Value Creation Research Articles

Sustainability and Performance Evaluation in Third Sector Partnerships: The Case of Turin Fast Track City

ABSTRACTCOVID‐19 radically changed how public services (activities of general interest) are pursued and administered. The search for resilient models has prompted public administration to test new regulatory approaches and to involve the third sector in the provision of primary services. This study investigates the sustainability and capacity of these models, specifically the implementation of a co‐planning and co‐design model aimed at measuring the possible creation of value and achieving common objectives. On the basis of an analysis of the development of the Turin Fast Track City project, the study employs a longitudinal method to identify not only the sustainability of the model but also new effective performance measurement tools, such as SIA analysis and integrated social accounting using financial and non‐financial elements. The study also highlights critical elements aimed at supporting future investigations.

Factors influencing the digital intelligence transformation of offshore wind power enterprise

China's offshore wind power industry is advancing toward a digital transformation, and its development is considered a crucial strategic pillar of China's energy structure transformation. Facing challenges such as high costs, technical difficulties, lack of industry standards, insufficient industrial economies of scale, and even ecological threats, China's offshore wind power industry in the new period urgently requires innovative paths for further development. Driven by policy guidance and market demand, many enterprises have embarked on digital upgrading by introducing digital technology into their business processes, thus achieving a more efficient and intelligent production management mode to enhance industry competitiveness. However, due to the inherent peculiarities of the offshore wind power industry, its implementation of digital technology faces certain technical difficulties and systemic risks. This study presents a case study of Mingyang Smart Energy and related organizations conducted using in-depth interviews, and focuses on the practical circumstances of China's offshore wind power industry undergoing digital transformation. This study also applies the grounded theory to analyze the driving factors and mechanisms of digital transformation and provides an in-depth discussion of the characteristics of different stages of the transformation, including digital technology function leap, management and platform construction, as well as digital operation and value creation. The study results can enrich the theoretical study of digital transformation and provide practical guidance for the offshore wind power industry to achieve intelligent, efficient, and sustainable development.

Rethinking Success: A Stakeholder Approach to Maximize Long-Term Impact and Performance

In an era of heightened global competition, organizational success can no longer rely solely on efficiency, quality, and customer retention. This article makes the case for prioritizing value creation as the new guiding principle, emphasizing the need to generate value not only for shareholders but across all stakeholders—including employees, customers, communities, and the environment. We explore the shift from shareholder-centric models to stakeholder value frameworks, backed by research and practical examples. Key strategies for operationalizing this agenda include aligning business goals with social impact, fostering inclusive cultures, and implementing holistic performance metrics. Case studies of companies like Danone, 3M, and Adobe illustrate how stakeholder-driven approaches unlock sustainable growth, innovation, and social good. Ultimately, organizations that adopt value creation as their north star will be best positioned to achieve both long-term profitability and meaningful impact.

Designing a Digital Service System for Sustainable Social Value Creation: A Holistic Design Method Based on Socio-Cyber-Physical System Perspectives

Recently, data utilisation and digital service offerings are becoming primary methods of value creation. In this context, designing and offering ‘digital service systems’ (DSSs) that integrate physical elements (e.g., products, facilities, and physical infrastructure) and digital service elements (e.g., digital services, data, apps, and cloud systems) are important to create sustainable social values and achieve the United Nations’ Sustainable Development Goals 9 and 11. In this study, we propose a novel method for designing a DSS that simultaneously consider three system domains, namely social, physical, and digital domains. Specifically, we developed design models and a design process to support the DSS design. The proposed method was applied to an actual DSS design case. The results revealed that the proposed method could effectively consider components in the social system domain in addition to those in the digital and physical system domains in the DSS design. In particular, we identified that the proposed design models were useful for enabling the systematic management of a long-term collaborative design process among various stakeholders. They also enabled value-oriented thinking in DSS design and encouraged designers to consider different types of value in the DSS.

ESG Performance and Corporate Financialization: A Dual Perspective of Risk Management and Value Creation

ESG Performance and Corporate Financialization: A Dual Perspective of Risk Management and Value Creation

Whether and how to adopt live streaming Selling: A perspective on interaction value creation

As live streaming selling continues to be an emerging channel with many uncertainties, brand manufacturers must adopt a deliberate approach to utilize this medium and develop their capabilities effectively. This study examines the adoption of live streaming selling by considering customers interacting with the streamer in real-time to acquire more product information and additional interaction value. Three sales models are constructed: the traditional selling channel (Model T), the live streaming selling channel (Model L), and the dual channel that combines traditional selling and live streaming selling (Model TL). The impact of live streaming selling on value creation is revealed through a comparative analysis. Finally, as an extension model, we consider the scenario where manufacturers pay streamers different commissions based on actual market demands. The results show that adopting live streaming selling depends on the commission and operating costs of live streaming. When the commission paid to the streamer is low, contemplating live streaming selling can create more value for all parties. When the commission is moderate, the manufacturer should adopt the dual channel of traditional selling and live streaming selling to create more value. Conversely, when the commission and operating costs are high, adopting live streaming selling is not recommended. Furthermore, when market demand is high, manufacturers achieve greater profits by paying streamers a fixed commission. Conversely, when market demand is low, manufacturers gain higher profits by paying streamers different commissions based on actual market demand.

