Performance of IPOs During Covid-19 Pandemic and Factors Affecting Investors' Perception

Initial Public Offering (IPO) is a fund-raising tool through which a company gets listed for the first time under SEBI regulation and issues IPOs to raise funds from the public. The shift from a privately-owned to a publicly-owned firm via an IPO is the most significant event in a company's life (Pagano et al., 1998). In an IPO investment, there is limited historical data to analyze and predict the future performance of the company;hence it becomes a risky investment for the investors as they cannot predict how the shares will perform in the future. Most companies that go for an IPO are in the growth or expansion phase so it becomes more difficult to predict their market position and performance in the future, which leads to uncertainty in deriving their future value. Also, most IPOs are of companies going through a transitory growth period, and are therefore subject to additional uncertainty regarding their future value. This study analyzes the performance of the IPOs issued during the Covid-19 pandemic, when the markets across the world faced massive disruptions. The IPOs from various sectors like finance, technology, service, infrastructure, food, pharmaceutical and information technology were considered for the study. The study also analyzes the factors affecting investor perception towards investment in an IPO. The study considered the IPOs issued during the pandemic, and their performance on the listing day was measured by considering issue price, listing price and closing price. It was observed that 90% of the IPOs selected performed well during the listing day and 10% underperformed. It was also found that factors like company brand, company sector, fundamental analysis, company ratings, expert opinion and stock market conditions had a positive impact on the investors' decision to invest in an IPO. The study also revealed that factors like risk factor in primary market, returns on IPO on the listing day and Gray Market Premium have no significant impact on the investors' perception.

Digital Inclusive Finance, Financing Constraints, and Technological Innovation of SMEs—Differences in the Effects of Financial Regulation and Government Subsidies

Deepening the development of digital inclusive finance, dredging the impact of digital inclusive finance on the innovation path of small and medium-sized enterprises (SMEs), and strengthening financial supervision and government support are of great significance to promoting the technological innovation of SMEs. This paper selects listed companies on the New Third Board as research samples and analyzes and empirically tests the relationship between digital inclusive financial and technological innovation of small and medium-sized enterprises. The results show that digital inclusive finance can significantly promote the technological innovation level of SMEs, especially the higher the degree of digitalization, the more obvious the promotion effect. Upon further testing, it was more pronounced in the sample of high-tech industries and eastern SMEs. Digital inclusive finance can effectively alleviate the financing constraints of SMEs, thereby promoting the technological innovation of SMEs. Reasonable financial supervision and adaptive government subsidies have a positive regulating effect on the innovation incentive effect of digital inclusive finance.

Adoption of blockchain technology enabled healthcare sustainable supply chain to improve healthcare supply chain performance

PurposeThe COVID-19 pandemic has had a significant and worldwide influence on healthcare delivery, and it has significantly increased the pace at which digital technology is being used. Blockchain, one of these developing digital technologies, is distinguished by a number of properties. This study focuses on a blockchain-enabled healthcare supply chain. The purpose of this work is to investigate how blockchain technology (BCT) benefits the performance of healthcare supply chain management (HSCM).Design/methodology/approachThe present study is based on the empirical research. Blockchain Technology (BCT), Healthcare Sustainable Supply Chain Practices (HSSCP), Healthcare Supply Chain Performance (HSCP) and Stakeholders' Involvement (SI) practices are identified from the literature review and hypotheses are framed to check their interrelationship. For testing of hypothesis, a questionnaire was developed. Data collection was done by healthcare professionals via Google docs. The IBM SPSS version 22.0 was used to analyze the data and IBM SPSS AMOS 22.0 software was used for the development of structural modal. The data was collected through the Google form from the stakeholders of healthcare sector and analyzed through Structural Equation Modelling.FindingsThis research is focused on adoption of BCT enabled Healthcare Sustainable Supply Chain to improve HSCP. From the result, it had been found that BCT is positively effecting the stakeholder's involvement (SI) and HSSCP practices. Cumulatively, they positively impact the performance of HSCP. From this study, it is found that adoption of BCT enabled Healthcare Sustainable Supply Chain succours to combat COVID-19 situation.Originality/valueThis study attempts to show the potential benefits of the adoption of BCT enabled HSSCP to improve HSCP.

