Abstract
Value creation and value capture involve distinct, sometimes conflicting mechanisms. Although these processes or outcomes are interrelated, they are often regarded as separate constructs. Frequently, the simultaneous demand for value creation and capture generates tensions within a business model at various levels. The emergence of digital platform ecosystems as a dominant organizational form has introduced additional complexities, as value is co-created by various actors across a distributed network, while the captured value is centralized around the platform owner. These changes necessitate revisiting the concept of value itself, as it can no longer be understood solely in economic terms. Balancing distributed value creation with centralized value capture depends on both effective governance mechanisms implemented by platform owners and the organic practices and processes undertaken by platform participants. This study investigates these dynamics through a case study of a Chinese social commerce platform, drawing on an enactment framework on value creation and capture. The findings reveal that tensions are not merely byproducts of ecosystem dynamics but integral to shaping value co-creation systems. This study contributes to relevant theoretical discourse by emphasizing the centrality of power relations and core-periphery interactions through socio-technical means in reconceptualizing value and sustaining equitable value capture.