Dynamic Competitiveness, Firm Performance and the Regulatory Role of Government Policies in Industry 5.0

Dynamic Competitiveness, Firm Performance and the Regulatory Role of Government Policies in Industry 5.0 | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Dynamic Competitiveness, Firm Performance and the Regulatory Role of Government Policies in Industry 5.0 Sang Tang My, Hung Nguyen Tien This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-5293252/v1 This work is licensed under a CC BY 4.0 License Status: Published Journal Publication published 24 Dec, 2024 Read the published version in Discover Sustainability → Version 1 posted 11 You are reading this latest preprint version Abstract Industry 5.0 poses many challenges for insurance companies. This article explores the impact of sustainable competitive advantage on firm performance under the regulatory effect of government policies in Vietnamese insurance companies. The study surveyed 248 leaders at insurance companies and used the PLS-SEM method to analyze the data in two steps. The research results show that sustainable competitive advantage is positively influenced by infrastructure capacity, digital orientation, market orientation, and innovation capacity. Sustainable competitive advantage has a strong effect on firm performance. The results also confirm the mediating role of sustainable competitive advantage and the regulatory role of government policy. From there, the implication of a solution for insurance companies has been proposed. This study provides further empirical evidence from the insurance industry for dynamic resource theory and stakeholder theory. Furthermore, the results are also the basis for managers to plan sustainable business strategies. Firm performance Dynamic competitiveness Insurance industry Sustainable development Technology 5.0 Figures Figure 1 1. Introduction Industry 5.0 increases the role of dynamic competence because businesses must combine new inventions with existing company technology ( Yu & Sun, 2024 ). At the same time, the global economy is growing and transforming rapidly, mainly relying on the foundation of information technology. The insurance industry is an indispensable key component of this ( Verma et al., 2022 ). However, there is a lack of in-depth research, especially exploring dynamic resources that generate sustainable competitiveness and promote firm performance (FP) in the insurance industry ( Ellili et al., 2023 ). To have outstanding competitiveness, insurance enterprises must have appropriate resources ( Shahroodi et al., 2024 ). Therefore, it is necessary to identify feasible and industry-specific resources to nurture and develop to improve competitiveness ( Zhou et al., 2024 ). This is the key for businesses to survive and create long-term competitive advantages. Achieving this advantage also creates potential for businesses to gain advantages in both domestic and international markets ( Baker & Shortland, 2023 ). The business activities of the industry are also significantly impacted by the role of the government through policies ( Dragotă et al., 2023 ). Dynamic capability theory holds that sustainable competitive advantages (SCA) can be created from dynamic sources ( Vogel & Güttel, 2013 ). In a business environment that is always changing, these are rare, valuable, and difficult to imitate ( Chien & Tsai, 2012 ). Because of its exceptional quality, this resource contributes to FP ( Jie et al., 2023 ). Currently, there have been studies to identify the components of dynamic capacity as well as evaluate and measure the role of these factors in the production and business activities of enterprises in many fields such as innovation management, strategic management, and supply chain management ( Bhardwaj & Srivastava, 2024 ; Herold et al., 2023 ). Studies were conducted in different countries in Europe, North America, South America, Asia, and China ( Kristinae et al., 2023 ). However, the research on dynamic capacity, especially experimental research, has never been saturated. It is worth noting that the studies exploring the relationship between dynamic capacity and other factors in the business are still discrete ( Foss et al., 2023 ). The ideas put forth in this study's model, such as technology infrastructure capacity (TI), market orientation (MO), innovation capacity (IC), and digital orientation (DO), have generally been shown to be dynamic resources that work together to increase FP, but they are separate studies ( Pihlajamaa, 2023 ; Khin & Ho, 2019 ; Qin et al., 2021 ). In addition, studies on dynamic capacity largely determine the influence of dynamic resources on FP. There is no answer to the relationship between dynamic resources, and their relationship in creating change in FP ( Herold et al., 2023 ). Moreover, no studies are confirming the mediating role of the SCA in the insurance industry in transforming resources into business results. In Vietnam, there is not much research on dynamic resources. In recent years, dynamic research in Vietnam has received more attention, conducted in fields such as agriculture (M. T. N. Nguyen, 2023 ), and production ( Rand & Torm, 2012 ). The results of these studies revolve around identifying the relationship between dynamic resources and FP. There hasn't been any study done on this subject, especially with regard to the Vietnamese insurance sector. Therefore, more research in this field is needed. The objective of this study is to investigate the effect of SCA on FP under the regulatory impact of government policies (GP) in Vietnamese insurance companies. Academically, the results of the study contribute to the empirical evidence for the dynamic source theory and the stakeholder theory. In practical terms, the research results are the basis for making strategies to promote business efficiency in the era of technology 5.0. There are four contents in the remainder of this study: (1) Literature Review; (2) Research Methodology; (3) Research Results; (4) Conclusions and Management Implications. 2. Literature review 2.1. Dynamic capability theory Dynamic capability theory is derived from Resource-based Theory ( Vogel & Güttel, 2013 ). This theory holds that businesses gain a competitive advantage when they meet factors such as valuable, rare, inimitable, and non-substitutable. These factors are also known as VRIN ( Talaja, 2012 ). Not only considering changes in the business environment, this theory also refers to the ability of businesses to recognize and innovate. Businesses should reorganize internal and external resources over time to adapt to that change ( Kristinae et al., 2023 ). As a result, businesses maintain firm performance in long term ( Wang et al., 2023 ). The dynamic capacity is reflected in MO, IC, DO, TI, marketing capability, entrepreneur orientation, and SCA in technology 5.0 ( Vogel & Güttel, 2013 ). This is the ability to build, integrate, and reformat the resources of the enterprise to suit the changes in the business environment ( Talaja, 2012 ). Dynamic competencies drive outstanding FP and create an SCA ( Bhardwaj & Srivastava, 2024 ). Dynamic capacity is essential from a competitive standpoint because it converts resources into better FP ( Chatterjee et al., 2024 ). This mechanism shows that the relationship between dynamic capacity and FP is expressed in two forms including direct impact and indirect impact ( Wang et al., 2023 ). Most of the research focuses on the direct relationship between dynamic competence and FP, and there is a lack of work that explores indirect relationships ( Jie et al., 2023 ). Dynamic elements both inside and outside the company are closely related to one another because businesses, particularly in the modern era, operate in a constantly changing environment ( Dagnino et al., 2021 ). This synergy can be a driving force or a hindrance to the FP directly or indirectly ( Zhang et al., 2023 ). Therefore, it is even more necessary to have empirical studies to exploit this synergistic relationship, especially in the insurance industry. The competition of insurance companies is getting stronger and stronger, not only domestic but also international competition (Q. K. Nguyen, 2024 ). This study uses dynamic capacity theory as the basis for evaluating the mechanism of impacting dynamic resources placed in a whole that has a direct and indirect impact on FP. 2.2. Stakeholder Theory The theory of stakeholders holds that there is an important influence, in deciding the actions of the enterprise to satisfy the needs and target interests ( Freeman et al., 2010 ). Stakeholders include internal teams such as customers, suppliers, employees, and owners, and external teams such as governments, political organizations, competitors, communities, associations, etc. ( Mahajan et al., 2023 ). These groups can use their influence to change the company or organization to suit their needs ( Freeman, 1994 ). Bailur ( 2007 ) has shown that although internal groups are often seen as key influencers, in some contexts and industries, external groups occupy a priority position. Studies show that stakeholders have a positive relationship with development, create SCA and help businesses achieve outstanding FP ( Mahajan et al., 2023 ). This is among the main objectives of contemporary dynamic theory ( Ozdemir et al., 2023 ). The relationship between dynamic capability theory and stakeholder theory in resolving the resource development issue to attain SCA and exceptional FP is then demonstrated ( Stoelhorst, 2023 ). Businesses must, however, occasionally choose and give priority to their relationship with a single related object in a particular context. Previous research also shows that policy support is one of the factors closely linked to the industry that creates competitiveness for businesses ( Baker & Shortland, 2023 ; Dubey et al., 2023 ). Analysis of the Vietnamese context reveals that one of the sectors that contributes significantly and strategically to the country's social and economic advancement is insurance ( Loan, 2023 ). Vietnamese insurers do business in an unpredictable and competitive environment ( Mai et al., 2020 ). Policy-related issues have an impact and have an influence. In particular, the insurance industry is particularly impacted by government policies ( Leopold et al., 2021 ). However, there have not been many studies examining how the role of government policies affects production and FP. 2.3. Sustainable Competitive Advantage A business gains an SCA when it implements a value-creation strategy that no rival, present or future, can copy or replicate ( Barney, 1991 ). Previous studies have suggested that competitive advantage is the superiority of a business's position in the market compared to competitors ( Zhang et al., 2023 ; Dagnino et al., 2021 ). Cost leadership and differentiation are two effective strategies to help businesses create a SCA ( Zhao et al., 2024 ). However given the current unstable business climate and the ongoing technological advancements, one of the dynamic resources is an SCA ( Dagnino et al., 2021 ). Innovation differentiation brings characteristics that become an SCA ( Tu & Wu, 2021 ). Innovation is a resource that signifies a business's ability to be creative, willing to take risks, future-oriented, proactive, and ready to change ( Zhao et al., 2024 ). The innovation activities of the enterprise are reflected in the ability to innovate products, R&D potential, innovation capacity for marketing and marketing activities ( H. Li et al., 2024 ). The benefit of innovation then arises when companies outperform rivals in creating and distributing novel goods and services ( Lee, 2023 ). This leadership is predicated on the company's focus on research and development as well as the use of cutting-edge technology to accomplish the objective of becoming a market leader in the introduction of exceptional goods and services ( Cuevas-Vargas et al., 2023 ). Potential for research and development as well as the capacity to constantly update the newest technology create a significant barrier that rivals in the market cannot copy or pursue, giving the company a long-lasting competitive edge ( Ferreira et al., 2024 ). According to this study, dynamic capacity, a multifaceted idea manifested in businesses' capacity to differentiate themselves through innovation, is an SCA. The competitive advantage of the insurance industry in Vietnam has profound meaning in the context of a strongly developing market. The increasingly improved awareness of insurance in society, along with supportive policies from the government, has created an increasingly favorable business environment for the industry to develop (M. T. N. Nguyen, 2023 ). The application of information technology and digitalization in the sales and customer management process has been beneficial to insurance businesses in improving their service efficiency and reducing operating costs ( Loan, 2023 ). Moreover, the insurance product diversification related to health, property, and life contributes to the attraction of different segments of customers and creates many growth opportunities (Q. K. Nguyen, 2024 ). In addition, business competition from domestic and foreign companies puts higher pressure on businesses to try harder to improve their services and products; accordingly, service quality and customer satisfaction improve ( Loan, 2023 ). These advantages not only help Vietnam's insurance market affirm its position but also help the economic development of the country be more sustainable. 2.4. Technological infrastructure capacity and sustainable competitive advantage Technology infrastructure capacity includes software, hardware, networks, and connected services that make up an organization's information technology environment ( Khin & Ho, 2019 ). Each component of TI provides unique services and increases the overall efficiency of the system ( Lee, 2023 ). For continuous improvement to become a dynamic capacity of the business, there must be timely support of infrastructure ( Merín-Rodrigáñez et al., 2024 ). This means that businesses must build infrastructure that is constantly responding to continuous improvement efforts. The aim is for the results of these continuous learning efforts to be coordinated and sustained with a new, systematically improved process in the organization. Thus, TI is a key resource, creating dynamic capacity. Businesses can then build a SCA and make improvements over time ( Pihlajamaa, 2023 ). When synthesizing numerous studies related to the factors that promote sustainable competitiveness , Knudsen et al. ( 2021 ) found that technological uncertainties reduced the competitive advantage of firms. Using the SWOT analysis model, the study by Srivastava et al. ( 2013 ) has determined that TI is one of the main factors that create a SCA. However, the TI of Vietnam's insurance industry still has many challenges in the implementation process ( Hung Nguyen, 2024 ). The COVID-19 pandemic and several problems in Vietnam's financial system have put a requirement on technology to create positive changes and sustainable development in the insurance industry in the current context (H. H. Nguyen & Tran, 2022 ). TI is improved, businesses have the opportunity to promote the application of digitalization to the business management process and improve business processes. At the same time, businesses have the conditions to consolidate the operation of the general agent system, and standardize service quality, thereby increasing SCA ( Siriram, 2022 ). Therefore, the authors propose the following research hypothesis : Hypothesis H1: TI has a positive impact on SCA of insurance companies in Vietnam. 2.5. Digital orientation and sustainable competitive advantage Digital orientation (DO) is the business orientation of enterprises to gain a competitive advantage by pursuing opportunities driven by the era of digital technology ( Abbas et al., 2024 ). Accordingly, DO is to bring digital technology into the business philosophy ( Bendig et al., 2023 ). Businesses implement and apply digital technology in a directional, process-oriented way with the ultimate goal of using internal and external resources flexibly to create a superior and sustainable competitive advantage ( Ellili et al., 2023 ). The achievements of typical digital technologies such as the Internet of Things (IoT), big data, and artificial intelligence (AI) are components of DO ( Lee, 2023 ). In other words, the connotation of DO consists of two main components strategic orientation and digital product. DO includes components such as digital technology scope, digital ecosystem coordination, digital technology, and digital architecture configuration ( Bendig et al., 2023 ). In which, the scope of digital technology and the coordination of the digital ecosystem are within the scope of external technological resources ( Kindermann et al., 2021 ). DO of the insurance industry in Vietnam is becoming decisive in improving FP and satisfying customer needs (Anh & Trung, 2024). Digital transformation not only helps insurance companies optimize their process of doing business but also contributes to the betterment of the customer experience through online platforms and mobile applications ( Hung Nguyen, 2024 ). Companies also invest in emerging technologies like AI and big data analytics to further improve risk prediction, product optimization, and service personalization (H. H. Nguyen & Tran, 2022 ). Additionally, blockchain technology in contract management and claims processing enhances overall security and transparency, building trust among customers (Anh & Trung, 2024). This would also follow the global trend and make the insurance market in Vietnam more competitive, thus able to respond to the increasingly diversified demands of the market much faster and more effectively ( Cuevas-Vargas et al., 2023 ). However, the research on DO about the sustainable competitive advantage of businesses is still very new. Especially in Vietnam, there has not been any research on the impact of DO on sustainable competitive advantage. From there, the hypothesis is proposed as follows : Hypothesis H2: DO have a positive impact on SCA of insurance companies in Vietnam. 2.6. Market orientation and sustainable competitive advantage Market orientation (MO) is the source of the dynamic capacity of enterprises. It satisfies components such as feeling, grasping, and adjusting ( Schmidt et al., 2021 ). MO makes an important contribution to creating outstanding value for customers with a customer-centric perspective ( Jamaludin et al., 2022 ). MO helps monitor, analyze, and respond to challenges in the ever-changing business environment by aligning internal and external resources of the enterprise with the set goals ( Borodako et al., 2022 ). Schmidt et al. ( 2021 ) argue that MO includes activities, coordination between functional departments in the company to meet customer needs, as well as monitoring and reacting to competitive moves of competitors. Thus, promoting businesses to occupy market share and increase competitiveness ( Stocker & Várkonyi, 2022 ). MO can be considered a continuous process of innovation that yields high-value-added products and services ( Wilson & Liguori, 2023 ). MO has been operationalized through dimensions like customer orientation, competitor orientation, and inter-functional coordination ( Taghvaee & Talebi, 2023 ). Meanwhile , Borah et al. ( 2023 ) believe that the degree of one's meeting with customers, meeting with competitors, adapting to environmental dynamics, and the quality of one's relationships is a measure of market orientation since this is also a pointer to the capacity of the business. The current situation of MO to create an SCA in the sustainable development of the insurance industry of Vietnam is different. It shows many positive signals but at the same time faces many challenges (M. T. N. Nguyen, 2023 ). The implementation of market segmentation and product development is paid more attention by insurers, which satisfies the diverse needs of consumers, such as health insurance, life insurance, and non-life insurance (Anh & Trung, 2024). Moreover, insurance awareness among large sections of the population, especially the rural ones, is still low (M. T. N. Nguyen, 2023 ). Businesses are not lagging in investing in technology to improve customer experience and optimize service processes. Despite strong progress with the adoption of digital technology and data analytics, many insurance companies still are trying to build a synchronous and effective system for data management (Q. K. Nguyen, 2024 ). Besides, the increasingly fierce competition from domestic and foreign enterprises forces insurance companies to innovate unceasingly and strive for continuous improvement (Anh & Trung, 2024). Although research on the positive relationship between MO and sustainable competitive advantage has been conducted ( Hoang & Bui Thanh, 2021 ; Ngo, 2023 ), however, it has not been implemented in the insurance industry. On that basis, the study proposes that the higher the market orientation of insurance enterprises, the more sustainable competitive advantages will increase. Hypothesis H3: MO promotes SCA of insurance companies in Vietnam. 2.7. Innovation capacity and sustainable competitive advantage Innovation capacity (IC) is the ability to invent, explore, and apply new ideas to create products or business processes on an ongoing basis ( Kastelli et al., 2024 ). These are systematic activities in the process of market, production, operation, organization, knowledge, and technology transfer that take place inside and outside the enterprise in the process of the above invention ( Khin & Ho, 2019 ). IC is related to MO and TI of the enterprise because it is innovation in TI and innovation in MO ( Lee, 2023 ). Furthermore, it is essential for creating a strong company and sustainable growth ( B. Li et al., 2023 ). IC signifies the ability to continuously pursue innovation, from which resources will be restructured and recreated, transformed into core resources to solve problems arising from changes in the business environment ( Zhang et al., 2023 ). Therefore, IC plays a key role in creating outstanding SCA. In the context of increasing competition on the global level, the insurance industry in Vietnam has been developing remarkably. Hence, it reflects a strong transformation. The innovation role is so significant that for a long period, insurance companies have been well aware of the enhancement in service quality and the development of new products (M. T. N. Nguyen, 2023 ). More specifically, a lot of companies have actively leveraged such advanced technologies as AI, ML, and big data analytics for the enhancement of risk assessment, product personalization, and optimization of the compensation process. New business models and innovative technological solutions also entered the industry due to the growth in the number of startups in the insurance sector. Firms also closely cooperate with research and technology organizations to build more market insurance products with increasing diversity in needs, such as on-demand insurance or microinsurance (L.-T. Nguyen, 2023 ). However, there is still a need to further improve the innovation capacity of the insurance industry in Vietnam in terms of its innovation culture and resource access. Previous studies have proven that IC has a strong impact on firm performance ( Borah et al., 2023 ; Lee, 2023 ). Previous research also suggests the need to study the impact of IC in different industries and contexts ( Hu et al., 2024 ). These studies have been conducted in many countries and fields, but in Vietnam, the number is still limited, especially in the insurance industry. Then, the article proposes a hypothesis : Hypothesis H4: IC has a positive impact on SCA of insurance companies in Vietnam. 2.8. Sustainable competitive advantage and firm performance Measuring firm performance is crucial in any enterprise since it shows how effectively resources are managed and used ( Al-Weshah et al., 2019 ). However, the measurement and evaluation of this factor depends on the audience and industry, so there are appropriate measurement and evaluation criteria for each group. Accounting indicators, market value added, market-to-book value, and extraordinary profits are a few frequently used techniques ( Cahyono et al., 2023 ; Hoque et al., 2023 ). There is also the view of evaluating business performance by measuring organization, human resources, finance, and market ( Ricardianto et al., 2023 ). In addition, it is also evaluated by product quality, service quality, ability to develop new products, ability to attract and retain employees, ability to satisfy customers, and relationship between managers and employees as well as between employees in the business ( Arsawan et al., 2022 ). To develop sustainably, firm performance must include additional sustainability metrics, such as corporate social responsibility, sustainability, and the financial and market indicators previously mentioned ( Pan et al., 2023 ). SCA plays a key role in improving firm performance ( Vahter & Vadi, 2024 ). When a business possesses unique elements such as advanced technology, a strong brand, or an optimal production process, it can create outstanding value for customers and maintain a competitive position in the long run ( Wang et al., 2023 ). This difference not only helps businesses attract and retain customers but also minimizes pressure from competitors, thereby improving profit margins and revenue ( Liu & Zhu, 2024 ). Moreover, SCA allows businesses to take advantage of new market opportunities effectively, enhance their ability to adapt and innovate, contribute to improving overall operational efficiency, and ensure sustainable development in a volatile business environment ( Lee, 2023 ). Vietnamese insurers with an SCA thanks to strong brands, diversified products, and good customer service often record stable revenue growth and improved profit margins ( Mai et al., 2020 ). The development of technology and digital solutions has helped companies optimize business processes, thereby improving operational efficiency and minimizing costs. However, there are still many businesses that have difficulty maintaining a competitive advantage due to the rapid transformation of the market and customer needs ( Loan, 2023 ). The increase in competition from both domestic and international businesses has also made it more difficult to maintain its position. In particular, some companies have not yet fully taken advantage of the potential of technology and innovation to improve business efficiency (H. T. Nguyen et al., 2023 ). Most of the domestic insurers in Vietnam enjoy strong brands, diversified products, and good customer service, which often results in stable revenue growth and profit margins that improve because of the SCA ( Mai et al., 2020 ). Additionally, technology development and digital solutions enabled companies to enhance business processes for improved operational efficiency and thus reduced costs. However, the problem of sustaining competitive advantage still prevails for any business because the market and its needs are changing at a fast pace ( Loan, 2023 ). In any other case, the increase in competition from both domestic and international businesses worsened the scenario of maintaining its position. In particular, not all companies have grasped the full potential of technology and innovation in business efficiency improvement (H. T. Nguyen et al., 2023 ). The relationship between SCA and business performance has been explored by many scholars, but there has been no research on the insurance industry. From there, the following research hypothesis is proposed : Hypothesis H5: IC has a positive effect on business performance of insurance companies in Vietnam. 