The role of business models in firm internationalization: An exploration of European electricity firms in the context of
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ORIGINAL ARTICLE
The role of business models in firm internationalization: An exploration of European electricity firms in the context of the energy transition Rene´ Bohnsack1, Francesca Ciulli2 and Ans Kolk3 1
Cato´lica Lisbon School of Business & Economics, Lisbon, Portugal; 2 Institute for Management Research, Radboud University Nijmegen, Nijmegen, The Netherlands; 3 Amsterdam Business School, University of Amsterdam, Amsterdam, The Netherlands Correspondence: A Kolk, Amsterdam Business School, University of Amsterdam, Amsterdam, The Netherlands e-mail: [email protected]
Abstract This article ties in directly with recently intensified interest in business models in international business (IB), using the energy transition as empirical context to explore their relevance in firm internationalization. The global energy transition presents a challenge for almost all industries, but some face specific difficulties particularly important from an IB perspective. We study a set of European firms that used to operate in a highly regulated context with (partial) state ownership, until government-directed market liberalization started to allow further competition and internationalization. Existing firms were prompted to adapt their business models to these changes, with new ventures entering the market to reap opportunities with novel energy-related technologies and business models. Linking insights from strategic management to the IB literature, we conceptualize business model-related specific advantages (BMSAs), and explore the role of BMSAs in the internationalization of the firms in our sample. We also uncover barriers to BMSA recombination in (potential) host countries, consider BMSA location-boundedness, and discuss implications for firms’ international expansion by presenting a new framework. Consequences for the energy transition and the actors already involved and (in)directly confronted with it are explicated, while outlining promising areas for further research, building on the insights and limitations of our study. Journal of International Business Studies (2020). https://doi.org/10.1057/s41267-020-00364-4 Keywords: internationalization; firm-specific advantages; location-bound/non-locationbound; business model; energy; internalization theory
The online version of this article is available Open Access
Received: 1 February 2019 Revised: 6 August 2020 Accepted: 13 August 2020
INTRODUCTION The global energy transition presents a challenge for almost all industries, but some face specific difficulties. Highly relevant from both an international business (IB) and an energy transition perspective are firms in the electricity sector. These firms operate in a context in which regulation and (partial) state ownership used
The role of business models in firm internationalization
to prevail until policy changes started to drive the opening of markets and increasing cross-border competition (Kolk, Lindeque, & Van den Buuse, 2014). At the same time, electricity firms have dealt with novel technologies that rely particular
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