Unveiling the Antecedents of Technology‐Organization‐Environment on Low Carbon Performance: A Comparative Analysis of Emission‐Controlled and Non‐Emission‐Controlled Firms

ABSTRACT This study examines firm low‐carbon performance (FLCP) by integrating the Technology–Organization–Environment (TOE) framework with the Natural Resource‐Based View, Dynamic Capabilities Theory, and Institutional Theory. Using survey data from 318 managers in Chinese firms and partial least squares structural equation modeling, it examines direct and indirect associations between TOE drivers and FLCP, plus supplementary multi‐group analysis (MGA) based on regulatory exposure and managerial awareness. Results reveal positive associations of technological competence, top management support (TMS), government support, and regulatory factors with FLCP. Financial benefits relate to FLCP indirectly through TMS, whereas government support relates directly and indirectly through TMS. The MGA results indicate that regulatory factors are stronger for firms aware of their emission‐control status, government support is stronger for unaware firms, and corporate social responsibility relates more strongly to FLCP among emission‐controlled firms. The study clarifies capability‐based TOE mechanisms and the institutional context of emerging‐economy carbon trading.