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<p>Against the backdrop of accelerated digital transformation and the gradual decentralization of network systems, how firms promote business model innovation through effective governance frameworks has become a key issue at the intersection of corporate management and technological integration. Drawing on data from listed companies between 2014 and 2023, this study employs a two-way fixed effects model to investigate how network governance in the Web3 era influences business model innovation. The results indicate a significant positive association between the two, a process that operates through improvements in internal control quality. In addition, the application of artificial intelligence enhances the positive effect of network governance on business model innovation, while climate risk weakens this effect. Notably, the influence of network governance on corporate business model innovation varies significantly depending on differences in equity balance degree, financial leverage level, and the degree of marketization. This study identifies both the transmission mechanism and boundary conditions under which network governance fosters business model innovation, providing empirical evidence for firms to optimize governance structures and enhance innovation capacity.</p>

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AI-driven blockchain supply chains: network governance and corporate business model innovation in the Web3 era

  • 期刊论文

  • 发表日期：

    2025年11月19日

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  • Ziling Wu,
  • Xiaohan Liu,
  • Ruiting Zhang

摘要

Against the backdrop of accelerated digital transformation and the gradual decentralization of network systems, how firms promote business model innovation through effective governance frameworks has become a key issue at the intersection of corporate management and technological integration. Drawing on data from listed companies between 2014 and 2023, this study employs a two-way fixed effects model to investigate how network governance in the Web3 era influences business model innovation. The results indicate a significant positive association between the two, a process that operates through improvements in internal control quality. In addition, the application of artificial intelligence enhances the positive effect of network governance on business model innovation, while climate risk weakens this effect. Notably, the influence of network governance on corporate business model innovation varies significantly depending on differences in equity balance degree, financial leverage level, and the degree of marketization. This study identifies both the transmission mechanism and boundary conditions under which network governance fosters business model innovation, providing empirical evidence for firms to optimize governance structures and enhance innovation capacity.