Science and technology entrepreneurial firms play an irreplaceable role in China's scientific and technological innovation and industrial transformation. They are the main drivers of an active market. However, the scarcity of resources, fierce competition in the external market environment, and uncertainty of future risks pose great obstacles to S&T entrepreneurship. Social network embedding helps to improve the resource acquisition, integration and allocation abilities of science and technology entrepreneurial firms, enhance their levels of risk-taking, and then promote the performance of science and technology entrepreneurship, but the process is affected by the competitive environment of the product market. For instance, when the competition in the product market is fierce and the pressure of technology entrepreneurship is greater, decision-makers tend to make more prudent decisions, which may inhibit the effect of risk-taking level on the performance of technology entrepreneurship. However, the existing studies have not yet incorporated the risk-taking level and product market competition into the framework of the impact of social network embedding on technology entrepreneurship performance to verify its mechanism.#br#In order to clarify the yet undetermined relational embeddedness and structural embeddedness involved in social network embeddedness in influencing the performance of science and technology entrepreneurship, this study takes the risk-taking level as an endogenous factor and product market competition as an exogenous factor and introduces the level of economic development and enterprise ownership to study the heterogeneity of the external environment and internal conditions of social network embeddedness on the performance of science and technology entrepreneurship. The panel data from 735 firms is selected, and the sample observation interval is from 2010 to 2021. On the basis of the director data and enterprise data sourced from the Cathay Pacific database, the director network constituted among enterprises is calculated using Ucinet 6.0 software, and then regression analyses are performed using Stata 14.0.#br#It is found that social network embeddedness has a direct positive impact on technological entrepreneurial performance; the level of risk-taking plays a positive mediating role in the positive relationship between social network embeddedness and technological entrepreneurial performance; the intensity of competition in the product market has a negative moderating effect on the relationship between the level of risk-taking and technological entrepreneurial performance; the competitive position of the product market has a positive moderating effect. The impact of social network embedding on scientific and technological entrepreneurial performance is significantly heterogeneous in terms of regional economic development level and enterprise ownership. Social network embedding is more effective in promoting scientific and technological entrepreneurial performance in enterprises in regions with lower economic development levels, and social network embedding is more effective in promoting scientific and technological entrepreneurial performance in non-state-owned enterprises. Thus, it is proposed to deepen communication and cooperation among enterprises, strengthen awareness of enterprise risk-taking levels, conduct extensive market research, and increase the intensity of R&D investment.#br#Compared with existing studies, this paper investigates the degree and richness of social network embeddedness, which helps to understand the mechanism of social network relationship, risk-taking level and S&T entrepreneurial performance in a more detailed and in-depth way. Considering the intermediate variables of social network embeddedness and scientific and technological entrepreneurial performance, and the role of the external environment and internal conditions of the social network in this relationship, this study takes the level of risk-taking as a mediator variable, which enriches the research perspective on the relationship between the two. It further deepens the product competition market by decomposing it into product competition market environment and product competition market position. It explores their moderating roles in the relationship between social network embeddedness and scientific and technological entrepreneurial performance, respectively, and confirms that the two dimensions mentioned above produce opposite moderating roles. Therefore, this study proposes that product market competition can be divided into the above two variables in subsequent studies to reduce the mutual influence of product competition market environment and product competition market position.#br#
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