2.9. The Regulatory Role of Government Policies An enterprise is an entity operating in the business environment. This is a combination of internal and external factors that affect the operation of the enterprise ( Abbas et al., 2024 ). In the business environment, external factors include government institutions, policies, competitors, etc., and inside as suppliers, and customers ( Tran, 2023 ). Government policies have an impact on the production and business operations of enterprises, which is similar to stakeholder theory. The role of government policy in emerging countries is particularly important in economic activities. Because the characteristic of these countries is the scarcity of resources ( Baker & Shortland, 2023 ). Meanwhile, the Government can take over the power to allocate scarce and valuable resources that have a great impact on businesses through industry development plans and the development of regulatory policies ( Laksono et al., 2023 ). In this context, the characteristics of the policy along with the liberalization of the economy will affect the change of resources and capacity at the enterprise level ( Tholl et al., 2021 ). Government policy is a dynamic capacity at the external macro level, a group of macro dynamic competencies that have a direct or indirect impact on dynamic resources at the micro level and create a sustainable business environment ( Singhal et al., 2020 ). Consequently, it is important to pay attention to government policies that regulate the relationship between dynamic capacity and firm performance. Vietnam is a developing nation whose economy is among the six Asian pole nations with the fastest rate of growth (X. P. Nguyen et al., 2021 ). The insurance industry is one of the industries that play an important and comprehensive strategic role in the political, and socio-economic development of Vietnam. Vietnamese insurers operate in a volatile and competitive environment, which naturally affects and is affected by policy-related issues. In the rapid change of the Industry 5.0, businesses not only face changes in technology but also the impact of policies ( Ghobakhloo et al., 2022 ). According to the theory of stakeholders, the internal and external factors can be considered as a dynamic capacity that brings opportunities and creates a SCA ( Stoelhorst, 2023 ). Thereby promoting businesses to achieve business goals as expected. Government policy, a category of external factors, is a dynamic force that significantly influences certain contexts and sectors ( Dmytriyev et al., 2021 ). Therefore, the study suggests that : Hypothesis H6: Government policies regulating the relationship between SCA and firm performance of insurance companies in Vietnam. 2.10. The mediating role of sustainable competitive advantage Companies establish an SCA when they are carrying out a value-creation strategy that is currently uncopyable or implementable by competitors ( Chatterjee et al., 2024 ). Thus, businesses need to have valuable resources for VRIN to build a SCA ( Mahajan et al., 2023 ). Within the framework of ongoing technological advancement, this is the process of converting scarce and difficult-to-locate resources into long-term competitiveness by using the ability to perceive, understand, and manipulate businesses ( Wang et al., 2023 ). Therefore, SCA becomes a dynamic resource. In terms of creating a competitive advantage, dynamic capacity plays a feeder role. It transforms resources through the process of business readjustment to form a SCA. Thereby creating outstanding business results in the long term ( Zhang et al., 2023 ). Sustainable competitiveness is therefore investigated and studied as a mediating factor in the process by which dynamic resources will impact the firm performance ( Al-kalouti et al., 2020 ). This is expressed through the three capabilities of cost leadership, differentiation, and innovation capabilities ( Zhang et al., 2023 ). TI, DO, MO, and IC are dynamic resources of businesses and play a role in helping businesses create outstanding SCA ( Wang et al., 2023 ; Taghvaee & Talebi, 2023 ; Al-kalouti et al., 2020 ). Based on the aforementioned foundations and integrating research on the dynamic capacity theory's mediating mechanism, the study suggests the function of dynamic competencies that indirectly affect firm performance through SCA ( Anwar & Ali Shah, 2020 ). The relationship between the stated dynamic competencies and firm performance in Vietnam's insurance industry is mediated by SCA, which in turn enhances firm performance. From there, the following research hypotheses are proposed : Hypothesis H7: IC indirectly drives firm performance through SCA. Hypothesis H8: MO indirectly promotes firm performance through SCA. Hypothesis H9: DO indirectly drives firm performance through SCA. Hypothesis H10: TI indirectly drives firm performance through SCA. Based on the theoretical framework and research hypothesis, the proposed research model in Fig. 1 . 3. Research methodology 3.1. Research Data To test the model and research hypotheses, the research paper surveyed middle and senior managers at insurance companies in Vietnam. The number of enterprises participating in the survey is 70 enterprises, and the number of respondents participating in each enterprise is from 3–5 people. The questionnaire uses filtered questions to ensure that participants answer the right target audience. Thus, although the survey subjects are leaders, the people who are approached have an understanding of sustainable competition in the business, so they can affirm that the survey form is appropriate and representative. Preliminary research begins with the proposal of a research model. The research model includes several scales inherited from studies conducted abroad, so it is necessary to adapt and develop questionnaires that are suitable for the Vietnamese context. To complete the preliminary study, a combination of qualitative and quantitative methods is applied. The qualitative research method was conducted using in-depth interviews to examine the proposed measurements in the draft questionnaire. The qualitative method aims to find out what people think and feel based on their experiences and beliefs about the issues being asked. The advantage of this method is to understand the point of view and explore the variety and flexibility of the answers. In this study, an in-depth interview was conducted with leaders in five insurance companies in Vietnam. The purpose of this method is to adjust the research model, supplement the scale, and find discoveries by comparing theoretical research models and differences in Vietnam. The data collection period is from June 1, 2024, to July 30, 2024. The authors survey by creating questions on Google Forms and sending links via media such as Zalo, messages, and emails to respondents. Informed consent was obtained from all individual participants included in the study. Since the paper uses Structural Equation Modeling (SEM) to analyze the multidimensional relationships of variables in the model, the authors relied on the recommendations of Comrey & Lee ( 2013 ) for how to determine the sample size. A sample size of 50 to 100 is not enough for the SEM model, a sample size of 200 is satisfactory. The sample size of the study was 248, in line with the threshold. The questionnaire and methodology for this study was approved by the Human Research Ethics committee of University of Economics Ho Chi Minh City, Vietnam (Ethics approval number: TT_20102024). 3.2. Data Processing Methods Based on the research results of Al Haq et al. ( 2020 ), the research identifies the model as a reflective model. To evaluate this model, there are two steps to be taken, including evaluating the measurement model and evaluating the structural model. In the step of evaluating the measurement model, the authors evaluated the Composite Reliability (CR) and Conbach's Alpha coefficient. In addition, the research also tested the AVE (Average Variance Extracted), Outer Loading and HTMT. The second step is to evaluate the structural model to test the research hypotheses. 3.3. Scale measurement To achieve the research objectives, the process of selecting the scale of the model is based on previous studies ( Table 1 ). In particular, the government's policy scale uses the scale of Pelletier et al. ( 1996 ) including 8 items. SCA uses the scale of Tu & Wu ( 2021 ) consisting of 5 items. Firm performance has 6 items, which are referenced from the scale of Tajvidi & Karami ( 2021 ). IC is based on the research of Lam et al. ( 2021 ), which consists of 4 items. DO is based on the research of Khin & Ho ( 2019 ), which has 4 items. The MO scale is based on research by Kasim et al. ( 2018 ), which consists of 4 items. TI is measured using 4 scales and is based on research by Qin et al. ( 2021 ). 4. Research results 4.1 Statistical Description Table 1. Results of statistical analysis Demographic characteristics Number of observations Proportion (%) Gender Male 108 43.7 Female 140 56.3 Age 20-29 156 29.1 30-39 22 25.5 40-49 14 22.9 Over 50 56 22.5 Education Graduate 119 47.8 Postgraduate 129 52.2 Type of business Non-Life Insurance 99 40.1 Life Insurance 36 14.5 Reinsurance 5 2 Insurance Brokerage Company 108 43.4 Work Experience From 1 to 5 years 101 41 From 6 to 10 years 87 35 Over 10 years 60 24 Total 248 100 The survey sample is composed of 56.3% female and 43.7% male, according to the results in Table 1. The ages in the survey were fairly similar. Of those who responded, 47.8% had a bachelor's degree, and 52.2% had a postgraduate degree. Mostly non-life insurance and insurance brokerage firms are among the business types taking part in the survey. The largest percentage of surveyors (41%), those with 6–10 years of experience (35%), and those with more than 10 years of experience (24%), were those with 1–5 years. 4.2 Measurement model evaluation results Table 2. Measurement model evaluation results Variable symbol Content Outer Loading Cronbach’s Alpha CR AVE VIF Government policies (GP) GP1 Conditions in the area are great. 0.790 0.904 0.906 0.597 2.444 GP2 Programs offered by the government are generally of very high quality. 0.755 2.856 GP3 Excellent government policies were created to address the insurance issue. 0.799 1.082 GP4 The insurance circumstances in my area are generally quite favorable. 0.780 2.612 GP5 The majority of the time, government-developed programs have addressed the most significant insurance issues. 0.761 1.924 GP6 My company believes that the government has paid adequate attention to insurance. 0.705 1.580 GP7 My company is currently satisfied with the insurance situation in my area. 0.797 1.374 GP8 There is very little that my company would alter if my company could alter any part of the insurance situation in my region. 0.793 1.405 Sustainable Competitive Advantage (SCA) SCA1 My company is more adept at learning than its competitors. 0.767 0.878 0.881 0.673 1.680 SCA 2 Changes in market demand can be promptly addressed by mycompany. 0.858 2.985 SCA 3 My company has a lot of circulation capital. 0.788 2.234 SCA 4 My company is well-known in the industry. 0.830 2.821 SCA 5 My company has many long-term partners. 0.855 2.726 Firm performance (FP) FP 1 Over the last three years, my company's market share has increased. 0.808 0.868 0.873 0.590 1.934 FP 2 Over the last three years, the yearly turnover of my company has increased. 0.769 1.988 FP 3 Over the last three years, my company has grown its workforce. 0.745 1.920 FP 4 Over the last three years, my company has met its profit targets. 0.805 2.036 FP 5 Over the last three years, my company has seen an improvement in return on investment. 0.753 2.095 FP 6 Over the last three years, my company's return on investment has improved. 0.769 2.099 Innovation capacity (IC) IC1 My business creates new production processes and methods. 0.767 0.773 0.809 0.590 1.541 IC2 My organization has implemented more advanced management techniques and protocols compared to three years ago. 0.728 1.839 IC3 My company now offers better products than it did three years ago. 0.861 1.471 IC4 My company enhances and modifies already-existing products. 0.708 Digital Orientation (DO) DO1 My company dedicated to creating our new solutions using digital technologies. 0.878 0.857 0.864 0.702 2.813 DO2 My company use cutting-edge digital technology in our solutions. 0.799 2.915 DO3 In my company, new digital technology is easily embraced. 0.769 1.978 DO4 My company is constantly searching for ways to incorporate digital technology into our innovations. 0.898 2.024 Market Orientation (MO) MO1 My company's marketing strategies are always carried out by more than just our marketing department. 0.900 0.921 0.922 0.808 2.841 MO2 To better understand our customers and plan our marketing strategies, my company carefully considers customer value. 0.897 2.463 MO3 My company constantly strives to provide our clients with high-quality service and a worthwhile experience. 0.903 1.640 MO4 My company is quick to recognize and address our customers' new needs as they arise. 0.895 1.256 Technology Infrastructure Capacity (TI) TI1 My company provides architecture and data management services. 0.732 0.718 0.723 0.541 1.306 TI2 My company offers network communication services. 0.790 1.533 TI3 My company offers services and an application portfolio. 0.705 1.442 TI4 My company provides services for IT facilities.. 0.711 1.267 Abbreviation: TI, technology infrastructure capacity; DO, Digital Orientation; MO, Market Orientation; IC, Innovation capacity; SCA, sustainable competitive advantage; GP, government policies; FP, Firm performance The reliability of the scale was assessed by using the composite reliability, Cronbach's Alpha, and the outer loading factor. The Heterotrait-Monotrait Ratio (HTMT) was used to assess the scale's difference and the mean of variance extracted (AVE) to assess the scale's convergence (Hair et al., 2012). The results of the analysis in Table 2 show that all scales for concepts meet the reliability requirements (≥ 0.7). Specifically, Cronbach's Alpha ranged from 0.718 to 0.921, indicating that the reliability response scale, CR ensured the upper limit, all coefficients reached the permissible value (≥ 0.7), specifically the values all met and ranged from 0.922 to 0.723 (Henseler et al., 2016). The results of AVE analysis show that the conceptual scales have convergence values, the AVE is over 50%, and the values range from 0.541 to 0.808. In addition, the outer loading of all observations is valued from 0.705 to 0.900. Thus, it can be concluded that the scales are satisfactory to evaluate the convergence reliability of the scale. 4.3 HTMT Results Table 3. HTMT analysis results FP DO GP IC MO SCA TI FP DO 0.822 GP 0.845 0.771 IC 0.680 0.677 0.649 MO 0.728 0.603 0.652 0.486 SCA 0.830 0.798 0.847 0.605 0.625 TI 0.859 0.844 0.806 0.680 0.605 0.819 GP x SCA 0.422 0.411 0.414 0.186 0.409 0.478 0.387 Abbreviation: TI, technology infrastructure capacity; DO, Digital Orientation; MO, Market Orientation; IC, Innovation capacity; SCA, sustainable competitive advantage; GP, government policies; FP, Firm performance The HTMT is used by the authors to further evaluate the distinction. The results in Table 3 show that all research concepts are markedly different at the HTMT threshold of 0.90 (Henseler et al., 2016). The authors also used the statistical value of VIF to conduct a multilinear test. According to the findings, there is no multilinearity because each variable's VIF coefficient is less than 3 . 4.4 Results of structure model evaluation and discussion 4.4.1 Results of structural model evaluation The objective of this study is to investigate the impact of SCA on FP under the regulatory impact of GP in Vietnamese insurers. Thus, this study explores the relationship between variables in the model and focuses on the target variable, which is FP. Therefore, using a Partial Least Squares Structural Equation Modeling (PLS-SEM) analysis method is most appropriate (Hair et al., 2011). The software SmartPLS 4.0 is used to manage this approach. The initial estimate and the Bootstrap average results indicate that all paths are stable when the authors combine Bootstrap analysis with n = 5,000. This is a good quality model for explaining the relationship between concepts. The results of the direct effects are statistically significant, accepting the H1, H2, H3, H4, and H5 hypotheses. The regulatory impact of GP on the relationship between SCA and FP has also been confirmed. Thus, the H6 hypothesis is accepted. In addition, the mediating role of SCA has also been identified. Thus, the H7, H8, H9, and H10 hypotheses are accepted (Table 4). Table 4. Results of path coefficient analysis Hypothesis Relationship Beta coefficient t value p-value Conclusion Direct effect H1 TI -> SCA 0.373 0.389 0.001 Accept H2 DO -> SCA 0.274 0.262 0.002 Accept H3 MO -> SCA 0.285 0.286 0.003 Accept H4 IC -> SCA 0.204 0.207 0.000 Accept H5 SC -> FP 0.281 0.284 0.007 Accept Regulatory effect H6 GP x SC -> BP 0.261 0.261 0.008 Accept Intermediary effect H7 IC -> FP 0.229 0.229 0.000 Accept H8 MO -> FP 0.252 0.257 0.002 Accept H9 DO -> FP 0.277 0.274 0.000 Accept H10 TI -> FP 0.205 0.209 0.003 Accept Determination coefficient R 2 = 0.620; AdjR 2 = 0.608 Abbreviation: TI, technology infrastructure capacity; DO, Digital Orientation; MO, Market Orientation; IC, Innovation capacity; SCA, sustainable competitive advantage; GP, government policies; FP, Firm performance (Source: Calculation results from SmartPLS 4.0 software) 4.2.2 Discussion The results of the analysis show that TI has a positive relationship with SCA of Vietnamese insurance companies. Furthermore, with f2 = 0.37 ≥0.35 (Cohen, 1988) , IC significantly affects SCA. This result confirms the H1 hypothesis and is consistent with the study of Khin & Ho (2019) . In this study, the authors emphasize the role of infrastructure development investment and point out that TI is the core infrastructure for deploying higher-level infrastructure such as information infrastructure, and information technology infrastructure. A wide-spectrum information system then has been developed. Moreover, TI is the basis for building and developing digital infrastructure, serving digital transformation, and developing high-tech products and services such as big data, IoT, and AI (Yasmin et al., 2020). These technologies are digitally focused products of companies in the Industry 5.0 (Kastelli et al., 2024) . DO has a positive relationship and has a strong impact on the SCA of Vietnamese insurance companies, with f 2=1.07 and β=0.274. This result confirmed the H2 hypothesis. With a customer-centric perspective in all business activities, DO aims to help businesses track, analyze, and respond to create outstanding value in products and services to meet the changing needs of customers, competitors, and the business environment (Bendig et al., 2023) . Industry 5.0 has ushered in a new era that changes the way of communication. Therefore, the development of digital technology is promoting market orientation in the above three angles in a positive and strong way. The results of this study are in line with the research of Wilson & Liguori (2023) . The continuous development of digital technology is impacting the market-oriented capacity of businesses. Specifically, it helps businesses become more skilled to increase data capacity, information dissemination capacity and response capacity. MO has a positive relationship with SCA (β=0.285). Results accept the H3 hypothesis. The f2=1.14 coefficient shows the strong influence of MO on SCA in the insurance industry. The results of this study, together with previous studies by Borodako et al. (2022), reinforce the important role of MO in facilitating the promotion of SCA. Since ongoing innovation efforts are essential to MO, they produce goods and services that are exceptionally valuable (Stocker & Várkonyi, 2022) . The result will lead to the SCA of the enterprise being implemented throughout the system from governance, operation activities, production and business processes (Taghvaee & Talebi, 2023) . IC is also identified as one of the factors that have a positive impact on the SCA of insurance companies in Vietnam with a coefficient of f2=1.15, β=0.204. The results accepted the H4 hypothesis and similar to the research of Vahter & Vadi (2024) . IC plays a key role in improving the SCA of insurance companies in Vietnam. When companies adopt innovative solutions such as digital technology, big data analytics, and customized insurance products, they not only improve the quality of service but also create better customer experiences. This helps increase customer satisfaction and loyalty, thereby expanding market share and increasing revenue. Additionally, IC enables businesses to quickly adjust to shifts in the market and business environment, assisting them in preserving a competitive edge in a sector that is constantly innovating and changing. As a result, insurance companies not only exist but also develop sustainably, contributing to improving the overall competitiveness of the Vietnamese insurance industry. SCA is the driving force to increase FP. This result is confirmed by the coefficient f2=1.24 and β=0.281, and is similar to the study of Knudsen et al. (2021) . SCA plays a crucial role in shaping the FP of insurance companies in Vietnam, laying the groundwork for their long-term growth. By continuously enhancing management practices, elevating service quality, and optimizing costs, companies not only strengthen their ability to attract and retain customers but also boost their financial outcomes. This competitive edge enables firms to adapt swiftly to market changes, helping them reduce risks and maximize profits. Additionally, businesses with strong, SCA tend to earn greater trust from clients and partners, opening doors to collaboration and further business expansion. This, in turn, significantly contributes to their stability and long-term success in an increasingly dynamic industry. The findings indicate that GPs that positively regulate FP are associated with SCA regarding the relationships between dynamic capacity and FP of Vietnamese insurers. Impact results with coefficients f2=1.09, β= 0.261, confirming the H6 hypothesis. This result is consistent with the study of Ricardianto et al. (2023). , where GP has been playing a positive role in regulating the FP of Vietnamese insurance companies, especially in enhancing SCA. Supportive policies such as tax reductions, the development of new products, and investment in technology could enable firms to save part of the costs and enhance further their competitiveness in the market. Clear and transparent government regulations mean a favorable business environment that enhances investor and customer confidence in stimulating demand for insurance services. It was such support that turned insurers to innovation and improvement of service quality, therefore helping them to create products better meeting market needs. If companies can optimize their competitive advantages while maintaining FP, they will not only develop sustainably but also contribute greatly to the stability and development of the whole insurance industry in Vietnam. The results of the analysis show that SCA plays a comprehensive and seminal role in the dynamic capacity and FP of Vietnam's insurance industry. SCA is measured by the ability to differentiate and differentiate through the innovation of the business (Knudsen et al., 2021) . When TC, MO, and innovative technologies are combined, they transform and produce unique and creative values that are hard for competitors to copy or replicate. The value of sustainable competitiveness is attained at this point because it is created when a company implements a value-creating strategy that no rival, present or future, can copy or implement. As a result, the business achieves its business goals in terms of revenue, profit, and market share. In other words, the four dynamic resources mentioned above create an outstanding SCA for enterprises by differentiation and differentiation in innovation. This value transformation process's outcome is to advance the FP. The empirical study by Waheed et al. (2024) on the intermediary role of SCA promotes outstanding FP from tangible and intangible resources, reinforcing the results of this study. The results also showed that the H7, H8, H9, and H10 hypotheses were accepted . 5. Conclusions and management implications 5.1 Conclusion The research results show that IC, DO, MO, and IC have a direct and positive effect on SCA. SCA has a direct and positive effect on FP. The impact of SCA on FP is positively regulated by GP. In addition, the intermediary role of SCA has also been confirmed in Vietnamese insurance companies. This research has certain academic contributions. This study has enriched two important theories for business operations, include the dynamic capacity theory and the theory of stakeholders in the insurance sector. An area that is quite important for economic and social growth, but relevant research is limited. This study identified the relationship between dynamic competency components, include MO, DO, IC, and TC. In addition, the study also explores the mediating role of SCA with MO, DO, IC, TC, and FP. In practical terms, the research results are the basis for enterprises to have an overview to identify and nurture resources suitable for the characteristics of enterprises and industries, thereby improving their competitive position and creating sustainable development in their operations. 5.2 Management implications The research results indicate that IC, DO, MO, and IC all have a positive impact on SCA. To make the most of these factors, insurers should invest heavily in improving their IT and data infrastructure, thereby improving customer service capabilities and optimizing business processes. In addition, building an innovation-oriented corporate culture will encourage employees to participate in innovative projects, contributing to the development of products and services that meet the diverse needs of the market. MO also needs to be cautiously considered, whereby insurance companies will regularly update the trends and demand of the customers. The firm can conduct periodic market research and collect suggestions from customers in order to develop a more suitable product. This would thus increase their competitiveness. While doing so, the companies should also optimize their marketing strategy in such a way that it attracts customers and helps in customer retention, focusing on the key value and benefit that the product provides to the customer. Ultimately, for the enhancement of SCA's positive impacts on business performance, it is highly recommended that insurers closely collaborate with the government in developing and putting supportive policies into practice. It is not difficult at all for governments to propose tax incentives, attract investments in technology and innovation, and provide a suitable regulatory environment to help the insurance industry prosper. This will help businesses to develop competitiveness while contributing to the stability of the insurance market in Vietnam in developing in a sustainable manner. 