The study aims to identify the determinants of exhibitors' perceived value of participation in B2B trade fairs in a declining industry and to examine whether the quality of trade fair organisation can compensate for exhibitors' marketing capabilities in generating participation outcomes. The research was conducted among exhibitors at the Kids' Time International Fair, held in Kielce, Poland. A pilot survey involving 66 exhibitors was analysed using exploratory factor analysis (EFA), correlation analysis, and multiple linear regression. Three latent constructs were identified: perceived participation outcomes, exhibitors' marketing capabilities, and trade fair organisation quality. Marketing capabilities had a significant positive effect on participation outcomes, whereas organisational quality did not. Perceived participation outcomes were the strongest determinant of exhibitors' overall event evaluation, although trade fair organisation quality also had a significant positive effect. In turn, recommendation intention was driven primarily by the overall event evaluation rather than by participation outcomes. The findings indicate that exhibitors' marketing activities are more important than organisational factors in achieving business outcomes, particularly in a declining market. However, high-quality event organisation remains essential because it significantly shapes exhibitors' overall evaluation and indirectly influences recommendation behaviour. The study extends previous trade fair research by analysing value creation in an industry experiencing adverse market conditions and provides practical implications for both exhibitors and trade fair organisers.