THE RELATIONSHIP BETWEEN ENTREPRENEURIAL ORIENTATION AND BUSINESS PERFORMANCE: THE MEDIATING ROLE OF DIGITAL BRAND EQUITY AND THE MODERATING EFFECT OF INDUSTRY CONTEXT

This study explores how entrepreneurial orientation (EO) translates into business performance (BP) within an emerging digital economy, investigating the mediating role of digital brand equity (DBE) and the moderating effect of industry context. Using a moderated mediation model on survey data from 485 Vietnamese business leaders, the study finds that DBE fully mediates the relationship between EO and BP. The direct impact of EO becomes insignificant once DBE is accounted for. Furthermore, this indirect relationship is significantly stronger in the retail/commerce sector. The findings suggest that converting entrepreneurial energy into tangible performance hinges on building a strong digital brand, which is a crucial strategy for firms navigating competitive digital markets. This research contributes by testing foundational theories in an emerging market, identifying DBE as a critical mechanism explaining how EO influences performance, and highlighting industry context as a key boundary condition.