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Factors influencing companies’ positive financial performance in digital age: a meta-analysis

Author

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  • Ludmila Kasperovica

    (Riga Technical University, Latvia)

  • Natalja Lace

    (Riga Technical University, Latvia)

Abstract

The article summarizes the factors that affect the company's positive financial results in the changing business environment in the digital age. Upon the qualitative and quantitative analysis of the literature, 33 dominant financial and nonfinancial factors were selected, which the authors emphasized as important for the development of a sustainable, profitable business. To assess the practical impact of the selected factors on the company's profit generation, the data were grouped and interpreted through the prism of the Universal Business Model (BM), applying it either to BM as a whole or to its dimensions - the value proposition dimension, the value creation dimension and the value capture dimension. At the end of the article, empirical examples were considered, specifically, the digital transformation of the business model of two companies under the influence of modern supporting drivers. Both examples indicate that a successful BM transformation can only be achieved by transforming all related components of the BM dimension into their interaction. By collecting and accumulating this information, a profit management model can be developed to support companies in a rapidly changing environment, especially in the small and medium business sector.

Suggested Citation

  • Ludmila Kasperovica & Natalja Lace, 2021. "Factors influencing companies’ positive financial performance in digital age: a meta-analysis," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(4), pages 291-311, June.
    • Handle: RePEc:ssi:jouesi:v:8:y:2021:i:4:p:291-311
    DOI: 10.9770/jesi.2021.8.4(17)
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    References listed on IDEAS

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    1. Saeed Nosratabadi & Amir Mosavi & Shahaboddin Shamshirband & Edmundas Kazimieras Zavadskas & Andry Rakotonirainy & Kwok Wing Chau, 2019. "Sustainable Business Models: A Review," Sustainability, MDPI, vol. 11(6), pages 1-30, March.
    2. Nicky J. Welton & Howard H. Z. Thom, 2015. "Value of Information," Medical Decision Making, , vol. 35(5), pages 564-566, July.
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    More about this item

    Keywords

    business ecosystem; business model; digital platforms; digital transformation; disruptive innovation; pricing strategies; profitable business model; service-dominant logic; service platform;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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