Value co-creation in digital platform ecosystems: a stakeholder-centric conceptual model

Purpose This study develops a stakeholder-centric conceptual model of value co-creation in marketplace platform ecosystems. It addresses the limits of dyadic and firm-centric platform models by explaining ecosystem value as a multi-stakeholder, emergent outcome. Design/methodology/approach The paper uses a theory-building conceptual approach that integrates ecosystem theory, stakeholder theory, and trust and reputation research. It develops a stakeholder value-flow matrix and derives theory-grounded propositions on how stakeholder relationships and governance mechanisms shape value co-creation. Findings The model shows that platform ecosystem value is shaped by the configuration and governance of multiple stakeholder groups, rather than by isolated buyer–seller interactions. Trust-building mechanisms, cross-stakeholder feedback, and governance arrangements influence both economic and relational value outcomes and support sustained ecosystem participation. Research limitations/implications The model is conceptual and has not been empirically tested. Future research should validate the propositions, examine boundary conditions across platform types, and operationalize stakeholder value flows and governance mechanisms. Practical implications The model supports the governance of marketplace platforms by helping managers map stakeholder roles, value dependencies, and trust mechanisms, and design governance structures that sustain participation and ecosystem resilience. Originality/value The study contributes a stakeholder-centric framework grounded in relational embeddedness and emergence to explain marketplace platform value co-creation, extending platform and ecosystem theory through an integrated value-flow perspective.