What Constitutes a Robust Business Model Across Industries and Time? An Exploratory Study Based on Nikkei 225 Firms

Masahiro Kondo; Takayuki Sakai

doi:10.51094/jxiv.2088

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Masahiro Kondo Graduate School of Commerce, Waseda University https://researchmap.jp/mknd
Takayuki Sakai Graduate School of Commerce, Waseda University

DOI:

https://doi.org/10.51094/jxiv.2088

キーワード:

business model、 cross-industry analysis、 robust business models、 recurring business models、 two-sided market、 Nikkei 225

抄録

This study explores the characteristics of robust business models that consistently generate superior performance across industries and over time. While prior research has primarily relied on qualitative methods or case-based analysis, few studies have quantitatively examined business models in a cross-industry and longitudinal manner. Addressing this gap, we focus on Japanese firms and construct a panel dataset of companies listed in the Nikkei 225 index, covering two distinct periods: 2006–2008 (before the global financial crisis) and 2022–2024 (after the COVID-19 pandemic). We operationalized business models into three types and assessed their relationship with segment-level profitability. The results indicate that two-sided market models exhibit the highest robustness, followed by recurring models, while value chain models consistently underperformed across both time periods. In addition, the adoption of these models varies considerably across industries, and little substantive change in business model configurations is observed overall among Japanese firms. By identifying robust business models through cross-industry and two-period comparative panel analysis and by translating business model concepts into three measurable types tested using large-scale empirical data, this study contributes to the literature on business models and provides insights into how firms can adapt to increasingly volatile and uncertain environments.

利益相反に関する開示

There are no companies or other organizations with which the authors have a conflict of interest that should be disclosed in relation to this manuscript.

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What Constitutes a Robust Business Model Across Industries and Time?

An Exploratory Study Based on Nikkei 225 Firms