Customer Participation，Value Co-creation and Firm Performance in Social Media

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特约责任编辑：古文

（Ningbo University of Technology，Ningbo 315211，Zhejiang，China）

Abstract：It has been a key common corporate topic to carry out value co-creation and in turn to improve firm performance through customer participation in social media. Therefore，the authors construct a conceptual model and testify it to investigate the relationship among customer participation，value co-creation and firm performance. Based upon the data from a sample of 527 pairs of matched employees and consumers collected through an online survey，and with the help of SPSS22.0 and AMOS22.0， the authors find that customer participation can enhance customer trust through the mediation roles of customer utilitarian value creation and customer hedonic value creation，and in turn，can enhance customer loyalty，that perceived complementary fit will reinforce the effect of customer participation on customer utilitarian value creation，whereas perceived supplementary fit will reinforce the effect of customer participation on customer hedonic value creation. The authors also find that customer participation can enhance employee trust through the mediation roles of employee utilitarian value creation and employee hedonic value creation，and in turn，can enhance employee performance，and perceived complementary fit will reinforce the effect of customer participation on employee utilitarian value creation，whereas perceived supplementary fit will reinforce the effect of customer participation on employee hedonic value creation.

Key words：customer participation；social media；value creation；perceived fit；firm performance