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Extant research confirms the importance of value cocreation through customer participation (CP), but relatively little is known about whether and how it creates an enjoyable experience for customers and service employees and the consequential outcomes of this positive affective experience. This study applies the concept of flow as an overarching framework and draws theoretical support from social cognitive theory, particularly its extension (i.e., the conceptual model of relational efficacy beliefs), to examine how customers and employees derive enjoyment from CP conditional on their perceived efficacy of themselves (self-efficacy [SE]) and their partners (other-efficacy [OE]) in financial services. Empirical results from 223 client–financial adviser dyads confirm that participation enjoyment, in addition to economic and relational values, mediates the impact of CP on participants’ satisfaction evaluations, with SE …