Strategic Antecedents and Consequents for the Performance of E-Business Companies

This article aims to examine the influence of the strategic background and of the business model elements on its value proposition, and to investigate the relationship between the value proposition and the performance of e-business . The research is supported theoretically by the Technological, Organizational and Environmental framework (TOE), derived from the Diffusion of Innovation Theory (DIT), for the Strategic Background (IFINEDO, 2011), by the Business Model theory (OSTERWALDER; PIGNEUR; 2010; SOUZA; BATISTA, 2014) and by the business performance literature (RAMANUJAN; VENKATRAMAN, 1987). We tested the proposed model with a sample of 252 observations, using the structural equation modeling. The main results indicate a partial influence of the strategic background in the value proposition through the constructs management positioning, organizational readiness, relative advantage and pressure from stakeholders. Relating to the business model, the constructs of market segmentation, customer relationships, capabilities, partnerships and revenue model influence the value proposition, which in turn affects positively the performance of e-business companies.


INTRODUCTION
echnological development is changing the way companies do business.One of the main sources of these transformations is the Internet, which became of great importance for doing business (e-business) and to improve the productivity of economic activities in general.
Indeed, the use of the Internet in management processes gave origin to ebusiness, which favors the integration of communication technologies with business process and management practices (KOO et al., 2007;KALAKOTA;ROBINSON, 2005).
The Internet evolved from the condition of being an information and dissemination tool and of affordable online exchanges to become the actual business model of companies, characterized by global interaction of organizational activities.Zhu, Kramer and Xu (2006) stressed that the economic impact of e-businesses are universal knowledge and its potential to transform business models, organizational structures, processes and relationships with customers and suppliers.
For all these aspects, there has been growing interest in the study of various dimensions of e-business.By analyzing the literature, we were able to identify two main focal points on ebusiness studies.The first focal point comprises the analyzes of e-business Strategic Antecedents, in the form of Organizational, Technological and Environmental (TOE) Contexts, in addition to the impact of these elements on corporate performance (IFINEDO, 2011;MARTINEZ-LÓPEZ;MARTINEZ-LÓPEZ, 2010;WEISBERG;TE'ENI;ARMAN, 2011).Specifically regarding the investigation of Strategic Antecedents (TOE), the contributions by Ifinedo (2011) and Bordonaba-Juste, Lucia-Palacios and Polo-Redondo (2012), who used well established scales on this construct, are of great importance for this study.
The second group of studies are related to the activities that comprise the Business Model (CHASTON; MAGLES, 2002;OSTERWALDER, 2004;OSTERWALDER;PIGNEUR;TUCCI, 2005;WU;MAHJAN;BALASUBRAMANIAN, 2003).In this respect, the contributions of greater relevance to this study are those by Osterwalder, Pigneur and Tucci (2005).These authors developed an analysis tool, for the study of companies such as Dell, Amazon.com and eBay, which is based on four pillars: Product, Customer Interface, Infrastructure Management and Financial Management.
T BBR, Braz.Bus. Rev. (Engl. ed., Online), Vitória, v.14, n.1, Art. 4, p. 59-85, jan.-feb. 2017 www.bbronline.com.br In Brazil, Araújo and Zilber (2013) used this theoretical model in research conducted with small e-business companies.Santos, Seloti and Silva (2013) adopted the same model for research of traditional and gourmet bakeries.These contributions are relevant, but they did not contemplate the development of a scale to analyze the relationships of the model constructs.
With these information at hand, the authors of these research adopted as objectives: (i) to examine the influence of strategic antecedents and the constituent elements of the business model in its value proposition, and (ii) to investigate the relation between the value proposition and the corporate performance of e-businesses.
In pursuing the objectives, the research strategy we adopted was an applied survey to a non-probabilistic sample of 252 cases, of a universe comprised of managers, entrepreneurs and practitioners engaged in activities that use the Internet to do businesses.For the data analysis, we used descriptive statistics and multivariate data analysis, the latter comprised of exploratory and confirmatory factor analyses and structural equation modeling.
The relevance of this study can be explained by the economic importance of the ebusiness segment and the contribution that the model may offer to the improvement of these companies' management and the research in this type of business.In the macroeconomic dimension, the expansion of business conducted in online environment is highlighted, whose revenues grew from 0.5 billion (BRL) in 2001 to 28 billion in 2013an average increase of 430% per year and 5,600% accumulated over 13 years.There was an even greater adhesion of consumers via web transactions, with more than 51 million consumers purchasing, at least once in 2013, (growth of 21% over the previous year) with spending average of 350 BRL (E-COMMERCE.ORG, 2014).
In terms of management, the study provides resource to improve the understanding of the strategic background, the business model and the impact that both have on e-businesses' performance, in addition to presenting indicators that allow measuring the allocation of resources and guide strategic decisions, according to the influence of each construct on the company's performance.
As for the academic contribution, the study seeks to help fill the gaps observed in empirical studies on the following aspects: (i) integrated treatment of strategic antecedents, business model and performance; (ii) empirical application to statistically validate or reject the model proposed by Osterwalder; and (iii) indicators that measure the impact of environmental variables (antecedents) and of each activity of the business model on the performance of e-business companies.
In addition to this introduction, this study is composed of three more sections and final considerations.In section 1, we present the theoretical support, the conceptual and theoretical research hypotheses.In section 2, the methodological aspects of the research.In section 3, we analyze and expose the results of the investigation.The article is closes with the final considerations of the research, indicating its limitations, the relevance of the results and suggestions for future research.

