Exploring Sustainable Factors Shaping Sustainable Value Creation In Managing Transit Oriented Development Area Mass Rapid Transit: A Systematic Literature Review

1. Introduction

One of the solutions to overcome the problem of congestion is to encourage people to use public transportation to support their mobility [1]. This is also a major concern for the government, which has developed a strategy to make integrated transportation development a priority. The presence of the transit-oriented area management concept with a number of facilities supporting passenger mobility and feeder transportation systems from buffer areas is also expected to increase the number of users of this rail-based transportation. The ultimate goal is that people have the choice not to use private vehicles for daily mobility. Transit-oriented area management is an effort by Mass Rapid Transit (MRT) to diversify sources of income from ticket sales with the aim of keeping its services viable and sustainable. Transit-oriented area management generates income from the estate management of transit areas owned or managed by the company.

The management of transit-oriented (TOD) areas as a diversification of ticket revenue is the Hong Kong MTR. As one of the big cities in the world that has a mature metro network, Hong Kong MTR is diversifying its income from non-ticket revenue. Hong Kong MTR has a property development program called “R+P

” or “Rail plus Property," where they integrate property development with subway or metro rail stations [2]. This approach allows Hong Kong MTR to capitalize on the high property values around stations and metro train tracks. Based on the 2022 financial report, MTR Hong Kong generated around USD 1.5 billion from the non-ticket revenue sector [2]. The composition of non-ticket income comes from the real estate development business (renting land use around train stations for commercial purposes), income from renting advertising space in station buildings, income from renting retail space, sponsorship, proper passenger flow planning when designing station layout, and allocating more space to unpaid areas where passenger stay times are longer.

Hong Kong MTR seeks to achieve better integration between public transportation, property development, and local community needs through TOD management projects. In addition to supporting better mobility, TOD management can include elements such as housing, offices, retail, and public facilities to create a diverse and sustainable environment. The operation of the MRT, in general, is the basis for the company to start developing and managing property or business at the station, the Depot, and the surrounding area. Ticket income from train operations is the leading business (core business) of PT MRT, a captive market. Meanwhile, non-ticket income from business development and management at stations and property around the station is an extended business that the corporation must develop. In previous years, business development plans have been carried out using a business model based on property management at the station, the depot, and the surrounding area [3].

The business schemes being developed include advertising cooperation, including the provision of advertising space in the station area, station naming rights, partnerships in services to service users such as payment cards and telecommunications signaling, as well as a retail business, including management of regular tenants and Micro, Small and Medium Enterprise tenants (MSMEs) [4]. In the pursuit of advancing our comprehension of entrepreneurial dynamics on a global scale, we have formulated a key research question: Analysis of potential Value Creation research on managing transit-oriented that may arise from Mass Rapid Transit resources?. Transit-oriented development (TOD) is a concept that emphasizes the creation of sustainable, walkable communities centered around public transportation hubs. The implementation of Mass Rapid Transit (MRT) systems aims to improve urban mobility and reduce reliance on private vehicles. However, to fully realize the potential benefits of MRT, it is essential to explore how value creation can be effectively managed within the context of TOD. This research question aims to analyze potential value creation strategies that can emerge from the resources provided by MRT systems, focusing on their implications for urban development, economic growth, and community well-bein

The Resources Based View (RBV) principle is related to the notion of competitive advantage. Achieving sustainable competitive advantage requires companies to adopt profit-oriented economic policies or strategies [5]. Resources whose attributes are beneficial can be obtained if the resource has different statistics, is difficult to imitate, and is indeed challenging to replace. RBV is a smart choice for performance development and maximization. In recent decades, the RBV has exerted great influence in this domain of economic strategy and management. RBV is used to refine strategic management ideas. The theory of competitive advantage is the most significant contribution to resource-oriented business philosophy. The underlying assumption is that the outcome of company management goals is a competitive advantage that can be achieved sustainably over time. Companies must be able to produce above-average performance to gain a lasting competitive advantage [6]. According to the RBV, unique, valuable, inimitable, and non-substitutable resources enable organizations to achieve superior performance. In the context of MRT and TOD, the RBV can be applied to identify and utilize specific resources that contribute to effective urban development. By leveraging capabilities for efficiency, By analyzing the capabilities derived from MRT resources, stakeholders can determine how to optimize operational efficiency and service quality. Efficient management of transit resources—such as scheduling, maintenance, and customer service—can lead to increased ridership and revenue generation, directly contributing to value creation.

