Exploring the Scientific Landscape of Business Models and Financial Performance


Date Published : 12 October 2026

Contributors

Hadiyan Prayoga, S.Ak., BBA., M.Sc.

Universitas Siliwangi
Author

Keywords

bibliometric analysis Business Model Financial Performance Innovation

Proceeding

Track

General Track

License

Copyright (c) 2026 International Seminar and Conference on Management, Research, and Transformation (I-SMART)

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstract

This study aims to map the intellectual structure, thematic evolution, and emerging trends of research on business models and financial performance through a bibliometric approach. Data were retrieved from the Scopus database covering publications from 2000 to 2025, including journal articles, conference proceedings, and review papers across disciplines such as management, economics, entrepreneurship, and technology. Using VOS-viewer and R-Studio, the analysis identifies authorship collaboration networks, country contributions, leading journals, and keyword co-occurrence clusters. The findings indicate that business model innovation, corporate social responsibility, and sustainability performance constitute dominant themes connecting business model research with financial performance. Recent developments highlight a thematic shift toward the integration of digital business models, ESG performance, and value creation, particularly within technology and energy sectors. Geographically, scholarly output is concentrated in developed economies such as the United States, the United Kingdom, and China, while contributions from developing countries, including Indonesia, remain limited. Conceptually, the study underscores the multidisciplinary nature of business model and financial performance research, linking it to corporate strategy, innovation, and sustainability domains. These insights provide a foundation for future research directions, especially in developing adaptive and sustainable business models responsive to digital transformation and long-term financial resilience.

References

Ajmal, M., Jabeen, S. S., & Vihari, N. S. (2021). Business model innovation and financial performance: A study of trading and services SMEs in UAE. In International Journal of Business Innovation and Research (Vol. 26, Issue 3, pp. 261–272). Inderscience Publishers. https://doi.org/10.1504/ijbir.2021.119544
al-Baghdadi, E. N., Abu Alrub, A., & Rjoub, H. (2021). Sustainable business model and corporate performance: The mediating role of sustainable orientation and management accounting control in the United Arab Emirates. In Sustainability (Switzerland) (Vol. 13, Issue 16). MDPI. https://doi.org/10.3390/su13168947
Arraya, M. A. M. (2025). Distinctive capabilities system in MSME’s business model adaptation: Evidence of the moderating and mediating effect of adaptive capability. In Central European Management Journal (Vol. 33, Issue 2, pp. 183–198). Emerald Publishing. https://doi.org/10.1108/CEMJ-11-2023-0438
Atz, U., Van Holt, T., Liu, Z. Z., & Bruno, C. C. (2023). Does sustainability generate better financial performance? Review, meta-analysis, and propositions. Journal of Sustainable Finance & Investment, 13(1), 802–825. https://doi.org/10.1080/20430795.2022.2106934
Biju, A. V. N., Aparna, A. S., Treesa, J., & Nikhil, N. K. (2024). Does surveillance capitalism trigger the financial performance of information technology firms? A reflection from FAANG business models. In Digital Finance (Vol. 6, Issue 1, pp. 179–201). Springer International Publishing. https://doi.org/10.1007/s42521-024-00109-0
Bogdan, V., Rus, L., Gherai, D. S., Florea, A. G., & Bugnar, N. G. (2023). A Streamline Sustainable Business Performance Reporting Model by an Integrated FinESG Approach. In Sustainability (Switzerland) (Vol. 15, Issue 24). Multidisciplinary Digital Publishing Institute (MDPI). https://doi.org/10.3390/su152416860
Chen, Y., Wang, Z., & Ortiz, J. (2023). A Sustainable Digital Ecosystem: Digital Servitization Transformation and Digital Infrastructure Support. In Sustainability (Switzerland) (Vol. 15, Issue 2). Multidisciplinary Digital Publishing Institute (MDPI). https://doi.org/10.3390/su15021530
Derun, I. A., & Mysaka, H. (2018). Stakeholder perception of financial performance in corporate reputation formation. In Journal of International Studies (Vol. 11, Issue 3, pp. 112–123). Centre of Sociological Research. https://doi.org/10.14254/2071-8330.2018/11-3/10
Echchakoui, S. (2020). Why and how to merge Scopus and Web of Science during bibliometric analysis: The case of sales force literature from 1912 to 2019. Journal of Marketing Analytics, 8(3), 165–184. https://doi.org/10.1057/s41270-020-00081-9
Jia, P., & Sun, S. L. (2023). Mission drift or mission fulfillment? Examining microfinance’s financial and social performance with growth curve modeling and variance decomposition. In Cross Cultural and Strategic Management (Vol. 30, Issue 3, pp. 467–487). Emerald Publishing. https://doi.org/10.1108/CCSM-07-2021-0125
Khan, P. A., Kaur Johl, S. K., & Akhtar, S. (2021). Firm Sustainable Development Goals and Firm Financial Performance through the Lens of Green Innovation Practices and Reporting: A Proactive Approach. In Journal of Risk and Financial Management (Vol. 14, Issue 12). Multidisciplinary Digital Publishing Institute (MDPI). https://doi.org/10.3390/jrfm14120605
Osterwalder, A., & Euchner, J. (2019). Business Model Innovation: An Interview with Alex Osterwalder. Research-Technology Management, 62(4), 12–18. https://doi.org/10.1080/08956308.2019.1613114
Osterwalder, A., Pigneur, Y., & Tucci, C. L. (2005). Clarifying Business Models: Origins, Present, and Future of the Concept. Communications of the Association for Information Systems, 16. https://doi.org/10.17705/1CAIS.01601
Patra, S. K., Kotni, V. V. D. P., Kumar, S., & Chintaluri, M. G. (2024). Charting the brand love landscape: A comprehensive bibliometric analysis with biblioshiny and VOSviewer to evaluate present developments, and future research directions. International Journal of Services and Standards, 14(1), 65–93. https://doi.org/10.1504/IJSS.2024.140080
To, C. K. M., Chau, K. P., & Kan, C. W. (2020). The logic of innovative value proposition: A schema for characterizing and predicting business model evolution. Journal of Business Research, 112, 502–520. https://doi.org/10.1016/j.jbusres.2019.10.023
Zubeltzu-Jaka, E., Andicoechea-Arondo, L., & Alvarez Etxeberria, I. (2018). Corporate social responsibility and corporate governance and corporate financial performance: Bridging concepts for a more ethical business model. In Business Strategy and Development (Vol. 1, Issue 3, pp. 214–222). John Wiley and Sons Inc. P.O.Box 18667 Newark NJ 07191-8667. https://doi.org/10.1002/bsd2.29

Downloads

How to Cite

Prayoga, H. (2026). Exploring the Scientific Landscape of Business Models and Financial Performance. International Seminar and Conference on Management, Research, and Transformation (I-SMART), 1, 901-910. https://conference.unsil.ac.id/ismart/paper/view/86