THEORETICAL SUPPORT, THEORETICAL-CONCEPTUAL MODEL AND HYPOTHESES
The implementation of e-business is more than a simple adoption of Information System (IS), since it involves a deeper integration between the internal and external management process, a closer link with partner companies, suppliers and customers, as well as managerial and strategic advantages (LUCIA-PALACIOS et al., 2014).Koo et al. (2007) define e-business as a business activity via online networks, in special, via the Internet.The use of e-business can generate benefits such as cost reduction and acquisition of new skills.
The decrease of costs can occur in the supply chain and in the form of distribution (CHAKRAVARTY; KUMAR; GREWAL; 2014).New skills can be acquired, such as the ability to reach and serve a group of consumers in greater geographic coverage and to react quickly to the preferences and demands of consumers (LAUDON; TRAVER, 2010).
Technological development led the Internet to evolve from being a tool of information dissemination and affordable online exchanges to become the actual business model of companies (KALAKOTA; ROBINSON, 2005).Companies change creating or adapting their business model in such a way that there is a global integration of organizational activities.
In seeking to understand the e-business phenomenon, the literature review revealed two theoretical focus of study.The former is directed to the efforts of identifying and analyzing environmental elements that influence the adoption of e-business and the corporate performance of the e-business.These studies brought to light a consolidated framework by the Based on these findings, and with the objective of unifying the two theoretical lines identified in the research, the investigation was guided by the theoretical-conceptual model shown in Figure 1 and the hypotheses underlying it.When senior management understands the importance of computer technology, the same tend to play a crucial role in influencing other members of the organization (IFINEDO, 2011).Conversely, when the support of management is low or nonexistent, acceptance and adoption of technologies do not take priority places in the organizational objectives.
Given these considerations, we formulate the following hypothesis: Based on these contributions, we formulate the following hypothesis:

H1b -Organizational Readiness positively influences the Value Proposition;
The Technological Context has its origin in the Diffusion of Innovation Theory (DIT) (ROGERS, 2003) and it is explained by the Relative Advantage, Compatibility and Complexity of Technologies constructs.
Relative Advantage is the degree to which a technology is perceived as being better than the one being currently used (ROGERS, 2003).The benefits perceived by the use of new technologies influence the adoption of e-business as well as business performance (LUCIA-PALACIOS et al., 2014).Therefore, we formulate the following hypothesis: H1c -Relative Advantage positively influences the Value Proposition.
Compatibility is defined as the degree to which an innovation is perceived as being consistent with the existing values, past experience and the needs of potential users (ROGERS, 2003).In summary, this construct expresses the evaluation of the degree of congruence between the new technology and the various aspects of the business and with the situation in which the new technology will be used.The importance of compatibility in predicting results of technology acceptance was also supported in other empirical studies (AGARWAL;PRASAD, 1997;IFINEDO;2011).Therefore, the following hypothesis states:

H1d -Compatibility positively influences the Value Proposition.
The Complexity of Innovations is described as the degree to which a perceived innovation can be relatively difficult to understand and use (ROGERS, 2003).Consistent with DIT, the acceptance of an innovation is inhibited when it is perceived by the user as complex to be adopted.Daniel and Grimshaw (2002) proved that technologies perceived as less complex tend to raise greater support and acceptance among adopters than the more complex ones.Thus, the complexity is related to the perceived degree of difficulty in the process of innovation, as well as in the capacity of organizational restructuring required for its implementation (MAKAME; KANG; PARK, 2014).Therefore, we formulate the following hypothesis: H1e -Complexity positively influences the Value Proposition.
In the Environmental Context, the pressure from Stakeholders, which include customers and suppliers Competitors and the support offered by the Government.
The introduction of stakeholders as applicants and captors of value in their interaction with the company opens an opportunity to better investigate this relationship (GARCIA-CASTRO; AGUILERA, 2015).The pressures from external stakeholders are also important for the adoption of e-business (CHAKRAVARTY; KUMAR; GREWAL; 2014; DEL AGUILA; PADILLA, 2008;CHONG et al., 2009).Suppliers and customers can exert great pressure, because they know that the benefits and advantages of these technologies are maximized when more people use them (LUNARDI; DOLCI; WENDLAND, 2013).
Furthermore, if suppliers and customers are users of these technologies, the company will be under pressure to adapt their processes and management, in case it wishes to continue its relationship with these stakeholders (GARCIA-CASTRO; AGUILERA, 2015).Otherwise, the company will assume the risk of isolating itself in the market.Thus, the following hypotheses are formulated: H1f -Pressure from Suppliers positively influences the Value Proposition; H1g -Pressure from customers positively influences the Value Proposition.
As for the competitive pressure, there is a growing rivalry in an environment where new technologies have relevant influence and actions of competitors are unpredictable (PAVLOV; EL SAWY, 2010).In markets with high competition, obtaining updated information is seen as a basic requirement to support management decisions and technological innovation activities (CHAKRAVARTY; KUMAR; GREWAL; 2014).Thus, the following hypothesis is formulated: H1h -Pressure from competitors positively influences the Value Proposition.
Government Support refers to the assistance provided by the government authorities to promote the use of innovative information systems in businesses.Studies examining the H1i -Government Support positively influences the Value Proposition.