6. LIMITATIONS OF THE STUDY Although the findings are quite interesting, this study still has certain limitations. First, this research focuses on the insurance industry, so the results may not be relevant to other fields. Second, this study has not analyzed in depth for each type of insurance business. Third, this study only focuses on the views of managers in enterprises but does not cover other relevant subjects. Other studies in the future may overcome the above limitations to propose a deeper solution. Declarations Competing interests : The authors declare no competing interests Author Contribution Tang My Sang is responsible for the following contents: Visualization, Methodology, Software, Formal Analysis, Data Curation, Writing – Original Draft, Funding Acquisition.Nguyen Tien Hung is responsible for the following contents: Conceptualization, Investigation, Resources, Writing – Review & Editing, Supervision, Project Administration, Funding Acquisition. Acknowledgement This research is partly funded by University of Economics Ho Chi Minh City (UEH), Vietnam.This research is partly funded by the Ho Chi Minh City University of Economics and Finance (UEF), Vietnam Data Availability The data are available from the authors upon reasonable request ( [email protected] ) References Abbas J, Balsalobre-Lorente D, Amjid MA, Al-Sulaiti K, Al-Sulaiti I, Aldereai O. Financial innovation and digitalization promote business growth: The interplay of green technology innovation, product market competition and firm performance. Innov Green Dev. 2024;3(1):100111. https://doi.org/10.1016/j.igd.2023.100111 . Al-kalouti J, Kumar V, Kumar N, Garza-Reyes JA, Upadhyay A, Zwiegelaar JB. Investigating innovation capability and organizational performance in service firms. Strategic Change. 2020;29(1):103–13. https://doi.org/10.1002/jsc.2314 . Al-Weshah GA, Al-Manasrah E, Al-Qatawneh M. Customer relationship management systems and organizational performance: Quantitative evidence from the Jordanian telecommunication industry. J Mark Commun. 2019;25(8):799–819. https://doi.org/10.1080/13527266.2018.1449007 . Al Haq M, Abd Wahab N, Alam MM. Understanding the impact of institutional factors on asnaf sustainability: a PLS-SEM approach. Ournal Islamic Monetary Econ Finance. 2020;17(4):759–90. Anh NT, Van, Trung NA. Trends in Fintech Application in the Insurance Sector in Vietnam. Int J Multidisciplinary Res Anal. 2024;07(03):1079–89. https://doi.org/10.47191/ijmra/v7-i03-28 . Anwar M, Ali Shah SZ. Managerial networking and business model innovation: empirical study of new ventures in an emerging economy. J Small Bus Entrepreneurship. 2020;32(3):265–86. https://doi.org/10.1080/08276331.2018.1490509 . Arsawan IWE, Koval V, Rajiani I, Rustiarini NW, Supartha WG, Suryantini NPS. Leveraging knowledge sharing and innovation culture into SMEs sustainable competitive advantage. Int J Productivity Perform Manage. 2022;71(2):405–28. https://doi.org/10.1108/IJPPM-04-2020-0192 . Bailur S. Using Stakeholder Theory to Analyze Telecenter Projects. Inform Technol Int Dev. 2007;3(3):61–80. https://doi.org/10.1162/itid.2007.3.3.61 . Baker T, Shortland A. The government behind insurance governance: Lessons for ransomware. Regul Gov. 2023;17(4):1000–20. https://doi.org/10.1111/rego.12505 . Barney J. Firm resources and sustained competitive advantage. J Manag. 1991;17(1):410. Bendig D, Schulz C, Theis L, Raff S. (2023). Digital orientation and environmental performance in times of technological change. Technological Forecasting and Social Change, 188(December 2022), 122272. https://doi.org/10.1016/j.techfore.2022.122272 Bhardwaj R, Srivastava S. Dynamic Capabilities of Social Enterprises: A Qualitative Meta-Synthesis and Future Agenda. J Social Entrepreneurship. 2024;15(2):400–28. https://doi.org/10.1080/19420676.2021.1972030 . Borah PS, Dogbe CSK, Pomegbe WWK, Bamfo BA, Hornuvo LK. Green market orientation, green innovation capability, green knowledge acquisition and green brand positioning as determinants of new product success. Eur J Innov Manage. 2023;26(2):364–85. https://doi.org/10.1108/EJIM-09-2020-0345 . Borodako K, Berbeka J, Rudnicki M, Łapczyński M, Kuziak M, Kapera K. Market orientation and technological orientation in business services: The moderating role of organizational culture and human resources on performance. PLoS ONE. 2022;17(6 June):1–17. https://doi.org/10.1371/journal.pone.0270737 . Cahyono Y, Purwoko D, Koho IR, Setiani A, Supendi, Setyoko PI, Sosiady M, Wijoyo H. The role of supply chain management practices on competitive advantage and performance of halal agroindustry SMEs. Uncertain Supply Chain Manage. 2023;11(1):153–60. https://doi.org/10.5267/j.uscm.2022.10.012 . Chatterjee S, Mikalef P, Khorana S, Kizgin H. Assessing the Implementation of AI Integrated CRM System for B2C Relationship Management: Integrating Contingency Theory and Dynamic Capability View Theory. Inform Syst Front. 2024;26(3):967–85. https://doi.org/10.1007/s10796-022-10261-w . Chien SY, Tsai CH. Dynamic capability, knowledge, learning, and firm performance. J Organizational Change Manage. 2012;25(3):434–44. https://doi.org/10.1108/09534811211228148 . Cohen S. Psychosocial models of the role of social support in the etiology of physical disease. Health Psychology: Official J Div Health Psychol Am Psychol Association. 1988;7(3):269–97. https://doi.org/10.1037/0278-6133.7.3.269 . Comrey AL, Lee HB. (2013). A first course in factor analysis. In Psychology press. Cuevas-Vargas H, Lozano-García JJ, Morales-García R, Castaño-Guevara S. Transformational leadership and innovation to boost business performance: The case of small Mexican firms. Procedia Comput Sci. 2023;221:1139–46. https://doi.org/10.1016/j.procs.2023.08.099 . Dagnino GB, Picone PM, Ferrigno G. Temporary Competitive Advantage: A State-of-the-Art Literature Review and Research Directions. Int J Manage Reviews. 2021;23(1):85–115. https://doi.org/10.1111/ijmr.12242 . Dmytriyev SD, Freeman RE, Hörisch J. The Relationship between Stakeholder Theory and Corporate Social Responsibility: Differences, Similarities, and Implications for Social Issues in Management. J Manage Stud. 2021;58(6):1441–70. https://doi.org/10.1111/joms.12684 . Dragotă IM, Cepoi CO, Ştefan L. Threshold effect for the life insurance industry: evidence from OECD countries. Geneva Pap Risk Insur Issues Pract. 2023;48(4):799–820. https://doi.org/10.1057/s41288-022-00272-8 . Dubey R, Bryde DJ, Dwivedi YK, Graham G, Foropon C, Papadopoulos T. (2023). Dynamic digital capabilities and supply chain resilience: The role of government effectiveness. International Journal of Production Economics, 258(June 2022), 108790. https://doi.org/10.1016/j.ijpe.2023.108790 Ellili N, Nobanee H, Alsaiari L, Shanti H, Hillebrand B, Hassanain N, Elfout L. The applications of big data in the insurance industry: A bibliometric and systematic review of relevant literature. J Finance Data Sci. 2023;9(February):100102. https://doi.org/10.1016/j.jfds.2023.100102 . Ferreira JJM, Fernandes CI, Veiga PM. (2024). The effects of knowledge spillovers, digital capabilities, and innovation on firm performance: A moderated mediation model. Technological Forecasting and Social Change, 200(May 2023). https://doi.org/10.1016/j.techfore.2023.123086 Foss NJ, Schmidt J, Teece DJ. Ecosystem leadership as a dynamic capability. Long Range Plann. 2023;56(1):102270. https://doi.org/10.1016/j.lrp.2022.102270 . Freeman RE. The Politics of Stakeholder Theory. Bus Ethics Q. 1994;4(4):409–21. https://doi.org/10.5840/10.2307/3857340 . Freeman RE, Harrison JS, Wicks AC, Parmar B, de Colle S. Stakeholder theory: The state of the art. Stakehold Theory: State Art. 2010;4(1):1–343. https://doi.org/10.1017/CBO9780511815768 . Ghobakhloo M, Iranmanesh M, Mubarak MF, Mubarik M, Rejeb A, Nilashi M. Identifying industry 5.0 contributions to sustainable development: A strategy roadmap for delivering sustainability values. Sustainable Prod Consum. 2022;33:716–37. https://doi.org/10.1016/j.spc.2022.08.003 . Hair JF, Sarstedt M, Ringle CM, Mena JA. An assessment of the use of partial least squares structural equation modeling in marketing research. J Acad Mark Sci. 2012;40(3):414–33. https://doi.org/10.1007/s11747-011-0261-6 . Henseler J, Hubona G, Ray PA. Using PLS path modeling in new technology research: Updated guidelines. Industrial Manage Data Syst. 2016;116(1):2–20. https://doi.org/10.1108/IMDS-09-2015-0382 . Herold S, Heller J, Rozemeijer F, Mahr D. Dynamic capabilities for digital procurement transformation: a systematic literature review. Int J Phys Distribution Logistics Manage. 2023;53(4):424–47. https://doi.org/10.1108/IJPDLM-12-2021-0535 . Hoang CL, Bui Thanh T. Market orientation, corporate social responsibility, and firm performance: The moderating role of relationship marketing orientation. Cogent Bus Manage. 2021;8(1). https://doi.org/10.1080/23311975.2021.1926212 . Hoque MA, Rasiah R, Furuoka F, Kumar S. Critical determinants and firm performance of sustainable technology adoption in the apparel industry: the stakeholder approach. J Fashion Mark Manage. 2023;27(1):182–200. https://doi.org/10.1108/JFMM-06-2021-0147 . Hu F, Mou S, Wei S, Qiu L, Hu H, Zhou H. Research on the evolution of China’s photovoltaic technology innovation network from the perspective of patents. Energy Strategy Reviews. 2024;51(January):101309. https://doi.org/10.1016/j.esr.2024.101309 . Hung Nguyen T. Digital Transformation in Vietnam - Trends and Solutions in the Coming Time. Int J Adv Multidisciplinary Res Stud. 2024;4(3):407–15. https://doi.org/10.62225/2583049x.2024.4.3.2801 . Jamaludin M, Busthomi H, Gantika S, Rosid A, Sunarya E, Nur T. Market orientation and SCM strategy on SME organizational performances: the mediating effect of market performance. Cogent Econ Finance. 2022;10(1). https://doi.org/10.1080/23322039.2022.2157117 . Jie S, Harms R, Groen AJ, Jones P. Capabilities and Performance of Early Internationalizing Firms: A Systematic Literature Review. J Small Bus Manage. 2023;61(3):1143–73. https://doi.org/10.1080/00472778.2021.1955124 . Kasim A, Ekinci Y, Altinay L, Hussain K. Impact of market orientation, organizational learning​ and market conditions on small and medium-size hospitality enterprises. J Hospitality Mark Manage. 2018;27(7):855–75. https://doi.org/10.1080/19368623.2018.1438955 . Kastelli I, Dimas P, Stamopoulos D, Tsakanikas A. Linking Digital Capacity to Innovation Performance: the Mediating Role of Absorptive Capacity. J Knowl Econ. 2024;15(1):238–72. https://doi.org/10.1007/s13132-022-01092-w . Khin S, Ho TCF. Digital technology, digital capability and organizational performance: A mediating role of digital innovation. Int J Innov Sci. 2019;11(2):177–95. https://doi.org/10.1108/IJIS-08-2018-0083 . Kindermann B, Beutel S, Garcia de Lomana G, Strese S, Bendig D, Brettel M. Digital orientation: Conceptualization and operationalization of a new strategic orientation. Eur Manag J. 2021;39(5):645–57. https://doi.org/10.1016/j.emj.2020.10.009 . Knudsen ES, Lien LB, Timmermans B, Belik I, Pandey S. (2021). Stability in turbulent times? The effect of digitalization on the sustainability of competitive advantage. Journal of Business Research, 128(October 2019), 360–369. https://doi.org/10.1016/j.jbusres.2021.02.008 Kristinae V, Sambung R, Meitiana, Mering L, Dwiatmadja C, Tunjang H. Application of RBV theory in entrepreneurial orientation, dynamic capability and customer relationship management. Uncertain Supply Chain Manage. 2023;11(2):707–12. https://doi.org/10.5267/j.uscm.2023.1.010 . Laksono AD, Nugraheni WP, Ipa M, Rohmah N, Wulandari RD. The Role of Government-run Insurance in Primary Health Care Utilization: A Cross-Sectional Study in Papua Region, Indonesia, in 2018. Int J Social Determinants Health Health Serv. 2023;53(1):85–93. https://doi.org/10.1177/00207314221129055 . Lam L, Nguyen P, Le N, Tran K. The relation among organizational culture, knowledge management, and innovation capability: Its implication for open innovation. J Open Innovation: Technol Market Complex. 2021;7(1):1–16. https://doi.org/10.3390/joitmc7010066 . Lee H. (2023). Converging technology to improve firm innovation competencies and business performance: Evidence from smart manufacturing technologies. Technovation, 123(March 2022), 102724. https://doi.org/10.1016/j.technovation.2023.102724 Leopold N, Groot W, Tomini SM, Tomini F. Health insurance and self-employment transitions in Vietnam. J Small Bus Manage. 2021;59(6):1279–300. https://doi.org/10.1080/00472778.2020.1786335 . Li B, Mousa S, Reinoso JRR, Alzoubi HM, Ali A, Hoang AD. The role of technology innovation, customer retention and business continuity on firm performance after post-pandemic era in China’s SMEs. Econ Anal Policy. 2023;78:1209–20. https://doi.org/10.1016/j.eap.2023.05.004 . Li H, Lu L, Lin Z, Meng T. Digital innovation and corporate social responsibility performance: Evidence from firms’ digital patents. Technol Forecast Soc Chang. 2024;207(July):123626. https://doi.org/10.1016/j.techfore.2024.123626 . Liu J, Zhu S. Board gender diversity and innovation performance in manufacturing firms: What is the role of risk-taking? Finance Res Lett. 2024;68(August):105936. https://doi.org/10.1016/j.frl.2024.105936 . Loan MT. Studying customers’ satisfaction with service quality of life insurance in Vietnam. Int J Prof Bus Rev. 2023;8(6):e02352–02352. Mahajan R, Lim WM, Sareen M, Kumar S, Panwar R. (2023). Stakeholder theory. Journal of Business Research, 166(December 2022), 114104. https://doi.org/10.1016/j.jbusres.2023.114104 Mai TH, Nguyen TC, Vu LL, Bui VH, Nguyen TTC, Do DT. A study on behaviors of purchasing life insurance in Vietnam. Manage Sci Lett. 2020;10(8):1693–700. https://doi.org/10.5267/j.msl.2020.1.011 . Merín-Rodrigáñez J, Dasí À, Alegre J. Digital transformation and firm performance in innovative SMEs: The mediating role of business model innovation. Technovation. 2024;134. https://doi.org/10.1016/j.technovation.2024.103027 . Ngo QH. The effectiveness of market orientation in the logistic industry: A focus on SMEs in an emerging country. Heliyon. 2023;9(7):e17666. https://doi.org/10.1016/j.heliyon.2023.e17666 . Nguyen HH, Tran HV. Digital society and society 5.0: Urgent issues for digital social transformation in Vietnam. Masyarakat Kebudayaan Dan Politik. 2022;35(1):78. https://doi.org/10.20473/mkp.v35i12022.78-92 . Nguyen HT, Le ANN, Luu QT, Nguyen NTT, Duong KD. Foreign Ownership, Investor Attention and the Risk-Taking Behavior of Property and Casualty Insurance Firms: Evidence From Vietnam. SAGE Open. 2023;13(4):1–13. https://doi.org/10.1177/21582440231211971 . Nguyen L-T. (2023). Financial Inclusion through Mobile Money in developing countries: the case of Vietnam. Digital Transformation, Cooperation and Global Integration in the New Normal, 121–141. Nguyen MTN. (2023). The entrepreneurial self of market socialism Life insurance agents in rural central Vietnam. HAU: Journal of Ethnographic Theory, 13(2), 394–407. https://doi.org/10.1086/726621 Nguyen QK. The development of the life insurance market and bank stability in developing countries. Heliyon. 2024;10(19):e38225. https://doi.org/10.1016/j.heliyon.2024.e38225 . Nguyen XP, Le ND, Pham VV, Huynh TT, Dong VH, Hoang AT. Mission, challenges, and prospects of renewable energy development in Vietnam. Energy Sources Part A: Recovery Utilization Environ Eff. 2021;00(00):1–13. https://doi.org/10.1080/15567036.2021.1965264 . Ozdemir S, Carlos Fernandez de Arroyabe J, Sena V, Gupta S. (2023). Stakeholder diversity and collaborative innovation: Integrating the resource-based view with stakeholder theory. Journal of Business Research, 164(December 2020), 113955. https://doi.org/10.1016/j.jbusres.2023.113955 Pan X, Shao T, Zheng X, Zhang Y, Ma X, Zhang Q. Energy and sustainable development nexus: A review. Energy Strategy Reviews. 2023;47(January):101078. https://doi.org/10.1016/j.esr.2023.101078 . Pelletier LG, Legault LR, Tuson KM. The environmental satisfaction scale: A measure of satisfaction with local environmental conditions and government environmental policies. Environ Behav. 1996;28(1):5–26. Pihlajamaa M. What does it mean to be open? A typology of inbound open innovation strategies and their dynamic capability requirements. Innovation: Organ Manage. 2023;25(1):1–24. https://doi.org/10.1080/14479338.2021.1907192 . Qin J, van der Rhee B, Venkataraman V, Ahmadi T. The impact of IT infrastructure capability on NPD performance: The roles of market knowledge and innovation process formality. J Bus Res. 2021;133(March):252–64. https://doi.org/10.1016/j.jbusres.2021.04.072 . Rand J, Torm N. The Benefits of Formalization: Evidence from Vietnamese Manufacturing SMEs. World Dev. 2012;40(5):983–98. https://doi.org/10.1016/j.worlddev.2011.09.004 . Ricardianto P, Lembang AT, Tatiana Y, Ruminda M, Kholdun AI, Kusuma IGNAGET, Sembiring HFA, Sudewo GC, Suryani D, Endri E. Enterprise risk management and business strategy on firm performance: The role of mediating competitive advantage. Uncertain Supply Chain Manage. 2023;11(1):249–60. https://doi.org/10.5267/j.uscm.2022.10.002 . Schmidt CVH, Kindermann B, Behlau CF, Flatten TC. Understanding the effect of market orientation on circular economy practices: The mediating role of closed-loop orientation in German SMEs. Bus Strategy Environ. 2021;30(8):4171–87. https://doi.org/10.1002/bse.2863 . Shahroodi K, Avakh Darestani S, Soltani S, Eisazadeh Saravani A. (2024). Developing strategies to retain organizational insurers using a clustering technique: Evidence from the insurance industry. Technological Forecasting and Social Change, 201(March 2023), 123217. https://doi.org/10.1016/j.techfore.2024.123217 Singhal N, Goyal S, Singhal T. Insurance–growth nexus: empirical evidence from emerging Asian markets. Transnatl Corporations Rev. 2020;12(3):237–49. https://doi.org/10.1080/19186444.2020.1756170 . Siriram R. Technological and non-technological innovation effects on firm performance. J High Technol Manage Res. 2022;33(2):100429. https://doi.org/10.1016/j.hitech.2022.100429 . Srivastava M, Franklin A, Martinette L. Building a sustainable competitive advantage. J Technol Manage Innov. 2013;8(2):47–60. https://doi.org/10.4067/s0718-27242013000200004 . Stocker M, Várkonyi L. Impact of market orientation on competitiveness: Analysis of internationalized medium-sized and large enterprises. Entrepreneurial Bus Econ Rev. 2022;10(1):81–95. Stoelhorst JW. Value, rent, and profit: A stakeholder resource-based theory. Strateg Manag J. 2023;44(6):1488–513. https://doi.org/10.1002/smj.3280 . Taghvaee S, Talebi K. Market orientation in uncertain environments: The enabling role of effectuation orientation in new product development. Eur Manag J. 2023;41(2):323–35. https://doi.org/10.1016/j.emj.2022.01.005 . Tajvidi R, Karami A. The effect of social media on firm performance. Comput Hum Behav. 2021;115:1–10. https://doi.org/10.1016/j.chb.2017.09.026 . Talaja A. Testing VRIN framework: Resource value and rareness as sources of competitive advantage and above average performance. Manage (Croatia). 2012;17(2):51–64. Tholl J, Basse T, Meier S, Rodriguez Gonzalez M. Risk premia and the European government bond market: new empirical evidence and some thoughts from the perspective of the life insurance industry. Z Fur Die Gesamte Versicherungswissenschaft. 2021;110(1):49–78. https://doi.org/10.1007/s12297-021-00503-2 . Tran TK. Leadership and the company’s willingness to take risks: Empirical analysis in Vietnam. J Open Innovation: Technol Market Complex. 2023;9(3):100138. https://doi.org/10.1016/j.joitmc.2023.100138 . Tu Y, Wu W. How does green innovation improve enterprises’ competitive advantage? The role of organizational learning. Sustainable Prod Consum. 2021;26:504–16. https://doi.org/10.1016/j.spc.2020.12.031 . Vahter P, Vadi M. (2024). The relationship of technological and organizational innovation with firm performance: Opening the black box of dynamic complementarities. Technological Forecasting and Social Change, 206(August 2023), 123516. https://doi.org/10.1016/j.techfore.2024.123516 Verma A, Bhattacharya P, Madhani N, Trivedi C, Bhushan B, Tanwar S, Sharma G, Bokoro PN, Sharma R. Blockchain for Industry 5.0: Vision, Opportunities, Key Enablers, and Future Directions. IEEE Access. 2022;10(June):69160–99. https://doi.org/10.1109/ACCESS.2022.3186892 . Vogel R, Güttel WH. The dynamic capability view in strategic management: A bibliometric review. Int J Manage Reviews. 2013;15(4):426–46. https://doi.org/10.1111/ijmr.12000 . Waheed A, Kousar S, Khan MI, Fischer TB. Environmental governance in Pakistan: Perspectives and implications for the China-Pakistan economic corridor plan. Environ Sustain Indic. 2024;23(January):100443. https://doi.org/10.1016/j.indic.2024.100443 . Wang N, Wan J, Ma Z, Zhou Y, Chen J. How digital platform capabilities improve sustainable innovation performance of firms: The mediating role of open innovation. J Bus Res. 2023;167(May):114080. https://doi.org/10.1016/j.jbusres.2023.114080 . Wilson GA, Liguori E. Market orientation, failure learning orientation, and financial performance. J Small Bus Manage. 2023;61(6):3027–45. https://doi.org/10.1080/00472778.2022.2051177 . Yasmin M, Tatoglu E, Kilic HS, Zaim S, Delen D. Big data analytics capabilities and firm performance: An integrated MCDM approach. J Bus Res. 2020;114(March):1–15. https://doi.org/10.1016/j.jbusres.2020.03.028 . Yu H, Sun X. Uncertain remanufacturing reverse logistics network design in industry 5.0: Opportunities and challenges of digitalization. Eng Appl Artif Intell. 2024;133(PF):108578. https://doi.org/10.1016/j.engappai.2024.108578 . Zhang X, Chu Z, Ren L, Xing J. Technological Forecasting & Social Change Open innovation and sustainable competitive advantage: The role of organizational learning. Technological Forecast Social Change. 2023;186(PA):122114. https://doi.org/10.1016/j.techfore.2022.122114 . Zhao A, Zhang H, Liu Y, Guan H. Environmental taxes, technological innovation and firm performance: Evidence from China’s manufacturing firms. Heliyon. 2024;10(10):e31386. https://doi.org/10.1016/j.heliyon.2024.e31386 . Zhou X, Wang Y, Zhang Y, Liu F. Macro investigation on China’s engineering insurance industry: based on industrial organization theories. Eng Constr Architectural Manage. 2024;31(7):2977–94. https://doi.org/10.1108/ECAM-03-2022-0219 . Additional Declarations No competing interests reported. Cite Share Download PDF Status: Published Journal Publication published 24 Dec, 2024 Read the published version in Discover Sustainability → Version 1 posted Editorial decision: Revision requested 25 Nov, 2024 Reviews received at journal 24 Nov, 2024 Reviews received at journal 20 Nov, 2024 Reviews received at journal 18 Nov, 2024 Reviewers agreed at journal 15 Nov, 2024 Reviewers agreed at journal 14 Nov, 2024 Reviewers agreed at journal 12 Nov, 2024 Reviewers invited by journal 12 Nov, 2024 Editor assigned by journal 04 Nov, 2024 Submission checks completed at journal 01 Nov, 2024 First submitted to journal 19 Oct, 2024 You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-5293252","acceptedTermsAndConditions":true,"allowDirectSubmit":false,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":377144640,"identity":"5ed0a409-9c13-4bdd-bbac-b761e67e6807","order_by":0,"name":"Sang Tang My","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAAzUlEQVRIiWNgGAWjYPACGwYG5gMMDDxEazjAkMbAwJZAmpbDJGiRbz97+PXHnPOJ/WwMjA/etjEkbiekxeBMXprFwW23E2e2MTAbzgVq2dlASAtDjpkBSMuG+w1s0rxtDMYGBwg5rP8NSMu5xP3HGNh/E6WF4UaO8YOD2w4kbmBjYGMGapEjqMXgxhszhrPbko1nHGNslpxzToKwFvn+HOMPldvsZPvbmA9+eFNmw0PYYcAIkYDQjA1AQoKweiBg/kCUslEwCkbBKBi5AABNX0KCm5mouwAAAABJRU5ErkJggg==","orcid":"","institution":"Ho Chi Minh City University of Economics and Finance","correspondingAuthor":true,"prefix":"","firstName":"Sang","middleName":"Tang","lastName":"My","suffix":""},{"id":377144641,"identity":"c7d850a9-8654-4c67-87d5-1c44befed608","order_by":1,"name":"Hung Nguyen Tien","email":"","orcid":"","institution":"University of Economics Ho Chi Minh City","correspondingAuthor":false,"prefix":"","firstName":"Hung","middleName":"Nguyen","lastName":"Tien","suffix":""}],"badges":[],"createdAt":"2024-10-19 07:53:26","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-5293252/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-5293252/v1","draftVersion":[],"editorialEvents":[{"content":"https://doi.org/10.1007/s43621-024-00770-w","type":"published","date":"2024-12-24T15:57:15+00:00"}],"editorialNote":"","failedWorkflow":false,"files":[{"id":68917626,"identity":"7fe75067-e5f0-4613-89b2-0dadb88ae86e","added_by":"auto","created_at":"2024-11-13 13:09:44","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":19463,"visible":true,"origin":"","legend":"\u003cp\u003eProposed research model\u003c/p\u003e","description":"","filename":"floatimage1.png","url":"https://assets-eu.researchsquare.com/files/rs-5293252/v1/cc896b0242406525cb0c5513.png"},{"id":72640511,"identity":"9c43f003-db5c-4eb3-b8d3-801013f00f71","added_by":"auto","created_at":"2024-12-30 16:06:15","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":1174805,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-5293252/v1/20577af4-6e71-41a4-98e6-5ba53fc18c84.pdf"}],"financialInterests":"No competing interests reported.","formattedTitle":"Dynamic Competitiveness, Firm Performance and the Regulatory Role of Government Policies in Industry 5.0","fulltext":[{"header":"1. Introduction","content":"\u003cp\u003e \u003cem\u003eIndustry 5.0 increases the role of dynamic competence because businesses must combine new inventions with existing company technology (\u003c/em\u003eYu \u0026amp; Sun, \u003cspan citationid=\"CR91\" class=\"CitationRef\"\u003e2024\u003c/span\u003e\u003cem\u003e). At the same time, the global economy is growing and transforming rapidly, mainly relying on the foundation of information technology. The insurance industry is an indispensable key component of this (\u003c/em\u003eVerma et al., \u003cspan citationid=\"CR85\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). \u003cem\u003eHowever, there is a lack of in-depth research, especially exploring dynamic resources that generate sustainable competitiveness and promote firm performance (FP) in the insurance industry (\u003c/em\u003eEllili et al., \u003cspan citationid=\"CR25\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eTo have outstanding competitiveness, insurance enterprises must have appropriate resources (\u003c/em\u003eShahroodi et al., \u003cspan citationid=\"CR72\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). \u003cem\u003eTherefore, it is necessary to identify feasible and industry-specific resources to nurture and develop to improve competitiveness (\u003c/em\u003eZhou et al., \u003cspan citationid=\"CR94\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). \u003cem\u003eThis is the key for businesses to survive and create long-term competitive advantages. Achieving this advantage also creates potential for businesses to gain advantages in both domestic and international markets (\u003c/em\u003eBaker \u0026amp; Shortland, \u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). The business activities of the industry are also significantly impacted by the role of the government through policies (\u003c/em\u003eDragotă et al., \u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e2023\u003c/span\u003e).