An Empirical Study of Business Model Portfolios

DOI

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Other Title
  • ビジネスモデル・ポートフォリオの実証研究

Abstract

What kind of business model portfolio (BMP) leads to superior business performance? This study analyzes the conflicting and complementary relationships among business models (BMs) that cannot be observed in a single model by focusing on BMPs to answer this question. It is also expected that capital efficiency and corporate value, which a single model cannot explain, can be evaluated. This study explores the causality between BMPs and corporate value (Tobin’s Q) and performance (ROA) in the information and communication industry, where various BM combinations can be observed. The analysis was conducted with the panel data of 192 firms and 1653 firm-years of listed firms in the growth market. The analysis results of the panel data for the year 2000 indicate that the “cross-selling type,” combining various BMs in a few markets, leads to superior financial performance, while the “multimarket expansion type,” replicating a specific BM in many markets, increases corporate value. Although the portfolio perspective of “value creation and acquisition structure” presented in this study relies on a resource-based view, it has rarely been studied. Thus, it could leave essential implications for strategic research.

Journal

  • Organizational Science

    Organizational Science 57 (3), 33-47, 2024-03-20

    The Academic Association for Organizational Science

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