Making the path to global markets greener: how the export performances of small and medium-sized enterprises relate to bio-circular-green practices in the digital age

This study investigated the association of bio-circular-green (BCG) practices with export performance among small and medium-sized enterprises (SMEs) in Thailand’s electronic component-manufacturing sector. The mediating roles of BCG practice adoption and circular economy implementation, and the moderating effects of digital transformation and institutional regulatory support were examined using the natural resource-based view (NRBV) and dynamic capabilities theory. Survey data from 300 senior managers of the Board of Investment (BOI)-promoted SMEs were analyzed using partial least squares structural equation modeling (PLS-SEM). Results indicated that knowledge absorption capability (β = 0.355), environmental leadership orientation (β = 0.263), and sustainability innovation capability (β = 0.216) were positively associated with BCG practice adoption, which was strongly related to circular economy implementation (β = 0.608) and, in turn, to export performance (β = 0.541). Sequential mediation was supported, with neither moderator showing significant interaction effects. The model explained 41.1% of the variance in export performance. This study extended the NRBV to sustainability capabilities in export markets and established a sequential capability–practice–performance mediation pathway. The findings are among the first to empirically examine an integrated BCG framework – combining bio-economy, circular economy, and green economy dimensions simultaneously – in relation to export performance in an emerging-market context. Prior studies in the region examined these dimensions in isolation rather than as an integrated, multi-dimensional framework. The cross-sectional, single-country design limited causal inference and generalizability; future research should employ longitudinal designs across multiple institutional contexts.