Does customer concentration matter in business model value: Threshold effects of carbon emissions and dynamic capabilities?

Prior studies have examined the relationship between customer concentration and business model value (hereinafter BMV). This research further examines their relationship by introducing the roles of external carbon emissions and internal dynamic capabilities, and identifies the potential threshold effects induced by the roles. Drawing on a sample of Chinese-listed manufacturing firms from 2012 to 2017, we use a set of regression models, threshold models and robustness checks. The results show that customer concentration is positively related to BMV and carbon emissions modulate a triple-threshold effect on this positive relationship, while dynamic capabilities exhibit threshold effects at both the aggregate and individual levels. This paper provides valuable insights into how firms promote their BMV and achieve carbon neutrality by recognizing the effect of customer concentration on BMV, as well as how firms can leverage their dynamic capabilities to support BMV enhancement and achieve sustainability improvements.