\u003c/p\u003e \u003cp\u003e \u003cem\u003eDynamic capability theory holds that sustainable competitive advantages (SCA) can be created from dynamic sources (\u003c/em\u003eVogel \u0026amp; G\u0026uuml;ttel, \u003cspan citationid=\"CR86\" class=\"CitationRef\"\u003e2013\u003c/span\u003e\u003cem\u003e). In a business environment that is always changing, these are rare, valuable, and difficult to imitate (\u003c/em\u003eChien \u0026amp; Tsai, \u003cspan citationid=\"CR17\" class=\"CitationRef\"\u003e2012\u003c/span\u003e\u003cem\u003e). Because of its exceptional quality, this resource contributes to FP (\u003c/em\u003eJie et al., \u003cspan citationid=\"CR39\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eCurrently, there have been studies to identify the components of dynamic capacity as well as evaluate and measure the role of these factors in the production and business activities of enterprises in many fields such as innovation management, strategic management, and supply chain management (\u003c/em\u003eBhardwaj \u0026amp; Srivastava, \u003cspan citationid=\"CR12\" class=\"CitationRef\"\u003e2024\u003c/span\u003e; Herold et al., \u003cspan citationid=\"CR33\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eStudies were conducted in different countries in Europe, North America, South America, Asia, and China (\u003c/em\u003eKristinae et al., \u003cspan citationid=\"CR45\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eHowever, the research on dynamic capacity, especially experimental research, has never been saturated. It is worth noting that the studies exploring the relationship between dynamic capacity and other factors in the business are still discrete (\u003c/em\u003eFoss et al., \u003cspan citationid=\"CR27\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eThe ideas put forth in this study's model, such as technology infrastructure capacity (TI), market orientation (MO), innovation capacity (IC), and digital orientation (DO), have generally been shown to be dynamic resources that work together to increase FP, but they are separate studies (\u003c/em\u003ePihlajamaa, \u003cspan citationid=\"CR67\" class=\"CitationRef\"\u003e2023\u003c/span\u003e; Khin \u0026amp; Ho, \u003cspan citationid=\"CR42\" class=\"CitationRef\"\u003e2019\u003c/span\u003e; Qin et al., \u003cspan citationid=\"CR68\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). \u003cem\u003eIn addition, studies on dynamic capacity largely determine the influence of dynamic resources on FP. There is no answer to the relationship between dynamic resources, and their relationship in creating change in FP (\u003c/em\u003eHerold et al., \u003cspan citationid=\"CR33\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eMoreover, no studies are confirming the mediating role of the SCA in the insurance industry in transforming resources into business results.\u003c/em\u003e\u003c/p\u003e \u003cp\u003e \u003cem\u003eIn Vietnam, there is not much research on dynamic resources. In recent years, dynamic research in Vietnam has received more attention, conducted in fields such as agriculture (M. T. N.\u003c/em\u003e Nguyen, \u003cspan citationid=\"CR60\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e), and production (\u003c/em\u003eRand \u0026amp; Torm, \u003cspan citationid=\"CR69\" class=\"CitationRef\"\u003e2012\u003c/span\u003e\u003cem\u003e). The results of these studies revolve around identifying the relationship between dynamic resources and FP. There hasn't been any study done on this subject, especially with regard to the Vietnamese insurance sector. Therefore, more research in this field is needed. The objective of this study is to investigate the effect of SCA on FP under the regulatory impact of government policies (GP) in Vietnamese insurance companies. Academically, the results of the study contribute to the empirical evidence for the dynamic source theory and the stakeholder theory. In practical terms, the research results are the basis for making strategies to promote business efficiency in the era of technology 5.0. There are four contents in the remainder of this study: (1) Literature Review; (2) Research Methodology; (3) Research Results; (4) Conclusions and Management Implications.\u003c/em\u003e\u003c/p\u003e"},{"header":"2. Literature review","content":"\u003cdiv id=\"Sec3\" class=\"Section2\"\u003e \u003ch2\u003e2.1. Dynamic capability theory\u003c/h2\u003e \u003cp\u003e \u003cem\u003eDynamic capability theory is derived from Resource-based Theory (\u003c/em\u003eVogel \u0026amp; G\u0026uuml;ttel, \u003cspan citationid=\"CR86\" class=\"CitationRef\"\u003e2013\u003c/span\u003e\u003cem\u003e). This theory holds that businesses gain a competitive advantage when they meet factors such as valuable, rare, inimitable, and non-substitutable. These factors are also known as VRIN (\u003c/em\u003eTalaja, \u003cspan citationid=\"CR80\" class=\"CitationRef\"\u003e2012\u003c/span\u003e\u003cem\u003e). Not only considering changes in the business environment, this theory also refers to the ability of businesses to recognize and innovate. Businesses should reorganize internal and external resources over time to adapt to that change (\u003c/em\u003eKristinae et al., \u003cspan citationid=\"CR45\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eAs a result, businesses maintain firm performance in long term (\u003c/em\u003eWang et al., \u003cspan citationid=\"CR88\" class=\"CitationRef\"\u003e2023\u003c/span\u003e).\u003c/p\u003e \u003cp\u003e \u003cem\u003eThe dynamic capacity is reflected in MO, IC, DO, TI, marketing capability, entrepreneur orientation, and SCA in technology 5.0 (\u003c/em\u003eVogel \u0026amp; G\u0026uuml;ttel, \u003cspan citationid=\"CR86\" class=\"CitationRef\"\u003e2013\u003c/span\u003e\u003cem\u003e). This is the ability to build, integrate, and reformat the resources of the enterprise to suit the changes in the business environment (\u003c/em\u003eTalaja, \u003cspan citationid=\"CR80\" class=\"CitationRef\"\u003e2012\u003c/span\u003e\u003cem\u003e). Dynamic competencies drive outstanding FP and create an SCA (\u003c/em\u003eBhardwaj \u0026amp; Srivastava, \u003cspan citationid=\"CR12\" class=\"CitationRef\"\u003e2024\u003c/span\u003e\u003cem\u003e). Dynamic capacity is essential from a competitive standpoint because it converts resources into better FP (\u003c/em\u003eChatterjee et al., \u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). \u003cem\u003eThis mechanism shows that the relationship between dynamic capacity and FP is expressed in two forms including direct impact and indirect impact (\u003c/em\u003eWang et al., \u003cspan citationid=\"CR88\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eMost of the research focuses on the direct relationship between dynamic competence and FP, and there is a lack of work that explores indirect relationships (\u003c/em\u003eJie et al., \u003cspan citationid=\"CR39\" class=\"CitationRef\"\u003e2023\u003c/span\u003e).\u003c/p\u003e \u003cp\u003e \u003cem\u003eDynamic elements both inside and outside the company are closely related to one another because businesses, particularly in the modern era, operate in a constantly changing environment (\u003c/em\u003eDagnino et al., \u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). \u003cem\u003eThis synergy can be a driving force or a hindrance to the FP directly or indirectly (\u003c/em\u003eZhang et al., \u003cspan citationid=\"CR92\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eTherefore, it is even more necessary to have empirical studies to exploit this synergistic relationship, especially in the insurance industry. The competition of insurance companies is getting stronger and stronger, not only domestic but also international competition (Q. K.\u003c/em\u003e Nguyen, \u003cspan citationid=\"CR62\" class=\"CitationRef\"\u003e2024\u003c/span\u003e\u003cem\u003e). This study uses dynamic capacity theory as the basis for evaluating the mechanism of impacting dynamic resources placed in a whole that has a direct and indirect impact on FP.\u003c/em\u003e\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec4\" class=\"Section2\"\u003e \u003ch2\u003e2.2. Stakeholder Theory\u003c/h2\u003e \u003cp\u003e \u003cem\u003eThe theory of stakeholders holds that there is an important influence, in deciding the actions of the enterprise to satisfy the needs and target interests (\u003c/em\u003eFreeman et al., \u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e2010\u003c/span\u003e). \u003cem\u003eStakeholders include internal teams such as customers, suppliers, employees, and owners, and external teams such as governments, political organizations, competitors, communities, associations, etc. (\u003c/em\u003eMahajan et al., \u003cspan citationid=\"CR54\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eThese groups can use their influence to change the company or organization to suit their needs (\u003c/em\u003eFreeman, \u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e1994\u003c/span\u003e\u003cem\u003e).\u003c/em\u003e Bailur (\u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2007\u003c/span\u003e\u003cem\u003e) has shown that although internal groups are often seen as key influencers, in some contexts and industries, external groups occupy a priority position. Studies show that stakeholders have a positive relationship with development, create SCA and help businesses achieve outstanding FP (\u003c/em\u003eMahajan et al., \u003cspan citationid=\"CR54\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eThis is among the main objectives of contemporary dynamic theory (\u003c/em\u003eOzdemir et al., \u003cspan citationid=\"CR64\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eThe relationship between dynamic capability theory and stakeholder theory in resolving the resource development issue to attain SCA and exceptional FP is then demonstrated (\u003c/em\u003eStoelhorst, \u003cspan citationid=\"CR77\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). Businesses must, however, occasionally choose and give priority to their relationship with a single related object in a particular context. Previous research also shows that policy support is one of the factors closely linked to the industry that creates competitiveness for businesses (\u003c/em\u003eBaker \u0026amp; Shortland, \u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2023\u003c/span\u003e; Dubey et al., \u003cspan citationid=\"CR24\" class=\"CitationRef\"\u003e2023\u003c/span\u003e).\u003c/p\u003e \u003cp\u003e \u003cem\u003eAnalysis of the Vietnamese context reveals that one of the sectors that contributes significantly and strategically to the country's social and economic advancement is insurance (\u003c/em\u003eLoan, \u003cspan citationid=\"CR53\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). Vietnamese insurers do business in an unpredictable and competitive environment (\u003c/em\u003eMai et al., \u003cspan citationid=\"CR55\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). \u003cem\u003ePolicy-related issues have an impact and have an influence. In particular, the insurance industry is particularly impacted by government policies (\u003c/em\u003eLeopold et al., \u003cspan citationid=\"CR49\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). \u003cem\u003eHowever, there have not been many studies examining how the role of government policies affects production and FP.\u003c/em\u003e\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec5\" class=\"Section2\"\u003e \u003ch2\u003e2.3. Sustainable Competitive Advantage\u003c/h2\u003e \u003cp\u003e \u003cem\u003eA business gains an SCA when it implements a value-creation strategy that no rival, present or future, can copy or replicate (\u003c/em\u003eBarney, \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e1991\u003c/span\u003e\u003cem\u003e). Previous studies have suggested that competitive advantage is the superiority of a business's position in the market compared to competitors (\u003c/em\u003eZhang et al., \u003cspan citationid=\"CR92\" class=\"CitationRef\"\u003e2023\u003c/span\u003e; Dagnino et al., \u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). \u003cem\u003eCost leadership and differentiation are two effective strategies to help businesses create a SCA (\u003c/em\u003eZhao et al., \u003cspan citationid=\"CR93\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). \u003cem\u003eHowever given the current unstable business climate and the ongoing technological advancements, one of the dynamic resources is an SCA (\u003c/em\u003eDagnino et al., \u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2021\u003c/span\u003e).\u003c/p\u003e \u003cp\u003e \u003cem\u003eInnovation differentiation brings characteristics that become an SCA (\u003c/em\u003eTu \u0026amp; Wu, \u003cspan citationid=\"CR83\" class=\"CitationRef\"\u003e2021\u003c/span\u003e\u003cem\u003e). Innovation is a resource that signifies a business's ability to be creative, willing to take risks, future-oriented, proactive, and ready to change (\u003c/em\u003eZhao et al., \u003cspan citationid=\"CR93\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). \u003cem\u003eThe innovation activities of the enterprise are reflected in the ability to innovate products, R\u0026amp;D potential, innovation capacity for marketing and marketing activities (\u003c/em\u003eH. Li et al., \u003cspan citationid=\"CR51\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). \u003cem\u003eThe benefit of innovation then arises when companies outperform rivals in creating and distributing novel goods and services (\u003c/em\u003eLee, \u003cspan citationid=\"CR48\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). This leadership is predicated on the company's focus on research and development as well as the use of cutting-edge technology to accomplish the objective of becoming a market leader in the introduction of exceptional goods and services (\u003c/em\u003eCuevas-Vargas et al., \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003ePotential for research and development as well as the capacity to constantly update the newest technology create a significant barrier that rivals in the market cannot copy or pursue, giving the company a long-lasting competitive edge (\u003c/em\u003eFerreira et al., \u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). \u003cem\u003eAccording to this study, dynamic capacity, a multifaceted idea manifested in businesses' capacity to differentiate themselves through innovation, is an SCA.\u003c/em\u003e\u003c/p\u003e \u003cp\u003e \u003cem\u003eThe competitive advantage of the insurance industry in Vietnam has profound meaning in the context of a strongly developing market. The increasingly improved awareness of insurance in society, along with supportive policies from the government, has created an increasingly favorable business environment for the industry to develop (M. T. N.\u003c/em\u003e Nguyen, \u003cspan citationid=\"CR60\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). The application of information technology and digitalization in the sales and customer management process has been beneficial to insurance businesses in improving their service efficiency and reducing operating costs (\u003c/em\u003eLoan, \u003cspan citationid=\"CR53\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). Moreover, the insurance product diversification related to health, property, and life contributes to the attraction of different segments of customers and creates many growth opportunities (Q. K.\u003c/em\u003e Nguyen, \u003cspan citationid=\"CR62\" class=\"CitationRef\"\u003e2024\u003c/span\u003e\u003cem\u003e). In addition, business competition from domestic and foreign companies puts higher pressure on businesses to try harder to improve their services and products; accordingly, service quality and customer satisfaction improve (\u003c/em\u003eLoan, \u003cspan citationid=\"CR53\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). These advantages not only help Vietnam's insurance market affirm its position but also help the economic development of the country be more sustainable.\u003c/em\u003e\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec6\" class=\"Section2\"\u003e \u003ch2\u003e2.4. Technological infrastructure capacity and sustainable competitive advantage\u003c/h2\u003e \u003cp\u003e \u003cem\u003eTechnology infrastructure capacity includes software, hardware, networks, and connected services that make up an organization's information technology environment (\u003c/em\u003eKhin \u0026amp; Ho, \u003cspan citationid=\"CR42\" class=\"CitationRef\"\u003e2019\u003c/span\u003e\u003cem\u003e). Each component of TI provides unique services and increases the overall efficiency of the system (\u003c/em\u003eLee, \u003cspan citationid=\"CR48\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). For continuous improvement to become a dynamic capacity of the business, there must be timely support of infrastructure (\u003c/em\u003eMer\u0026iacute;n-Rodrig\u0026aacute;\u0026ntilde;ez et al., \u003cspan citationid=\"CR56\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). \u003cem\u003eThis means that businesses must build infrastructure that is constantly responding to continuous improvement efforts. The aim is for the results of these continuous learning efforts to be coordinated and sustained with a new, systematically improved process in the organization. Thus, TI is a key resource, creating dynamic capacity. Businesses can then build a SCA and make improvements over time (\u003c/em\u003ePihlajamaa, \u003cspan citationid=\"CR67\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). When synthesizing numerous studies related to the factors that promote sustainable competitiveness\u003c/em\u003e, Knudsen et al. (\u003cspan citationid=\"CR44\" class=\"CitationRef\"\u003e2021\u003c/span\u003e) \u003cem\u003efound that technological uncertainties reduced the competitive advantage of firms. Using the SWOT analysis model, the study by\u003c/em\u003e Srivastava et al. (\u003cspan citationid=\"CR75\" class=\"CitationRef\"\u003e2013\u003c/span\u003e) \u003cem\u003ehas determined that TI is one of the main factors that create a SCA.\u003c/em\u003e\u003c/p\u003e \u003cp\u003e \u003cem\u003eHowever, the TI of Vietnam's insurance industry still has many challenges in the implementation process (\u003c/em\u003eHung Nguyen, \u003cspan citationid=\"CR37\" class=\"CitationRef\"\u003e2024\u003c/span\u003e\u003cem\u003e). The COVID-19 pandemic and several problems in Vietnam's financial system have put a requirement on technology to create positive changes and sustainable development in the insurance industry in the current context (H. H.\u003c/em\u003e Nguyen \u0026amp; Tran, \u003cspan citationid=\"CR58\" class=\"CitationRef\"\u003e2022\u003c/span\u003e\u003cem\u003e). TI is improved, businesses have the opportunity to promote the application of digitalization to the business management process and improve business processes. At the same time, businesses have the conditions to consolidate the operation of the general agent system, and standardize service quality, thereby increasing SCA (\u003c/em\u003eSiriram, \u003cspan citationid=\"CR74\" class=\"CitationRef\"\u003e2022\u003c/span\u003e\u003cem\u003e). Therefore, the authors propose the following research hypothesis\u003c/em\u003e:\u003c/p\u003e \u003cp\u003e \u003cem\u003eHypothesis H1: TI has a positive impact on SCA of insurance companies in Vietnam.\u003c/em\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec7\" class=\"Section2\"\u003e \u003ch2\u003e2.5. Digital orientation and sustainable competitive advantage\u003c/h2\u003e \u003cp\u003e \u003cem\u003eDigital orientation (DO) is the business orientation of enterprises to gain a competitive advantage by pursuing opportunities driven by the era of digital technology (\u003c/em\u003eAbbas et al., \u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). \u003cem\u003eAccordingly, DO is to bring digital technology into the business philosophy (\u003c/em\u003eBendig et al., \u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eBusinesses implement and apply digital technology in a directional, process-oriented way with the ultimate goal of using internal and external resources flexibly to create a superior and sustainable competitive advantage (\u003c/em\u003eEllili et al., \u003cspan citationid=\"CR25\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eThe achievements of typical digital technologies such as the Internet of Things (IoT), big data, and artificial intelligence (AI) are components of DO (\u003c/em\u003eLee, \u003cspan citationid=\"CR48\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). In other words, the connotation of DO consists of two main components strategic orientation and digital product. DO includes components such as digital technology scope, digital ecosystem coordination, digital technology, and digital architecture configuration (\u003c/em\u003eBendig et al., \u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eIn which, the scope of digital technology and the coordination of the digital ecosystem are within the scope of external technological resources (\u003c/em\u003eKindermann et al., \u003cspan citationid=\"CR43\" class=\"CitationRef\"\u003e2021\u003c/span\u003e).\u003c/p\u003e \u003cp\u003e \u003cem\u003eDO of the insurance industry in Vietnam is becoming decisive in improving FP and satisfying customer needs (Anh \u0026amp; Trung, 2024). Digital transformation not only helps insurance companies optimize their process of doing business but also contributes to the betterment of the customer experience through online platforms and mobile applications (\u003c/em\u003eHung Nguyen, \u003cspan citationid=\"CR37\" class=\"CitationRef\"\u003e2024\u003c/span\u003e\u003cem\u003e). Companies also invest in emerging technologies like AI and big data analytics to further improve risk prediction, product optimization, and service personalization (H. H.\u003c/em\u003e Nguyen \u0026amp; Tran, \u003cspan citationid=\"CR58\" class=\"CitationRef\"\u003e2022\u003c/span\u003e\u003cem\u003e). Additionally, blockchain technology in contract management and claims processing enhances overall security and transparency, building trust among customers (Anh \u0026amp; Trung, 2024). This would also follow the global trend and make the insurance market in Vietnam more competitive, thus able to respond to the increasingly diversified demands of the market much faster and more effectively (\u003c/em\u003eCuevas-Vargas et al., \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eHowever, the research on DO about the sustainable competitive advantage of businesses is still very new. Especially in Vietnam, there has not been any research on the impact of DO on sustainable competitive advantage. From there, the hypothesis is proposed as follows\u003c/em\u003e:\u003c/p\u003e \u003cp\u003e \u003cem\u003eHypothesis H2: DO have a positive impact on SCA of insurance companies in Vietnam.\u003c/em\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec8\" class=\"Section2\"\u003e \u003ch2\u003e2.6. Market orientation and sustainable competitive advantage\u003c/h2\u003e \u003cp\u003e \u003cem\u003eMarket orientation (MO) is the source of the dynamic capacity of enterprises. It satisfies components such as feeling, grasping, and adjusting (\u003c/em\u003eSchmidt et al., \u003cspan citationid=\"CR71\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). \u003cem\u003eMO makes an important contribution to creating outstanding value for customers with a customer-centric perspective (\u003c/em\u003eJamaludin et al., \u003cspan citationid=\"CR38\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). \u003cem\u003eMO helps monitor, analyze, and respond to challenges in the ever-changing business environment by aligning internal and external resources of the enterprise with the set goals (\u003c/em\u003eBorodako et al., \u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). Schmidt et al. (\u003cspan citationid=\"CR71\" class=\"CitationRef\"\u003e2021\u003c/span\u003e) \u003cem\u003eargue that MO includes activities, coordination between functional departments in the company to meet customer needs, as well as monitoring and reacting to competitive moves of competitors. Thus, promoting businesses to occupy market share and increase competitiveness (\u003c/em\u003eStocker \u0026amp; V\u0026aacute;rkonyi, \u003cspan citationid=\"CR76\" class=\"CitationRef\"\u003e2022\u003c/span\u003e\u003cem\u003e).\u003c/em\u003e\u003c/p\u003e \u003cp\u003e \u003cem\u003eMO can be considered a continuous process of innovation that yields high-value-added products and services (\u003c/em\u003eWilson \u0026amp; Liguori, \u003cspan citationid=\"CR89\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). MO has been operationalized through dimensions like customer orientation, competitor orientation, and inter-functional coordination (\u003c/em\u003eTaghvaee \u0026amp; Talebi, \u003cspan citationid=\"CR78\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). Meanwhile\u003c/em\u003e, Borah et al. (\u003cspan citationid=\"CR13\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) \u003cem\u003ebelieve that the degree of one's meeting with customers, meeting with competitors, adapting to environmental dynamics, and the quality of one's relationships is a measure of market orientation since this is also a pointer to the capacity of the business. The current situation of MO to create an SCA in the sustainable development of the insurance industry of Vietnam is different. It shows many positive signals but at the same time faces many challenges (M. T. N.\u003c/em\u003e Nguyen, \u003cspan citationid=\"CR60\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). The implementation of market segmentation and product development is paid more attention by insurers, which satisfies the diverse needs of consumers, such as health insurance, life insurance, and non-life insurance (Anh \u0026amp; Trung, 2024). Moreover, insurance awareness among large sections of the population, especially the rural ones, is still low (M. T. N.\u003c/em\u003e Nguyen, \u003cspan citationid=\"CR60\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). Businesses are not lagging in investing in technology to improve customer experience and optimize service processes. Despite strong progress with the adoption of digital technology and data analytics, many insurance companies still are trying to build a synchronous and effective system for data management (Q. K.\u003c/em\u003e Nguyen, \u003cspan citationid=\"CR62\" class=\"CitationRef\"\u003e2024\u003c/span\u003e\u003cem\u003e). Besides, the increasingly fierce competition from domestic and foreign enterprises forces insurance companies to innovate unceasingly and strive for continuous improvement (Anh \u0026amp; Trung, 2024). Although research on the positive relationship between MO and sustainable competitive advantage has been conducted (\u003c/em\u003eHoang \u0026amp; Bui Thanh, \u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e2021\u003c/span\u003e; Ngo, \u003cspan citationid=\"CR57\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e), however, it has not been implemented in the insurance industry. On that basis, the study proposes that the higher the market orientation of insurance enterprises, the more sustainable competitive advantages will increase.\u003c/em\u003e\u003c/p\u003e \u003cp\u003e \u003cem\u003eHypothesis H3: MO promotes SCA of insurance companies in Vietnam.