(Nowy Sacz School of Business – National-Louis University, 2015) Torkkeli, Lasse; Salojärvi, Hanna; Sainio, Liisa-Maija; Saarenketo, Sami
Business models and business model change have drawn increasing attention from
both researchers and practitioners across various disciplines, including the domain
of entrepreneurship. However, even though the importance of business model
innovation as a driver of firm performance has been widely acknowledged, empirical
studies explaining the business model change remain limited. This study contributes
to prior research by examining the effects of effectual and causation-based decisionmaking
logics on the degree of business model change in the context of small and
medium-sized enterprises in Finland. The findings of hierarchical regression analysis
show that both causation and effectuation-based logics have positive effects on
business model change, thereby highlighting the need for both strategizing and
seizing of opportunities in business model development.