## [Overall topic/title] ### [First subtopic] The research employs structural equation modeling (SEM) based on data collected from 330 Chinese SMEs to examine the mediating role of business model innovation (BMI) in the relationship between enterprise risk management (ERM), organizational agility (OA), entrepreneurial orientation (EO), and SME performance. The results support that SMEs can improve their performance by enhancing their ERM, OA, EO, and efficiency-centered BMI. Novelty-centered BMI does not mediate the relationship between ERM, OA, and EO and SME performance. The summary of the hypotheses is available in Table 9. The reasons novelty-centered BMI does not have a positive effect on SME performance may be because: - ERM encourages companies to conduct BMI, but not all BMI applications necessarily lead to performance improvement. - Novelty-centered BMI may not address genuine market need or problem, increasing the likelihood of failure. - Poor execution of innovative ideas can derail innovations. In contrast, efficiency-centered BMI positively impacts SME performance by: - Identifying potential risks and inefficiencies within an organization. - Using these insights to streamline operations, cut costs, and allocate resources more effectively. - Supporting rapid adaptation to changes without excessive cost. - Aligning with innovative product and market strategies. ### [Second subtopic] The findings demonstrate that BMI includes efficiency improvements to existing business models (efficiency-centered BMI) and the development of entirely new business models to explore new markets or products (novelty-centered BMI). However, in practice, especially in resource-constrained SMEs, efficiency-centered BMI often takes precedence over novelty BMI, potentially leading to contradictions between theoretical and empirical results. ### [Concluding remarks] This research contributes to the dynamic capability view (DCV) by examining four dynamic capabilities (ERM, OA, EO, and efficiency-centered BMI) and their impact on BMI and SME performance. It highlights the importance of ERM, OA, and EO for SME performance and shows that while novelty-centered BMI does not directly lead to performance improvement, efficiency-centered BMI can positively impact performance.