Do Firms Smooth Earnings Less When They Can Hedge Noise Better?

ABSTRACT Firms’ use of accounting discretion to report a smooth earnings profile is commonly believed to be pervasive. We examine whether smoothing, at least partly, reflects managerial attempts to avert unhealthy pressures from outsiders who cannot fully disentangle the impact of transitory shocks from sustainable trends in value creation. Using variation in firms’ ability to hedge foreign currency (forex) exposure through derivatives, we find that firms are less likely to smooth earnings when they can better shield their business from extraneous forex fluctuations. Our findings inform the debate on discretion in accounting rules and illustrate how markets that facilitate efficient reallocation of risk can shape the informational properties of accounting output. JEL Classifications: F31; G32; M41.

Optimizing development and operations from the project success perspective using the analytic hierarchy process

By merging development and operation disciplines, the approach known as development and operations (DevOps) can significantly improve the efficiency and effectiveness of software development. Despite its potential benefits, successfully implementing DevOps within traditional project management frameworks presents significant challenges. This study explores the critical factors influencing the implementation of DevOps practices from the project management perspective, specifically focusing on software development projects in the Ministry of Finance. This study utilizes the analytic hierarchy process (AHP) to prioritize the critical elements of project success criteria and DevOps factors necessary for effective implementation. The findings indicate that stakeholder satisfaction, quality, and value creation are the primary criteria for project success. Moreover, knowledge and skills, collaboration and communication, and robust infrastructure are pivotal factors for facilitating DevOps within project management. The study provides actionable insights for organizations aiming to improve their project outcomes by incorporating DevOps and offers a systematic approach to decision-making using AHP. This study recognizes limitations due to its focus on specific contexts and emphasizes the need for future research in diverse organizational environments to validate and expand these findings.

‘E’ of ESG and firm performance: Evidence from China

Following the ESG rating divergence reported in the previous research studies, we develop a novel firm-level Green Commitment (GC) index by incorporating new dimensions of environmental management and governance. We construct GC scores for all A-share listed companies in China from 2015 to 2021 and analyze whether firms with greater environmental commitment exhibit improvements in their future performance. Our results show that firms with high GC scores achieve higher stock returns without incurring extra risk. Additionally, a strong environmental commitment can enhance operating performance by mitigating financial constraints. The evidence supports the view that environmental investing contributes to the creation of positive shareholder value. Our GC index can be applied more widely to resolve the mixed evidence on the value implications of corporate environmental commitments.

Ethnoecology: The Community Adaptation Patterns of Forest Management in Grobogan Central Java

The aims of this research are to describe community adaptation patterns and determine community perceptions regarding forest environmental management. This qualitative research was studied using an ethnoecological approach with the research focus being the people of the Perhutani area of ​​Grobogan Regency. This research carried out the data collection through interviews, observation and documentation, with the main informant being Pesanggem as a forest land manager. This research produced the first findings in the form of community adaptation patterns in managing the environment covering three aspects, namely ecological adaptation, economic adaptation and social adaptation in the Pesanggem community in Gedangan Village, Wirosari District under the auspices of BKPH Sambirejo. 1) Ecological adaptation in Pesanggem showed the availability of well water which previously only relied on rainwater, then adjustments to various types of plants, as well as an understanding of prohibitions and sanctions for illegal activities in forest areas; 2) economic adaptation showed an increase in income for Pesanggem from forest land management; 3) social adaptation showed the existence of cooperation between members and other farmer groups within the LMDH forum. The second finding is that the public's perception in interpreting environmental management is that there are 5 values, namely the values ​​of wisdom, independence, religion, creativity and healthy living. Based on the research results, the author recommends that forest area communities be involved in managing and guarding forests for generational sustainability, and Perum Perhutani should invite partners from surrounding school institutions as a means of educating generations in joint forest management.

How Do Famous Artists Write about Their Metacognition, Self-Regulation and Creative Problem-Solving?

