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NTU Management Review Vol. 34 No. 2 Aug. 2024

from the dealers to present various data (Dey, 2007). Finally, secondary data analysis
involves collecting internal meeting records, official website information, news reports,
and the focal firm’s annual reports to cross-check the data’s validity and reliability (Marshall
and Rossman, 2006). We compare the collected data with the initial research framework;

we repeat the concept extraction and integration process to establish the final value co-
creation theoretical model.

3. Findings

The present study develops a value co-creation model for firms and actors based
on AE perspective to examine the mechanism of VCC among actors. Four key findings
emerge from this research:

(1) Common goals among actors are the driving forces of VCC activities: Our findings
indicate that both information sharing and risk sharing are the common goals among
the actors in value co-creation systems. Besides, actors can attain mutual benefits
through complementary role-playing and establishing fair norms which provides a

foundation for their business activities (Tomaskova and Kopecky, 2020). Moreover,
fair norms can also foster continual relationship-building (Karpen, Bove, and Lukas,
2012) and establish decision criteria for future similar market activities, enabling
sustainable operations of value co-creation systems.

(2) VCC activities require support from various resources and capabilities: This study
finds that value co-creation activities rely on the input of three types of resources—
relational, knowledge, and economic, and the support of three capabilities— ethical,
developmental, and concerted. The input of resources and capabilities provides

stability and continuity to VCC activities.
(3) The VCC process involves organizational learning, integration, and stabilization: This
study presents a model that describes three stages of the VCC process: organizational
learning, integration, and stabilization. The learning stage involves iterative

collaboration, consensus-building, and mutual learning to accelerate the participants’
market learning and concerted development capabilities. The integration stage
focuses on how organizations align and integrate internal and external VCC activities,
facilitating the establishment of ethical capability. The final stage, stabilization, reflects

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