Abstract

Value creation is recognised as a pivotal issue to define how organisations may achieve long-term tangible and intangible benefits. It has been broadly studied within management disciplines. However, there is a limited understanding of the effects of the value creation processes on project value. Drawing from TCE and relational view theory, this paper develops a conceptual framework for value creation in projects. There exist contingent fit relationships (based on project complexity) among the governed value creation processes and project value. Through a cross-sectional survey, this study validates the contingent model and shows that contract and relational engagement differently affect to coordination and collaboration. In turn, coordination and collaboration impact on monitoring & controlling and innovating, respectively to drive project value.