“…Hence, this article explores the process of value co-creation by studying the direct effects of participation on value perception and satisfaction and the indirect effects of participation on satisfaction through value perception (mediating effect) in a setting of adventure tourism consumption. Researchers delineate active participation in consumption in both physical and psychological terms (Bertella, 2014;Minkiewicz, Evans, & Bridson, 2013;Prebensen & Foss, 2011). Physical participation includes body movements (Campos, Mendes, Oom do Valle, & Scott, 2016), whereas psychological participation concerns a person's cognitive actions, such as learning, collecting, and sharing information and knowledge acquisition (Kolb, 1984;Yi & Gong, 2013).…”