\u003c/em\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec9\" class=\"Section2\"\u003e \u003ch2\u003e2.7. Innovation capacity and sustainable competitive advantage\u003c/h2\u003e \u003cp\u003e \u003cem\u003eInnovation capacity (IC) is the ability to invent, explore, and apply new ideas to create products or business processes on an ongoing basis (\u003c/em\u003eKastelli et al., \u003cspan citationid=\"CR41\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). \u003cem\u003eThese are systematic activities in the process of market, production, operation, organization, knowledge, and technology transfer that take place inside and outside the enterprise in the process of the above invention (\u003c/em\u003eKhin \u0026amp; Ho, \u003cspan citationid=\"CR42\" class=\"CitationRef\"\u003e2019\u003c/span\u003e\u003cem\u003e). IC is related to MO and TI of the enterprise because it is innovation in TI and innovation in MO (\u003c/em\u003eLee, \u003cspan citationid=\"CR48\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). Furthermore, it is essential for creating a strong company and sustainable growth (\u003c/em\u003eB. Li et al., \u003cspan citationid=\"CR50\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eIC signifies the ability to continuously pursue innovation, from which resources will be restructured and recreated, transformed into core resources to solve problems arising from changes in the business environment (\u003c/em\u003eZhang et al., \u003cspan citationid=\"CR92\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eTherefore, IC plays a key role in creating outstanding SCA.\u003c/em\u003e\u003c/p\u003e \u003cp\u003e \u003cem\u003eIn the context of increasing competition on the global level, the insurance industry in Vietnam has been developing remarkably. Hence, it reflects a strong transformation. The innovation role is so significant that for a long period, insurance companies have been well aware of the enhancement in service quality and the development of new products (M. T. N.\u003c/em\u003e Nguyen, \u003cspan citationid=\"CR60\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). More specifically, a lot of companies have actively leveraged such advanced technologies as AI, ML, and big data analytics for the enhancement of risk assessment, product personalization, and optimization of the compensation process. New business models and innovative technological solutions also entered the industry due to the growth in the number of startups in the insurance sector. Firms also closely cooperate with research and technology organizations to build more market insurance products with increasing diversity in needs, such as on-demand insurance or microinsurance (L.-T.\u003c/em\u003e Nguyen, \u003cspan citationid=\"CR60\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). However, there is still a need to further improve the innovation capacity of the insurance industry in Vietnam in terms of its innovation culture and resource access. Previous studies have proven that IC has a strong impact on firm performance (\u003c/em\u003eBorah et al., \u003cspan citationid=\"CR13\" class=\"CitationRef\"\u003e2023\u003c/span\u003e; Lee, \u003cspan citationid=\"CR48\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). Previous research also suggests the need to study the impact of IC in different industries and contexts (\u003c/em\u003eHu et al., \u003cspan citationid=\"CR36\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). \u003cem\u003eThese studies have been conducted in many countries and fields, but in Vietnam, the number is still limited, especially in the insurance industry. Then, the article proposes a hypothesis\u003c/em\u003e:\u003c/p\u003e \u003cp\u003e \u003cem\u003eHypothesis H4: IC has a positive impact on SCA of insurance companies in Vietnam.\u003c/em\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec10\" class=\"Section2\"\u003e \u003ch2\u003e2.8. Sustainable competitive advantage and firm performance\u003c/h2\u003e \u003cp\u003e \u003cem\u003eMeasuring firm performance is crucial in any enterprise since it shows how effectively resources are managed and used (\u003c/em\u003eAl-Weshah et al., \u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). \u003cem\u003eHowever, the measurement and evaluation of this factor depends on the audience and industry, so there are appropriate measurement and evaluation criteria for each group. Accounting indicators, market value added, market-to-book value, and extraordinary profits are a few frequently used techniques (\u003c/em\u003eCahyono et al., \u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2023\u003c/span\u003e; Hoque et al., \u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eThere is also the view of evaluating business performance by measuring organization, human resources, finance, and market (\u003c/em\u003eRicardianto et al., \u003cspan citationid=\"CR70\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eIn addition, it is also evaluated by product quality, service quality, ability to develop new products, ability to attract and retain employees, ability to satisfy customers, and relationship between managers and employees as well as between employees in the business (\u003c/em\u003eArsawan et al., \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2022\u003c/span\u003e).\u003c/p\u003e \u003cp\u003e \u003cem\u003eTo develop sustainably, firm performance must include additional sustainability metrics, such as corporate social responsibility, sustainability, and the financial and market indicators previously mentioned (\u003c/em\u003ePan et al., \u003cspan citationid=\"CR65\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eSCA plays a key role in improving firm performance (\u003c/em\u003eVahter \u0026amp; Vadi, \u003cspan citationid=\"CR84\" class=\"CitationRef\"\u003e2024\u003c/span\u003e\u003cem\u003e). When a business possesses unique elements such as advanced technology, a strong brand, or an optimal production process, it can create outstanding value for customers and maintain a competitive position in the long run (\u003c/em\u003eWang et al., \u003cspan citationid=\"CR88\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eThis difference not only helps businesses attract and retain customers but also minimizes pressure from competitors, thereby improving profit margins and revenue (\u003c/em\u003eLiu \u0026amp; Zhu, \u003cspan citationid=\"CR52\" class=\"CitationRef\"\u003e2024\u003c/span\u003e\u003cem\u003e). Moreover, SCA allows businesses to take advantage of new market opportunities effectively, enhance their ability to adapt and innovate, contribute to improving overall operational efficiency, and ensure sustainable development in a volatile business environment (\u003c/em\u003eLee, \u003cspan citationid=\"CR48\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e).\u003c/em\u003e\u003c/p\u003e \u003cp\u003e \u003cem\u003eVietnamese insurers with an SCA thanks to strong brands, diversified products, and good customer service often record stable revenue growth and improved profit margins (\u003c/em\u003eMai et al., \u003cspan citationid=\"CR55\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). \u003cem\u003eThe development of technology and digital solutions has helped companies optimize business processes, thereby improving operational efficiency and minimizing costs. However, there are still many businesses that have difficulty maintaining a competitive advantage due to the rapid transformation of the market and customer needs (\u003c/em\u003eLoan, \u003cspan citationid=\"CR53\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). The increase in competition from both domestic and international businesses has also made it more difficult to maintain its position. In particular, some companies have not yet fully taken advantage of the potential of technology and innovation to improve business efficiency (H. T.\u003c/em\u003e Nguyen et al., \u003cspan citationid=\"CR59\" class=\"CitationRef\"\u003e2023\u003c/span\u003e).\u003c/p\u003e \u003cp\u003e \u003cem\u003eMost of the domestic insurers in Vietnam enjoy strong brands, diversified products, and good customer service, which often results in stable revenue growth and profit margins that improve because of the SCA (\u003c/em\u003eMai et al., \u003cspan citationid=\"CR55\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). \u003cem\u003eAdditionally, technology development and digital solutions enabled companies to enhance business processes for improved operational efficiency and thus reduced costs. However, the problem of sustaining competitive advantage still prevails for any business because the market and its needs are changing at a fast pace (\u003c/em\u003eLoan, \u003cspan citationid=\"CR53\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). In any other case, the increase in competition from both domestic and international businesses worsened the scenario of maintaining its position. In particular, not all companies have grasped the full potential of technology and innovation in business efficiency improvement (H. T.\u003c/em\u003e Nguyen et al., \u003cspan citationid=\"CR59\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eThe relationship between SCA and business performance has been explored by many scholars, but there has been no research on the insurance industry. From there, the following research hypothesis is proposed\u003c/em\u003e:\u003c/p\u003e \u003cp\u003e \u003cem\u003eHypothesis H5: IC has a positive effect on business performance of insurance companies in Vietnam.\u003c/em\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec11\" class=\"Section2\"\u003e \u003ch2\u003e2.9. The Regulatory Role of Government Policies\u003c/h2\u003e \u003cp\u003e \u003cem\u003eAn enterprise is an entity operating in the business environment. This is a combination of internal and external factors that affect the operation of the enterprise (\u003c/em\u003eAbbas et al., \u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). \u003cem\u003eIn the business environment, external factors include government institutions, policies, competitors, etc., and inside as suppliers, and customers (\u003c/em\u003eTran, \u003cspan citationid=\"CR82\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). Government policies have an impact on the production and business operations of enterprises, which is similar to stakeholder theory.\u003c/em\u003e\u003c/p\u003e \u003cp\u003e \u003cem\u003eThe role of government policy in emerging countries is particularly important in economic activities. Because the characteristic of these countries is the scarcity of resources (\u003c/em\u003eBaker \u0026amp; Shortland, \u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). Meanwhile, the Government can take over the power to allocate scarce and valuable resources that have a great impact on businesses through industry development plans and the development of regulatory policies (\u003c/em\u003eLaksono et al., \u003cspan citationid=\"CR46\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eIn this context, the characteristics of the policy along with the liberalization of the economy will affect the change of resources and capacity at the enterprise level (\u003c/em\u003eTholl et al., \u003cspan citationid=\"CR81\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). \u003cem\u003eGovernment policy is a dynamic capacity at the external macro level, a group of macro dynamic competencies that have a direct or indirect impact on dynamic resources at the micro level and create a sustainable business environment (\u003c/em\u003eSinghal et al., \u003cspan citationid=\"CR73\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). \u003cem\u003eConsequently, it is important to pay attention to government policies that regulate the relationship between dynamic capacity and firm performance.\u003c/em\u003e\u003c/p\u003e \u003cp\u003e \u003cem\u003eVietnam is a developing nation whose economy is among the six Asian pole nations with the fastest rate of growth (X. P.\u003c/em\u003e Nguyen et al., \u003cspan citationid=\"CR63\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). \u003cem\u003eThe insurance industry is one of the industries that play an important and comprehensive strategic role in the political, and socio-economic development of Vietnam. Vietnamese insurers operate in a volatile and competitive environment, which naturally affects and is affected by policy-related issues. In the rapid change of the Industry 5.0, businesses not only face changes in technology but also the impact of policies (\u003c/em\u003eGhobakhloo et al., \u003cspan citationid=\"CR30\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). \u003cem\u003eAccording to the theory of stakeholders, the internal and external factors can be considered as a dynamic capacity that brings opportunities and creates a SCA (\u003c/em\u003eStoelhorst, \u003cspan citationid=\"CR77\" class=\"CitationRef\"\u003e2023\u003c/span\u003e\u003cem\u003e). Thereby promoting businesses to achieve business goals as expected. Government policy, a category of external factors, is a dynamic force that significantly influences certain contexts and sectors (\u003c/em\u003eDmytriyev et al., \u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). \u003cem\u003eTherefore, the study suggests that\u003c/em\u003e:\u003c/p\u003e \u003cp\u003e \u003cem\u003eHypothesis H6: Government policies regulating the relationship between SCA and firm performance of insurance companies in Vietnam.\u003c/em\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec12\" class=\"Section2\"\u003e \u003ch2\u003e2.10. The mediating role of sustainable competitive advantage\u003c/h2\u003e \u003cp\u003e \u003cem\u003eCompanies establish an SCA when they are carrying out a value-creation strategy that is currently uncopyable or implementable by competitors (\u003c/em\u003eChatterjee et al., \u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). \u003cem\u003eThus, businesses need to have valuable resources for VRIN to build a SCA (\u003c/em\u003eMahajan et al., \u003cspan citationid=\"CR54\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eWithin the framework of ongoing technological advancement, this is the process of converting scarce and difficult-to-locate resources into long-term competitiveness by using the ability to perceive, understand, and manipulate businesses (\u003c/em\u003eWang et al., \u003cspan citationid=\"CR88\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eTherefore, SCA becomes a dynamic resource. In terms of creating a competitive advantage, dynamic capacity plays a feeder role. It transforms resources through the process of business readjustment to form a SCA. Thereby creating outstanding business results in the long term (\u003c/em\u003eZhang et al., \u003cspan citationid=\"CR92\" class=\"CitationRef\"\u003e2023\u003c/span\u003e). \u003cem\u003eSustainable competitiveness is therefore investigated and studied as a mediating factor in the process by which dynamic resources will impact the firm performance (\u003c/em\u003eAl-kalouti et al., \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). \u003cem\u003eThis is expressed through the three capabilities of cost leadership, differentiation, and innovation capabilities (\u003c/em\u003eZhang et al., \u003cspan citationid=\"CR92\" class=\"CitationRef\"\u003e2023\u003c/span\u003e).\u003c/p\u003e \u003cp\u003e \u003cem\u003eTI, DO, MO, and IC are dynamic resources of businesses and play a role in helping businesses create outstanding SCA (\u003c/em\u003eWang et al., \u003cspan citationid=\"CR88\" class=\"CitationRef\"\u003e2023\u003c/span\u003e; Taghvaee \u0026amp; Talebi, \u003cspan citationid=\"CR78\" class=\"CitationRef\"\u003e2023\u003c/span\u003e; Al-kalouti et al., \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). \u003cem\u003eBased on the aforementioned foundations and integrating research on the dynamic capacity theory's mediating mechanism, the study suggests the function of dynamic competencies that indirectly affect firm performance through SCA (\u003c/em\u003eAnwar \u0026amp; Ali Shah, \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2020\u003c/span\u003e\u003cem\u003e). The relationship between the stated dynamic competencies and firm performance in Vietnam's insurance industry is mediated by SCA, which in turn enhances firm performance. From there, the following research hypotheses are proposed\u003c/em\u003e:\u003c/p\u003e \u003cp\u003e \u003cem\u003eHypothesis H7: IC indirectly drives firm performance through SCA.\u003c/em\u003e \u003c/p\u003e \u003cp\u003e \u003cem\u003eHypothesis H8: MO indirectly promotes firm performance through SCA.\u003c/em\u003e \u003c/p\u003e \u003cp\u003e \u003cem\u003eHypothesis H9: DO indirectly drives firm performance through SCA.\u003c/em\u003e \u003c/p\u003e \u003cp\u003e \u003cem\u003eHypothesis H10: TI indirectly drives firm performance through SCA.\u003c/em\u003e \u003c/p\u003e \u003cp\u003e \u003cem\u003eBased on the theoretical framework and research hypothesis, the proposed research model in\u003c/em\u003e Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003e.\u003c/p\u003e \u003cp\u003e \u003c/p\u003e \u003c/div\u003e"},{"header":"3. Research methodology","content":"\u003cdiv id=\"Sec14\" class=\"Section2\"\u003e \u003ch2\u003e3.1. Research Data\u003c/h2\u003e \u003cp\u003e \u003cem\u003eTo test the model and research hypotheses, the research paper surveyed middle and senior managers at insurance companies in Vietnam. The number of enterprises participating in the survey is 70 enterprises, and the number of respondents participating in each enterprise is from 3\u0026ndash;5 people. The questionnaire uses filtered questions to ensure that participants answer the right target audience. Thus, although the survey subjects are leaders, the people who are approached have an understanding of sustainable competition in the business, so they can affirm that the survey form is appropriate and representative.\u003c/em\u003e \u003c/p\u003e \u003cp\u003e \u003cem\u003ePreliminary research begins with the proposal of a research model. The research model includes several scales inherited from studies conducted abroad, so it is necessary to adapt and develop questionnaires that are suitable for the Vietnamese context. To complete the preliminary study, a combination of qualitative and quantitative methods is applied. The qualitative research method was conducted using in-depth interviews to examine the proposed measurements in the draft questionnaire. The qualitative method aims to find out what people think and feel based on their experiences and beliefs about the issues being asked. The advantage of this method is to understand the point of view and explore the variety and flexibility of the answers. In this study, an in-depth interview was conducted with leaders in five insurance companies in Vietnam. The purpose of this method is to adjust the research model, supplement the scale, and find discoveries by comparing theoretical research models and differences in Vietnam.\u003c/em\u003e \u003c/p\u003e \u003cp\u003e \u003cem\u003eThe data collection period is from June 1, 2024, to July 30, 2024. The authors survey by creating questions on Google Forms and sending links via media such as Zalo, messages, and emails to respondents. Informed consent was obtained from all individual participants included in the study. Since the paper uses Structural Equation Modeling (SEM) to analyze the multidimensional relationships of variables in the model, the authors relied on the recommendations of\u003c/em\u003e Comrey \u0026amp; Lee (\u003cspan citationid=\"CR19\" class=\"CitationRef\"\u003e2013\u003c/span\u003e\u003cem\u003e) for how to determine the sample size. A sample size of 50 to 100 is not enough for the SEM model, a sample size of 200 is satisfactory. The sample size of the study was 248, in line with the threshold. The questionnaire and methodology for this study was approved by the Human Research Ethics committee of University of Economics Ho Chi Minh City, Vietnam (Ethics approval number: TT_20102024).\u003c/em\u003e\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec15\" class=\"Section2\"\u003e \u003ch2\u003e3.2. Data Processing Methods\u003c/h2\u003e \u003cp\u003e \u003cem\u003eBased on the research results of\u003c/em\u003e Al Haq et al. (\u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2020\u003c/span\u003e), \u003cem\u003ethe research identifies the model as a reflective model. To evaluate this model, there are two steps to be taken, including evaluating the measurement model and evaluating the structural model. In the step of evaluating the measurement model, the authors evaluated the Composite Reliability (CR) and Conbach's Alpha coefficient. In addition, the research also tested the AVE (Average Variance Extracted), Outer Loading and HTMT. The second step is to evaluate the structural model to test the research hypotheses.\u003c/em\u003e\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec16\" class=\"Section2\"\u003e \u003ch2\u003e3.3. Scale measurement\u003c/h2\u003e \u003cp\u003e \u003cem\u003eTo achieve the research objectives, the process of selecting the scale of the model is based on previous studies (\u003c/em\u003eTable\u0026nbsp;\u003cspan refid=\"Tab1\" class=\"InternalRef\"\u003e1\u003c/span\u003e\u003cem\u003e). In particular, the government's policy scale uses the scale of\u003c/em\u003e Pelletier et al. (\u003cspan citationid=\"CR66\" class=\"CitationRef\"\u003e1996\u003c/span\u003e) \u003cem\u003eincluding 8 items. SCA uses the scale of\u003c/em\u003e Tu \u0026amp; Wu (\u003cspan citationid=\"CR83\" class=\"CitationRef\"\u003e2021\u003c/span\u003e\u003cem\u003e) consisting of 5 items. Firm performance has 6 items, which are referenced from the scale of\u003c/em\u003e Tajvidi \u0026amp; Karami (\u003cspan citationid=\"CR79\" class=\"CitationRef\"\u003e2021\u003c/span\u003e\u003cem\u003e). IC is based on the research of\u003c/em\u003e Lam et al. (\u003cspan citationid=\"CR47\" class=\"CitationRef\"\u003e2021\u003c/span\u003e), \u003cem\u003ewhich consists of 4 items. DO is based on the research of\u003c/em\u003e Khin \u0026amp; Ho (\u003cspan citationid=\"CR42\" class=\"CitationRef\"\u003e2019\u003c/span\u003e\u003cem\u003e), which has 4 items. The MO scale is based on research by\u003c/em\u003e Kasim et al. (\u003cspan citationid=\"CR40\" class=\"CitationRef\"\u003e2018\u003c/span\u003e), \u003cem\u003ewhich consists of 4 items. TI is measured using 4 scales and is based on research by\u003c/em\u003e Qin et al. (\u003cspan citationid=\"CR68\" class=\"CitationRef\"\u003e2021\u003c/span\u003e).\u003c/p\u003e \u003c/div\u003e"},{"header":"4. Research results","content":"\u003cp\u003e\u003cstrong\u003e4.1 Statistical Description\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eTable 1. Results of statistical analysis\u003c/em\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eDemographic characteristics\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eNumber of observations\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eProportion (%)\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eGender\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003eMale\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e108\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e43.7\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003eFemale\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e140\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e56.3\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eAge\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003e20-29\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e156\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e29.1\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003e30-39\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e22\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e25.5\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003e40-49\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e14\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e22.9\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003eOver 50\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e56\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e22.5\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eEducation\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003eGraduate\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e119\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e47.8\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003ePostgraduate\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e129\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e52.2\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eType of business\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003eNon-Life Insurance\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e99\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e40.1\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003eLife Insurance\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e36\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e14.5\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003eReinsurance\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003eInsurance Brokerage Company\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e108\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e43.4\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eWork Experience\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003eFrom 1 to 5 years\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e101\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e41\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003eFrom 6 to 10 years\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e87\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e35\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003eOver 10 years\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e60\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e24\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 48.3974%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eTotal\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 28.8462%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e248\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7564%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e100\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003cem\u003eThe survey sample is composed of 56.3% female and 43.7% male, according to the results in Table 1. The ages in the survey were fairly similar. Of those who responded, 47.8% had a bachelor\u0026apos;s degree, and 52.2% had a postgraduate degree. Mostly non-life insurance and insurance brokerage firms are among the business types taking part in the survey. The largest percentage of surveyors (41%), those with 6\u0026ndash;10 years of experience (35%), and those with more than 10 years of experience (24%), were those with 1\u0026ndash;5 years.