Despite the robust literature on the nature of business models and their implications for firm performance, research on the organizational antecedents of business model innovations (BMIs) is still evolving. In this study, we empirically examine the extent to which firm-level strategic agility predicts the adoption of three (value creation, value capture and value proposition) types of BMIs. Furthermore, we propose that the relationship between firm-level strategic agility and BMI adoption is contingent on the degree of environmental turbulence. Finally, we explore the mediating role that BMI plays in the relationship between firm-level strategic agility and firm performance. Our analysis of data from 432 German firms in the electronics industry indicates that strategic agility is positively related to BMI and that this relationship is indeed strengthened by the degree of environmental turbulence. Additionally, our findings show that, while value proposition and value creation BMIs have positive relationships with firm performance, value capture innovation was negatively related to firm performance; these findings were 2 contrary to our prediction. Finally, the results of our mediation tests indicate that BMI serves as an important intermediary mechanism through which firms' strategic agility contributes to superior firm performance. Managerial Relevance Our study significantly contributes to managerial knowledge in three interrelated ways: First, we demonstrate that firms should develop their firm's capabilities toward strategic agility (i.e., strategic sensitivity, leadership unity, and resource fluidity) in order to pave important foundations for subsequent business model innovation. Second, we show that the link between strategic agility and firm performance is mediated by business model innovation. Therefore, business model innovation might be a necessary mechanism to utilize firm-level capabilities, Third, we show that business model innovation might also have a dark side, as some business model innovation efforts might even reduce firm performance. Therefore, our study demonstrates that utilizing business model innovation is not universally beneficial and should be handled with care. Based on interviews with managers, we show that changes in the business model and in particular value capture innovation requires systemic adaptations of the organization to prevent issues related to local optimization.

Recent literature on business model innovation tries to identify operational changes occurring within the business model components. We suggest that a significant part of the business model cannot be understood without an investigation of the underlying logic of the firm. Drawing on organizational culture literature, this study explores the idea that parts of the capabilities that enable business model innovation are determined by the firm's underlying cultural values. In this study, we utilize existing literature on organizational culture to analyze the underlying organizational values of the two main business model design themes (novelty and efficiency) and link these to the firm's capabilities that foster business model innovation. By empirically analyzing a sample of 305 companies in the engineering industry, we find that novelty-oriented cultural values foster capabilities (strategic sensitivity, collective commitment and resource fluidity) in favor of business model innovation, while efficiency-oriented cultural values do not show positive effects. We further find that strategic sensitivity and resource fluidity significantly enhance the propensity to business model innovation.

Platform-based business models have become such an essential pillar of today's economy that the term 'sharing economy' is now frequently used to describe the new status quo. The success of platforms such as Airbnb, Blablacar or Shpock is evidence of a seismic shift from an ownership society to a sharing society. However, only very few platforms are able to accumulate a large and loyal following of customers. When success hinges upon engagement, a large user base can make or break one of these platforms. In our research we approach this challenge by researching platform loyalty from a customer-centric perspective. We show the impact of different value perceptions for customer-to-customer-based platforms through the use of a variance-based structural equation model. By demonstrating how customer perception of emotional value and quality value drive the loyalty of the platform, we are able to show that factors other than price determine loyal usage among platformbased business models.

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