Abstract: Affected by the transformation and application of digital technology, the boundaries of a firm’s value creation are gradually expanding, which in turn leads to the business ecosystem replacing bilateral partnerships as the main context for firms to carry out business model innovation. In this context, we focus on the mechanism of how firms in the business ecosystem adapt to business ecosystem governance for business model innovation. From the perspective of non-core firms in the business ecosystem, we mainly discuss the impact of business ecosystem governance on business model innovation, analyze the mediating role of Top Management Team (TMT) social capital in the relationship between business ecosystem governance and business model innovation, and then explore the moderating effects of business ecosystem openness and corporate niche overlap. Research findings show as follows. (1) Business ecosystem relational governance and contractual governance positively impact business model innovation; (2) TMT internal social capital and external social capital play diverse mediating roles in the influence of business ecosystem governance on business model innovation; (3) Business ecosystem openness and corporate niche overlap degree positively moderate the relationship between TMT internal social capital and business model innovation, and negatively moderate the relationship between TMT external social capital and business model innovation.

Key words: business ecosystem governance, relational governance, contractual governance, business model innovation, TMT social capital