**Hypothesis 1a (H1a).** *Green Strategy of Manufacturers is Positively Related to Value Co-creation with their Suppliers.*

With the growing popularity of green products, the consumers' demand for green products has gradually increased. A single manufacturer may not be able to meet the consumers' demand due to the size of the enterprise, so there may be multiple manufacturers producing the same type of green products. As the demand for green products increases, the revenue of the dominant manufacturers will increase significantly. However, the profit of following manufacturers may decrease, even lower than the level before cooperation [74]. Therefore, in order to promote common development, achieve win–win and mutual benefit, a contract may be drawn up between the two manufacturers for revenue distribution. The deeper the implementation of the green strategy, the larger the market size of manufacturers will be, and the more necessary it is for manufacturers to adopt co-creative behavior to secure cooperation. Thus, we propose:

**Hypothesis 1b (H1b).** *Green Strategy of Manufacturers is Positively Related to Value Co-creation with their Competitors.*

As a downstream company in the supply chain, retailers directly contact consumers to understand their consumer preferences. Under the green strategy, retailers can share sales data with manufacturers to reduce the bullwhip effect [75] and assist manufacturers in designing green products that better meet consumer needs. When the green concept is accepted by more consumers, the value-creation behavior of retailers and manufacturers will become more frequent. Thus, we propose:

**Hypothesis 1c (H1c).** *Green Strategy of Manufacturers is Positively Related to Value Co-creation with their Retailers.*
