Social and psychological determinants of value co-creation behavior for South Korean firms

Abstract

Purpose In view of the increasing importance of creating values that require shared societal responsibilities to be borne by not just firms but customers as well, the purpose of this paper is to empirically investigate whether customers’ social capital plays a role in creating shared values for South Korean firms directly or indirectly through social identity and corporate authenticity. Design/methodology/approach To understand the effects of social capital on value co-creation, the authors conducted a face-to-face questionnaire survey with a selected group of 400 adult respondents aged more than 20 years. To verify precision in wording and sentence structure and the validity of questions in reflecting the study objective, the authors conducted a pretest on 40 respondents before administering the main survey. Ultimately, 50 questionnaires considered inappropriate and with inconsistent response patterns were discarded, leaving 350 questionnaires for the statistical analysis. Findings This research adopts the consumer-centric as well as societal perspectives to conceptualize value co-creation behavior, and tests the moderating roles of psychometric measures of self-monitoring and corporate trust. Next, the research confirms whether social identity and perceived corporate authenticity mediate the relationship between social capital and value co-creation. Originality/value The study results shed new insights into the societal, psychological and normative aspects of value co-creation.