Publication Type

PhD Dissertation

Version

publishedVersion

Publication Date

9-2024

Abstract

We are in an era of digital economy and enterprise change management. The application of digital technologies such as Artificial Intelligence (AI), Blockchain, Cloud Computing, and Big Data (collectively known as ABCD technologies) has increased the competition in the value chain and value network between customers and enterprises. Users can now intervene in product design, transaction, and feedback before, during, and after the process, breaking through the limitations of time and space. They leverage their low-cost advantage to draw attention, shifting from a traditional, unidirectional supply logic to a value co-creation logic. This influences both enterprises and customers to produce products that customers favor collaboratively. In the high-dynamics competitive strategy driven by innovation in the digital economy, companies face challenges and opportunities regarding transforming enterprise performance under the influence of customer value co-creation.

Value co-creation is a highly competitive and innovative strategic mindset and an inevitable choice for the future development of enterprises. As the government gradually lifts various industrial restrictions, emerging markets are gaining prominence. The deep integration of digital intelligent technologies with industries has brought about significant changes in business models, which have a profound impact on all aspects of enterprise performance. Through a systematic analysis of the literature on value co-creation, research on this topic can be broadly categorized into three areas: first, studies on the evolution of value co-creation; second, research on core concepts of value co-creation; and third, studies on value co-creation within specific disciplines. However, there is currently a lack of research on the internal and action mechanisms of enterprise value co-creation. Specifically, there is insufficient evidence and theoretical guidance on how enterprises can achieve competitive strength by establishing value co-creation advantages. There is an urgent need for appropriate quantitative studies to fully validate the role and impact of value co-creation.

This study, guided by value co-creation theory, stakeholder theory, and innovation theory, explores the relationship between value co-creation and enterprise performance using motorsport-related enterprises as a case example. From this, a theoretical framework is developed to analyze the impact of value co-creation on enterprise performance. To further explain the mechanisms through which value co-creation affects enterprise performance, this study follows the Structure-Conduct-Performance (SCP) model as its analytical framework. It includes product innovation and digital capability as pathways for implementing value co-creation strategies in research discussion. Additionally, this study introduces customer orientation as a moderating variable in the value co-creation process to explore its contextual impact on value co-creation in product innovation.

It employs a parallel mixed-methods approach that combines qualitative and quantitative research. It utilizes methods such as structural equation modeling (SEM) and the Bootstrap method to examine the impact of value co-creation on enterprise performance and its action mechanisms. The research results indicate that (1) value co-creation comprises four dimensions: dialogue, access, risk assessment, and transparency. Each dimension has a significant impact on enterprise performance. In terms of the effect strength, they are ranked as follows: transparency > risk assessment > dialogue > access. (2) Value co-creation indirectly impacts enterprise performance through the mediating role of product innovation, with an indirect effect value of .627, which accounts for 65.8% of the total effect. The mediating effect of product innovation is significant across all dimensions of value co-creation and enterprise performance. (3) Value co-creation indirectly impacts enterprise performance through the mediating role of digital capability, with an indirect effect value of .342, which accounts for 35.9% of the total effect. The mediating effect of digital capability is significant across all dimensions of value co-creation and enterprise performance. (4) As enterprises enhance their customer orientation, the impact of value co-creation on enterprise performance weakens, which is inconsistent with Hypothesis 4 (H4). One possible explanation is that an increase in customer orientation may negatively affect certain enterprises' performance. Furthermore, there is a strong correlation between customer orientation and value co-creation; enterprises with high customer orientation often engage in higher levels of value co-creation, which may diminish the marginal impact on enterprise performance.

The research results hold certain theoretical and practical significance. First, this study provides an in-depth analysis of the multidimensional characteristics of value co-creation, revealing its essence and mechanisms. By examining the impact of value co-creation on enterprise performance through the four dimensions—dialogue, access, risk assessment, and transparency, this study uncovers the deeper reasons behind this effect and contributes to expansion of value co-creation theory. Second, this study incorporates product innovation and digital capability into the same research framework to profoundly reveal the mechanism by which value co-creation affects enterprise performance and further expand the innovation theory. Practically, enterprises can gain a better insight into market demand and create more innovative products by cooperating with users. This collaboration brings products closer to user expectations, enhances user satisfaction, and gains an edge in the highly competitive market. Value co-creation in China's motorsport culture industry can boost brand awareness and encourage user participation. However, challenges like an underdeveloped market, unclear consumer demand, and high-risk factors significantly limit the positive effects of value co-creation on enterprise performance. When promoting value co-creation, enterprises must carefully manage the input-output ratio, balance the interests of all parties, mitigate risks from cultural and regulatory factors, and establish a robust mechanism for innovation and intellectual property protection. This approach is essential to ensure that co-creation activities have a lasting positive impact on enterprise performance.

This study presents some innovative findings, yet it shows some limitations. First, regarding the research design, contemporary and future societies exist in a multidimensional dynamic era with ABCD, yet this study focuses solely on the binary perspective of enterprises and customers. Future research could place enterprises within an ecological network for broader exploration. Second, in terms of research variables and data, the design and measurement of variables in this study are based on existing mainstream research. Future studies should update the measurement dimensions and items to better explain new phenomena. Third, in the context of digital innovation, digital capability is part of an enterprise's organizational capability, and future research could integrate more theories from organizational behavior for interdisciplinary studies.

Keywords

Value Co-creation, Enterprise Performance, Product innovation, Digital capability, Motorsport culture Industry

Degree Awarded

Doctor of Business Administration (Accounting and Finance)

Discipline

Accounting | Asian Studies | Finance and Financial Management

Supervisor(s)

HUANG, Dashan

First Page

1

Last Page

147

Publisher

Singapore Management University

City or Country

Singapore

Copyright Owner and License

Author

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