Research On The Relation Between Dynamic Capability,Value Co-creation And Competitive Advantage

Nowadays,the market environment faced by enterprises has become turbulent,and it is becoming more and more difficult for enterprises to obtain and maintain competitive advantage.More and more scholars begin to pay attention to dynamic capabilities,trying to find out the ways of enterprises to cope with the impact of turbulent environment and gain and maintain competitive advantage from dynamic capabilities.Dynamic capabilities are considered as the source of competitive advantage of enterprises.On the other hand,the development of modern communication technology has made a profound change in the way of value creation.The traditional way of value creation by enterprises alone has given way to the value creation mode of value creation by enterprises and customers together.Value co-creation has gradually become a research hotspot of scholars.Many scholars have studied the relationship between value co-creation and competitive advantage of enterprises.Value co-creation is also considered as one of the sources of competitive advantage.Since both dynamic capabilities and value creation are sources of competitive advantage,what is the relationship between them? Are there any mechanisms of action between them? These problems are seldom explored by scholars.For a long time,dynamic capability and value creation basically belong to two different research lines,and few scholars integrate them.In addition,customer trust factor is rarely considered in both dynamic capability research and value co-creation research in the past.According to the research results of trust theory,trust has a good explanatory power for customer behavior prediction.Trust can effectively reduce customer's risk perception to the enterprise,increase customer's behavior intention and promote value co-creation.Based on this background,this paper integrates two different research lines of dynamic capability and value creation,constructs a conceptual model with dynamic capability as independent variable,value creation as intermediary variable,competitive advantage as dependent variable,and considers the moderating role of customer trust between dynamic capability and value creation.The purpose of this study is to explore the mechanism of dynamic capability,value creation and competitive advantage,hoping to open the "black box" between dynamic capability and competitive advantage,and also to explore the value co-creation from the perspective of dynamic capability.In order to accomplish the above research purposes,this paper is divided into six chapters to carry out the research,the contents are arranged as follows:The introduction part mainly elaborates the realistic and theoretical background,leads to the problems to be studied in this study,and analyses the theoretical and practical significance of this study.The research methods,technical routes and research contents to be adopted in this paper are also elaborated.The first chapter is a literature review.The literature on dynamic capabilities,value co-creation,competitive advantage and customer trust are comprehensively sorted out,and the shortcomings of the existing research are found out by combining the topics of this study.The second chapter is the theoretical analysis of the relationship between the variables in this study.On the basis of literature review in the first chapter,this paper makes a comprehensive and in-depth theoretical analysis of the dynamic capabilities,the relationship between value creation and competitive advantage,and the regulatory role of customer trust.Based on the dynamic capability theory,this study elaborates the direct mechanism of dynamic capability on competitive advantage;based on customer experience theory and organizational support theory,this study analyzed the mechanism of dynamic capability on value creation;based on customer value theory and resource-based theory,this study analyzed the mechanism of value creation on competitive advantage;based on the theoretical research of customer trust.As a result,this study deeply analyzed the regulatory mechanism of customer trust.The theoretical analysis of this chapter has laid a solid theoretical foundation for the follow-up model construction.The third chapter is the model construction and research hypothesis.On the basis of literature review and theoretical analysis in the last two chapters,this study constructs a conceptual model of the relationship between dynamic capability,value co-creation and competitive advantage,and puts forward research hypothesis on the basis of further analysis of the relationship between variables.The fourth chapter is research design.This paper elaborates the empirical research design of this paper from the aspects of questionnaire design,the selection of research objects and the adoption of data analysis methods.The fifth chapter is empirical research.It mainly carries out data analysis and hypothesis test on the valid questionnaires retrieved.With SPSS22.0,AMOS22.0 and other software,hypothesis tests are carried out by using structural equation model and hierarchical regression method when reliability and validity tests are passed,and the data results are further discussed and analyzed.The sixth chapter is the conclusion and prospect of the research.This paper summarizes the conclusions of the previous empirical analysis and puts forward the management enlightenment for business practice,summarizes the research deficiencies of this study,and prospects the direction of further research in the future.This paper draws the following meaningful conclusions:(1)Firms' adaptability,integration ability and relationship ability have a direct impact on competitive advantage.In this study,market perception ability,adaptability,integration ability and relationship ability are taken as four dimensions of dynamic ability.Empirical tests show that besides market perception ability,the other three dimensions have significant direct impact on the competitive advantage of enterprises.