Metaverse: Value creation and performance measurement across physical and digital world

Titolo Rivista MANAGEMENT CONTROL
Autori/Curatori Rosita Capurro, Raffaele Fiorentino, Stefano Garzella, Stefano Marciano
Anno di pubblicazione 2024 Fascicolo 2024/1
Lingua Inglese Numero pagine 24 P. 131-154 Dimensione file 455 KB
DOI 10.3280/MACO2024-001007
Il DOI è il codice a barre della proprietà intellettuale: per saperne di più clicca qui

Qui sotto puoi vedere in anteprima la prima pagina di questo articolo.

Se questo articolo ti interessa, lo puoi acquistare (e scaricare in formato pdf) seguendo le facili indicazioni per acquistare il download credit. Acquista Download Credits per scaricare questo Articolo in formato PDF

Anteprima articolo

FrancoAngeli è membro della Publishers International Linking Association, Inc (PILA)associazione indipendente e non profit per facilitare (attraverso i servizi tecnologici implementati da CrossRef.org) l’accesso degli studiosi ai contenuti digitali nelle pubblicazioni professionali e scientifiche

This study provides a first conceptualization of the Metaverse from a strategic management perspective and advances performance measurement approaches for the Metaverse value creation. Specifically, the study aims to provide an in-depth analysis of Metaverse and the related implications on the value creation processes of the companies. In order to achieve this goal, we performed a detailed literature review on digital transformation, Metaverse and performance measure-ment topics. Thus, we have developed a theoretical framework useful to facilitate the implementation of successful strategies in the Metaverse and subsequent mon-itoring and evaluation of achieved results. The paper provides relevant contributions in theory and practice. From a theoreti-cal perspective, the results contribute to the strategic management and perfor-mance management literature streams, extending them to the dimension of the “digital world”. From a practical perspective, the results identify new performance measurement and new indicators useful for companies and practitioners to under-stand the link between Metaverse and value creation paths. Future studies should integrate the theoretical analysis with explorative empirical investigations.

Keywords:Metaverse, Value creation, Strategic management, Digitalization, Per-formance measurement.

  1. Amaduzzi, A. (1997), Verifiche empiriche sull’utilizzabilità del flusso di cassa come informazione aggiuntiva nella misurazione della performance d’impresa, La Valutazione delle Aziende, 5.
  2. Amit, R., Schoemaker, P.J. (1993), Strategic Assets and Organizational Rent, Strategic Management Journal, 14(1), pp. 33-46.
  3. Anthony, R.N. (1965), Planning and Control Systems: A Framework for Analysis, Division of Research, Graduate School of Business Administration, Harvard University.
  4. Anthony, R.N., Hawkins, D.F., Macri, D.M., Merchant, K.A. (2011), Sistemi di controllo. Analisi economiche per le decisioni aziendali, New York, McGraw-Hill.
  5. Ante, S.E., Shinal, J. (2021), The Metaverse is Coming, and Facebook Wants to Be Your Guide. The Wall Street Journal. -- Available at: https://www.wsj.com/articles/the-metaverse-is-coming-and-facebook-wants-to-be-your-guide-11627190401.
  6. Apostolov, M., Coco, N. (2021), Digitalization-based innovation - A case study framework. International Journal of Innovation and Technology Management, 18(5), 2050025, pp. 1-25.
  7. Baden-Fuller, C., Haefliger, S. (2013), Business models and technological innovation, Long Range Planning, 46(6), pp. 419-426.
  8. Barney, J.B. (1991), Firm resources and sustained competitive advantage, Journal of Management, 17(1), pp. 99-120. DOI: 10.1177/014920639101700108
  9. Barbato, M.B. (1997), Programmazione e controllo in un’ottica strategica, Utet, Milano.
  10. Black, A., Wright, P., Bachkman, J.E. (1999), La ricerca del valore nell’impresa, Analisi e gestione dei fattori di successo della performance, FrancoAngeli, Milano.
