Introduction/objective: this study examines the impacts of green innovation strategies—product, process, and service—on firm performance and the moderating roles of supply chain risk, stakeholder engagement, and managerial commitment to sustainability initiatives.

Methodology: the study adopted a quantitative method with PLS-SEM using SmartPLS. Data were obtained from 468 companies across different industries such as retail, healthcare, education, finance, and technology, stratified for representation. Path analysis and reliability statistics tested our hypothesis.

Results: results show Green product (β = 0.432, p < 0.001), process (β = 0.356, p < 0.001), and service innovation (β = 0.290, p < 0.005) were found to positively influence firm performance. Supply chain risk has a negative effect on firm performance (coefficient = -0.215, p < 0.003). However, stakeholder engagement (coefficient = 0.412, p < 0.000) and managerial commitment (path coefficient = 0.378, p < 0.000) have a positive influence. The R-squared of 0.682 shows that these variables explain 68.2% of the variance in firm performance. Conclusions: businesses have to invest in Green innovation at a short-term cost for long-term benefits such as market differentiation, efficiency, and loyalty. Stakeholder engagement and management commitment are important for integrating sustainability into business strategy. New technologies such as blockchain can also reduce supply chain risks. This study offers evidence of the double benefits of Green innovation, environmental sustainability and improved firm performance. It emphasises managerial dedication and stakeholder engagement in influencing sustainable conduct, which the existing literature does not address.

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Keywords:
Green innovation,
stakeholder engagement,
firm performance,
supply chain risk,
managerial commitment.

JEL Codes:
O30, O44, Q55, F18

引言/目的：本研究考察绿色创新战略——包括产品、流程和服务创新——对企业绩效的影响，以及供应链风险、利益相关者参与和管理层可持续发展承诺的调节作用。

研究方法：采用SmartPLS软件进行偏最小二乘结构方程模型（PLS-SEM）定量研究。数据来源于零售、医疗、教育、金融和技术等不同行业的468家企业，按比例分层抽样。通过路径分析和信度统计检验研究假设。

 研究结果：结果显示，绿色产品（β = 0.432，p < 0.001）、流程（β = 0.356，p < 0.001）和服务创新（β = 0.290，p < 0.005）对企业绩效均有正向影响。供应链风险对企业绩效有负向影响（系数 = -0.215，p < 0.003），而利益相关者参与（系数 = 0.412，p < 0.000）和管理层承诺（路径系数 = 0.378，p < 0.000）则具有正向影响。R平方值为0.682，表明这些变量解释了企业绩效方差的68.2%。

结论：企业应不惜短期成本投资绿色创新，以获取市场差异化、效率提升和客户忠诚度等长期收益。利益相关者参与和管理层承诺对于将可持续性融入商业战略至关重要。区块链等新技术也可有效降低供应链风险。本研究提供了绿色创新双重效益——环境可持续性与企业绩效提升——的实证依据，并强调了管理层奉献精神和利益相关者参与对可持续发展行为的影响，这是现有文献尚未充分探讨的领域。

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关键词：绿色创新、利益相关者参与、企业绩效、供应链风险、管理层承诺。

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