THE BUSINESS MODEL AND E-BUSINESS
The concept of business model does not have a clear and unequivocal definition in the literature, which has made studies on the subject difficult.More than that, this expression has been misunderstood and improperly used over the years, both by practitioners and scholars.It has often been confused with other popular terms of management literature, such as strategy, business concept, revenue model, economic model, or even business process modeling (DASILVA, TRKMAN, 2014).
The construction of the business model enables companies to deploy e-business activities, this being defined as the complex function of business processes, business applications and organizational structure required to achieve high performance.Strategies, structures and systems must be aligned for the success of virtual business (MARKIDES, 2013).Companies often have strategies that do not line up properly their structures and systems, which leads to poor performance in the implementation phase of electronic businesses (EPSTEIN, 2000).An integrated strategy should direct the investments required to develop the necessary infrastructure, not only in terms of information systems, but mainly of human resources and appropriate processes to support the virtual operation.In these circumstances, the business model concept is relevant as guidance of the company architecture for the delivery of value.Osterwalder (2004)  According to Osterwalder and Pigneur (2010), effective targeting allows a company to better allocate investment resources to target customers who will be more attracted by its Given these considerations on the relationship with the customer, we have the following hypothesis:  2013).In other words, it specifies the capabilities and resources of the business model, its owners and suppliers, as well as the activities that it performs and how they are related.
Wilden et al. ( 2013) describe the capabilities as repetitive patterns of action in the use of assets to create, produce and offer products and services to the market.Thus, a company has to have a set of capabilities, in order to provide its Value Proposition and obtain top performance.These resources depend on the goods or the company's resources (PETERAF; STEFANO; VERONA, 2013), and they increasingly outsourced to partners, using e-business technologies to maintain tight integration, which is necessary for a business to function efficiently.Having presented the main concepts and aspects of capabilities, we introduce the following hypothesis: H3a -Capabilities positively influence the Value Proposition.
The main purpose of a business is to create value that customers are willing to pay for.
This value is the result of a configuration of activities and processes inside and outside the organization (GARCIA-CASTRO; AGUILERA, 2015).The value of the configuration shows all necessary activities and the links between these, in order to create value for the customer.
Thus, we have the hypothesis: The last element is the Cost Structure.This structure measures all costs generated by the company, in order to create, sell and deliver value to its customers.It sets price for all resources, goods, activities and relationships of the partners network and exchanges (OSTERWALDER, PIGNEUR, 2010).Therefore, we formulate the following hypothesis:

H3b
H4b -The Cost Structure positively influences the Value Proposition.

BUSINESS PERFORMANCE
Business Performance is a complex and multifaceted phenomenon, and is an issue that has received great attention in conceptual and empirical studies.For Barney (1991), the concept of business performance represents a general perception of the firm's results, resulting from a comparison of the value generated by an organization, using given capital, with the value that the owners of this capital hope to obtain.
Unlike the one-dimensional concept provided by the neoclassical economic model, the performance of companies offers a great variety.The differences between companies' performance can derive from unique resources and expertise of a specific company and from holding a privileged and protected position from the market structure.However, the performance of companies can also be explained by the relevance to a particular type of industry or economic shocks in particular years (BRITO; VASCONCELOS, 2004).
Regardless of the approach, the fact is that the information and performance evaluation are organizational tools translated to the flexibility in identifying future directions in the shortest period of time.By performance analysis, organizations can measure their survivability and continuity in view of the requirements of the internal and external environment which they are inserted in.The development of a management process which improves the translation necessarily requires the development of a systematic effort to design,  1993).
Among the many existing scales to measure performance, we opted to use the scale developed by Ramanujam and Venkatraman (1987), recently adapted by Parnel (2011) and already validated and used in Brazil by Almeida and others (2013).Given the above and the common approach to the Business Performance construct in strategy research (WILDEN et al., 2013), we have the last hypothesis and possibly the most relevant one to this research: H5 -The Value Proposition positively influences the Performance.

POPULATION, SAMPLE AND RESEARCH DESIGN
Based on the understanding that e-business consists of business activities favored by the use of the Internet (Koo et al., 2007), the world of research included managers entrepreneurs and practitioners engaged in activities using the Internet and related technologies for doing business.In this universe, we used a non-probabilistic sample of 252 cases.
As to the objectives, the research is explanatory since its main purpose is the investigation of the relationship between the strategic background, the activities of the business model and business performance.With regard to procedures, the research strategy combines bibliographical research and survey, in this case with the use of qualitative variables, the five-point Likert type.Survey respondents were selected by accessibility (MARTINS; THEÓFILO, 2009;BABBIE, 2001).