  11. Bertini, U. (1990), Il sistema d’azienda. Schema di analisi, Giappichelli, Torino.
  12. Bertini, U. (1995), Scritti di politica aziendale, Giappichelli, Torino.
  13. Bertini, U. (2004), Dissesti aziendali e sistemi di controllo interni, Studi e Note di Economia, 2.
  14. Bolger, R.K. (2021), Finding wholes in the metaverse: Posthuman mystics as agents of evolutionary contextualization, Religions, 12(9), 768, pp. 1-15
  15. Boston Consulting Group (2015), Industry 4.0: The future of productivity and growth in manufacturing industries. -- Available at: www.bcgperspectives.com.
  16. Boudreau, K.J., Lakhani, K.R. (2013), Using the crowd as an innovation partner, Harvard business review, 91(4), pp. 60-9.
  17. Bruni, R., Piccarozzi, M., Caboni, F. (2023), Defining the Metaverse with challenges and opportunities in the business environment, Journal of Marketing Theory and Practice, 1-18.
  18. Büchel, H., Spinler, S. (2024), The impact of the metaverse on e-commerce business models–A delphi-based scenario study. Technology in Society, 102465.
  19. Bughin, J., Catlin, T., Hirt, M. (2021), Beyond virtual: Embracing the potential of the metaverse. McKinsey & Company. -- Available at: https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/beyond-virtual-embracing-the-potential-of-the-metaverse.
  20. Calandra, D., Oppioli, M., Sadraei, R., Jafari-Sadeghi, V., Biancone, P.P. (2023), Metaverse meets digital entrepreneurship: a practitioner-based qualitative synthesis, International Journal of Entrepreneurial Behavior & Research. DOI: 10.1108/IJEBR-01-2023-0041
  21. Capurro, R., Fiorentino, R., Galeotti, R.M., Garzella, S. (2023), The Impact of Digitalization and Sustainability on Governance Structures and Corporate Communication: A Cross-Industry and Cross-Country Approach, Sustainability, 15(3), 2064, pp. 1-27.
  22. Capurro, R., Fiorentino, R., Garzella S., Giudici, A. (2021), Big data analytics in innovation processes: which forms of dynamic capabilities should be developed and how to embrace digitization?, European Journal of Innovation Management, 25(6), pp. 273-294.
  23. Caputo, A., Marzi, G., Pellegrini, M.M. (2016), The internet of things in manufacturing innovation processes: development and application of a conceptual framework. Business Process Management Journal, 22(2), pp. 383-402.
  24. Caputo, A., Fiorentino, R., Garzella, S. (2019), From the boundaries of management to the management of boundaries: Business processes, capabilities and negotiations, Business Process Management Journal, 25(3), pp. 391-413.
  25. Castellano, N., Leto, L. (2021), Implementazione di Sistemi di Misurazione delle Performance nelle PMI: elementi di analisi nella prospettiva del cambiamento organizzativo, Management Control, 1, pp. 129-150. DOI: 10.3280/MACO2021-001007
  26. Cavalcante, S., Kesting, P., Ulhoi, J. (2011), Business Model dynamics and innovation: (re)establishing the missing linkages, Management Decision, 49(8), pp. 1327-1342. DOI: 10.1108/00251741111163142
  27. Chayka, K. (2021), Facebook wants us to live in the metaverse, Aug 2021. -- Available at: https://www.newyorker.com/culture/infinite-scroll/facebook-wants-us-to-live-in-the-metaverse.
  28. Chandler, A.D. (1992), Organizational capabilities and the economic history of the industrial enterprise, Journal of economic perspectives, 6(3), pp. 79-100.
  29. Coda, V. (1984), La valutazione della formula imprenditoriale, Sviluppo & Organizzazione, 82, pp. 7-19.
  30. Coda, V. (2012), The evaluation of the Entrepreneurial Formula, European Management Review, 9(2), pp. 63-74.
  31. Centorrino, G., Noto G., Rupo, D. (2022), Management control in inter-firm relationships: Opportunities and challenges of blockchain technology adoption. Management Control, 3, pp. 65-88.
  32. Chan, A.P.C., Chan, A.P.L. (2004), Key performance indicators for measuring construction success. Benchmarking: an international journal, 11(2), pp. 203-221. DOI: 10.1108/14635770410532624
  33. Cohen, B, Kietzmann, J. (2014), Ride on! Mobility business models for sharing economy, Organization & Environment, 27(3), pp. 279-296. DOI: 10.1177/1086026614546199.