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e4.2 Measurement model evaluation results\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eTable 2. Measurement model evaluation results\u003c/em\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eVariable symbol\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eContent\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 75px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eOuter Loading\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 94px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCronbach\u0026rsquo;s Alpha\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 57px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 57px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eAVE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eVIF\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"6\" valign=\"top\" style=\"width: 573px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eGovernment policies (GP)\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eGP1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eConditions in the area are great.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.790\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"8\" style=\"width: 94px;\"\u003e\n \u003cp\u003e0.904\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"8\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.906\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"8\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.597\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.444\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eGP2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003ePrograms offered by the government are generally of very high quality.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.755\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.856\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eGP3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eExcellent government policies were created to address the insurance issue.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.799\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.082\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eGP4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eThe insurance circumstances in my area are generally quite favorable.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.780\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.612\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eGP5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eThe majority of the time, government-developed programs have addressed the most significant insurance issues.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.761\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.924\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eGP6\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company believes that the government has paid adequate attention to insurance.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.705\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.580\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eGP7\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company is currently satisfied with the insurance situation in my area.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.797\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.374\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eGP8\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eThere is very little that my company would alter if my company could alter any part of the insurance situation in my region.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.793\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.405\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"6\" valign=\"top\" style=\"width: 573px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eSustainable Competitive Advantage (SCA)\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eSCA1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company is more adept at learning than its competitors.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.767\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"5\" style=\"width: 94px;\"\u003e\n \u003cp\u003e0.878\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"5\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.881\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"5\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.673\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.680\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eSCA 2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eChanges in market demand can be promptly addressed by mycompany.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.858\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.985\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eSCA 3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company has a lot of circulation capital.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.788\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.234\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eSCA 4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company is well-known in the industry.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.830\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.821\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eSCA 5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company has many long-term partners.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.855\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.726\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"6\" valign=\"top\" style=\"width: 573px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFirm performance (FP)\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFP\u003c/strong\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eOver the last three years, my company\u0026apos;s market share has increased.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.808\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"6\" style=\"width: 94px;\"\u003e\n \u003cp\u003e0.868\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"6\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.873\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"6\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.590\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.934\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFP\u003c/strong\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eOver the last three years, the yearly turnover of my company has increased.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.769\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.988\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFP\u003c/strong\u003e3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eOver the last three years, my company has grown its workforce.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.745\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.920\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFP\u003c/strong\u003e4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eOver the last three years, my company has met its profit targets.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.805\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.036\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFP\u003c/strong\u003e5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eOver the last three years, my company has seen an improvement in return on investment.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.753\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.095\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFP\u003c/strong\u003e6\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eOver the last three years, my company\u0026apos;s return on investment has improved.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.769\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.099\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"6\" valign=\"top\" style=\"width: 573px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eInnovation capacity (IC)\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eIC1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy business creates new production processes and methods.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.767\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"4\" style=\"width: 94px;\"\u003e\n \u003cp\u003e0.773\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"4\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.809\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"4\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.590\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.541\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eIC2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy organization has implemented more advanced management techniques and protocols compared to three years ago.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.728\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.839\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eIC3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company now offers better products than it did three years ago.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.861\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.471\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eIC4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company enhances and modifies already-existing products.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.708\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"6\" valign=\"top\" style=\"width: 573px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eDigital Orientation (DO)\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eDO1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company dedicated to creating our new solutions using digital technologies.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.878\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"4\" style=\"width: 94px;\"\u003e\n \u003cp\u003e0.857\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"4\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.864\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"4\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.702\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.813\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eDO2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company use cutting-edge digital technology in our solutions.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.799\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.915\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eDO3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eIn my company, new digital technology is easily embraced.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.769\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.978\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eDO4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company is constantly searching for ways to incorporate digital technology into our innovations.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.898\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.024\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"6\" valign=\"top\" style=\"width: 573px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eMarket Orientation (MO)\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eMO1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company\u0026apos;s marketing strategies are always carried out by more than just our marketing department.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.900\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"4\" style=\"width: 94px;\"\u003e\n \u003cp\u003e0.921\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"4\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.922\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"4\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.808\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.841\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eMO2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eTo better understand our customers and plan our marketing strategies, my company carefully considers customer value.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.897\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e2.463\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eMO3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company constantly strives to provide our clients with high-quality service and a worthwhile experience.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.903\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.640\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eMO4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company is quick to recognize and address our customers\u0026apos; new needs as they arise.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.895\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.256\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"6\" valign=\"top\" style=\"width: 573px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eTechnology Infrastructure Capacity (TI)\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eTI1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company provides architecture and data management services.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.732\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"4\" style=\"width: 94px;\"\u003e\n \u003cp\u003e0.718\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"4\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.723\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"4\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.541\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.306\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eTI2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company offers network communication services.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.790\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.533\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eTI3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company offers services and an application portfolio.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.705\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.442\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 73px;\"\u003e\n \u003cp\u003eTI4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 218px;\"\u003e\n \u003cp\u003eMy company provides services for IT facilities..\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 75px;\"\u003e\n \u003cp\u003e0.711\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 50px;\"\u003e\n \u003cp\u003e1.267\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003cem\u003eAbbreviation: TI, technology infrastructure capacity; DO, Digital Orientation; MO, Market Orientation; IC, Innovation capacity; SCA, sustainable competitive advantage; GP, government policies; FP, Firm performance\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eThe reliability of the scale was assessed by using the composite reliability, Cronbach\u0026apos;s Alpha, and the outer loading factor. The Heterotrait-Monotrait Ratio (HTMT) was used to assess the scale\u0026apos;s difference and the mean of variance extracted (AVE) to assess the scale\u0026apos;s convergence\u0026nbsp;\u003c/em\u003e\u003cem\u003e(Hair et al., \u0026nbsp;2012).\u003c/em\u003e\u003cem\u003e\u0026nbsp;The results of the analysis in Table 2 show that all scales for concepts meet the reliability requirements (\u0026ge; 0.7). Specifically, Cronbach\u0026apos;s Alpha ranged from 0.718 to 0.921, indicating that the reliability response scale, CR ensured the upper limit, all coefficients reached the permissible value (\u0026ge; 0.7), specifically the values all met and ranged from 0.922 to 0.723\u0026nbsp;\u003c/em\u003e\u003cem\u003e(Henseler et al., \u0026nbsp;2016).\u003c/em\u003e\u003cem\u003e\u0026nbsp;The results of AVE analysis show that the conceptual scales have convergence values, the AVE is over 50%, and the values range from 0.541 to 0.808. In addition, the outer loading of all observations is valued from 0.705 to 0.900. Thus, it can be concluded that the scales are satisfactory to evaluate the convergence reliability of the scale.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e4.3 HTMT Results\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eTable 3. HTMT analysis results\u003c/em\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 16.64%;\"\u003e\n \u003cp\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp; \u0026nbsp; \u0026nbsp; \u0026nbsp; \u0026nbsp;\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFP\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eDO\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.6%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eGP\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIC\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eMO\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eSCA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eTI\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 16.64%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFP\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.6%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 16.64%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eDO\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.822\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.6%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 16.64%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eGP\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.845\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.771\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.6%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 16.64%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIC\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.680\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.677\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.6%;\"\u003e\n \u003cp\u003e0.649\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 16.64%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eMO\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.728\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.603\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.6%;\"\u003e\n \u003cp\u003e0.652\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.486\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 16.64%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eSCA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.830\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.798\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.6%;\"\u003e\n \u003cp\u003e0.847\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.605\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e0.625\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 16.64%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eTI\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.859\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.844\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.6%;\"\u003e\n \u003cp\u003e0.806\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.680\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e0.605\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.819\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 16.64%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eGP x SCA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.422\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.411\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.6%;\"\u003e\n \u003cp\u003e0.414\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.186\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e0.409\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 12.16%;\"\u003e\n \u003cp\u003e0.478\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.56%;\"\u003e\n \u003cp\u003e0.387\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003cem\u003eAbbreviation: TI, technology infrastructure capacity; DO, Digital Orientation; MO, Market Orientation; IC, Innovation capacity; SCA, sustainable competitive advantage; GP, government policies; FP, Firm performance\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eThe HTMT is used by the authors to further evaluate the distinction. The results in Table 3 show that all research concepts are markedly different at the HTMT threshold of 0.90\u0026nbsp;\u003c/em\u003e\u003cem\u003e(Henseler et al., 2016).\u003c/em\u003e\u003cem\u003e\u0026nbsp;The authors also used the statistical value of VIF to conduct a multilinear test. According to the findings, there is no multilinearity because each variable\u0026apos;s VIF coefficient is less than 3\u003c/em\u003e.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e4.4 Results of structure model evaluation and discussion\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003e4.4.1 Results of structural model evaluation\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eThe objective of this study is to investigate the impact of SCA on FP under the regulatory impact of GP in Vietnamese insurers. Thus, this study explores the relationship between variables in the model and focuses on the target variable, which is FP. Therefore, using a Partial Least Squares Structural Equation Modeling (PLS-SEM) analysis method is most appropriate (Hair et al., 2011). The software SmartPLS 4.0 is used to manage this approach. The initial estimate and the Bootstrap average results indicate that all paths are stable when the authors combine Bootstrap analysis with n = 5,000. This is a good quality model for explaining the relationship between concepts. The results of the direct effects are statistically significant, accepting the H1, H2, H3, H4, and H5 hypotheses. The regulatory impact of GP on the relationship between SCA and FP has also been confirmed. Thus, the H6 hypothesis is accepted. In addition, the mediating role of SCA has also been identified. Thus, the H7, H8, H9, and H10 hypotheses are accepted (Table 4).\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eTable 4. Results of path coefficient analysis\u003c/em\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4462%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eHypothesis\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 24.8796%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eRelationship\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.1252%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eBeta coefficient\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.9647%;\"\u003e\n \u003cp\u003e\u003cstrong\u003et value\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 15.0883%;\"\u003e\n \u003cp\u003e\u003cstrong\u003ep-value\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 17.496%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eConclusion\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"6\" valign=\"top\" style=\"width: 100%;\"\u003e\n \u003cp\u003e\u003cem\u003eDirect effect\u003c/em\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4462%;\"\u003e\n \u003cp\u003eH1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 24.8796%;\"\u003e\n \u003cp\u003eTI -\u0026gt; SCA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.1252%;\"\u003e\n \u003cp\u003e0.373\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.9647%;\"\u003e\n \u003cp\u003e0.389\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 15.0883%;\"\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 17.496%;\"\u003e\n \u003cp\u003eAccept\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4462%;\"\u003e\n \u003cp\u003eH2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 24.8796%;\"\u003e\n \u003cp\u003eDO -\u0026gt; SCA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.1252%;\"\u003e\n \u003cp\u003e0.274\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.9647%;\"\u003e\n \u003cp\u003e0.262\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 15.0883%;\"\u003e\n \u003cp\u003e0.002\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 17.496%;\"\u003e\n \u003cp\u003eAccept\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4462%;\"\u003e\n \u003cp\u003eH3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 24.8796%;\"\u003e\n \u003cp\u003eMO -\u0026gt; SCA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.1252%;\"\u003e\n \u003cp\u003e0.285\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.9647%;\"\u003e\n \u003cp\u003e0.286\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 15.0883%;\"\u003e\n \u003cp\u003e0.003\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 17.496%;\"\u003e\n \u003cp\u003eAccept\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4462%;\"\u003e\n \u003cp\u003eH4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 24.8796%;\"\u003e\n \u003cp\u003eIC -\u0026gt; SCA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.1252%;\"\u003e\n \u003cp\u003e0.204\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.9647%;\"\u003e\n \u003cp\u003e0.207\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 15.0883%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 17.496%;\"\u003e\n \u003cp\u003eAccept\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4462%;\"\u003e\n \u003cp\u003eH5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 24.8796%;\"\u003e\n \u003cp\u003eSC -\u0026gt; FP\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.1252%;\"\u003e\n \u003cp\u003e0.281\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.9647%;\"\u003e\n \u003cp\u003e0.284\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 15.0883%;\"\u003e\n \u003cp\u003e0.007\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 17.496%;\"\u003e\n \u003cp\u003eAccept\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"6\" valign=\"top\" style=\"width: 100%;\"\u003e\n \u003cp\u003e\u003cem\u003eRegulatory effect\u003c/em\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4462%;\"\u003e\n \u003cp\u003eH6\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 24.8796%;\"\u003e\n \u003cp\u003eGP x SC -\u0026gt; BP\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.1252%;\"\u003e\n \u003cp\u003e0.261\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.9647%;\"\u003e\n \u003cp\u003e0.261\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 15.0883%;\"\u003e\n \u003cp\u003e0.008\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 17.496%;\"\u003e\n \u003cp\u003eAccept\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"6\" valign=\"top\" style=\"width: 100%;\"\u003e\n \u003cp\u003e\u003cem\u003eIntermediary effect\u003c/em\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4462%;\"\u003e\n \u003cp\u003eH7\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 24.8796%;\"\u003e\n \u003cp\u003eIC -\u0026gt; FP\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.1252%;\"\u003e\n \u003cp\u003e0.229\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.9647%;\"\u003e\n \u003cp\u003e0.229\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 15.0883%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 17.496%;\"\u003e\n \u003cp\u003eAccept\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4462%;\"\u003e\n \u003cp\u003eH8\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 24.8796%;\"\u003e\n \u003cp\u003eMO -\u0026gt; FP\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.1252%;\"\u003e\n \u003cp\u003e0.252\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.9647%;\"\u003e\n \u003cp\u003e0.257\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 15.0883%;\"\u003e\n \u003cp\u003e0.002\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 17.496%;\"\u003e\n \u003cp\u003eAccept\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4462%;\"\u003e\n \u003cp\u003eH9\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 24.8796%;\"\u003e\n \u003cp\u003eDO -\u0026gt; FP\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.1252%;\"\u003e\n \u003cp\u003e0.277\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.9647%;\"\u003e\n \u003cp\u003e0.274\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 15.0883%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 17.496%;\"\u003e\n \u003cp\u003eAccept\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4462%;\"\u003e\n \u003cp\u003eH10\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 24.8796%;\"\u003e\n \u003cp\u003eTI -\u0026gt; FP\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.1252%;\"\u003e\n \u003cp\u003e0.205\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 13.9647%;\"\u003e\n \u003cp\u003e0.209\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 15.0883%;\"\u003e\n \u003cp\u003e0.003\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 17.496%;\"\u003e\n \u003cp\u003eAccept\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"6\" valign=\"top\" style=\"width: 100%;\"\u003e\n \u003cp\u003e\u003cem\u003eDetermination coefficient R\u003csup\u003e2\u003c/sup\u003e = 0.620; AdjR\u003csup\u003e2\u003c/sup\u003e = 0.608\u003c/em\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003cem\u003eAbbreviation: TI, technology infrastructure capacity; DO, Digital Orientation; MO, Market Orientation; IC, Innovation capacity; SCA, sustainable competitive advantage; GP, government policies; FP, Firm performance\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003e(Source: Calculation results from SmartPLS 4.0 software)\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003e4.2.2 Discussion\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eThe results of the analysis show that TI has a positive relationship with SCA of Vietnamese insurance companies. Furthermore, with f2 = 0.37 \u0026ge;0.35\u0026nbsp;\u003c/em\u003e\u003cem\u003e(Cohen, 1988)\u003c/em\u003e\u003cem\u003e, IC significantly affects SCA. This result confirms the H1 hypothesis \u0026nbsp;and is consistent with the study of\u0026nbsp;\u003c/em\u003e\u003cem\u003eKhin \u0026amp; Ho (2019)\u003c/em\u003e\u003cem\u003e. In this study, the authors emphasize the role of infrastructure development investment and point out that TI is the core infrastructure for deploying higher-level infrastructure such as information infrastructure, and information technology infrastructure. A wide-spectrum information system then has been developed. Moreover, TI is the basis for building and developing digital infrastructure, serving digital transformation, and developing high-tech products and services such as big data, IoT, and AI\u0026nbsp;\u003c/em\u003e\u003cem\u003e(Yasmin et al., 2020).