Drawing upon the social capital theory (SCT), this study integrates social capital factors with the perspectives of consumer hedonic participation and platform capability of online group buying sites to explore how they af ect consumer value creation toward online group buying (OGB). Data from 663 valid responses were obtained using an online large-scale survey. The conceptual framework was validated by using the partial least squares (PLS) technique. The research findings show that 1) the consumers’ value created by engaging in OGB is contributed collectively by social capital factors (i.e., social interaction tie, trust, and shared value), hedonic participation and OGB platform capabilities; 2) the social capital enhances consumers’ value creation by increasing their hedonic participation; 3) The OGB platform capabilities has a positive impact on social capital, hedonic participation and value creation. The proposed research model explains 64.1 % of variance for consumers’ value creation, 52.6 % of variance for their hedonic participation and 46.1% of variance for social capital in OGB. Our findings provide insights into how OGB administrators can govern OGB initiatives to expand OGB members’ social capital and OGB platform capability, thereby leading to ef ective consumer value creation.