  34. Collis, D.J., Montgomery, C.A. (1998), Creating corporate advantage, Boston, MA, USA, Harvard Business School
  35. Copeland, T.E., Koller, T., Murrin, J. (1990), Valuation: Measuring and Managing the Value of Companies, New York, John Wiley and Sons.
  36. D’Onza, G. (2008), Il sistema di controllo interno nella prospettiva del risk management, Milano, Giuffrè editore.
  37. De Luca, P., Ferri, S., Galeotti, M. (2016), The entrepreneurial strategic formula of the firm: a theoretical business model, International Journal Business Performance Management, 17(4), pp. 447-465.
  38. De Luca, P., Ferri, S., Galeotti, M. (2016), The Company’s Business Model and its Valuation: A Theoretical Approach, International Journal of Academic Research in Accounting, Finance and Management Sciences, 7(3), pp. 139 150.
  39. Dolgui, A., Ivanov, D. (2023) Metaverse supply chain and operations management, International Journal of Production Research, 61(23), pp. 8179-8191. DOI: 10.1080/00207543.2023.2240900
  40. Dolata, M., Schwabe, G. (2023). What is the Metaverse and who seeks to define it? Mapping the site of social construction, Journal of Information Technology, 38(3), pp. 239-266. DOI: 10.1177/02683962231159927
  41. Donna, G. (1992), La valutazione economica delle strategie d’impresa, Milano, Giuffrè.
  42. Drucker, P.F. (1984), Converting social problems into business opportunities: The new meaning of corporate social responsibility, California Management Review (pre-1986), 26(2). DOI: 10.2307/41165066
  43. Dwivedi, Y.K., Hughes, L., Baabdullah, A.M., Ribeiro-Navarrete, S., Giannakis, M., Al-Debei, M.M., Wamba, S.F. (2022), Metaverse beyond the hype: Multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy, International Journal of Information Management, 66, 102542, pp. 1-55.
  44. Epstein, M.J., Kumar, P., Westbrook, R. A. (2000), The drivers of customer and corporate profitability: modelling, measuring, and managing the causal relationships, Advances in management accounting, 9, pp. 43-72.
  45. Ferrigno, G., Di Paola, N., Oguntegbe, K.F., Kraus, S. (2023), Value creation in the metaverse age: a thematic analysis of press releases, International Journal of Entrepreneurial Behaviour & Research, 29(11), pp. 337-363. DOI: 10.1108/IJEBR-01-2023-0039
  46. Fiorentino, R., Grimaldi, F., Lamboglia, R., Merendino, A. (2020), How smart technologies can support sustainable business models: insights from an air navigation service provider, Management Decision, 58(8), pp. 1715-1736.
  47. Freeman, R.E. (1984), Strategic Management. A Stakeholder Approach, Piman, Boston.
  48. Galeotti, M. (2008), Le Strategie competitive dell’azienda nei mercati finanziari, Aracne, Roma.
  49. Galeotti, M., Garzella, S. (2013), Governo strategico dell’azienda. Prefazione del Prof. Umberto Bertini, Torino, Giappichelli.
  50. Garzella, S. (2000), I confine dell’azienda. Un approccio strategico, Milano, Giuffré.
  51. Garzella, S., Fiorentino, R. (2014), A synergy measurement model to support the pre-deal decision making in mergers and acquisitions. Management Decision, 52(6), pp. 1194-1216.
  52. Garzella, S. (2019), Governo delle sinergie e creazione di valore nella gestione strategica dell’azienda, Torino, Giappichelli Editore.
  53. Garzella, S., Fiorentino, R., Capurro, R. (2020), Towards new conceptualization and scope of environmental dimension in the strategic formula, in Garzella, S., Corporate Social Responsibility, Theoretical analysis and practical implications, pp. 117-142.