\u003c/em\u003e\u003cem\u003e\u0026nbsp;These technologies are digitally focused products of companies in the Industry 5.0\u0026nbsp;\u003c/em\u003e\u003cem\u003e(Kastelli et al., 2024)\u003c/em\u003e\u003cem\u003e.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eDO has a positive relationship and has a strong impact on the SCA of Vietnamese insurance companies, with f 2=1.07 and \u0026beta;=0.274. This result confirmed the H2 hypothesis. With a customer-centric perspective in all business activities, DO aims to help businesses track, analyze, and respond to create outstanding value in products and services to meet the changing needs of customers, competitors, and the business environment\u0026nbsp;\u003c/em\u003e\u003cem\u003e(Bendig et al., 2023)\u003c/em\u003e\u003cem\u003e. Industry 5.0 has ushered in a new era that changes the way of communication. Therefore, the development of digital technology is promoting market orientation in the above three angles in a positive and strong way. The results of this study are in line with the research of\u0026nbsp;\u003c/em\u003e\u003cem\u003eWilson \u0026amp; Liguori (2023)\u003c/em\u003e\u003cem\u003e. The continuous development of digital technology is impacting the market-oriented capacity of businesses. Specifically, it helps businesses become more skilled to increase data capacity, information dissemination capacity and response capacity.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eMO has a positive relationship with SCA (\u0026beta;=0.285). Results accept the H3 hypothesis. The f2=1.14 coefficient shows the strong influence of MO on SCA in the insurance industry. The results of this study, together with previous studies by\u0026nbsp;\u003c/em\u003e\u003cem\u003eBorodako et al. (2022),\u003c/em\u003e\u003cem\u003e\u0026nbsp;reinforce the important role of MO in facilitating the promotion of SCA. Since ongoing innovation efforts are essential to MO, they produce goods and services that are exceptionally valuable\u0026nbsp;\u003c/em\u003e\u003cem\u003e(Stocker \u0026amp; V\u0026aacute;rkonyi, 2022)\u003c/em\u003e\u003cem\u003e. The result will lead to the SCA of the enterprise being implemented throughout the system from governance, operation activities, production and business processes\u0026nbsp;\u003c/em\u003e\u003cem\u003e(Taghvaee \u0026amp; Talebi, 2023)\u003c/em\u003e\u003cem\u003e.\u0026nbsp;\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eIC is also identified as one of the factors that have a positive impact on the SCA of insurance companies in Vietnam with a coefficient of f2=1.15, \u0026beta;=0.204. The results accepted the H4 hypothesis and similar to the research of\u0026nbsp;\u003c/em\u003e\u003cem\u003eVahter \u0026amp; Vadi (2024)\u003c/em\u003e\u003cem\u003e. IC plays a key role in improving the SCA of insurance companies in Vietnam. When companies adopt innovative solutions such as digital technology, big data analytics, and customized insurance products, they not only improve the quality of service but also create better customer experiences. This helps increase customer satisfaction and loyalty, thereby expanding market share and increasing revenue. Additionally, IC enables businesses to quickly adjust to shifts in the market and business environment, assisting them in preserving a competitive edge in a sector that is constantly innovating and changing. As a result, insurance companies not only exist but also develop sustainably, contributing to improving the overall competitiveness of the Vietnamese insurance industry.\u0026nbsp;\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eSCA is the driving force to increase FP. This result is confirmed by the coefficient f2=1.24 and \u0026beta;=0.281, and is similar to the study of\u0026nbsp;\u003c/em\u003e\u003cem\u003eKnudsen et al. (2021)\u003c/em\u003e\u003cem\u003e. SCA plays a crucial role in shaping the FP of insurance companies in Vietnam, laying the groundwork for their long-term growth. By continuously enhancing management practices, elevating service quality, and optimizing costs, companies not only strengthen their ability to attract and retain customers but also boost their financial outcomes. This competitive edge enables firms to adapt swiftly to market changes, helping them reduce risks and maximize profits. Additionally, businesses with strong, SCA tend to earn greater trust from clients and partners, opening doors to collaboration and further business expansion. This, in turn, significantly contributes to their stability and long-term success in an increasingly dynamic industry.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eThe findings indicate that GPs that positively regulate FP are associated with SCA regarding the relationships between dynamic capacity and FP of Vietnamese insurers. Impact results with coefficients f2=1.09, \u0026beta;= 0.261, confirming the H6 hypothesis. This result is consistent with the study of\u0026nbsp;\u003c/em\u003e\u003cem\u003eRicardianto et al. (2023).\u003c/em\u003e\u003cem\u003e, where GP has been playing a positive role in regulating the FP of Vietnamese insurance companies, especially in enhancing SCA. Supportive policies such as tax reductions, the development of new products, and investment in technology could enable firms to save part of the costs and enhance further their competitiveness in the market. Clear and transparent government regulations mean a favorable business environment that enhances investor and customer confidence in stimulating demand for insurance services. It was such support that turned insurers to innovation and improvement of service quality, therefore helping them to create products better meeting market needs. If companies can optimize their competitive advantages while maintaining FP, they will not only develop sustainably but also contribute greatly to the stability and development of the whole insurance industry in Vietnam.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eThe results of the analysis show that SCA plays a comprehensive and seminal role in the dynamic capacity and FP of Vietnam\u0026apos;s insurance industry. SCA is measured by the ability to differentiate and differentiate through the innovation of the business\u0026nbsp;\u003c/em\u003e\u003cem\u003e(Knudsen et al., 2021)\u003c/em\u003e\u003cem\u003e. When TC, MO, and innovative technologies are combined, they transform and produce unique and creative values that are hard for competitors to copy or replicate. The value of sustainable competitiveness is attained at this point because it is created when a company implements a value-creating strategy that no rival, present or future, can copy or implement. As a result, the business achieves its business goals in terms of revenue, profit, and market share. In other words, the four dynamic resources mentioned above create an outstanding SCA for enterprises by differentiation and differentiation in innovation. This value transformation process\u0026apos;s outcome is to advance the FP. The empirical study by\u0026nbsp;\u003c/em\u003e\u003cem\u003eWaheed et al. (2024)\u003c/em\u003e\u003cem\u003e\u0026nbsp;on the intermediary role of SCA promotes outstanding FP from tangible and intangible resources, reinforcing the results of this study. The results also showed that the H7, H8, H9, and H10 hypotheses were accepted\u003c/em\u003e.\u003c/p\u003e"},{"header":"5.\tConclusions and management implications","content":"\u003cp\u003e\u003cstrong\u003e5.1 Conclusion\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eThe research results show that IC, DO, MO, and IC have a direct and positive effect on SCA. SCA has a direct and positive effect on FP. The impact of SCA on FP is positively regulated by GP. In addition, the intermediary role of SCA has also been confirmed in Vietnamese insurance companies. This research has certain academic contributions. This study has enriched two important theories for business operations, include the dynamic capacity theory and the theory of stakeholders in the insurance sector. An area that is quite important for economic and social growth, but relevant research is limited. This study identified the relationship between dynamic competency components, include MO, DO, IC, and TC. In addition, the study also explores the mediating role of SCA with MO, DO, IC, TC, and FP. \u0026nbsp;In practical terms, the research results are the basis for enterprises to have an overview to identify and nurture resources suitable for the characteristics of enterprises and industries, thereby improving their competitive position and creating sustainable development in their operations.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e5.2 Management implications\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eThe research results indicate that IC, DO, MO, and IC all have a positive impact on SCA. To make the most of these factors, insurers should invest heavily in improving their IT and data infrastructure, thereby improving customer service capabilities and optimizing business processes. In addition, building an innovation-oriented corporate culture will encourage employees to participate in innovative projects, contributing to the development of products and services that meet the diverse needs of the market.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eMO also needs to be cautiously considered, whereby insurance companies will regularly update the trends and demand of the customers. The firm can conduct periodic market research and collect suggestions from customers in order to develop a more suitable product. This would thus increase their competitiveness. While doing so, the companies should also optimize their marketing strategy in such a way that it attracts customers and helps in customer retention, focusing on the key value and benefit that the product provides to the customer.\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eUltimately, for the enhancement of SCA\u0026apos;s positive impacts on business performance, it is highly recommended that insurers closely collaborate with the government in developing and putting supportive policies into practice. It is not difficult at all for governments to propose tax incentives, attract investments in technology and innovation, and provide a suitable regulatory environment to help the insurance industry prosper. This will help businesses to develop competitiveness while contributing to the stability of the insurance market in Vietnam in developing in a sustainable manner.\u003c/em\u003e\u003c/p\u003e"},{"header":"6.\tLIMITATIONS OF THE STUDY","content":"\u003cp\u003e\u003cem\u003eAlthough the findings are quite interesting, this study still has certain limitations. First, this research focuses on the insurance industry, so the results may not be relevant to other fields. Second, this study has not analyzed in depth for each type of insurance business. Third, this study only focuses on the views of managers in enterprises but does not cover other relevant subjects. Other studies in the future may overcome the above limitations to propose a deeper solution.\u003c/em\u003e\u003c/p\u003e"},{"header":"Declarations","content":" \u003cp\u003e \u003cstrong\u003e \u003cb\u003eCompeting interests\u003c/b\u003e:\u003c/strong\u003e \u003cp\u003e \u003cem\u003eThe authors declare no competing interests\u003c/em\u003e \u003c/p\u003e \u003c/p\u003e\u003ch2\u003eAuthor Contribution\u003c/h2\u003e\u003cp\u003eTang My Sang is responsible for the following contents: Visualization, Methodology, Software, Formal Analysis, Data Curation, Writing \u0026ndash; Original Draft, Funding Acquisition.Nguyen Tien Hung is responsible for the following contents: Conceptualization, Investigation, Resources, Writing \u0026ndash; Review \u0026amp; Editing, Supervision, Project Administration, Funding Acquisition.\u003c/p\u003e\u003ch2\u003eAcknowledgement\u003c/h2\u003e\u003cp\u003eThis research is partly funded by University of Economics Ho Chi Minh City (UEH), Vietnam.This research is partly funded by the Ho Chi Minh City University of Economics and Finance (UEF), Vietnam\u003c/p\u003e\u003ch2\u003eData Availability\u003c/h2\u003e\u003cp\u003eThe data are available from the authors upon reasonable request ([email protected])\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003eAbbas J, Balsalobre-Lorente D, Amjid MA, Al-Sulaiti K, Al-Sulaiti I, Aldereai O. Financial innovation and digitalization promote business growth: The interplay of green technology innovation, product market competition and firm performance. Innov Green Dev. 2024;3(1):100111. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.igd.2023.100111\u003c/span\u003e\u003cspan address=\"10.1016/j.igd.2023.100111\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eAl-kalouti J, Kumar V, Kumar N, Garza-Reyes JA, Upadhyay A, Zwiegelaar JB. Investigating innovation capability and organizational performance in service firms. Strategic Change. 2020;29(1):103\u0026ndash;13. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1002/jsc.2314\u003c/span\u003e\u003cspan address=\"10.1002/jsc.2314\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eAl-Weshah GA, Al-Manasrah E, Al-Qatawneh M. Customer relationship management systems and organizational performance: Quantitative evidence from the Jordanian telecommunication industry. J Mark Commun. 2019;25(8):799\u0026ndash;819. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1080/13527266.2018.1449007\u003c/span\u003e\u003cspan address=\"10.1080/13527266.2018.1449007\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eAl Haq M, Abd Wahab N, Alam MM. Understanding the impact of institutional factors on asnaf sustainability: a PLS-SEM approach. Ournal Islamic Monetary Econ Finance. 2020;17(4):759\u0026ndash;90.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eAnh NT, Van, Trung NA. Trends in Fintech Application in the Insurance Sector in Vietnam. Int J Multidisciplinary Res Anal. 2024;07(03):1079\u0026ndash;89. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.47191/ijmra/v7-i03-28\u003c/span\u003e\u003cspan address=\"10.47191/ijmra/v7-i03-28\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eAnwar M, Ali Shah SZ. Managerial networking and business model innovation: empirical study of new ventures in an emerging economy. J Small Bus Entrepreneurship. 2020;32(3):265\u0026ndash;86. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1080/08276331.2018.1490509\u003c/span\u003e\u003cspan address=\"10.1080/08276331.2018.1490509\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eArsawan IWE, Koval V, Rajiani I, Rustiarini NW, Supartha WG, Suryantini NPS. Leveraging knowledge sharing and innovation culture into SMEs sustainable competitive advantage. Int J Productivity Perform Manage. 2022;71(2):405\u0026ndash;28. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1108/IJPPM-04-2020-0192\u003c/span\u003e\u003cspan address=\"10.1108/IJPPM-04-2020-0192\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eBailur S. Using Stakeholder Theory to Analyze Telecenter Projects. Inform Technol Int Dev. 2007;3(3):61\u0026ndash;80. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1162/itid.2007.3.3.61\u003c/span\u003e\u003cspan address=\"10.1162/itid.2007.3.3.61\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eBaker T, Shortland A. The government behind insurance governance: Lessons for ransomware. Regul Gov. 2023;17(4):1000\u0026ndash;20. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1111/rego.12505\u003c/span\u003e\u003cspan address=\"10.1111/rego.12505\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eBarney J. Firm resources and sustained competitive advantage. J Manag. 1991;17(1):410.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eBendig D, Schulz C, Theis L, Raff S. (2023). Digital orientation and environmental performance in times of technological change. Technological Forecasting and Social Change, 188(December 2022), 122272. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.techfore.2022.122272\u003c/span\u003e\u003cspan address=\"10.1016/j.techfore.2022.122272\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eBhardwaj R, Srivastava S. Dynamic Capabilities of Social Enterprises: A Qualitative Meta-Synthesis and Future Agenda. J Social Entrepreneurship. 2024;15(2):400\u0026ndash;28. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1080/19420676.2021.1972030\u003c/span\u003e\u003cspan address=\"10.1080/19420676.2021.1972030\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eBorah PS, Dogbe CSK, Pomegbe WWK, Bamfo BA, Hornuvo LK. Green market orientation, green innovation capability, green knowledge acquisition and green brand positioning as determinants of new product success. Eur J Innov Manage. 2023;26(2):364\u0026ndash;85. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1108/EJIM-09-2020-0345\u003c/span\u003e\u003cspan address=\"10.1108/EJIM-09-2020-0345\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eBorodako K, Berbeka J, Rudnicki M, Łapczyński M, Kuziak M, Kapera K. Market orientation and technological orientation in business services: The moderating role of organizational culture and human resources on performance. PLoS ONE. 2022;17(6 June):1\u0026ndash;17. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1371/journal.pone.0270737\u003c/span\u003e\u003cspan address=\"10.1371/journal.pone.0270737\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eCahyono Y, Purwoko D, Koho IR, Setiani A, Supendi, Setyoko PI, Sosiady M, Wijoyo H. The role of supply chain management practices on competitive advantage and performance of halal agroindustry SMEs. Uncertain Supply Chain Manage. 2023;11(1):153\u0026ndash;60. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.5267/j.uscm.2022.10.012\u003c/span\u003e\u003cspan address=\"10.5267/j.uscm.2022.10.012\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eChatterjee S, Mikalef P, Khorana S, Kizgin H. Assessing the Implementation of AI Integrated CRM System for B2C Relationship Management: Integrating Contingency Theory and Dynamic Capability View Theory. Inform Syst Front. 2024;26(3):967\u0026ndash;85. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1007/s10796-022-10261-w\u003c/span\u003e\u003cspan address=\"10.1007/s10796-022-10261-w\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eChien SY, Tsai CH. Dynamic capability, knowledge, learning, and firm performance. J Organizational Change Manage. 2012;25(3):434\u0026ndash;44. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1108/09534811211228148\u003c/span\u003e\u003cspan address=\"10.1108/09534811211228148\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eCohen S. Psychosocial models of the role of social support in the etiology of physical disease. Health Psychology: Official J Div Health Psychol Am Psychol Association. 1988;7(3):269\u0026ndash;97. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1037/0278-6133.7.3.269\u003c/span\u003e\u003cspan address=\"10.1037/0278-6133.7.3.269\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eComrey AL, Lee HB. (2013). A first course in factor analysis. In Psychology press.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eCuevas-Vargas H, Lozano-Garc\u0026iacute;a JJ, Morales-Garc\u0026iacute;a R, Casta\u0026ntilde;o-Guevara S. Transformational leadership and innovation to boost business performance: The case of small Mexican firms. Procedia Comput Sci. 2023;221:1139\u0026ndash;46. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.procs.2023.08.099\u003c/span\u003e\u003cspan address=\"10.1016/j.procs.2023.08.099\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eDagnino GB, Picone PM, Ferrigno G. Temporary Competitive Advantage: A State-of-the-Art Literature Review and Research Directions. Int J Manage Reviews. 2021;23(1):85\u0026ndash;115. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1111/ijmr.12242\u003c/span\u003e\u003cspan address=\"10.1111/ijmr.12242\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eDmytriyev SD, Freeman RE, H\u0026ouml;risch J. The Relationship between Stakeholder Theory and Corporate Social Responsibility: Differences, Similarities, and Implications for Social Issues in Management. J Manage Stud. 2021;58(6):1441\u0026ndash;70. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1111/joms.12684\u003c/span\u003e\u003cspan address=\"10.1111/joms.12684\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eDragotă IM, Cepoi CO, Ştefan L. Threshold effect for the life insurance industry: evidence from OECD countries. Geneva Pap Risk Insur Issues Pract. 2023;48(4):799\u0026ndash;820. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1057/s41288-022-00272-8\u003c/span\u003e\u003cspan address=\"10.1057/s41288-022-00272-8\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eDubey R, Bryde DJ, Dwivedi YK, Graham G, Foropon C, Papadopoulos T. (2023). Dynamic digital capabilities and supply chain resilience: The role of government effectiveness. International Journal of Production Economics, 258(June 2022), 108790. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.ijpe.2023.108790\u003c/span\u003e\u003cspan address=\"10.1016/j.ijpe.2023.108790\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eEllili N, Nobanee H, Alsaiari L, Shanti H, Hillebrand B, Hassanain N, Elfout L. The applications of big data in the insurance industry: A bibliometric and systematic review of relevant literature. J Finance Data Sci. 2023;9(February):100102. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.jfds.2023.100102\u003c/span\u003e\u003cspan address=\"10.1016/j.jfds.2023.100102\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eFerreira JJM, Fernandes CI, Veiga PM. (2024). The effects of knowledge spillovers, digital capabilities, and innovation on firm performance: A moderated mediation model. Technological Forecasting and Social Change, 200(May 2023). \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.techfore.2023.123086\u003c/span\u003e\u003cspan address=\"10.1016/j.techfore.2023.123086\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eFoss NJ, Schmidt J, Teece DJ. Ecosystem leadership as a dynamic capability. Long Range Plann. 2023;56(1):102270. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.lrp.2022.102270\u003c/span\u003e\u003cspan address=\"10.1016/j.lrp.2022.102270\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eFreeman RE. The Politics of Stakeholder Theory. Bus Ethics Q. 1994;4(4):409\u0026ndash;21. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.5840/10.2307/3857340\u003c/span\u003e\u003cspan address=\"10.5840/10.2307/3857340\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eFreeman RE, Harrison JS, Wicks AC, Parmar B, de Colle S. Stakeholder theory: The state of the art. Stakehold Theory: State Art. 2010;4(1):1\u0026ndash;343. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1017/CBO9780511815768\u003c/span\u003e\u003cspan address=\"10.1017/CBO9780511815768\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eGhobakhloo M, Iranmanesh M, Mubarak MF, Mubarik M, Rejeb A, Nilashi M. Identifying industry 5.0 contributions to sustainable development: A strategy roadmap for delivering sustainability values. Sustainable Prod Consum. 2022;33:716\u0026ndash;37. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.spc.2022.08.003\u003c/span\u003e\u003cspan address=\"10.1016/j.spc.2022.08.003\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eHair JF, Sarstedt M, Ringle CM, Mena JA. An assessment of the use of partial least squares structural equation modeling in marketing research. J Acad Mark Sci. 2012;40(3):414\u0026ndash;33. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1007/s11747-011-0261-6\u003c/span\u003e\u003cspan address=\"10.1007/s11747-011-0261-6\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eHenseler J, Hubona G, Ray PA. Using PLS path modeling in new technology research: Updated guidelines. Industrial Manage Data Syst. 2016;116(1):2\u0026ndash;20. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1108/IMDS-09-2015-0382\u003c/span\u003e\u003cspan address=\"10.1108/IMDS-09-2015-0382\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eHerold S, Heller J, Rozemeijer F, Mahr D. Dynamic capabilities for digital procurement transformation: a systematic literature review. Int J Phys Distribution Logistics Manage. 2023;53(4):424\u0026ndash;47. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1108/IJPDLM-12-2021-0535\u003c/span\u003e\u003cspan address=\"10.1108/IJPDLM-12-2021-0535\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eHoang CL, Bui Thanh T. Market orientation, corporate social responsibility, and firm performance: The moderating role of relationship marketing orientation. Cogent Bus Manage. 