Social Capital, Human Capital, Access to Resources, Digital Transformation, Business Model Innovation and Firm Performance

Abstract

Through the mediating function of access to resources (AR), this study investigates the effects of digital transformation, human capital, social capital, and business model innovation (BMI) on the firm performance of Vietnamese firms. The study analyses survey data from 394 Vietnamese businesses in a variety of industries using Partial Least Squares Structural Equation Modelling (PLS-SEM). The results show that BMI and digital transformation are strongly impacted by social and human capital. Furthermore, digital transformation significantly improves business performance and BMI. Additionally, the study finds AR's partial mediation role in the connections among digital transformation, human capital, and social capital. The study integrates Social Capital Theory and Human Capital Theory while providing empirical evidence, contributing to an enhanced understanding of factors driving firm performance in the context of digital transformation. The findings offer practical insights for business managers and policymakers in developing strategies to enhance operational efficiency through digital transformation and business model innovation.