Creative metacognition, creative self-regulation, and creative problem-solving are three key concepts stemming from distinct psychological traditions. However, all three involve planning, monitoring, regulation, and self-evaluation in the creative process. Therefore, the objective of the present study was to describe and compare how these three models are exhibited in the cases of five professional artists, as depicted in their autobiographical writings. The artists were selected based on maximum-variation sampling to represent different artistic fields: Stephen King, Salvador Dalí, Patti Smith, Terry Gilliam, and Arnold Schwarzenegger. A theory-driven thematic analysis, using the Metacognitive Awareness Inventory, the Creative Self-Regulation Questionnaire, and Mumford's model of Creative Problem-Solving, revealed both commonalities and differences in the ways these artists apply metacognitive knowledge, and self-regulatory and problem-solving strategies in their creative processes. Furthermore, the study identified several elements not included in these models, such as the need for a psychologically safe environment, the roles of extrinsic and intrinsic motivation, and the perceived value of creativity.

PRIORITY DIRECTIONS FOR CREATING STARTUP PROJECTS

This article explores the priority directions for creating successful startup projects, emphasizing the importance of understanding market needs, fostering innovation, and developing a unique value proposition. It highlights the significance of building agile teams and integrating sustainable practices to attract both consumers and investors. Additionally, effective go-to-market strategies are identified as critical for enhancing customer acquisition. Through a mixed-methods approach, including surveys and interviews with entrepreneurs, the study provides actionable insights and a strategic framework for startups aiming to thrive in a competitive landscape. These findings serve as a guide for aspiring entrepreneurs seeking to navigate the startup ecosystem effectively.

Klang Valley Property Development and Construction Industry: A Case Study of Public Value Creation

Klang Valley Property Development and Construction Industry: A Case Study of Public Value Creation

CSR investments and innovation – aligning and creating shared value

This research aims to advance the field of Corporate Social Responsibility (CSR) and innovation by exploring how CSR investments can drive product and service innovations, creating value for both the firm and its broader stakeholders. Specifically, it examines the relationship between CSR initiatives and their influence on CSR investments, as well as the resulting impact on innovation in products or services that contribute to shared value creation. The proposed framework is tested across three firm sizes—small, medium, and large—using a sample of 410 businesses within the Australian economy. The analysis was conducted using AMOS version 28, which established appropriate measurement indicators and revealed significant direct and indirect effects for the full sample. Additionally, the multi-group analysis explored nuanced relationships based on firm size.By investigating a relatively unexplored Australian context, the paper makes significant contributions by addressing the limited research on internal (employee) CSR, external (environmental) CSR, and ethical (governance) responsibility, examining their impacts on CSR investments. Furthermore, it explores how CSR investments influence innovation to create shared value and highlights the moderating effects of different firm sizes on the relationships between the antecedents, CSR investments, and innovation. The paper concludes by discussing the theoretical and practical implications of the findings, as well as outlining directions for future research and acknowledging limitations.

Digital transformation in public-private collaborations: The success of humanitarian supply chain operations

Recent years have seen the extensive use of big data analytics, related technological infrastructure, and machine learning applications for digital transformation. The resource dependency related to data-driven applications elicits public-private collaborations (PPCs) between governments and private or non-government organizations (NGOs) for value creation. Such collaborations are effective for the success of humanitarian supply chain operations (HSCOs), particularly in the event of large-scale disasters. By building on resource dependence theory (RDT), our study explores the links between digital transformation, PPCs, and HSCO success. Using structural equation modeling on data collected from 224 key decision-makers and experts, we found that digital transformation mediates the relationship between private-NGO collaborations and HSCO success while host government support moderates it. Our study thus makes an original contribution to RDT and the emerging domains of contemporary digital and data-driven applications in HSCO. The implications and future research directions arising from this study are also discussed in this research paper.

The real impacts of third-party certification on green bond issuances: Evidence from the Chinese green bond market

This study examines the real effects of third-party certification on green bond issuance by Chinese listed firms over the period 2016–2022. Our findings reveal that the issuance of certified (non-certified) green bonds results in favourable (non-significant or even negative) stock market reactions in both the short and long term, indicating that third-party certification adds value for stock investors. In addition, we analyse the underlying mechanisms that drive the value creation of third-party certification in green bond issuance. We find that third-party certification effectively reduces information asymmetries between firms and investors, induces firms to genuinely prioritise sustainable practices and improves firms' environmental performance, leading to increases in investor demand and firm value. Our further analysis reveals that third-party certification helps green bond issuers attract long-term investors, increases analyst coverage and induces positive opinions from the regulator on firm disclosure. Overall, this study documents that third-party certification of green bond issuers can generate real economic and environmental benefits for issuers.