(2)Interpersonal interaction,information sharing and word-of-mouth publicity have a positive impact on competitive advantage.This study reflects the good explanatory power of value creation to the source of competitive advantage.From the perspective of impact degree,by comparing the path coefficients of potential variables such as interpersonal interaction,information sharing and word-of-mouth recommendation on competitive advantage,we find that the direct impact of word-of-mouth recommendation is the largest,followed by interpersonal interaction,while information sharing on competitive advantage is slightly weak,but also reaches a significant level.(3)Market perception ability,integration ability and relationship ability have a direct impact on value creation.This study finds that besides the influence of adaptability on information sharing and word-of-mouth propaganda is not significant,the market perception ability,integration ability and relationship ability of enterprises have significant direct impact on all dimensions of value creation.(4)Adaptability has a significant direct impact on the interpersonal interaction dimension of value creation.The research finds that the adaptability of enterprises to the environment can significantly promote the interpersonal interaction between customers and enterprises.(5)The dynamic capabilities of enterprises can indirectly influence their competitive advantages through the intermediary role of value creation.This study finds that,apart from the indirect influence of adaptability on competitive advantage through information sharing or word-of-mouth publicity,the dimensions of market perception,integration and relationship capabilities of dynamic capabilities can indirectly influence competitive advantage through the intermediary role of various dimensions of value co-creation.Therefore,on the whole,the intermediary role of value co-creation between dynamic capability and competitive advantage has been verified.(6)Value co-creation has a complete mediating effect on the influence of market perception on competitive advantage.This study finds that the direct effect of market perception on competitive advantage is not significant,but it has a strong impact on value creation.The structural equation model and hierarchical regression analysis show that the effect of market perception on competitive advantage is mainly realized through the complete intermediary effect of value creation.The influence of market perception on competitive advantage is indirect through three dimensions of value creation: interpersonal interaction,information sharing,word-of-mouth publicity and so on.(7)Customer trust positively regulates the relationship between dynamic capability and value creation.This study finds that customer trust has no significant moderating effect on adaptability,information sharing and word-of-mouth publicity,but other hypotheses have been adopted.It proves that there is a positive moderating relationship between dynamic capability and value creation in customer trust.The theoretical contributions and innovations of this study are mainly embodied in the following aspects:(1)On the premise of literature review and theoretical analysis,this paper integrates the theory of dynamic capability with the theory of value co-creation,and constructs a mechanism model of influence among them,which takes dynamic capability as independent variable,value co-creation as intermediary variable and competitive advantage as dependent variable.It reveals the path and mechanism of dynamic capability,value creation and competitive advantage.This study complements and improves the relevant theories of dynamic capabilities and the impact of value creation on competitive advantage.(2)This study introduces value co-creation as an intermediary variable into the influence mechanism of dynamic capabilities on competitive advantage of enterprises,and explains the "black box" problem of dynamic capabilities affecting competitive advantage of enterprises.The results show that except two paths(adaptive ability information sharing competitive advantage,adaptive ability word-of-mouth publicity competitive advantage),all the mediating effects on other paths pass hypothesis test.The experiment proves that value co-creation plays an important intermediary role in the relationship between dynamic capabilities and competitive advantages.This study reveals the specific path and influence relationship of the dynamic capabilities indirectly acting on the competitive advantage through the value co-creation dimensions,and makes a certain contribution to opening up the "black box" problem of the dynamic capabilities influencing the competitive advantage of enterprises.(3)This study finds that dynamic ability can be used as the basis of value creation.Through theoretical analysis and empirical test,this study successfully identifies that dynamic capability is the basis of value creation,and that dynamic capability of enterprises can effectively promote customer participation in value creation activities with enterprises.This study enriches the theory of value co-creation.(4)Introducing customer trust as a moderator variable into the relationship model of dynamic capability,value co-creation and competitive advantage,this paper examines the contingency effect of customer trust on value co-creation in dynamic capability.Empirical results show that the dimensions of market perception,integration and relationship competence of dynamic competence have significant positive moderating effects on all dimensions of value co-creation,while the dimension of adaptive competence has significant moderating effects on interpersonal interaction dimension of value co-creation.