Value exchanges within stakeholder networks throughout a megaproject's lifecycle

Megaprojects are complex projects with huge investments and numerous stakeholders. Megaproject value is created by networks of multiple stakeholders conducting value exchange, which refers to the processes involved in satisfying stakeholders’ various needs reciprocally. To understand this intricate dance, by integrating the new stakeholder theory (NST) into the stakeholder value network (SVN) concept, this study proposes a theoretical framework of megaproject stakeholder value network (MSVN) to unravel the underlying processes driving reciprocal value exchange and explore how they change throughout the megaproject lifecycle. Moreover, this study adopts an exploratory sequential mixed-methods design to develop a novel network approach to qualitatively and quantitatively analyze MSVN and identify the critical value exchanges for value creation. An empirical investigation was undertaken on Chinese transportation megaprojects. The results indicate that owners and market stakeholders (especially designers) create the most value in the implementation phase, while the collaboration between owners and nonmarket stakeholders (especially governmental bodies) delivers the most value during the front-end and operation stages. Of the six categorized value flow types identified, communication/evaluation is the most significant for the front-end and operation phases. At the same time, support/opportunity comes to the fore in the implementation phase. These findings shed new light on the value exchange process of megaprojects and guide stakeholders engaged in value creation.