There are approaches in relation to efficiency, which is the Resource-based View (RBV) perspective, which is a resource-based approach. The RBV approach sees companies with superior systems and profitable structures rather than higher education institutions engaging in strategic investments that can discourage entry and raise prices above costs in the long run [7]. The RBV concept involves competitive advantage through the possession of certain important resources, especially those that are unique, have more valuable features, are difficult to use, and are easy to use. When companies maximize resource potential well, they can generate profits. Optimizing the RBV to make strategic human resource decisions, management, identification, development, and utilization of key resources is optimized to maximize company value [8].

According to the RBV, managers should hold only unique, priceless, unusual, inimitable, and irreplaceable resources if they are to achieve substantial growth. This conceptual approach places a strong emphasis on a company's unique resources and assets, which must be diverse, unique, and durable to maintain competitiveness over the long term. In accordance with the concept in RBV, the analysis that will be carried out in RBV theory applies to the specific context of transit-oriented development (TOD) as follows:

1. Identify Key Resources. Determine the key resources owned by PT MRT Jakarta, such as MRT infrastructure, surrounding land, information technology, relations with the government, and management capabilities.

2. Competitive Advantage Analysis. Identify competitive advantages (core competencies) that emerge from these resources, such as does PT MRT Jakarta have expertise in planning and managing transit-oriented areas?

3. Analysis of the relationship with transit-oriented area management in explaining how these resources and core competencies can be integrated into the management of transit-oriented areas. How can MRT infrastructure and managerial expertise support the development and management of transit-oriented areas?

Value creation refers to giving something of value to receive something of higher value. In a work environment, this may mean creating new products or services to meet customer needs or simplifying processes so that the company functions more smoothly and efficiently [9]. There are many ways to create value in the workplace, and most organizations encourage this because it increases business success. Recently, research on value creation has become of increasing interest not only among business, economists, and marketing scholars but also information systems and related disciplines. This is because the hybrid offering of physical and digital products accelerates digitalization, big data, and automation, which influences value-creation strategies in organizations. Researchers are starting to consider technological attributes in the context of value-creation activities. This needs to Identify potential Value Creation that may emerge from PT MRT Jakarta's resources and core competencies [10]. In addition, linkage to Sustainability by considering how managing transit-oriented areas can contribute to sustainability, both from an economic (corporate), social, and environmental perspective

2. Materials and Methods

This study used a Systematic Literature Review (SLR) method. SLR is a form of secondary study that uses a well-defined methodology to identify, analyze, and interpret facts and data related to research questions to produce unbiased conclusions that can be carried out and tested repeatedly [11]. In contrast to conventional narrative reviews, systematic literature reviews (SLRs) use reproducible, transparent, and scientific producers. In order to address a particular research subject, it is helpful to compile all relevant articles and documents that meet our pre-established inclusion criteria. In order to reduce the likelihood of bias throughout the search, identification, appraisal, synthesis, analysis, and summary of research, it employs clear and methodical methods [12].

A well-executed technique with minimum mistakes can yield dependable data and conclusions from the study, which in turn can assist scientists and decision-makers in taking appropriate action. A well-designed SLR procedure is crucial because it guarantees that the job is meticulously planned out before the review process really begins [13]. However, statistical methods must be used for the resulting results in a meta-analysis. The sample used is a purposive sample with several scientific article criteria [14].

The study delves into various dimensions of value creation in managing transit orientation, covering definitions, influencing factors, outcomes, and recent research developments. To ensure the reliability and relevance of sources, an exhaustive search targeted scientific articles from reputable journals published between 2018 and 2023 in English and readily accessible on online databases. The studies were retrieved through the Scopus database, with data collection conducted on January 1, 2024, using Harzing's Publish or Perish tool. The selected studies are associated with keywords such as 'managing transit orientation (154 papers),' Sustainable Value creation MRT (45 papers),' 'Innovation MRT (36 papers)/ In the filtering process (Figure 1), 235 papers were assessed, excluding those unrelated to the research focus on the cash flow statement. We read and reviewed the titles [15], abstracts, and issues, which included literature review papers and meta-analyses. This scientific study is based on a synthesis of articles published in Scopus in English between 2018 and 2023 from a variety of sources and journals. The Scopus database was chosen since it has the most prominent citations and covers over 20,000 peer-reviewed papers. Scopus lists Elsevier, Emerald, Taylor & Francis, and Springer as peer-reviewed. The final results for SLR comprised 18 articles. The review system for this paper followed the literature review process [16]. The final data collected from Scopus was transferred to a summary table using Microsoft Excel, which listed the bibliographic information as well as specifics about main components such as variables, theories employed, techniques, and all of the data required for analysis [17]. We used the VOSviewer tool to perform co-authorship, co-occurrence, and citation analysis to determine the units of analysis from keywords, nations, and authors. The writing analysis and concept were based on the SLR paper [18].

