*3.2. The Impact of Value Co-Creation Behavior on Firm Performance*

By closely cooperating with each other to complete value creation (that is, value co-creation), companies can achieve performance that a single company cannot achieve by itself. Manufacturers work with suppliers, manufacturers in the same industry, and retailers to create value together. Through cooperation, they can design different business models to improve the operational efficiency of the enterprise, thereby improving the performance level [65]. The value co-creation behavior between firms can improve the quality of service and response speed. In the supply chain, companies share knowledge and information resources with partners through value co-creation, and use complementary capabilities to jointly deliver products and services to different customers [76], thereby improving the company's operating performance. Consequently, we propose:

**Hypothesis 2a (H2a).** *Value Co-creation with their Suppliers is Positively Related to the Manufacturers' Operational Performance in a Green Supply Chain.*

**Hypothesis 2b (H2b).** *Value Co-creation with their Competitors is Positively Related to the Manufacturers' Operational Performance in a Green Supply Chain.*

**Hypothesis 2c (H2c).** *Value Co-creation with their Retailers is Positively Related to the Manufacturers' Operational Performance in a Green Supply Chain.*

The value co-creation behavior promotes mutual trust between participating companies and through the use of overall synergies. It can promote the improvement of corporate financial performance [77]. In the context of the Green Strategic Alliance, manufacturers sign a certain contract with the supplier to give the supplier a certain preferential price [72] to ensure the possibility of achieving the common goal of green development and establish a brand image of a green strategic alliance, in order to form competitiveness in their respective fields and give products a green value. By complementing resources, manufacturers can solve problems that cannot be solved by a single enterprise, while weakening unilateral opportunistic tendencies and diversifying potential financial risks [78]. Through value co-creation behavior, manufacturers and retailers can enable firms to make flexible adjustments in response to changes in the environment, which can help companies seize market opportunities and improve dynamic capabilities [79]. Firms reach a consensus on cooperation, share resources, and conduct profitability to a certain degree. Such value co-creation behavior will form a strong and mutually beneficial relationship between firms, give products a higher value, reduce operating risks and costs, and increase product competition as well as efforts to expand market share and improve corporate returns. Consequently, we propose:

**Hypothesis 3a (H3a).** *Value Co-creation with their Suppliers is Positively Related to the Manufacturers' Financial Performance in GSC.*

**Hypothesis 3b (H3b).** *Value Co-creation with their Competitors is Positively Related to the Manufacturers' Financial Performance in GSC.*

**Hypothesis 3c (H3c).** *Value Co-creation with their Retailers is Positively Related to the Manufacturers' Financial Performance in GSC.*

The value co-creation activity has changed the relationship between companies. During the exchange of corporate culture and interests, the two sides also improved the company's openness, and the increase in openness in the organization is conducive to organizational innovation. In value co-creation activities, the sharing of technical resources can increase the breadth of employee thinking and promote the innovation of individual employees [80]. Value co-creation behavior can bring about knowledge transfer, which has a positive effect on product and process innovation [81]. Knowledge originally belonging to different organizations is passed between partners, and new products or services are easily born through permutations and combinations. Therefore, companies that adopt value co-creation can be the first to apply new technologies in the industry, obtain corresponding intellectual property rights, increase sales revenue of innovative products, and make products that have good market response and irreplaceability within a certain time. Thus, we propose:

**Hypothesis 4a (H4a).** *Value Co-creation with their Suppliers is Positively Related to the Manufacturers' Innovative Performance in GSC.*

**Hypothesis 4b (H4b).** *Value Co-creation with their Competitors is Positively Related to the Manufacturers' Innovative Performance in GSC.*

**Hypothesis 4c (H4c).** *Value Co-creation with their Retailers is Positively Related to the Manufacturers' Innovative Performance in GSC.*

### *3.3. The Moderating E*ff*ect of External Environmental Pressure*

The essence of firms adopting green management is to respond to the natural environment, and the motivation of response is affected by various factors such as stakeholder pressure. Regulatory, competition, marketing pressure, and drivers can improve the environmental awareness of enterprises [82]. We perceive that the external environmental pressure (legal pressure, consumer pressure, competitor pressure, supplier pressure) of the company will have an impact on the above changes. Firms with these external pressures could be inclined to adopt co-creation with supply chain members. Additionally, the relatively mature legal environment, consumption environment, and industry environment will make the advantages of green strategies more obvious, thereby encouraging firms to conduct value co-creation. Suppliers can provide complete green products and services, which will also cause a certain degree of pressure and incentives on the supply chain and promote value creation between firms. Thus, we propose:
