Investigating the impact of dual-chain coupling on new quality productive forces in leading traditional Chinese medicine enterprises

Background: New quality productive forces are increasingly recognized as essential drivers of high-quality development in health-related industries. In the context of TCM, the synergy between talent chain and supply chain may play a pivotal role in shaping firms' capacity to contribute to public health goals. Purpose: This study investigates the impact of talent-supply chain synergy on new quality productive forces in leading TCM manufacturing enterprises, and examines the mediating role of innovation investment. It also explores how regional institutional contexts, such as TCM healthcare infrastructure, education systems, and policy environments, moderate this relationship. Methods: The study utilizes panel data from 75 publicly listed TCM manufacturers in China from 2015 to 2023. A stepwise regression is conducted to assess the effects of talent-supply chain synergy on new quality productive forces and the mediating role of innovation investment. In addition, heterogeneity across regional institutional contexts, including TCM healthcare infrastructure, education systems, and policy environments, is to examine the effects of dual-chain coupling coordination vary under different contextual conditions. Findings: The results indicate that: (1) the coupled synergy between the talent chain and the supply chain significantly enhances firms' new quality productive forces; (2) innovation investment plays a critical mediating role in linking dual-chain synergy to the development of new quality productive forces; and (3) the positive effects of dual-chain synergy are more pronounced in regions with stronger TCM healthcare infrastructure, more developed TCM education systems, and more favorable policy environments. Originality/value: This study offers theoretical insights into how dual-chain coordination contributes to the advancement of new quality productive forces and provides practical guidance for TCM enterprises in enhancing innovation investment and optimizing their alignment with regional institutional contexts.