The inclusion of 18 carefully selected articles reflects a targeted approach, ensuring alignment with the research focus on value creation in managing transit orientation, a relevant dataset for analysis. This article was created by accessing several scientific articles regarding the application of identification in managing transit orientation using a VOS viewer. The selected scientific articles spanned six years, from 2019 to 2023. Search using a number of keywords: value creation MRT, managing transit orientation, sustainable value business creation. The research range of six years and a large number of keywords in this research are based on the fact that there is not much research focusing on talent identification; therefore, the range of years and keywords must be expanded. Meanwhile, to maintain research quality, researchers only used scientific articles indexed by Scopus Q1 until Q4 [19].

3. Results and Discussion

The development and management of TOD cannot be handed entirely over to Mass Rapid Transportation. Based on the existing TOD management pattern, it is challenging for MRT to invite developers at TOD to negotiate regarding the pros and cons of developing TOD. Building owners need certainty and trust from the government, which cannot be given to MRT alone. Without legal clarity and full intervention from the DKI Jakarta Provincial Government, it will be challenging for MRT to invite developers and landowners around the station area to work together to develop TOD.

The findings derived from the systematic literature review have been meticulously compiled and are elucidated in detail in Table 1. This comprehensive tabulation encapsulates the diverse range of research studies, encompassing varying methodologies, respondent profiles, and geographical locations. The table serves as a valuable repository of insights, offering a nuanced understanding of the sustainable value creation in the MRT landscape across different contexts [20]. Each entry in Table 1 provides a snapshot of the research, including details such as the authors, respondent demographics, country of study, research methods employed, and critical findings.

The difference between the studies is that the methodology used in this research is a literature review combined with a conceptual analysis. The author critically analyzes existing literature and concepts related to value propositions from various sources to develop a comprehensive understanding of stakeholder perspectives on the value proposition concept. The difference between studies about the methodology used in this research is the development of a model that describes the process of building sustainable competitive advantage, both static and dynamic aspects. The model developed is based on the strategic tool framework VRIO (Value, Rareness, Imitability, Organization).

In order to get an initial picture regarding the latest scientific achievements (state of the art) in the field of sustainable food supply chain management, the author conducted a limited bibliometric analysis. Literature sources for this bibliometric analysis are still limited to the Scopus database. Network analysis is assisted by VOS viewer software to be able to describe the connections between keywords on the topic. Table 2. summarizes the bibliometric analysis protocol performed by the authors.

In the first stage of the search, the author only entered keywords and the range of publication years 2018-2023. From this first stage, 177,520 articles, books, and other written sources were obtained. Then, the author continued the second stage of filtering by limiting the selection to only articles that fell into the business, management, accounting, and English language categories, and the type was journals at the final stage. From this second stage of screening, the author obtained 88 articles that met the criteria. The third stage is the network analysis stage using VOS viewer software. The author chose to make a bibliometric analysis using RIS extension data from Scopus by looking for connections between keywords contained in the 88 articles. The results can be seen in Figure 1 below.

Figure 1. Network analysis results using VOSviewer.

Figure 1. Network analysis results using VOSviewer.

In the analysis using VOS viewer, the author uses a minimum limit of 3 occurrences of the same keyword from all selected articles, which will appear as a description of the keyword network. Keywords that appear less than this minimum limit are not displayed. The purpose of this limitation is to obtain keywords that are quite commonly used in research on related topics. From Figure 4, it can be seen that 10 clusters and 874 links were formed, with value creation, RBV, and sustainability being the main keywords that appeared. It can be seen that this keyword has a close relationship with the words value, company, innovation, model, and industry.

Figure 2 depicts the network color-coded by year of publication. Keywords that are widely used in publications in 2022 and beyond are industry, value creation function, innovation ecosystem, customer, and dynamic performance management. Based on the year of publication, it can be understood that topics related to value creation in the industry have been increasingly researched in recent years.

