Authors:

Aleksandra I. Selezneva, Lecturer of Strategic and International Management Dept. Graduate School of Business, HSE University

Anna S. Veselova, Cand. Sc. (Econ.), Associate Professor of Strategic and International Management Dept., Director of the Centre for Corporate Sustainability Management. Graduate School of Business, HSE University

Abstract:

In response to “disruptive market shifts,” companies can initiate transformation processes to cope with ever-increasing competition, changing customer demands, increasing regulatory pressure, and other factors. At the same time, the transformation of business models (BM) under institutional pressures and their consequences have not been sufficiently studied. The purpose of the study is to identify the relationships between perceived institutional pressure, BM transformation and company performance in local and international markets. The methodological basis of the study is institutional theory, internationalization theory, and theoretical approaches to BMs and their transformation. The main methods of analysis are traditional statistical methods, such as multivariate regression analysis, as well as modern bootstrapping methods for testing mediation and moderation effects. The research is based on an online survey (n = 250) conducted among senior and middle managers of large Russian companies in June–July 2023. The results confirm the direct influence of institutional pressure on business model transformation, the direct influence of business model transformation, and the indirect influence of institutional pressure on company performance. To maintain competitiveness and sustainable market positions, it is important for companies to identify which BM element is most influenced by the institutional environment and transform it. This statement is true for such BM elements as ‘value proposition’, ‘value creation’ and ‘value capture’. If institutional pressure is exerted on the ‘value delivery’ element, this leads to transformation processes within all four blocks.

Keywords: business model; institutions; internationalization; emerging market; Russian companies; business model transformation.

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For citation: Selezneva A.I., Veselova A.S. (2025). The impact of business models transformation on performance of Russian firms under internationalization and institutional change. Upravlenets/ The Manager, vol.  16, no. 4, pp. 87–100. DOI: 10.29141/2218- 5003-2025-16-4-6. EDN: WJKHXA.