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In this study, we test the mediation effect of operational performance on the relationship between servitization and firm performance. Although servitization involves organizational and operational changes as an innovation practice, the literature has focused on the direct impact of servitization on firm performance. In the analysis, servitization is classified into four subgroups based on its performance: (1) increase in product and service sales, (2) increase in product sales and decrease in service sales, (3) decrease in product sales and increase in service sales, and (4) decrease in product and service sales. The regression analysis reveals that operational performance mediates the relationship between servitization and firm performance and that the meditating effect depends on the servitization performance and the type of service offering. The operational performance is affected by servitization as long as service sales increase, which is positively associated with firm performance. In addition, product support service more likely contributes to the operational performance than customer support service. This study contributes to the value creation of servitization by examining the role of operational performance and the importance of the relationship between servitized products and the service offering.