  54. Paolini, A. (2022), Integrated data management: new perspectives for management control, Management Control, Suppl. 2, pp. 5-14. DOI: 10.3280/MACO2022-002-S1001
  55. Garzella, S., Fiorentino, R., Capurro, R. (2021), Business Model Innovation in the Digital Landscape, in Magliocca, P. (ed.). Doing business digitally. Małopolska School of Public Administration, Cracow University of Economics, pp. 185-202
  56. Gauttier, S., Simouri, W., Milliat, A. (2022), When to enter the metaverse: business leaders offer perspectives, Journal of Business Strategy, 45(1), pp. 2-9. DOI: 10.1108/JBS-08-2022-0149
  57. Gerdeman, D. (2021), The Business of the Metaverse. Harvard Business School. -- Available at: https://www.hbs.edu/ris/Publication%20Files/21-113_1f6abf54-0e05-44c8-8b7f-91e0f575176a.pdf.
  58. Ghobakhloo, M. (2020), Industry 4.0, digitization, and opportunities for sustainability, Journal of Cleaner Production, 252, 119869, pp. 1-21.
  59. Ghose, R., Bantanidis, S., Shah, R.S., Surendran, N., Master, K., Singhvi, P. (2022), Metaverse and Money. -- Available at: https://www.citifirst.com.hk/home/upload/citi_research/AZRC7.pdf.
  60. Goettler, R.L., Gordon, B.R. (2014), Competition and product innovation in dynamic oligopoly, Quantitative Marketing and Economics, 12(1), pp. 1-42.
  61. Gonzalez-Benito, J., Lannelongue, G. (2014), An integrated approach to explain the manufacturing function’s contribution to business performance, International Journal of Operations & Production Management, 34(9), pp. 1126-1152
  62. Grant, R.M. (1991), Contemporary Strategy Analysis. Concepts, Techniques, Applications, Oxford, Blackwell.
  63. Guatri, L. (1997), Valore e «intangibles» nella misura della performance aziendale. Un percorso storico, Egea, Milano.
  64. Hacklin, F., Wallnofer, M. (2012), The Business model in the practice of strategic decision making: insights from a case study, Management Decision, 50(2), pp. 166-188. DOI: 10.1108/00251741211203515
  65. Hajian, A., Daneshgar, S., Sadeghi, K., Ojha, D., Katiyar, G. (2024), From theory to practice: Empirical perspectives on the metaverse’s potential, Technological Forecasting and Social Change, 201, 123224.
  66. Hamel, G., Prahalad, C.K. (1989), Strategic Intent, Harvard Business Review.
  67. Hofer, C.W., Schendel, D. (1978), Strategy Formulation: Analytical Concepts, St Paul, MN, West Publishing Company.
  68. Holweg, M., Helo, P. (2014), Defining value chain architectures: Linking strategic value creation to operational supply chain design, International Journal of Production Economics, 147, Part B, pp. 230-238.
  69. Husted, B.W., Allen, D.B. (2007), Corporate social strategy in multinational enterprises: Antecedents and value creation, Journal of Business Ethics, 74(4), pp. 345-361.
  70. Ittner, C. D., Larcker, D. F. (1998), Are nonfinancial measures leading indicators of financial performance? An analysis of customer satisfaction, Journal of accounting research, 36, pp. 1-35. DOI: 10.2307/2491304.
  71. Judy, J. (2017), Information Bodies: Computational Anxiety in Neal Stephenson’s Snow Crash. Interdisciplinary Literary Studies, 19(1), pp. 17-47.
  72. Kaplan, R., Norton, D.P. (2000), Balanced scorecard. Tradurre la strategia in azione, Isedi, Torino.
  73. Kaplan, R., Norton, D.P. (2002), L’impresa orientata alla strategia. Balanced Scorecard in azione, Isedi, Torino.
  74. Kaplan, R., Norton, D.P. (2004), Strategy maps: Converting intangible assets into tangible outcomes, Harvard Business Press.
  75. Kim, D. (2022), An innovative e-commerce platform incorporating metaverse to live commerce, Journal of Innovative Computing, Information and Control, 18(1), pp. 221-229.
  76. Kotter, J. P., Schlesinger, L.A. (1979), Choosing strategies for change, Harvard Business Review.
  77. Kraus, S., Kanbach, D.K., Krysta, P.M., Steinhoff, M.M., Tomini, N. (2022), Facebook and the creation of the metaverse: radical business model innovation or incremental transformation?, International Journal of Entrepreneurial Behavior & Research, 28(9), pp. 52-77. DOI: 10.1108/IJEBR-12-2021-0984
  78. Kraus, S., Kumar, S., Lim, W.M., Kaur, J., Sharma, A., Schiavone, F. (2023), From moon landing to metaverse: Tracing the evolution of Technological Forecasting and Social Change, Technological Forecasting and Social Change, 189, 122381.