DATA COLLECTION INSTRUMENT AND CONSTRUCTS MEASUREMENT SCALES
For the fulfillment of the proposed objective we used, in a way that was adapted for the antecedents, the scale by Ifinedo (2011) (Table 1).For the Business Model, we used the scale by Souza and Batista (2014), which was developed based on studies by Osterwalder (2004), Osterwalder, Pigneur and Tucci (2005); and Osterwalder and Pigneur (2010) for Business Models (Table 2) and to measure business performance (Table 3) the scale developed by Ramanujam and Venkatraman (1987).
Regarding the Business Model, according to the bibliometric study by Zott, Amit and Massa (2011) on the application of the concept in empirical research and theoretical tests, we did not identify works of quantitative nature, which studies the statistical relationships of their The scale used to measure the business model followed the taxonomy and ontological names proposed by Osterwalder (2004) (Table 2).BBR, Braz.Bus.Rev. (Engl.ed., Online), Vitória, v.14, n.1, Art. 4, p. 59-85, jan.-feb. 2017 www.bbronline.com.br

PS_PV1
The product/service that the company offers perfectly meets the needs of customers PS_PV2 Products/services offered by the company are known for their quality

PS_PV3
The price of the product/service of the company has significant impact on the value proposition PS_PV4 The company offers a product/service considered as innovative

PS_PV5
The life cycle of the product / service offered by the company is relatively short (less than 1 year)

CUSTOMER INTERFACE MARKET SEGMENTATION IC_SM1
In the company there is a clear definition of the market segment that it serves

IC_SM2
The market segment that the company serves is directly linked to the product/service that it offers IC_SM3 The company is already recognized in the market because of the product/service that is offers DISTRIBUTION CHANNELS IC_CD1 The company uses the Internet to deliver products/services IC_CD2 The company uses more than one mechanism to deliver products/services IC_CD3 The company's operations are integrated with the logistics (delivery of products) IC_CD4 The type of client that the company serves is considered when choosing distribution channels CUSTOMER RELATIONSHIP IC_RC1 The company adopts a personalized relationship with customers IC_RC2 Customers put their trust in the company/brand IC_RC3 The relationship with customers is based on high switching costs (e.g.software replacement) IC_RC4 The company can retain and maintain a good relationship with customers The company can make good use of the resources it has to offer differentiated products/services

GI_CP2
The company knows how to use machines, buildings and equipment to produce quality products/services

GI_CP3
The company knows how to use the knowledge and team skills to generate innovative products/services VALUE CONFIGURATION GI_CV1 The company uses in an integrated manner all the operational activities GI_CV2 The company seeks to add value by incorporating new products/services GI_CV3 Products/services offered by the company are difficult to copy PARTNERSHIPS GI_PA1 The company establishes partnerships to purchase cheaper products/services GI_PA2 The company forms partnerships to reduce environmental risks and uncertainties GI_PA3 The company forms partnerships to acquire new resources such as machines and equipment

GI_PA4
The company forms partnerships to acquire new capabilities such as patents, trademarks and know-how FINANCIAL MANAGEMENT REVENUE MODEL GF_MR1 The company earns revenue through the sale of products/services GF_MR2 The company earns revenues by receiving loan interest GF_MR3 The company earns revenue from advertising products/services from partner companies GF_MR4 The company earns revenue by receiving commissions COST STRUCTURE GF_EC1 The company knows the participation of each item of its cost structure GF_EC2 The company regularly monitors the cost of its activities GF_EC3 The company's costs are compatible with the costs of major competitors GF_EC4 The company's cost structure is compatible with the business model that it adopts Table 2 -Constructs and Business Models Measurement Variables Source: Souza and Batista (2014).

