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This study aims to grounded in the dynamic capability theory and focuses on the dynamic exchange capability framework, encompassing networkbuilding capability and resource integration capability, to explore the relationship between coopetition and resilience, with ecosystem digitalization serving as the boundary condition.

This study uses a survey study among 382 B2B startups with second-hand data from the city level.

Startups engaged in coopetition activities can build resilience through the mediating effects of network-building capability and resource integration capability. In addition, ecosystem digitalization positively moderates these relationships.

This study advocates for entrepreneurs to leverage coopetition to enhance resilience by activating network-building capability and resource integration capability and to apply ecosystem digitalization throughout this transformation process.

Many studies have discussed how to strengthen the resilience of startups, but the role of the entrepreneurial ecosystem in constructing resilience has received little attention. This study contributes to the understanding of the causal relationship between entrepreneurial ecosystem and entrepreneurship, promotes the development of the dynamic exchange capability framework, and sheds light on the flow of resources across borders within ecosystems.

This study aims to examine the ramifications of corporate environmental, social and governance (ESG) investing in zombie firms and considers how external funding support may moderate this relationship given the sustainable nature of ESG performance, which often incurs costs.

Panel regression analyses used data from China’s A-share listed companies from 2011 to 2019, resulting in a data set comprising 6,054 observations.

Despite firms’ additional financial burdens, corporate ESG investing emerges as a catalyst in resurrecting zombie firms by attracting investor attention. Further analysis underscores the significance of funding support from entities such as the government and banks in alleviating ESG cost pressures and enhancing the efficacy of corporate ESG investing. Notably, the positive impact of corporate ESG investing is most pronounced in non-heavily polluting and non-state-owned firms. The results of classification tests reveal that social (S) and governance (G) investing yield greater efficacy in revitalizing zombie firms compared to environmental (E) investing.

This research enriches the discourse on corporate ESG investing and offers insights for governing zombie firms and shaping government policies.

By extending the domain of ESG research to encompass zombie firms, this paper sheds light on the multifaceted role of corporate ESG investing. Furthermore, this study comprehensively evaluates the influence of external funding support on the positive outcomes of ESG investing, thereby contributing to the resolution of the longstanding debate on the relationship between ESG performance and corporate financial performance, particularly with regard to ESG costs and benefits.