**Hypothesis 5a (H5a).** *The External Environmental Pressures have a Positive Moderating E*ff*ect on the Relationship between Green Strategy and Value Co-creation Behavior.*

The change in the external market environment is an important means for enterprises to deal with various complex environments, transfer risks, gain competitive advantages, and improve operation performance [83]. It may play a positive role in the relationship between enterprise value co-creation and operational performance. Thus, we propose:

**Hypothesis 5b (H5b).** *The External Environment Pressure has a Positive Moderating E*ff*ect on the Relationship between Value Co-creation Behavior and Operational Performance.*

A better market environment and higher customer satisfaction can improve the financial performance of enterprises [84]. The improvement of external factors can strengthen the market competitiveness of enterprises, so as to increase the role of value co-creation in promoting the financial performance of enterprises. Thus, we propose:
