How Do Complementary Assets Influence the Value Innovation of Service Platform Enterprises? Evidence from a Dual Case Study in China

Service platform enterprises have become a prominent economic form in China’s digital economy in the past two decades. The scope of complementary assets is expanding; for example, big data, precision marketing and user traffic conversion are among the emerging manifestations of complementary assets. Nevertheless, scholars have not yet explored how service platform enterprises utilize and maintain these vast complementary assets in the dynamic environment. Building on value innovation theory, this article attempts to reveal the impacts of complementary assets on the value innovation of service platform enterprises, and the conditioning roles of environmental dynamics. By contrasting findings and theoretical replication, we find that (1) complementary assets (specialized complementary assets, universal complementary assets) have promoting effects on service platform enterprises’ value innovation (customer value, partnership, business model changes); (2) environmental dynamics (market changes, technological changes) have moderating effects on the relationship between complementary assets and the value innovation of service platform enterprise. This research provides a novel and fine-grained theoretical framework to illustrate the multidimensional impacts of complementary assets and the contingent roles of a two-dimensional environmental dynamics on value innovation, thereby enriching the literature on value innovation theory and complementary assets, and providing actionable insights for service platform enterprises in leveraging complementary assets for value innovation, as well as guidance for regulatory departments in digital governance.