2021;8(1). \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1080/23311975.2021.1926212\u003c/span\u003e\u003cspan address=\"10.1080/23311975.2021.1926212\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eHoque MA, Rasiah R, Furuoka F, Kumar S. Critical determinants and firm performance of sustainable technology adoption in the apparel industry: the stakeholder approach. J Fashion Mark Manage. 2023;27(1):182\u0026ndash;200. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1108/JFMM-06-2021-0147\u003c/span\u003e\u003cspan address=\"10.1108/JFMM-06-2021-0147\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eHu F, Mou S, Wei S, Qiu L, Hu H, Zhou H. Research on the evolution of China\u0026rsquo;s photovoltaic technology innovation network from the perspective of patents. Energy Strategy Reviews. 2024;51(January):101309. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.esr.2024.101309\u003c/span\u003e\u003cspan address=\"10.1016/j.esr.2024.101309\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eHung Nguyen T. Digital Transformation in Vietnam - Trends and Solutions in the Coming Time. Int J Adv Multidisciplinary Res Stud. 2024;4(3):407\u0026ndash;15. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.62225/2583049x.2024.4.3.2801\u003c/span\u003e\u003cspan address=\"10.62225/2583049x.2024.4.3.2801\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eJamaludin M, Busthomi H, Gantika S, Rosid A, Sunarya E, Nur T. Market orientation and SCM strategy on SME organizational performances: the mediating effect of market performance. Cogent Econ Finance. 2022;10(1). \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1080/23322039.2022.2157117\u003c/span\u003e\u003cspan address=\"10.1080/23322039.2022.2157117\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eJie S, Harms R, Groen AJ, Jones P. Capabilities and Performance of Early Internationalizing Firms: A Systematic Literature Review. J Small Bus Manage. 2023;61(3):1143\u0026ndash;73. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1080/00472778.2021.1955124\u003c/span\u003e\u003cspan address=\"10.1080/00472778.2021.1955124\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eKasim A, Ekinci Y, Altinay L, Hussain K. Impact of market orientation, organizational learning​ and market conditions on small and medium-size hospitality enterprises. J Hospitality Mark Manage. 2018;27(7):855\u0026ndash;75. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1080/19368623.2018.1438955\u003c/span\u003e\u003cspan address=\"10.1080/19368623.2018.1438955\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eKastelli I, Dimas P, Stamopoulos D, Tsakanikas A. Linking Digital Capacity to Innovation Performance: the Mediating Role of Absorptive Capacity. J Knowl Econ. 2024;15(1):238\u0026ndash;72. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1007/s13132-022-01092-w\u003c/span\u003e\u003cspan address=\"10.1007/s13132-022-01092-w\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eKhin S, Ho TCF. Digital technology, digital capability and organizational performance: A mediating role of digital innovation. Int J Innov Sci. 2019;11(2):177\u0026ndash;95. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1108/IJIS-08-2018-0083\u003c/span\u003e\u003cspan address=\"10.1108/IJIS-08-2018-0083\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eKindermann B, Beutel S, Garcia de Lomana G, Strese S, Bendig D, Brettel M. Digital orientation: Conceptualization and operationalization of a new strategic orientation. Eur Manag J. 2021;39(5):645\u0026ndash;57. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.emj.2020.10.009\u003c/span\u003e\u003cspan address=\"10.1016/j.emj.2020.10.009\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eKnudsen ES, Lien LB, Timmermans B, Belik I, Pandey S. (2021). Stability in turbulent times? The effect of digitalization on the sustainability of competitive advantage. Journal of Business Research, 128(October 2019), 360\u0026ndash;369. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.jbusres.2021.02.008\u003c/span\u003e\u003cspan address=\"10.1016/j.jbusres.2021.02.008\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eKristinae V, Sambung R, Meitiana, Mering L, Dwiatmadja C, Tunjang H. Application of RBV theory in entrepreneurial orientation, dynamic capability and customer relationship management. Uncertain Supply Chain Manage. 2023;11(2):707\u0026ndash;12. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.5267/j.uscm.2023.1.010\u003c/span\u003e\u003cspan address=\"10.5267/j.uscm.2023.1.010\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eLaksono AD, Nugraheni WP, Ipa M, Rohmah N, Wulandari RD. The Role of Government-run Insurance in Primary Health Care Utilization: A Cross-Sectional Study in Papua Region, Indonesia, in 2018. Int J Social Determinants Health Health Serv. 2023;53(1):85\u0026ndash;93. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1177/00207314221129055\u003c/span\u003e\u003cspan address=\"10.1177/00207314221129055\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eLam L, Nguyen P, Le N, Tran K. The relation among organizational culture, knowledge management, and innovation capability: Its implication for open innovation. J Open Innovation: Technol Market Complex. 2021;7(1):1\u0026ndash;16. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.3390/joitmc7010066\u003c/span\u003e\u003cspan address=\"10.3390/joitmc7010066\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eLee H. (2023). Converging technology to improve firm innovation competencies and business performance: Evidence from smart manufacturing technologies. Technovation, 123(March 2022), 102724. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.technovation.2023.102724\u003c/span\u003e\u003cspan address=\"10.1016/j.technovation.2023.102724\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eLeopold N, Groot W, Tomini SM, Tomini F. Health insurance and self-employment transitions in Vietnam. J Small Bus Manage. 2021;59(6):1279\u0026ndash;300. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1080/00472778.2020.1786335\u003c/span\u003e\u003cspan address=\"10.1080/00472778.2020.1786335\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eLi B, Mousa S, Reinoso JRR, Alzoubi HM, Ali A, Hoang AD. The role of technology innovation, customer retention and business continuity on firm performance after post-pandemic era in China\u0026rsquo;s SMEs. Econ Anal Policy. 2023;78:1209\u0026ndash;20. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.eap.2023.05.004\u003c/span\u003e\u003cspan address=\"10.1016/j.eap.2023.05.004\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eLi H, Lu L, Lin Z, Meng T. Digital innovation and corporate social responsibility performance: Evidence from firms\u0026rsquo; digital patents. Technol Forecast Soc Chang. 2024;207(July):123626. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.techfore.2024.123626\u003c/span\u003e\u003cspan address=\"10.1016/j.techfore.2024.123626\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eLiu J, Zhu S. Board gender diversity and innovation performance in manufacturing firms: What is the role of risk-taking? Finance Res Lett. 2024;68(August):105936. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.frl.2024.105936\u003c/span\u003e\u003cspan address=\"10.1016/j.frl.2024.105936\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eLoan MT. Studying customers\u0026rsquo; satisfaction with service quality of life insurance in Vietnam. Int J Prof Bus Rev. 2023;8(6):e02352\u0026ndash;02352.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eMahajan R, Lim WM, Sareen M, Kumar S, Panwar R. (2023). Stakeholder theory. Journal of Business Research, 166(December 2022), 114104. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.jbusres.2023.114104\u003c/span\u003e\u003cspan address=\"10.1016/j.jbusres.2023.114104\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eMai TH, Nguyen TC, Vu LL, Bui VH, Nguyen TTC, Do DT. A study on behaviors of purchasing life insurance in Vietnam. Manage Sci Lett. 2020;10(8):1693\u0026ndash;700. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.5267/j.msl.2020.1.011\u003c/span\u003e\u003cspan address=\"10.5267/j.msl.2020.1.011\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eMer\u0026iacute;n-Rodrig\u0026aacute;\u0026ntilde;ez J, Das\u0026iacute; \u0026Agrave;, Alegre J. Digital transformation and firm performance in innovative SMEs: The mediating role of business model innovation. Technovation. 2024;134. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.technovation.2024.103027\u003c/span\u003e\u003cspan address=\"10.1016/j.technovation.2024.103027\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eNgo QH. The effectiveness of market orientation in the logistic industry: A focus on SMEs in an emerging country. Heliyon. 2023;9(7):e17666. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.heliyon.2023.e17666\u003c/span\u003e\u003cspan address=\"10.1016/j.heliyon.2023.e17666\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eNguyen HH, Tran HV. Digital society and society 5.0: Urgent issues for digital social transformation in Vietnam. Masyarakat Kebudayaan Dan Politik. 2022;35(1):78. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.20473/mkp.v35i12022.78-92\u003c/span\u003e\u003cspan address=\"10.20473/mkp.v35i12022.78-92\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eNguyen HT, Le ANN, Luu QT, Nguyen NTT, Duong KD. Foreign Ownership, Investor Attention and the Risk-Taking Behavior of Property and Casualty Insurance Firms: Evidence From Vietnam. SAGE Open. 2023;13(4):1\u0026ndash;13. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1177/21582440231211971\u003c/span\u003e\u003cspan address=\"10.1177/21582440231211971\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eNguyen L-T. (2023). Financial Inclusion through Mobile Money in developing countries: the case of Vietnam. Digital Transformation, Cooperation and Global Integration in the New Normal, 121\u0026ndash;141.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eNguyen MTN. (2023). The entrepreneurial self of market socialism Life insurance agents in rural central Vietnam. HAU: Journal of Ethnographic Theory, 13(2), 394\u0026ndash;407. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1086/726621\u003c/span\u003e\u003cspan address=\"10.1086/726621\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eNguyen QK. The development of the life insurance market and bank stability in developing countries. Heliyon. 2024;10(19):e38225. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.heliyon.2024.e38225\u003c/span\u003e\u003cspan address=\"10.1016/j.heliyon.2024.e38225\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eNguyen XP, Le ND, Pham VV, Huynh TT, Dong VH, Hoang AT. Mission, challenges, and prospects of renewable energy development in Vietnam. Energy Sources Part A: Recovery Utilization Environ Eff. 2021;00(00):1\u0026ndash;13. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1080/15567036.2021.1965264\u003c/span\u003e\u003cspan address=\"10.1080/15567036.2021.1965264\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eOzdemir S, Carlos Fernandez de Arroyabe J, Sena V, Gupta S. (2023). Stakeholder diversity and collaborative innovation: Integrating the resource-based view with stakeholder theory. Journal of Business Research, 164(December 2020), 113955. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.jbusres.2023.113955\u003c/span\u003e\u003cspan address=\"10.1016/j.jbusres.2023.113955\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003ePan X, Shao T, Zheng X, Zhang Y, Ma X, Zhang Q. Energy and sustainable development nexus: A review. Energy Strategy Reviews. 2023;47(January):101078. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.esr.2023.101078\u003c/span\u003e\u003cspan address=\"10.1016/j.esr.2023.101078\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003ePelletier LG, Legault LR, Tuson KM. The environmental satisfaction scale: A measure of satisfaction with local environmental conditions and government environmental policies. Environ Behav. 1996;28(1):5\u0026ndash;26.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003ePihlajamaa M. What does it mean to be open? A typology of inbound open innovation strategies and their dynamic capability requirements. Innovation: Organ Manage. 2023;25(1):1\u0026ndash;24. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1080/14479338.2021.1907192\u003c/span\u003e\u003cspan address=\"10.1080/14479338.2021.1907192\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eQin J, van der Rhee B, Venkataraman V, Ahmadi T. The impact of IT infrastructure capability on NPD performance: The roles of market knowledge and innovation process formality. J Bus Res. 2021;133(March):252\u0026ndash;64. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.jbusres.2021.04.072\u003c/span\u003e\u003cspan address=\"10.1016/j.jbusres.2021.04.072\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eRand J, Torm N. The Benefits of Formalization: Evidence from Vietnamese Manufacturing SMEs. World Dev. 2012;40(5):983\u0026ndash;98. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.worlddev.2011.09.004\u003c/span\u003e\u003cspan address=\"10.1016/j.worlddev.2011.09.004\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eRicardianto P, Lembang AT, Tatiana Y, Ruminda M, Kholdun AI, Kusuma IGNAGET, Sembiring HFA, Sudewo GC, Suryani D, Endri E. Enterprise risk management and business strategy on firm performance: The role of mediating competitive advantage. Uncertain Supply Chain Manage. 2023;11(1):249\u0026ndash;60. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.5267/j.uscm.2022.10.002\u003c/span\u003e\u003cspan address=\"10.5267/j.uscm.2022.10.002\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eSchmidt CVH, Kindermann B, Behlau CF, Flatten TC. Understanding the effect of market orientation on circular economy practices: The mediating role of closed-loop orientation in German SMEs. Bus Strategy Environ. 2021;30(8):4171\u0026ndash;87. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1002/bse.2863\u003c/span\u003e\u003cspan address=\"10.1002/bse.2863\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eShahroodi K, Avakh Darestani S, Soltani S, Eisazadeh Saravani A. (2024). Developing strategies to retain organizational insurers using a clustering technique: Evidence from the insurance industry. Technological Forecasting and Social Change, 201(March 2023), 123217. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.techfore.2024.123217\u003c/span\u003e\u003cspan address=\"10.1016/j.techfore.2024.123217\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eSinghal N, Goyal S, Singhal T. Insurance\u0026ndash;growth nexus: empirical evidence from emerging Asian markets. Transnatl Corporations Rev. 2020;12(3):237\u0026ndash;49. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1080/19186444.2020.1756170\u003c/span\u003e\u003cspan address=\"10.1080/19186444.2020.1756170\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eSiriram R. Technological and non-technological innovation effects on firm performance. J High Technol Manage Res. 2022;33(2):100429. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.hitech.2022.100429\u003c/span\u003e\u003cspan address=\"10.1016/j.hitech.2022.100429\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eSrivastava M, Franklin A, Martinette L. Building a sustainable competitive advantage. J Technol Manage Innov. 2013;8(2):47\u0026ndash;60. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.4067/s0718-27242013000200004\u003c/span\u003e\u003cspan address=\"10.4067/s0718-27242013000200004\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eStocker M, V\u0026aacute;rkonyi L. Impact of market orientation on competitiveness: Analysis of internationalized medium-sized and large enterprises. Entrepreneurial Bus Econ Rev. 2022;10(1):81\u0026ndash;95.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eStoelhorst JW. Value, rent, and profit: A stakeholder resource-based theory. Strateg Manag J. 2023;44(6):1488\u0026ndash;513. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1002/smj.3280\u003c/span\u003e\u003cspan address=\"10.1002/smj.3280\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eTaghvaee S, Talebi K. Market orientation in uncertain environments: The enabling role of effectuation orientation in new product development. Eur Manag J. 2023;41(2):323\u0026ndash;35. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.emj.2022.01.005\u003c/span\u003e\u003cspan address=\"10.1016/j.emj.2022.01.005\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eTajvidi R, Karami A. The effect of social media on firm performance. Comput Hum Behav. 2021;115:1\u0026ndash;10. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.chb.2017.09.026\u003c/span\u003e\u003cspan address=\"10.1016/j.chb.2017.09.026\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eTalaja A. Testing VRIN framework: Resource value and rareness as sources of competitive advantage and above average performance. Manage (Croatia). 2012;17(2):51\u0026ndash;64.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eTholl J, Basse T, Meier S, Rodriguez Gonzalez M. Risk premia and the European government bond market: new empirical evidence and some thoughts from the perspective of the life insurance industry. Z Fur Die Gesamte Versicherungswissenschaft. 2021;110(1):49\u0026ndash;78. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1007/s12297-021-00503-2\u003c/span\u003e\u003cspan address=\"10.1007/s12297-021-00503-2\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eTran TK. Leadership and the company\u0026rsquo;s willingness to take risks: Empirical analysis in Vietnam. J Open Innovation: Technol Market Complex. 2023;9(3):100138. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.joitmc.2023.100138\u003c/span\u003e\u003cspan address=\"10.1016/j.joitmc.2023.100138\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eTu Y, Wu W. How does green innovation improve enterprises\u0026rsquo; competitive advantage? The role of organizational learning. Sustainable Prod Consum. 2021;26:504\u0026ndash;16. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.spc.2020.12.031\u003c/span\u003e\u003cspan address=\"10.1016/j.spc.2020.12.031\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eVahter P, Vadi M. (2024). The relationship of technological and organizational innovation with firm performance: Opening the black box of dynamic complementarities. Technological Forecasting and Social Change, 206(August 2023), 123516. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.techfore.2024.123516\u003c/span\u003e\u003cspan address=\"10.1016/j.techfore.2024.123516\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eVerma A, Bhattacharya P, Madhani N, Trivedi C, Bhushan B, Tanwar S, Sharma G, Bokoro PN, Sharma R. Blockchain for Industry 5.0: Vision, Opportunities, Key Enablers, and Future Directions. IEEE Access. 2022;10(June):69160\u0026ndash;99. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1109/ACCESS.2022.3186892\u003c/span\u003e\u003cspan address=\"10.1109/ACCESS.2022.3186892\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eVogel R, G\u0026uuml;ttel WH. The dynamic capability view in strategic management: A bibliometric review. Int J Manage Reviews. 2013;15(4):426\u0026ndash;46. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1111/ijmr.12000\u003c/span\u003e\u003cspan address=\"10.1111/ijmr.12000\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eWaheed A, Kousar S, Khan MI, Fischer TB. Environmental governance in Pakistan: Perspectives and implications for the China-Pakistan economic corridor plan. Environ Sustain Indic. 2024;23(January):100443. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.indic.2024.100443\u003c/span\u003e\u003cspan address=\"10.1016/j.indic.2024.100443\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eWang N, Wan J, Ma Z, Zhou Y, Chen J. How digital platform capabilities improve sustainable innovation performance of firms: The mediating role of open innovation. J Bus Res. 2023;167(May):114080. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.jbusres.2023.114080\u003c/span\u003e\u003cspan address=\"10.1016/j.jbusres.2023.114080\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eWilson GA, Liguori E. Market orientation, failure learning orientation, and financial performance. J Small Bus Manage. 2023;61(6):3027\u0026ndash;45. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1080/00472778.2022.2051177\u003c/span\u003e\u003cspan address=\"10.1080/00472778.2022.2051177\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eYasmin M, Tatoglu E, Kilic HS, Zaim S, Delen D. Big data analytics capabilities and firm performance: An integrated MCDM approach. J Bus Res. 2020;114(March):1\u0026ndash;15. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.jbusres.2020.03.028\u003c/span\u003e\u003cspan address=\"10.1016/j.jbusres.2020.03.028\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eYu H, Sun X. Uncertain remanufacturing reverse logistics network design in industry 5.0: Opportunities and challenges of digitalization. Eng Appl Artif Intell. 2024;133(PF):108578. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.engappai.2024.108578\u003c/span\u003e\u003cspan address=\"10.1016/j.engappai.2024.108578\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eZhang X, Chu Z, Ren L, Xing J. Technological Forecasting \u0026amp; Social Change Open innovation and sustainable competitive advantage: The role of organizational learning. Technological Forecast Social Change. 2023;186(PA):122114. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.techfore.2022.122114\u003c/span\u003e\u003cspan address=\"10.1016/j.techfore.2022.122114\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eZhao A, Zhang H, Liu Y, Guan H. Environmental taxes, technological innovation and firm performance: Evidence from China\u0026rsquo;s manufacturing firms. Heliyon. 2024;10(10):e31386. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1016/j.heliyon.2024.e31386\u003c/span\u003e\u003cspan address=\"10.1016/j.heliyon.2024.e31386\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eZhou X, Wang Y, Zhang Y, Liu F. Macro investigation on China\u0026rsquo;s engineering insurance industry: based on industrial organization theories. Eng Constr Architectural Manage. 2024;31(7):2977\u0026ndash;94. \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.1108/ECAM-03-2022-0219\u003c/span\u003e\u003cspan address=\"10.1108/ECAM-03-2022-0219\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e.\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":false,"highlight":"","institution":"","isAcceptedByJournal":true,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"discover-sustainability","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"disu","sideBox":"Learn more about [Discover Sustainability](https://www.springer.com/43621)","snPcode":"","submissionUrl":"","title":"Discover Sustainability","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"stoa","reportingPortfolio":"Discover Series","inReviewEnabled":true,"inReviewRevisionsEnabled":true},"keywords":"Firm performance, Dynamic competitiveness, Insurance industry, Sustainable development, Technology 5.0","lastPublishedDoi":"10.21203/rs.3.rs-5293252/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-5293252/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eIndustry 5.0 poses many challenges for insurance companies. This article explores the impact of sustainable competitive advantage on firm performance under the regulatory effect of government policies in Vietnamese insurance companies. The study surveyed 248 leaders at insurance companies and used the PLS-SEM method to analyze the data in two steps. The research results show that sustainable competitive advantage is positively influenced by infrastructure capacity, digital orientation, market orientation, and innovation capacity. Sustainable competitive advantage has a strong effect on firm performance. The results also confirm the mediating role of sustainable competitive advantage and the regulatory role of government policy. From there, the implication of a solution for insurance companies has been proposed. This study provides further empirical evidence from the insurance industry for dynamic resource theory and stakeholder theory. Furthermore, the results are also the basis for managers to plan sustainable business strategies.\u003c/p\u003e","manuscriptTitle":"Dynamic Competitiveness, Firm Performance and the Regulatory Role of Government Policies in Industry 5.0","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2024-11-13 13:09:38","doi":"10.21203/rs.3.rs-5293252/v1","editorialEvents":[{"type":"communityComments","content":0},{"type":"decision","content":"Revision requested","date":"2024-11-25T09:28:26+00:00","index":"","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2024-11-25T03:31:10+00:00","index":"hide","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2024-11-20T13:16:50+00:00","index":"hide","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2024-11-18T13:33:01+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"16613104591285646148534661874413364337","date":"2024-11-15T06:34:01+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"190608143860855747429890957281354478825","date":"2024-11-14T11:40:47+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"240820947382757160660067223599419289000","date":"2024-11-12T11:38:02+00:00","index":"hide","fulltext":""},{"type":"reviewersInvited","content":"","date":"2024-11-12T11:19:29+00:00","index":"","fulltext":""},{"type":"editorAssigned","content":"","date":"2024-11-04T08:43:25+00:00","index":"","fulltext":""},{"type":"checksComplete","content":"","date":"2024-11-01T17:14:00+00:00","index":"","fulltext":""},{"type":"submitted","content":"Discover Sustainability","date":"2024-10-19T07:51:38+00:00","index":"","fulltext":""}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"discover-sustainability","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"disu","sideBox":"Learn more about [Discover Sustainability](https://www.springer.com/43621)","snPcode":"","submissionUrl":"","title":"Discover Sustainability","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"stoa","reportingPortfolio":"Discover Series","inReviewEnabled":true,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"e5edc652-73cd-4edf-a1e6-d00dbf328794","owner":[],"postedDate":"November 13th, 2024","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"published-in-journal","subjectAreas":[],"tags":[],"updatedAt":"2024-12-30T15:59:59+00:00","versionOfRecord":{"articleIdentity":"rs-5293252","link":"https://doi.org/10.1007/s43621-024-00770-w","journal":{"identity":"discover-sustainability","isVorOnly":false,"title":"Discover Sustainability"},"publishedOn":"2024-12-24 15:57:15","publishedOnDateReadable":"December 24th, 2024"},"versionCreatedAt":"2024-11-13 13:09:38","video":"","vorDoi":"10.1007/s43621-024-00770-w","vorDoiUrl":"https://doi.org/10.1007/s43621-024-00770-w","workflowStages":[]},"version":"v1","identity":"rs-5293252","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-5293252","identity":"rs-5293252","version":["v1"]},"buildId":"qtupq5eGEP_6zYnWcrvyt","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}