2026 Volume 14 Issue 3 Pages 67-80
This study explores the characteristics of robust business models that consistently generate superior performance across industries and over time. While prior research has primarily re-lied 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.