The impact of security oversight on air cargo price and demand

This paper examines the effect of security oversight on air cargo price and demand. We exploit variations in security oversight instituted by the International Civil Aviation Organization (ICAO). We estimate a simultaneous equation model using proprietary operations data from a major airline in South Korea over the period 2009–2013. This study explores the shipping-charge behavior of a service provider through a modeling approach that considers air cargo security. Our findings show that security oversight increases air cargo demand, controlling for the effect of price. Improving security measures increases the air cargo price, but the magnitude of this increase is small. Our results should help policymakers gauge the benefit of improved security and help airlines design an effective model to determine future air cargo shipping charges under high uncertainty to mitigate short- and long-term financial risks.

Emergent marketing strategies and their influence on the Customer Value Proposition of Fast-Moving Consumer Goods (FMCG) businesses during Covid 19 Pandemic in Botswana

This research explores how marketing strategies have been changed to adapt to the impactful challenges of the pandemic and economic recession in Botswana's Consumer Goods (FMCG) business landscape. The research adopted an interpretivism philosophical model, an inductive research approach, mono-method wherein qualitative data was collected through semi-structured interviews with open-ended questions. The findings provided substantive evidence that there has been a transition in strategic marketing measures during the COVID-19 pandemic in the Botswana retail landscape and the transition in strategies did have an influence on the customer value proposition (CVP) output of retail businesses.

Serving the low-income consumer in a rich economy: Dollar General racks up sales

PurposeThe conceptualization of the Base of Pyramid (BOP) proposes that low-income markets can lead to profitable opportunities for businesses. The purpose of this study is to identify key success factors of a BOP business strategy based on a case study of the discount retailer, Dollar General, in the USA.Design/methodology/approachThe research design used in this research is an in-depth case study of Dollar General in the USA. Qualitative methods are applied in both the primary and secondary data collection and during the follow-on data analysis of Dollar General.FindingsDollar General's strategic profile is achieved through the combination of the following four actions which are tailored to compete effectively at the BOP in the USA: creating the neighborhood discounter, raising aspirational appeal, reducing service and eliminating internationalization.Research limitations/implicationsThe case is specific to Dollar General in a US cultural context.Practical implicationsThe case of Dollar General demonstrates how a discounter retailer should not only follow a low-cost strategy to compete at the BOP. Its ability to craft a distinctive strategy is coherent with meeting the logistical, rational and emotional needs of the low-income consumer in the USA.Social implicationsMany businesses have neglected rural areas of the USA as being unprofitable. The ability for businesses such as Dollar General to serve the BOP segment can foster the socio-economic well-being of communities.Originality/valueThe overwhelming body of the BOP literature is based on emerging markets. To the best of the authors' knowledge, this is one of the few studies to investigate BOP business strategy in the USA.

Covid-19 Crisis Impact on Leadership: Innovation, Digitalization and CSR Dimensions

While the World strives to adapt to the changes called forward by the SARS-CoV-2 pandemic, leaders everywhere had to re-arrange their objectives, priorities, and style in order to create a new working environment reality capable to answer to post-pandemic requirements. The current paper analyses the impact of the crisis on leadership through a tridimensionality of aspects that have most soundly shifted in the last years: innovation, digitalization, and CSR dimensions. The qualitative study was performed through the indepth interview technique on a sample of 14 executives of big enterprises from Romania. It has been concluded that the crisis has promoted an opportunity for leadership transformation by creating a new digital collaboration system with their teams with a continuing focus on innovation and sustainability, by also keeping in mind the wellbeing of future generations.

BETONG: A POTENTIAL WELLNESS TOURISM DESTINATION IN THE DEEP SOUTH OF THAILAND

According to the world wellness tourism trend, Thailand has promoted wellness tourism to boost its competitiveness. Therefore, this study aimed to determine the potential of Betong district in Yala province to be a wellness destination in the deep south of Thailand serving both domestic and international tourists. This study applied qualitative analysis to primary and secondary data on tourists' demand for wellness tourism services and the standard of wellness tourism services supplied in Betong. The findings revealed that Betong's wellness tourism services, found to have high market potential, include gastronomy services, Betong hot springs, and historical and community-based tourism destinations. These indicated that Betong has the potential to become a wellness tourism destination. However, Betong has to develop new services like herbal tourism and halal tourism as well as creative tourism products and services to increase its competitiveness and achieve inclusive income distribution and sustainable growth.