Based on the article's findings, additional potential for value creation that can be identified include:

1. Explore the impact of technological advances in digital media, applications, and different payment systems on customer value perceptions and behavior.

2. Investigate the effectiveness of new media, such as social media and messaging apps, in disseminating marketing campaigns, promotions, and customer engagement activities.

3. Examination of the relationship between quality and price and its influence on customers' willingness to pay for higher quality products.

4. Study of the value of various forms of payment in terms of practicality, convenience, speed, and time optimization for customers.

5. Analyze the influence of product-related attributes, such as quality, freshness, traceability, and design, on customer value perceptions and purchasing behavior.

Value creation research in managing transit-oriented is needed to explore the following areas: Long-term sustainability of identified core competencies, Competitive Imitation, Organizational Adaptability, Industry Specific Applications, Performance Measurement, Dynamic Capability Development, and Cross-Cultural Perspective [20]. Potential areas for further research include Incorporating additional contingent factors into the model, such as environmental dynamism and competitiveness, to test the validity of the Resource-Based View (RBV) model. Extend the analysis to small and medium-sized businesses to examine how organizational structure and competitive strategy impact performance in this context [21].

Potential areas for value creation in managing transit-oriented research include Evaluate unobservable sources of competitive advantage, evaluating systemic attributes or complex combinations of resources, assessing the value generated by the resource versus the cost of the resource, exploring the possibility of creating or combining the VRIO framework with other frameworks in the form of Bricolage, Examining how individual cognitive preferences, motivations, and pressures from the organizational context influence responses to VRIO or other strategy frameworks, Field-based research to enhance understanding of how the use of VRIO plays out in the full context of strategy creation [22].

RBV is used to refine management strategy ideas where the focus is on improving company performance, so it is necessary to examine the relationship between organizational structure, competitive strategy, and its impact on company performance [23]. The research concluded that the RBV model shows a shift in focus to improving internal factors (resources and capabilities), so alignment between strategy, structure, and performance is needed [24]. The shift in focus to improving internal factors influences a view that emphasizes the importance of a company's internal resources and capabilities in achieving sustainable competitive advantage [25].

Intangible resources (especially innovation and reputation) also drive product performance. This finding is in line with Sunje & Pasic's (2011) research on the process of developing sustainable competitive advantage based on the VRIO (Value, Rareness, Imitability, Organization) framework. Although VRIO is able to encourage companies to evaluate resources relative to competitors and competitive dynamics, VRIO also has limitations [27]. When there are many businesses offering the same products, it will be difficult for them to remain profitable without finding new ways of creating value for customers. What was then formulated was that value creation cannot be separated from the involvement of financial, non-financial, and time dimensions [28].

There are eight principles in TOD development, such as mixed function development; maximizing building density around the station; simple, direct, and intuitive transit connections; an attractive, safe, and comfortable space experience for pedestrians; social justice; reducing the impact of development on the environment, infrastructure resilience; and developing local economies that attract investment and new job opportunities [29]. Even though it has clear principles in its development, in fact, there are a number of challenges in developing TOD. Apart from location, improvements are also being made regarding regulations to make them ideal [30]. This is not easy because companies have to involve various related agencies in drafting these regulations.

In order to realize TOD development is walkable, clean, inclusive, modern, and safe, PT MRT Jakarta, as the area manager, is faced with conditions where the TOD development area is an area that has developed (brownfield) [29]. This means that there are other parties in the area who have the potential to act as either supporters or obstacles [29].

Apart from collaborating with developers and landowners along the MRT route, TOD development is also carried out by utilizing land and assets belonging to the provincial government. Its utilization is carried out with a cooperative utilization agreement to obtain management/commercialization rights. However, it cannot be denied that the problem that arises is the time needed to obtain land management rights through asset utilization collaboration [29].

To create a more sustainable and inclusive city, policymakers should prioritize public transportation access and diversity in the built environment, as well as travel behavior. The key impacting elements were resource complementarity among stakeholders, a cooperative environment, and partnership synergy. Furthermore, by analyzing the relationship between access distance and land use intensity, it was discovered that transit-oriented development (TOD) measurement units are located within the network buffer zone surrounding transit areas. These investments are evaluated by an integrated cost-benefit analysis that takes into account the social, environmental, and economic externalities of the project.

