The effect of institutional marketing regulation on customers' willingness to participate in value co-creation: the mediating role of customer value perception

The rapid development of the platform economy makes platform institutional marketing gradually become an important means for platform companies to attract customers to use and participate in platform activities. On the one hand, platform companies guarantee users' transaction rights and interests based on a certain intensity of regulation to enhance customers' willingness to participate in value co-creation, and on the other hand, they promote customers' willingness to participate in value co-creation by establishing trust relationships with users. Based on the SOR model, this paper investigates the influence mechanism of institutional marketing regulation on customers' willingness to participate in value co-creation based on value perception theory with three-dimensional value perception as the mediating variable. The relationship between the variables in the conceptual model is tested empirically using questionnaires, and it is concluded that: institutional marketing regulation positively affects customers' willingness to participate in value co-creation; value perception mediates the positive relationship between institutional marketing regulation and customers' willingness to participate in value co-creation; and there is a direct effect of platform institutional regulation on customers' willingness to participate in value co-creation, and there is a direct effect of platform trust regulation on customers' willingness to participate in value co-creation. There is no direct effect of platform trust regulation on customers' willingness to participate in value co-creation.