High-Quality Development of Listed Companies Based on the TOE Framework: Evidence from China’s High-Tech Enterprises

Abstract

In the context of dual-carbon goals, high-quality development has become an inevitable trend for technology enterprises. This study employs a dynamic Qualitative Comparative Analysis (QCA) method, based on the technology, organization, and environment (TOE) framework theory, and a configurational analysis perspective. Using panel data from Chinese listed high- and new-technology enterprises from 2013 to 2022 as the research sample, this study explores the combinatorial paths that drive high-quality development. The research findings are as follows: (1) The antecedent factors for high-quality development exhibit “multiple concurrent” characteristics, and a single condition does not constitute a necessary condition. (2) Based on the three driving paths for high-quality development, three models can be summarized under the synergistic effects of different antecedent conditions: “multi-factor influence type”, “green-innovation-led type”, and “digital-technology-driven type”. Regardless of the path, R&D investment and enterprise scale are indispensable driving factors. (3) Under specific objective endowment conditions, continuous digital transformation by enterprises can alleviate the challenges caused by market competition deficiencies. When enterprise executives possess a high level of green cognition, they can compensate for inadequate environmental regulations. Therefore, enterprises need to enhance scale and R&D investment, based on existing endowments, and shift from a single-factor influence concept to a comprehensive selection approach.