“…Although it does not explicitly discuss value creation, studies from Victoria and Dipak (2014), Singh and Salwan (2015), as well as Ziyae and Sadeghi (2020) indicated that CE is done in order to get an optimum benefit for cost or investment spent by the company. Various studies have shown that CE is a company's effort to create value, for example, by founding new companies (Wolcott & Lippitz, 2007;Han & Park, 2017;Minafam, 2019;Tseng &Tseng, 2019), new processes (Cucculelli & Bettinelli, 2015;Ravjee & Mamabolo, 2019), new products (Cucculelli & Bettinelli, 2015;Calisto & Sarkar, 2017), innovative new solutions (Wolcott & Lippitz, 2007;Bierwerth et al, 2015;Chen et al 2015), new technology use cases (Heavey & Simsek, 2013;Chen et al 2015). Those CE outputs will enable companies to enter new business categories or improve subsidiaries' performance within the business group.…”