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<article xmlns:xlink="http://www.w3.org/1999/xlink" dtd-version="1.4" article-type="other" xml:lang="en"><front><journal-meta><journal-title-group><journal-title xml:lang="ru">Управленец</journal-title></journal-title-group><journal-id journal-id-type="issn">2218-5003</journal-id><journal-id journal-id-type="eissn">2686-7923</journal-id></journal-meta><article-meta><article-id pub-id-type="doi">10.29141/2218-5003-2025-16-4-6</article-id><article-id pub-id-type="uri">https://elibrary.ru/item.asp?id=82931592</article-id><self-uri>https://elibrary.ru/item.asp?id=82931592</self-uri><title-group><article-title xml:lang="ru">Влияние трансформации бизнес-моделей на результаты деятельности российских фирм в условиях интернационализации и институциональных изменений</article-title><trans-title-group xml:lang="en"><trans-title>The impact of business models transformation on performance of Russian firms under internationalizationand institutional change</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author"><name><surname>Селезнева</surname><given-names>А. И.</given-names></name><name-alternatives><name xml:lang="ru"><surname>Селезнева</surname><given-names>А. И.</given-names></name><name xml:lang="en"><surname>Selezneva</surname><given-names>A. I.</given-names></name></name-alternatives><xref ref-type="aff" rid="aff1"/><email>aselez-neva@hse.ru</email></contrib><contrib contrib-type="author"><name><surname>Веселова</surname><given-names>А. С.</given-names></name><name-alternatives><name xml:lang="ru"><surname>Веселова</surname><given-names>А. С.</given-names></name><name xml:lang="en"><surname>Veselova</surname><given-names>A. S.</given-names></name></name-alternatives><xref ref-type="aff" rid="aff1"/><email>asveselova@hse.ru</email></contrib><aff-alternatives id="aff1"><aff><institution xml:lang="en">Graduate School of Business</institution></aff><aff><institution xml:lang="ru">Высшая школа бизнеса НИУ ВШЭ</institution></aff></aff-alternatives></contrib-group><pub-date pub-type="epub" iso-8601-date="2025-09-09"><day>09</day><month>09</month><year>2025</year></pub-date><volume>16</volume><issue>4</issue><fpage>87</fpage><lpage>100</lpage><history><date date-type="received" iso-8601-date="2025-04-24"><day>24</day><month>04</month><year>2025</year></date><date date-type="accepted" iso-8601-date="2025-06-26"><day>26</day><month>06</month><year>2025</year></date></history><permissions><license><license-p xml:lang="ru">CC BY-NC 4.0</license-p></license><copyright-statement xml:lang="ru">А.И. Селезнева, А.С. Веселова</copyright-statement><copyright-statement xml:lang="en">A.I. Selezneva, A.S. Veselova</copyright-statement></permissions><abstract xml:lang="ru"><p>В ответ на «подрывные рыночные сдвиги» современные компании могут инициировать трансформационные процессы, чтобы справиться с постоянно растущей конкуренцией, меняющимися запросами клиентов, возрастающим давлением регуляторов и другими факторами. При этом изменения бизнес-моделей (БМ) компаний под влиянием институциональной среды и их последствия недостаточно изучены. Статья посвящена выявлению взаимосвязей между воспринимаемым институциональным давлением, трансформацией БМ и результативностью компании на локальных и международных рынках. Методологической базой исследования выступают институциональная теория, теория интернационализации, а также теоретические подходы к изучению БМ и их трансформации. Методы работы включают многофакторный регрессионный анализ, а также современные методы бутстрэппинга для тестирования медиационных и модерационных эффектов. Информационная база сформирована на основе данных онлайн-опроса (n = 250), проведенного среди руководителей высшего и среднего звена крупных российских компаний в июне - июле 2023 г. Результаты подтверждают прямое влияние институционального давления на трансформацию бизнес-моделей, прямое влияние трансформации бизнес-моделей и косвенное воздействие институционального давления на результаты деятельности фирмы. Для сохранения конкурентоспособности и устойчивых рыночных позиций компаниям важно идентифицировать, на какой элемент БМ в большей степени влияет институциональная среда, и трансформировать именно его. Данное утверждение справедливо для таких элементов БМ, как ценностное предложение, создание ценности и присвоение ценности. Если институциональное давление оказывается на элемент «распределение ценности», это приводит к трансформационным процессам внутри всех четырех блоков.</p></abstract><trans-abstract xml:lang="en"><p>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.</p></trans-abstract><kwd-group xml:lang="en"><kwd>russian companies</kwd><kwd>business model transformation</kwd><kwd>Business Model</kwd><kwd>institutions</kwd><kwd>internationalization</kwd><kwd>emerging market</kwd></kwd-group><kwd-group xml:lang="ru"><kwd>бизнес-модель</kwd><kwd>институты</kwd><kwd>интернационализация</kwd><kwd>развивающийся рынок</kwd><kwd>российские компании</kwd><kwd>трансформация бизнес-модели</kwd></kwd-group></article-meta></front><back><ref-list><ref id="ref1"><mixed-citation xml:lang="en">Bek N.N., Gadzhaeva L.R. (2018). Open innovation business models: Special features, problems, and prospects for development. Vestnik Moskovskogo universiteta. Seriya 6. Ekonomika / Moscow University Economics Bulletin, no. 1, pp. 140-159. (in Russ.)</mixed-citation><mixed-citation xml:lang="ru">Бек Н.Н., Гаджаева Л.Р. (2018). 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