  79. Lanzolla, G., Giudici, A. (2017), Pioneering strategies in the digital world. Insights from the Axel Springer case, Business History, 59(5), pp. 744-777. DOI: 10.1080/00076791.2016.1269752
  80. Lee, H.J. (2012), A Review of Value Creating Motive and Business Model in Smart Technology, in Park, Y.H., Jin, Q., Yeo, M.S., Hu, B. (Eds.), Human Centric Technology and Service in Smart Space, Springer, Dordrecht, The Netherlands. DOI: 10.1007/978-94-007-5086-9_21
  81. Lee, L.-H., Braud, T., Zhou, P.; Wang, L., Xu, D., Lin, Z., Kumar, A., Bermejo, C., Hui, P. (2021), All One Needs to Know about Metaverse: A Complete Survey on Technological Singularity, Virtual Ecosystem, and Research Agenda. arXiv,
  82. Maltz, A. C., Shenhar, A.J., Reilly R.R. (2003), Beyond the balanced scorecard: Refining the search for organizational success measures, Long range planning, 36(2), pp. 187-204.
  83. Mancini, D., Iacoviello, G., De Nicola, M. (2021), L’impatto della crisi pandemica sui sistemi di controllo di gestione: un’analisi empirica, Management Control, 1, pp. 105-127.
  84. Mancuso, I., Petruzzelli, A.M., Panniello, U. (2023), Digital business model innovation in metaverse: How to approach virtual economy opportunities, Information Processing & Management, 60(5), 103457.
  85. Marchi, L. (2011), L’evoluzione del controllo di gestione nella prospettiva informativa e gestionale esterna, Management Control, 3, pp. 5-16. DOI: 10.3280/MACO2011-003001
  86. Markides, C.C. (1997), To diversify or not to diversify, Harvard Business Review, 75(6), pp. 93-186.
  87. Marr, B., Schiuma, G. (2003), Business performance measurement–past, present and future. Management decision, 41(8), pp. 680-687. DOI: 10.1108/00251740310496198
  88. McKensey Company (2022), Value creation in the metaverse: The real business of the virtual world. -- Available at: https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/value-creation-in-the-metaverse.
  89. Mintzberg, H.T. (1979), The structuring of organizations, Englewood Cliffs, NJ, Prentice-Hall.
  90. Mintzberg, H., Ghoshal, S., Lampel, J., Quinn, J.B. (2003), The strategy process: concepts, contexts, cases, Pearson education.
  91. Naisbitt, J. (1982), Megatrends, Ten New Directions Transforming Our Lives, Warner Books, New York.
  92. Nelson, R.R., Winter, S.G. (1982), An Evolutionary Theory of Economic Change, Harvard University Press, Cambrige.
  93. Neely, A., Gregory, M., Platts, K. (1995), Performance measurement system design: a literature review and research agenda, International journal of operations & production management, 15(4), pp. 80-116. DOI: 10.1108/01443579510083622
  94. Nouman, S., Lagishetty, S., Reddy, P.P., Chola, C. (2023), Evaluation and Future Impact of a Metaverse in Business, The Business of the Metaverse, New York, Productivity Press.
  95. Pan, X., Chen, X., Ning, L. (2018), Exploitative technological diversification, environmental contexts, and firm performance, Management Decision, 56(7), pp. 1613-1629.
  96. Porter, M.E. (1980), Competitive Strategy, New York, The Free Press.
  97. Porter, M.E. (1987), Il vantaggio competitivo, Edizioni Comunità, Milano.
  98. Porter, M. E., Heppelmann J. E. (2014), How smart, connected products are transforming competition, Harvard business review, 92(11), pp. 64-88.
