Supply chain, institutional gap and Chinese enterprise’s overseas investment along the Belt and Road: analysis based on fsQCA

Purpose The supply chain acts as a critical bridge connecting the global production network to consumer markets, playing an instrumental role in bolstering an enterprise’s international competitive edge. However, the existing research on the impact of the supply chain on an enterprise’s overseas investment is still unclear and needs to be solved urgently. This paper aims to explore the configuration effect of the supply chain and institutional gap on Chinese company’s overseas investment along the Belt and Road. Design/methodology/approach Based on 24 listed companies, this study adopts the fuzzy-set qualitative comparative analysis method and selects six antecedent conditions in the supply chain dimension, supply chain enterprise dimension and external environment dimension to explore the configuration effect. Findings It is found that supply chain and institutional gap are not necessary conditions to promote Chinese enterprises’ overseas investment in the countries along the Belt and Road. There are three configuration paths. First, green supply chain companies with low digital integration and high supply chain concentration can boost overseas Belt and Road investments through strong ESG performance, even without innovation policies. Second, companies with low supply chain concentration and digitalization can invest abroad with good institutional environments and high ESG performance, regardless of their green status or policy support. Third, nongreen companies with low ESG, digitalization and policy support can still invest in Belt and Road regions with unfavorable institutional environments if they have high supply chain concentration. Originality/value This paper enriches the study on the influencing factors of overseas investment in the Belt and Road from the perspective of configuration, holding significant relevance for enterprises engaging in overseas investments within Belt and Road countries.