Has COVID-19 pushed digitalisation in SMEs? The role of entrepreneurial orientation

PurposeThe authors' aim is to investigate if entrepreneurial orientation (EO) has a role in interpreting an external crisis, such as COVID-19, as an opportunity for investing in digital transformation.Design/methodology/approachThe authors undertook multiple case study research on the digital transformation of seven "Made in Italy” SMEs and proposed a conceptual framework that sees an external stimulus (e.g. the pandemic) as a driver of the digitalisation, filtered by the entrepreneurial orientation of SMEs.FindingsThe authors' results show how EO deals with the changing environment and helps address the market opportunities related to digitalisation.Research limitations/implicationsThis study contributes to the existing literature on EO and digital transformation of SMEs, creating a new model for forthcoming studies on this topic. In addition, interesting insights are offered on the role of EO to promote the introduction of digital transformation in SMEs operating in the "Made in Italy” sectors.Practical implicationsThis study shows the role of EO as a reactive characteristic during a crisis. Thus, the authors' suggestion to SMEs is to develop their EO as a part of the strategic orientation. In addition, this work encourages policymakers to invest in the promotion of specific interventions aimed at supporting entrepreneurs in enhancing their capacity to effectively manage digital transformation.Originality/valueIdentifying the most important triggers of digitalisation in times of crisis remains an underexplored area of research. Thus, this study adds value to both digital transformation and entrepreneurial orientation topics.

Strategic Approach to Configurational Analysis of Entrepreneurial Orientation, Strategic Networking, and SME Performance within Emerging Markets of Selected Southeast European Countries

The beneficial relationship of entrepreneurial orientation with performance has been extensively acknowledged in the literature. However, empirical evidence is not straightforward and requires consideration of the interplay of different variables, context, and rationales through which this causal complexity of the performance-enhancing mechanism of entrepreneurial orientation influences firm performance. In this paper we examine the way the entrepreneurial behavior of the organization unfolds and affects performance through specific configurations resulting from the simultaneous interaction of strategic networking and dynamic environment in the setting of Southeast European SMEs. We apply hierarchical regression to a sample of 963 small and medium-sized enterprises. Empirical findings provide support for applying the configurational approach and show that companies of high entrepreneurial orientation and high strategic networking operating in a dynamic environment achieve the highest effect on a business performance. Research results further indicate that strategic networking is a mechanism that achieves the greatest efficiency in a dynamic environment and with the presence of a firm's entrepreneurial orientation. According to the research results, implications for research and practice are suggested.

Changing Work, Changing Families, and Public Policies Toward Low-Income Families

[...]overall economic inequality has notably increased (whether measured by earnings, income, or wealth), and many lower-income families today experience poverty and economic hardship. David Autor (2014) describes some of the key trends behind rising premiums to education and high skills;he finds that the earnings gap between college and high school–educated men roughly doubled in the three decades between 1979 and 2012, and that this trend is nearly as strong for women. [...]those without a college degree are increasingly left out of experiencing the fruits of economic growth. Nonstandard Schedules Work schedules are also more variable, and work is more likely to occur during nonstandard hours (Presser 2003;Lozano, Hamplová, and Le Bourdais 2016;Craig and Powell 2012;Golden 2015);and unstable work schedules have been linked with a lower likelihood of having health insurance (Lim 2019) and greater adverse health outcomes (Schneider and Harknett 2019). Some research has even found that union density or coverage predicts positive spillovers to wages of nonunion private-sector employees (Denice and Rosenfeld 2018), suggesting that the decline in union membership affects the economic potential and economic security not only of union members themselves.

An intelligent framework for analyzing supply chain resilience of firms in China: a hybrid multicriteria approach