COLLECTION PROCEDURES AND DATA DESCRIPTION
Data were collected in November and December 2013, in events on innovation, entrepreneurship, startups, social media and digital marketing through printed and electronic questionnaires.
Respondents were asked about the strategic antecedents, formed by Organizational, Technological and Environmental contexts (IFINEDO, 2011), business models, comprised by the dimensions Product/Service, Customer Interface, Infrastructure Management and Financial Management (OSTERWALDER, 2004;OSTERALDER;PIGNEUR;TUCCI, 2005) and business performance (RAMANUJAN; VENKATRAMAN, 1987).In calculating the full model, five variables presented factor loadings below 0.50-the PS_PV3, PS_PV4, IC_CD3, IC_CD4 and the IC_SM3 -, and all were removed.The next step was the re-specification by the covariance of the residual errors identified in the reports of the modification indexes of the AMOS tm (BYRNE, 2010).The results indicate that the chisquare differences were statistically significant, then the re-specified models replaced the original models of the seventeen constructs.After these adjustment procedures, there was an improvement in the indicators, with the IFI, TLI and CFI (Table 6) greater than 0.90 (HAIR JUNIOR et al., 2009).Given that there were considerable changes in the constructs, we chose to again perform the procedures of convergent and discriminant validity through metrics of composite reliability (CR), average variance extracted (AVE) correlation of constructs.
Thus, by using the confirmatory factor analysis statistical technique, in order to verify the validity of the constructs and to assess whether the sets of indicators used were measuring what they should theoretically measure in terms of reliability, convergent and discriminant validity we can conclude that the results were consistent in all the constructs of the model.

THE STRUCTURAL MODEL AND HYPOTHESIS TESTING
The Structural Equation Modeling is a statistical method used to achieve a confirmatory framework, by means of hypothesis testing and the theory structural analysis (BYRNE, 2010).
The hypothetical model can be tested statistically in simultaneous analysis of all variables to determine the consistency of the data.In terms of indicators, for the acceptance of the hypothesis, the Critical Ratio (C.R.) should be greater than 1.64 for p≤0.10, greater than 1.96 for p≤0.05, both for tolerable acceptance, and ideally, it should be greater than 2.58 in order to meet the adequate significance of p≤ 0.01 (HAIR JUNIOR et al., 2009;BYRNE;2010).
The hypotheses H1a, H1b, H1c, H1d, H1e, H1f, H1g, H1h and H1i refer to the relationship between the Strategic Antecedents (independent variables) and the Business Model (dependent variables).In  Distribution channels and cost structure showed no significant relationship with the value proposition.This result deserves to be analyzed in greater depth, particularly with regard to distribution channels, because some authors consider the Internet to be a distribution channel (HONGSHUANG; LI; KANNAN, 2014).
Finally, the last hypothesis to be tested checks the influence of the Value Proposition on Business Performance, which ended up being confirmed.This result is important in that it can contribute to the acceptance of a new performance measurement logic.It is very common that managers measure their performance only analyzing financial data, i.e., the end, without properly understanding the means, that is, how the management process was performed.The results, however, suggest that to achieve a satisfactory performance companies need, first, to achieve a unique and differentiated value proposition.

FINAL CONSIDERATIONS
This study aimed to examine the influence of strategic antecedents and the elements that constitute the business model in its value proposition and only then, the relationship between the value proposition and performance of e-business companies.To this end, we identified and validated a scale for measuring the strategic antecedent and business model and elaborated a structural model to verify the relationship between the constructs of the strategic antecedent, business model and business performance.
BBR, Braz.Bus.Rev. (Engl.ed., Online), Vitória, v.14, n.1, Art. 4, p. 59-85, jan.-feb. 2017 www.bbronline.com.brAlbeit this study not being a new research, its results present as a contribution to the literature on e-business a validated scale for strategic antecedents.Furthermore, the theoretical-conceptual model applied allowed a methodological approach for these types of businesses, based on structural equation modeling to verify the relationship between the constructs.It presents, in this regard, the contribution in seeking to simplify strategic relationships developed in e-businesses, by using a mathematical model.
Of the eighteen hypotheses, sixteen were tested and ten were confirmed.Two Proposition, but this did not occur with the pressure from Competitors and Governments support, which do seem to be relevant to the Value Proposition.We concluded that, managerially, the aspects related to the context of the internal dynamics of e-business companies are more important to influence the Value Proposition than the external aspects, that do not depend exclusively on companies concrete actions.
In the analysis relating to the Business Model, out of the seven hypotheses tested, five were significant, thus partially confirming this theory.Only Distribution Channels and Cost