The value created in the development and management of TOD can be seen from two perspectives, namely financial and non-financial value [30]. This value perspective can be seen from the perspective of PT MRT itself and the community who are consumers/users of TOD development. The value of developing and managing TOD can be seen in Table 3 below.

As a comparison, the management of TOD as a diversification of ticket revenue is the Hong to reach 22% of the total revenue received by 2023. The Hong Kong MTR seeks to achieve better integration between public transportation, property development, and the needs of local communities through TOD management projects. In addition to supporting better mobility, TOD management can include elements such as housing, offices, retail, and public facilities to create a diverse and sustainable environment.

The proposed improvements to the value creation strategy at PT MRT are critical for successfully implementing Transit-Oriented Development in Jakarta. By engaging stakeholders, integrating land use planning, enhancing accessibility, marketing effectively, forming business partnerships, and maintaining a feedback loop, PT MRT can significantly improve its service delivery and contribute to sustainable urban development. As urban areas continue to grow, adopting these strategies will position PT MRT as a leader in transit-oriented development, ultimately benefiting the community and the environment. By committing to these actions, PT MRT can not only enhance its value creation strategy but also play a pivotal role in shaping a more sustainable, accessible, and vibrant urban future.

As comparison as well in Based on findings on MTR Hong Kong generated around USD 1.5 billion from the non-ticket revenue sector. The composition of non-ticket income comes from the real estate development business (renting the use of land around train stations for commercial purposes), income from renting advertising space in station buildings, income from renting retail space, sponsorship, proper passenger flow planning when designing station layout, and allocating more space to unpaid areas where passenger stay times are longer.

Figure 3 shows that the proportion of income from KBT (property rental and property management) management at MTR Hong Kong will reach 22% of the total income received in 2022. MTR Hong Kong seeks to achieve better integration between public transportation, property development and the needs of local communities through KBT management projects. In addition to supporting better mobility, KBT management can include elements such as housing, offices, retail and public facilities to create a diverse and sustainable environment.This research also found that to create sustainable value creation, there are several areas that MRT can do such as customer retention programs, invensive marketing programs, exploring new opportunities in places, integration of lifesylte, digitalization system, innovatife lifestyle and collaboration with more stakeholders as found in Table 4.

5. Conclusions

This research illuminates the contextual nuances and distinct factors influencing value creation across various regions, spanning from Indonesia and beyond. This also shows that a standard approach to data collection and analysis in innovation research is still lacking, so further quantitative research is needed so that this research can be more statistically generalized. Further research is needed to explore the following areas: Validate the Value Proposition of Patient Preference, Teleconsultation Readiness, Comparative Analysis, and Probabilistic Choice Model. These areas of further research will contribute to increasing understanding of the value proposition in adult community hearing rehabilitation, ultimately leading to more patient-centered and effective rehabilitation practices. Based on the discussion regarding shifts in strategic management research, potential areas for further research could include Investigating the effectiveness of various diversification strategies based on resource linkages versus market linkages and how companies can effectively align human resource management practices with strategic management to maintain competitive advantage. Explore the complexity of imitation or resource acquisition. This research can provide insight into how companies can leverage their internal resources and capabilities to achieve sustainable competitive advantage in a dynamic business environment.

This study can expand and give insight into the built TOD area by compelling the stakeholder collaboration and government to reach the goal. The practical contribution of this research has an impact on policymakers, planners, and industry practitioners. Based on the existing TOD management pattern, it is very difficult for MRT to invite developers at TOD to negotiate regarding the pros and cons of developing TOD. Building owners need certainty and trust from the government, which cannot be given to MRT alone. Without legal clarity and full intervention from the Provincial Government, it will be very difficult for MRT to invite developers and landowners around the station area to work together to develop TOD.

Future research could contribute to a deeper understanding of value creation in business and its implications for stakeholders. The research suggests several areas for further research. The need for qualitative and quantitative data from a normative perspective on the value proposition. Systematic exploration of the origins of the value proposition concept and empirical research on its development process. Explore and assess alternative processes for developing value propositions. Investigate examples of value proposition misalignment and how stakeholder feedback occurs. Explore co-creation opportunities with other stakeholders.

Further research could aim to collect larger sample sizes to provide more robust insights into the relationship between firm resources and product innovation, and future research could address research limitations by exploring the nature of product innovation and firm resources in more depth. This research suggests that further research should correlate value proposition elements with individual innovation success.