PurposeThe paper aims to identify the most supply chain resilient company suitable for the customized preferences of partner firms in the context of the Chinese supply chain framework during the COVID-19 pandemic.Design/methodology/approachA hybrid multicriteria model, i.e. Fuzzy Analytical Hierarchy Process (AHP), was used to assign weights to each criterion, which was subsequently analyzed by three approaches, namely Fuzzy Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS), Fuzzy DEMATEL (Decision-Making Trial and Evaluation Laboratory), and Evaluation Based on Distance from Average Solution (EDA), to rank the top ten companies in descending order of supply chain resilience. Further, sensitivity analysis is performed to identify the consistency in ranking with variation in weights. The rankings are validated by a novel Ensemble Ranking algorithm and by supply chain domain experts.FindingsThe rankings suggest the company "China Energy Construction Group Tianjin Electric Power Construction Co., Ltd” is the most feasible and resilient company, presenting interesting findings to partner firms, and Bosch is the least reliable supply chain company of the ten firms considered, thus presenting interesting findings to partner companies.Practical implications"Crisis Management Beforehand” is most critical in the current pandemic scenario. This implies that companies need to first prioritize taking proactive steps in crisis management followed by the need to minimize the "Expected impact of pandemic.” Performance factors also need to be regulated (sales, supply chain rank and financial performance) to maintain the company's overall reputation. Considering the consistent performance of the China Energy Construction Group Tianjin Electric Power Construction Co., Ltd., it is recommended as the most reliable supply chain firm to forge strategic partnerships with other supply chain stakeholders like suppliers and customers. On the other hand, Bosch is not recommended as a supply chain reliable company and needs to improve its crisis management capabilities to minimize the pandemic impact.Originality/valueThe paper aims to identify the most supply chain resilient company suitable for the customized preferences of partner firms in the context of the Chinese supply chain framework during the COVID-19 pandemic. The rankings suggest the company "China Energy Construction Group Tianjin Electric Power Construction Co., Ltd” is the most feasible and resilient company, presenting interesting findings to partner firms, and Bosch is the least reliable supply chain company of the ten firms considered, thus presenting interesting findings to partner companies.

Role of formal and informal networks in the relationship between government support and Ghanaian indigenous firms' degree of internationalisation

PurposeThis study aims to assess the potential mediating effects of formal and informal networks in the relationship between government support and Ghanaian indigenous firms' degree of internationalisation.Design/methodology/approachThis study was a cross-sectional design, where the structured questionnaire was used in gathering data from 301 indigenous Ghanaian firms. The path estimation was conducted by running structural equation modelling in AMOS v.23.FindingsIt was concluded that government support had a significant positive effect on Ghanaian indigenous firms' degree of internationalisation. Formal network was found to partially mediate the relationship between government support and indigenous firms' degree of internationalisation. Finally, it was concluded that informal networks had no mediating effect.Research limitations/implicationsOne limitation is that the effect of the government support and network strategy was only explored on indigenous exporters, meaning that exporters which did not fall within the definition of indigenous firms were excluded from the study. Future studies could conduct a comparative study on the same variables, using indigenous and non-indigenous firms.Practical implicationsIt is recommended that Ghanaian exporters should participate in government training and workshop programmes focussing on building export business strategies and networking to improve export activities.Originality/valueThis study's unique contribution is its investigation of how networking portfolio, including formal and informal ties, helps explain the nexus between government support and the internationalisation of local firms in the developing market, such as Ghanaians.

DIGITAL TRANSFORMATION PROJECT IN A FUNCTION OF RAISING COMPETITIVE ADVANTAGE

In today's business world of great competition, all companies must strategically plan their growth, development, improvement of business processes and reduction of current costs to achieve the highest possible income and, consequently, profit. Strategic innovation is a sector that requires IT assistance in identifying new development prospects. To reduce the risk of new ventures, every company requires corporate-wide digital and analytics capabilities. Providing management with the correct data at the right time to improve decision-making processes is an approach to cut expenses because it not only saves time and money but also protects your company from the costly consequences of bad investment decisions. Initiatives for digital transformation are frequently performed to stay up with changing market needs, boost team productivity, or provide better customer experiences. The goal of digital transformation is to change the way business is done, including how to be more successful and efficient. This entails strategically planning how to leverage technology to facilitate the achievement of overall corporate goals and objectives. This paper was created with the intention of presenting digital transformation usage through the case study to improve the process of displaying prices and other informative content to end customers. Additionally, it reduces cost which means replacing the traditional display of product information on paper with digitization of prices using a screen that can be controlled locally and remotely via an internet connection. Following all the above, the initial development is ultimately acceptable according to the financial structure, and in the period of exploitation, it achieves financial profit, which is the most important feature of the project with direct economic effect.