Figure 1 -
Figure 1 -Theoretical-conceptual model and research hypotheses Source: Developed by the author based on Ifinedo (2011), Souza and Batista (2014) and Ramanujam and Venkatraman (1987).2.2 STRATEGIC ANTECEDENT ASSOCIATED WITH E-BUSINESSIn the Organizational Context, Management Positioning and Organizational Readiness as influencing elements for the adoption of e-business.The first refers to the participation of senior management in the implementation of information systems.Jeyaraj, Rottman and Lacity (2006) found the support from the executive board to be one of the best predictors of the adoption of technology in innovations and information systems.
Value Proposition, In addition to assisting in the decision-making process of choices of distribution channels.In view of the above, we formulate the hypotheses H2a and H4b, in relation to the influence of the business model elements on the Value Proposition: H2a -Market Segmentation positively influences the Value Proposition.The Distribution Channel corresponds to the means by which the organization can contact the customer.The activities of this construct that will interconnect Value Proposition and Market Segmentation.Its purpose is to make the right quantities of the right products or services available for the right income at the right time reach out to customers, for the right people, subject to cost, investment and flexibility constraints (MAKAME; KANG; PARK, 2014).Thus, the following hypothesis is formulated: H2b -Distribution channels positively influence the Value Proposition.The activities associated with Customer Relationship define the type of connection and the strength of the relationship the company has with the client (OSTERWALDER; PIGNEUR; TUCCI, 2005).The profits of relationships with customers are the lifeblood of all businesses, and can be reached by the acquisition of new customers, increasing the profitability of existing customers and the relationships lasting length of time (CHAKRAVARTY; KUMAR; GREWAL, 2014).
-Value Configuration positively influences the Value Proposition.Partnership is a voluntary initiative agreed between two or more organizations with the goal of creating value for customers.In the context of e-business, there are several names for these new forms of strategic networks in the process of creating value, among them the bwebs, fluid and flexible organizations and value networks (NALEBUFF; BRANDENBURGER, 1997).The appearance of such business networks significantly improved the range of possible organizational arrangements for value creation (GULATI, 1998).As a result, companies should reflect on what kind of resources the partner could leverage on their business model and on their own competencies.Therefore, we formulate the following hypothesis: H3c -Partners positively influence the Value Proposition.BBR, Braz.Bus.Rev. (Engl.ed., Online), Vitória, v.14, n.1, Art. 4, p. 59-85, jan.-feb.2017 www.bbronline.com.brThe Financial Aspects are the last block of the framework proposed by Osterwalder (2004).It is transversal because all the other pillars influence it.The Financial aspects consist of the Revenue Model and Cost Structure.Together, these factors determine the financial situation of the company and its survival ability in the competitive market.The Revenue Model measures the ability of a company to transform into cash and incoming revenue flows, the value offered to customers.It may be composed of different flows with different pricing mechanisms (DASILVA, TRKMAN, 2014; OSTERWALDER; PIGNEUR, 2010).Thus, we have the hypothesis: H4a -The Revenue Model positively influences the Value Proposition.
hypotheses were not tested due to changes in the constructs of Strategic Antecedents and Business Models in the statistical stage.The study's initial proposal contemplates the use of seventy variables in the model, however, after the steps of scales validation and the respecification of the structural model, eleven variables were excluded, with fifty-nine (59) being kept in the final measurement model.This first study made evident that the Value Proposition is influenced by the Strategic Antecedent, specifically Management Positioning and Organizational Readiness, comprised in the Organizational Context.Therefore, the positive attitude of upper management associated with the organizational preparation, influences the Value Proposition.Regarding the Technology Context, only Relative Advantage influences Value Proposition.It is inferred, therefore, that a technological advantage compared to other companies also impacts positively on the Value Proposition.With regard to the Environmental Context, Pressure from Stakeholders, comprised in customers and the suppliers, positively influences the Value Structure have shown not to influence the Value Proposition.Customer Relationship was the construct with the highest CR and the only one with significance level at 0.99, i.e., it is the one with the most influence on the Value Proposition.The managerial implications of these results indicate that, in order of importance, Relationship with the Customer, Capabilities, Revenue Model, Market Segmentation and Partnerships influence the Value Proposition.

