Sustainable Business Model Innovation and Firm's Performance: A Multiple Case Study in the Agri‐Food Industry

ABSTRACT This research investigates how sustainability‐oriented initiatives aimed at innovating a firm's business model can lead to different economic, social and environmental performance configurations, with the objective of identifying the determinants that explain these differences. We carried out a multiple case study, selecting firms based on the sustainability of their initiatives and their common membership of the agri‐food industry. Our findings reveal the existence of different triple bottom line performance configurations, characterized by both commonalities and differences explained by two determinants: “main stakeholders' involvement dynamics” and “governance of value creation and distribution.” The interaction between these two determinants leads to the identification of two distinct patterns: a “supplier lock‐in purpose model” and a “family‐governed continuity model” where different triple bottom line dimensions are prioritized. This study contributes to the literature on sustainable business model innovation and its related performance outcomes, and it offers important practical implications for managers and policymakers.