Intellectual Property and Tabletop Games

There is a rich body of literature regarding intellectual property's ("IP") "negative spaces"-fields where creation and innovation thrive without significant formal protection from IP law. Scholars have written about innovation in diverse fields despite weak or nonexistent IP rights, such as fashion design, fine cuisine, stand-up comedy, magic tricks, tattoos, and sports plays. Instead, these fields rely on social norms, first-mover advantage, and other (non-IP) legal regimes to promote innovation in the absence of IP protection. As a comparison to these studies, this Article comprehensively analyzes the role of IP law in facilitating innovation in tabletop gaming, including board games, card games, and pen-and-paper role-playing games. Over the past several decades, the tabletop gaming industry has seen a proliferation of innovation, but there is surprisingly little in the academic literature about IP and tabletop games. IP rights, including patents, copyrights, and trademarks, each protect certain aspects of games, while at the same time being constrained by doctrinal limitations that leave considerable flexibility for others to develop their own games and adapt or improve upon existing ones. There are also numerous examples of user-based innovation in tabletop gaming. This Article concludes by contending that IP rights, as well as their limitations, play a significant role in facilitating the robust innovation presently occurring in the tabletop gaming field.

The Empirical Study on the Role of MSMEs Cluster to the Local Economic Development

Purpose: The present empirical study attempted to analyze various factors and stakeholders of the Liluah metal casting cluster and its impact on local economic development. In addition, we explained the role of COVID-19 in this MSMEs cluster. Design/Methodology/Approach: To achieve the set of objectives, the research has used purposive sampling. The data were collected through structured questionnaires and in-depth interviews with firm owners. The primary data have been used and secondary data collected through various sources for the study. Findings: Liluah metal casting cluster plays a crucial role in the local economy in terms of employment and business prospect. The study also found that the manufacturing units and annual turnover increased in the last two decades, and the number of laborers decreased rapidly. Despite the huge scope of improvement in the market, technology, skill training, etc., the present cluster is suffering from a lack of capital, the latest technology, skilled workers, pollution, and competition with foreign products. Further, possibilities of innovation practices in the cluster can be achieved as far as the development of the cluster is concerned. Research Limitations: The study has several limitations. For instance, the study has analyzed the impact of the cluster on the local economic development based on the firm owners' perspective and attempted to explain various challenges and prospects. Future, there is a need to integrate various stakeholders like laborers, government institutions, and intermediaries with other allied manufacturing sectors. The sample was selected only for the Howrah district's Liluah metal casting cluster owners. Managerial Implications: Practically, it highlighted the challenges and prospects of the present cluster. Therefore, the study suggested that innovation practices can be led to positive growth of the cluster where research and development can play an important role. Originality/Value: The empirical study mainly focuses on the Liluah metal casting cluster of the Howrah district. The research paper is based on the Ph.D. thesis, and all the data and information mentioned here are original.

Effects of Destination Appeal and Tourism Infrastructure on Rural Tourism Destination Competitiveness and Revisit Intention: A Study in Bario Kelabit Highland

To remain competitive, these resources are significantly important for selecting a tourism location and they also serve as a key attraction for travelers. [...]this study is an attempt to explore the effects of hard dimensions (i.e., destination resources, cultural uniqueness, accessibility quality, and accommodation quality) on the competitiveness of rural tourism destination, particularly on highland-based tourism destination. [...]it is critical to conduct an in-depth examination of the concept of tourism destination competitiveness (Mustafa et al., 2020). While previous research has recognized the importance of destination competitiveness, the existing literature has not examined the relationship between destination competitiveness and revisit intention. [...]it is worthwhile to conduct an in-depth examination of the predictors of tourism destination competitiveness, particularly the tangible measures, and to further examine the impact of tourism destination competitiveness on tourists' intention to revisit in the case of rural tourism destinations. 2.Literature Review 2.1 Competitiveness Theory and Theory of Planned Behavior Both the Competitiveness Theory and the Theory of Planned Behavior (TPB) were applied in order to provide a framework for the research that was conducted for this study. According to Bobirca and Cristureanu (2008), the comparative advantage of a tourism destination is defined as the availability of natural and cultural resources.

