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This paper analyzes the value creation process in terms of the relationships between institutions, technology, integration of resources and contextual value. The study was conducted within an online learning setting in higher education, and utilized service-dominant logic as a basis for analysis.

A total of 349 responses were collected through an online survey. After removing data from respondents who did not meet the criteria and outliers, 280 responses were analyzed. Furthermore, six hypotheses were tested using structural equation modeling (SEM) techniques.

The results confirm that institutions are proven to influence technology and resource integration. The technology significantly affects resource integration and value-in-context. Likewise, resource integration determines value-in-context remarkably. On the other hand, this study found no evidence of the impact of institutions on value-in-context.

The study has been conducted in the Jabodetabek area, with a sample size of only 280. An extensive survey, including a larger sample size, may reveal a broader glimpse of the value co-creation process of students in higher education institutions. Only three antecedents of contextual value have been explored, namely institutions, technology and resource integration. More strengthening and detailed findings could be derived if the antecedents of the contextual value addressed could be added. In the sampling, the researchers have used non-probability sampling for collecting data due to various constraints. The use of the probabilistic sampling method might have given some new insights to the study and made the sample more representative. The convenient sampling method employed in this study may limit the generalization of this study's findings. Therefore, the findings of the hypothesis test only apply to the selected sample data. Another limitation of the study is that the survey respondents represented an urban Indonesian perspective. So, replication of this study in different areas (e.g. west, east and central Indonesia) would help to generalize the findings. In this study, there is no evidence that institutions have a direct impact on contextual value. The authors suggest reexamining the relationship between institutions and contextual value in future studies.

In particular, the authors have succeeded in designing a new empirical model in higher education based on the perspective of service-dominant logic (S-D logic). This finding further strengthens the existence of the perspective of S-D logic as a new general theory of the market.