  99. Queiroz, M.M., Wamba, S.F., Pereira, S.C.F., Jabbour, C.J.C. (2023), The metaverse as a breakthrough for operations and supply chain management: Implications and call for action, International Journal of Operations & Production Management, 43(10), pp. 1539-1553. DOI: 10.1108/IJOPM-01-2023-0006
  100. Pratas, J. M. (2023). Metaverse and Digital Twins: An Opportunity to Increase Retailers’ Profitability? An Exploratory Research Using Nike Case Study and Retail Managers’ In-Depth Interviews, in Management and Marketing for Improved Retail Competitiveness and Performance, IGI Global, pp. 217-235.
  101. Rachinger, M., Rauter, R., Müller, C., Vorraber, W., Schirgi, E. (2018), Digitalization and its influence on business model innovation, Journal of Manufacturing Technology Management, 30(8), pp. 1143-1160.
  102. Rappaport A. (1989), La strategia del valore. Le nuove regole della performance aziendale, FrancoAngeli, Milano.
  103. Richter, S., Richter, A. (2023), What is novel about the Metaverse?, International Journal of Information Management, 73, 102684.
  104. Ritter T., Wilkinson I.F., Johnston W.J. (2004), Managing in complex business networks, Industrial Marketing Management, 33(3), pp. 175-183.
  105. Rosengren, E. (2021), The Metaverse: Business Opportunities and Implications. KTH Royal Institute of Technology. -- Available at: https://www.kth.se/social/files/ 60d2e585f276f66bde9c9659/The%20Metaverse_Business%20Opportunities%20and%20Implications.pdf.
  106. Rosenzweig, E.D. (2009), A contingent view of e-collaboration and performance in manufacturing, Journal of Operations Management, 27(6), pp. 462-478.
  107. Simons, R. (1987), Accounting control systems and business strategy: an empirical analysis, Accounting, organizations and society, 12(4), pp. 357-374. DOI: 10.1016/0361-3682(87)90024-9
  108. Simons, R. (1995), Control in an age of empowerment. Harvard business review, 73(2), pp.80-88.
  109. Singh, A., Klarner, P., Hess, T. (2020), How do chief digital officers pursue digital transformation activities? The role of organization design parameters, Long Range Planning, 53(3), 101890, pp. 1-14.
  110. Sundararajan A. (2013), From Zipcar to the sharing economy, Harvard business review, 1(1), pp. 1-2.
  111. Swink, M., Narasimhan, R., Wang, C. (2007), Managing beyond the factory walls: effects of four types of strategic integration on manufacturing plant performance, Journal of Operations Management, 25(1), pp. 148-164.
  112. Thompson, A., Peteraf M., Gamble J., Strickland III A. J., Jain A.K. (2013), Crafting & executing strategy: The quest for competitive advantage: Concepts and cases, McGraw-Hill Education.
  113. Wadhwa, V. (2021), The Metaverse Is Coming – Are You Ready? Forbes. -- Available at: https://www.forbes.com/sites/vivek wadhwa/2021/06/07/the-metaverse-is-coming-are-you-ready/.
  114. World Economic Forum (2016), Digital transformation of industries, -- http://reports.weforum.org/digital-transformation.
  115. Wright, P.D., Keegan D.P. (1997), A comprehensive account of value, Measuring business excellence, 1(3), pp. 40-45.
  116. Van, Looy A., Shafagatova, A. (2016), Business process performance measurement: a structured literature review of indicators, measures and metrics. SpringerPlus, 5(1), pp. 1-24.
  117. Yang, M., Evans, S., Vladimirova, D., Rana, P. (2017), Value uncaptured perspective for sustainable business model innovation, Journal of Cleaner Production, 140(3), pp. 1794-1804.
  118. Zeghal, D., Maaloul, A. (2010), Analysing value added as an indicator of intellectual capital and its consequences on company performance, Journal of Intellectual capital, 11(1), pp. 39-60. DOI: 10.1108/14691931011013325
  119. Zollo, M., Minoja, M., Coda, V. (2018), Toward an integrated theory of strategy, Strategic Management Journal, 39, pp. 1753-1778.

Rosita Capurro, Raffaele Fiorentino, Stefano Garzella, Stefano Marciano, Metaverse: Value creation and performance measurement across physical and digital world in "MANAGEMENT CONTROL" 1/2024, pp 131-154, DOI: 10.3280/MACO2024-001007