Financial Liquidity Management During Crisis

Purpose: The aim of the article is to verify a hypothesis stating that financial security of companies has been significantly violated in the scope of economic crisis caused by COVID19 pandemics. It has been assumed that traditional indicators of financial liquidity have declined and establishing the scale of the phenomenon constitutes a scientific problem. Design/Methodology/Approach: The research has been conducted as exemplified by a given sector: consumer goods and retail trade on the basis of data adapted from EMIS database. The research has regarded years 2018-2021. Statistical characteristics of two features have been used: current ratio indicator and quick ratio indicator, determining the location, spread, asymmetry and flattening characteristics. The analysis constructed in such a multidimension way was to enable a proper verification of the hypothesis stated. Findings: The results of the research has not verified the research hypothesis positively: the companies of a given sector had not compounded, and even improved their financial security measured with the use of traditional liquidity indicators. Practical implications: The conducted research regarding the liquidity management in companies in a extraordinary time od crisis emphasizes the multifaceted nature and complexity of issues connected with financial security;simultaneously discussing the statement that the entrepreneurs' concern over the extending period of uncertainty, lead them to a certain mobilization to secure from lack of liquidity and forced more awareness in the topic of liquidity. Originality/value: In the process of data analysis certain characteristic features were observed: the average indicators in the sector are much higher than middle indicators which indicates the need to have a closer look at average data. In a researched sector most of the enterprises does not achieve the results suggested for liquidity indicators.

Building back better through feminist entrepreneurship policy

Purpose>Most feminists policies are aspirational. Deficiencies include vague terms of what constitutes ‘feminist’ within policy, ambiguous investment criteria, lack of consultation and the use of the binary definition of gender negating gender-diverse people (Tiessen, 2019). The purpose of this study is to identify parameters that characterize feminist entrepreneurship policies and to advance recommendations to operationalize these policies.Design/methodology/approach>The COVID-19 pandemic has unveiled fragilities in the socio-economic gains that women entrepreneurs have achieved. Gender-regression is, in part, the product of entrepreneurship policies that fail to recognize the nature and needs of women entrepreneurs. To inform recovery measures, this article considers two research questions: what are the parameters of feminist entrepreneurship policies? and how can parameters of feminist entrepreneurship policy be operationalized in pandemic recovery measures? To inform the questions, the study draws on the academic literature and thematic analysis of three collective feminist action plans to operationalize ten parameters that characterize feminist entrepreneurship policy.Findings>Supplanting ‘feminist’ for women in the construction of entrepreneurship policies, without specifications of how parameters differ dilutes government's efforts to achieve gender quality and women's economic empowerment. To inform policy, recommendations of three feminist recovery policies clustered under seven themes: importance of addressing root causes of inequality;need to invest in social and economic outcomes;economic security;enhancing access to economic resources;investment in infrastructure;inclusive decision-making;and need for gender disaggregated data to inform policy. Differences in policy priorities between collective feminist recovery plans and the academic literature are reported.Research limitations/implications>The parameters of feminist entrepreneurial policy require further interpretation and adaptation in different policy, cultural and geo-political contexts. Scholarly attention might focus on advisory processes that inform feminist policies, such as measures to address gender-regressive impacts of the COVID-19 pandemic. Research is also needed to understand the impacts of feminist policies on the lived experiences of diverse women entrepreneurs. Limitations: The study design did not incorporate viewpoints of policymakers or capture bureaucratic boundary patrolling practices that stymie feminist policies. Thematic analysis was limited to three feminist recovery plans from two countries.Practical implications>Recommendations to operationalize feminist entrepreneurship policies in the context of pandemic recovery are described.Originality/value>Ten parameters of feminist entrepreneurship policy are explored. The conceptual study also advances a framework of feminist entrepreneurship policy and considers boundary conditions for when and how the parameters are applicable.

Research on Value Co-Creation New Business Model of Import Cross-Border E-Commerce Platform Ecosystem

Since the outbreak of COVID-19, the cross-border e-commerce platform has been rising rapidly because of its unique advantages. However, with the widespread application of information technologies such as mobile Internet and big data, fundamental changes have taken place in consumer preferences, consumption patterns, and marketing channels in cross-border e-commerce platforms. They also change the logic of value co-creation (VCC). The platform can achieve survive, expansion, and sustainable development by realising the value co-creation of the whole platform ecosystem. Based on the perspective of the platform ecosystem, this paper uses the grounded theory analysis method and NVivo 11.0 software carries out three-level coding on the obtained original data, and finally summarises and extracts four core categories of value co-creation mechanism: connection and interaction of value co-creators, demand mining, resource integration, and system support. The first two categories reflect stakeholders’ internal connection and interaction mechanism, and the last two categories reflect the external support mechanism in value co-creation.