TRANSFORMING CORPORATE GOVERNANCE TO MEET THE CHALLENGES OF MODERN BUSINESS MODELS
DOI:
https://doi.org/10.5281/zenodo.20847095Keywords:
corporate governance, ESG projects, business model dynamics, innovation, organizational change, strategic management, COVID-19.Abstract
The role of corporate governance in enabling energy companies to overcome crisis conditions,
particularly during the COVID-19 pandemic, while simultaneously pursuing new strategic opportunities through
environmental, social, and governance (ESG) initiatives is examined. Using a multiple-case study approach,
the activities of large energy corporations and startup firms are analyzed to assess how boards of directors
promote innovation, manage stakeholder networks, and facilitate organizational transformation during periods
of disruption. The findings indicate that ESG-related initiatives faced substantial challenges throughout the
pandemic, leading boards to assume a more active role in supporting innovation and restructuring organizational
processes. In addition, the study refines the Business Model Dynamics framework by clarifying the distinctions
among Business Model Innovation, Business Model Adaptation, and Business Model Evolution. The results
highlight the importance of aligning business model changes with organizational strategic objectives. The
proposed framework contributes to a deeper understanding of the relationship between corporate governance
and business model transformation and offers practical guidance for strengthening innovation, sustainability,
and long-term organizational resilience in rapidly changing environments
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