Marketing strategy contributes to firm value following two processes: value creation and value appropriation. The value of a marketing channel, one of a firm's market-based assets, is determined not only by the amount of value created during the distribution process, but also by the ultimate value appropriated by the firm. In this dissertation, we develop two studies to address the value creation process and value appropriation process respectively to provide a comprehensive picture of the performance and value relevance of a channel strategy. Study 1 provides an integrative meta-analysis of the drivers of channel performance/value creation. Specifically, we utilize three of the most common theoretical perspectives in channels literature: political-economy analysis (PE), relationship marketing analysis (RM), and interorganizational governance analysis (IG) to identify the major channel performance drivers examined in empirical studies. We combine a traditional meta-analytic correction and synthesis of effect sizes of the drivers on channel performance, followed by an a test of an integrative structural model of channel performance based on the Relational View (RV) to explore the immediate precursors of channel performance. Results of this study confirm the validity of the underlying theoretical perspectives to predict channel performance. The significant effects of the proposed immediate drivers (i.e. cooperation, relational norms, reseller RSI, and supplier monitoring) support the RV framework as an organizing structure in predicting channel performance at interorganizational level. This study also finds that the contexts and methods of performance assessment have an impact on the appraisal of performance drivers. Study 2 explores the underlying mechanisms whereby a firm can appropriate value from its channels. First, we introduce channel appropriability to indicate a firm's ability to appropriate value created from its distribution network. Based on a multidisciplinary review of the appropriability literature, we identify profit appropriation and resource appropriation which explain how channel appropriability is achieved and contributes to the intangible value of a firm. Second, we propose two channel strategies to predict channel appropriability and link them with intangible firm value. Lastly, we examine the effect of channel appropriability strategies on intangible firm value by considering the condition of a firm and the industry. Empirical results of this study confirm that channel integration and channel compression strategies can drive intangible firm value through improving channel appropriability. Moreover, the value impact of these channel appropriability strategies is contingent on marketing environmental factors. The dissertation concludes with a discussion of the theoretical and managerial implications of the two studies.