Interaction Aspects of Value Co-Creation Process toward Shared Vision in Megaprojects

Abstract

Shared vision is deemed a crucial success factor in defining complex relationships among various stakeholders and their multidimensional objectives in megaprojects. However, the current research development and literature on shared vision in megaprojects remain unclear. In particular, the prerequisites of shared vision among stakeholders are infrequently investigated. This work demonstrates that the value co-creation process is an essential prerequisite for promoting shared vision between clients and contractors in megaprojects. Furthermore, it aims to explore the influences of the value co-creation process on shared vision in such megaprojects. Two hundred and eighty-two valid questionnaires were collected from respondents involved in megaprojects in China. The responses were analyzed using the partial least squares structural equation model. The results indicate that two of the four interaction aspects of the value co-creation process, namely dialogue and access, can positively improve shared vision in megaprojects, whereas risk assessment and transparency cannot. However, from the individual perspectives of clients and contractors, only dialogue has a positive effect on the shared vision of clients with contractors. In contrast, access is the only variable that exerts a positive influence on the shared vision of contractors with clients. These findings reveal a unique causal relationship between the value co-creation process and shared vision in megaprojects. This affords new insight on improving cooperation between clients and contractors in megaprojects by synchronizing their perceptions and interactions via the value co-creation process.