Positioning Positively Influences the Value Proposition.
proposes a framework for the formulation of business models of any kind, albeit stressing that his model is more suitable for companies making intensive use the company to the market and it conditions all activities to be performed.The Value Proposition presented in the Business Model, can be understood as the statement of benefits that are delivered by the company to its customers and other stakeholders Osterwalder, Pigneur and Tucci (2005) a central element in the Ontological Business Model proposed byOsterwalder, Pigneur and Tucci (2005), for it expresses the Value Proposition BBR, Braz.Bus.Rev.(Engl.ed., Online),Vitória, v.14, n.1, Art. 4, p. 59-85, jan.-feb.2017www.bbronline.com.brpresented by

Customer Relationship positively influences the Value Proposition.
The Infrastructure Management is the dimension that describes what skills are necessary to promote the Value Proposition, in line with the Customer Interface (ARAÚJO; ZILBER, BBR, Braz.Bus.Rev.(Engl.ed., Online),Vitória, v.14, n.1, Art. 4, p. 59-85, jan.-feb.2017www.bbronline.com.brH2c - This same research also indicates the model byOsterwalder and Pineur   (2010)as one of the most widespread in the academic and professional field.-businesstechnologiesenable the company to manage its operations efficiently CT_VR2 Internet/e-business technologies improve the quality of the business operations CT_VR3 Internet/e-business technologies improve the efficiency of business operations CT_VR4 Internet/e-business technologies allow the company to carry out operations more rapidly COMPATIBILITYCT_CB1The use of Internet/e-business technologies is compatible with the company's type of business CT_CB2 The use of Internet/e-business technologies fits the way the company operates CT_CB3 The use of Internet/e-business technologies fits the work style of the company COMPLEXITY CT_CX1 The use of Internet/e-business technologies requires a lot of mental effort CT_CX2 The use of Internet/e-business technologies ends up being frustrating for the company CT_CX3 The use of Internet/e-business technologies is too complex for the company's operations BBR, Braz.Bus.Rev. (Engl.ed., Online), Vitória, v.14, n.1, Art. 4, p. 59-85, jan.-feb.2017 www.bbronline.com.brtheoretical constructs.

Table 7 -Hypotheses test between Strategic Antecedents and Value Proposition Independent
Osterwalder and Pigneur (2010)f the hypothesis test H2a, H2b, H2c, H3a, H3c, H4a and H4b, referring to the relationship between the business model constructs.According toOsterwalder and Pigneur (2010), business model elements should be directed to impact the Value Proposition.It should be highlighted that hypothesis H3b was not tested, considering that the three observable variables of the Value Configuration, in the EFA, one was excluded, and the other two were incorporated to the Capabilities construct.The hypothesis test revealed that 5 elements positively influence the Value Proposition.They are: Market Segmentation, In

Table 8 -Hypotheses test between the Constructs of the Business Model and Value Proposition
Table 9, we present H5, which is the last hypothesis tested.As all the activities of the business model should impact the Value Proposition, this one should therefore, positively influence Business Performance.It is what Table 9 shows, demonstrating statistically that the Value Proposition positively influences the Business Performance.not define how a company creates value in its entirety, but how revenue is appropriated by the company.Having a revenue model itself does not define the business model of a company, although it is an important component of a business model (DASILVA; Partnerships, in a coherent manner with the current context of interaction and constant sharing of information, are presented as relevant for Value Proposition.It is this rich and extensive relationship network provided by the Internet, and more specifically, through social media, the basis of partnerships of modern organizations.Knowing how to choose and maintain the right partnerships is an important element to induce and maintain Value Proposition. InBBR, Braz.Bus.Rev.(Engl.ed., Online),Vitória, v.14, n.1, Art. 4, p. 59-85, jan.-feb.2017www.bbronline.com.britself does