Pharma innovation: how evolutionary economics is shaping the future of pharma R&D

This paper describes the theory of evolutionary economics in the context of pharmaceutical R&D. In this context, the R&D productivity crisis acts as a key selection mechanism, and R&D, technology and industry trends provide mechanisms of variation. Drawing on today’s prevailing business model among leading pharmaceutical companies, the biotech-leveraged pharma company (BIPCO), I propose two new value creation logics: the technology-investigating pharma company (TIPCO) and the asset-integrating pharma company (AIPCO). Although some companies already share aspects of these business models, it is not yet clear, in terms of evolutionary economics, what the ultimate outcome of the evolutionary process in pharma R&D will be.

The Level of SDGs Disclosure Practice by Government Link Companies in Malaysia: A Conceptual Exploration

This concept paper explores the level of Sustainability Development Goals (SDGs) Disclosure practices by Government Link Companies in Malaysia in the current business environment. This study is designed to examine the level of SDG disclosure practices in companies’ corporate reporting by examining the level of Malaysian Government Link Companies (GLCs) SDG disclosure practices with publicly listed companies based on their industry segments. Drawing from the stakeholder theory, this study highlights the influence of ownership structure and board diversity, which can play an essential role in shaping the companies’ practices for SDG disclosure. Through a comprehensive review of the existing literature, the paper unravels the distinctive SDG commitments due to internal and external drivers, particularly in the country with higher concentrated ownership structures. Using stakeholder theory, a set of hypothesised relationships between SDG disclosure practices and drivers for disclosure are developed. The study emphasised the importance of nuanced understanding to improve corporate sustainability practices, accountability, and value creation. The study aims to guide future research for robust Sustainable Development Goal disclosure practices measurements framework and identify the challenges of such practices in a given economic situation. This paper's conceptual framework and discussions are intended to contribute to a broader academic discourse on the rising concern of SDG practices for economic decision-making.

Sistem Pendukung Keputusan Seleksi Peserta Lomba Karnaval Murid TK Di Kabupaten Pidie Menggunakan Metode Multi Objective Optimization On The Basic Of Ratio Analysis (MOORA) Berbasis Web

Kindergarten is an example of an educational sector that has been impacted by advances in computer technology. One of the most important parts of a kindergarten is student assessment and the creativity of school children. In one kindergarten there are dozens of students and each has different creativity values. However, there are problems at the Pidie Regency Education Office in assessing the process of determining the selection as the best participant to take part in the kindergarten student carnival competition in Pidie Regency. This writing will discuss the design of a decision support system using the Multi-Objective Optimization On The Basis Of Ratio Analysis (MOORA) method to select participants in the kindergarten student carnival competition in Pidie Regency. The aim of this research is to assist the Pidie District Education Office in making decisions by evaluating and ranking existing alternatives so that it is easier to determine which kindergarten student participants can take part in the carnival competition. The programming language used in designing this application is PHP using the CodeIgniter framework and HTML. For display using CSS3, namely using the Bootstrap and Jquery framework. The database uses MySQL. The tools and editors used are XAMPP for Windows, and Microsoft Visual Studio Code. The final result of this system is to provide a recommendation output ranking participants from the largest alternative value to the smallest. With this system, the Education Department will be helped and made easier in determining competition participants.

Financial technology in a South African banking institution to achieve strategic sustainability

Purpose: The aim of this article was to better understand the alignment of banking business models with disruptive technologies.Design/methodology/approach: An explorative study was used to uncover participants’ views of technology adoption in a particular banking institution in South Africa. Data were collected via semi-structured interviews with 12 participants. Employing a qualitative approach, interpretive techniques were used to decode, describe and translate themes and concepts of certain phenomena.Findings/results: Disruptive technologies offered by Fintechs are generally embraced, provided they are fit-for-purpose and deliver a value proposition to drive client-centric growth. Partnering with Fintechs plays a pivotal role in alignment between business and information technology, enabling banks to leverage technology to reach broader markets. This enables scalable growth, which is vital to sustainability.Practical implications: The study assists South African financial institutions in aligning business models to continuously evolve with disruptive shifts in technology, and leverage technologies offered by Fintechs to maintain market relevance and grow competitive advantage in a sustainable manner.Originality/value: It is especially pertinent to banks in South Africa and other developing nations, as it highlights important implications for partnering with Fintech companies. In addition to validating the Improved Technology Acceptance Model framework, it reveals more factors to consider when partnering with Fintechs. The results contribute to the literature on the adoption of disruptive technologies, as well as relations between banks and Fintechs, in order to improve partnerships between these entities.