Factors Affecting Customers’ Brand Loyalty of Commercial Banks: the Mediating Role of Perceived Value

Thi Thanh Nga Nguyen; Thi Minh Nguyet Dang; Phuong Anh Vu; Nam Long Le

doi:10.54392/ajir25410

Authors

Thi Thanh Nga Nguyen Department of Marketing, Thuongmai University, Hanoi, Vietnam. Author https://orcid.org/0009-0006-3259-8205
Thi Minh Nguyet Dang Department of Finance and Banking, Thuongmai University, Hanoi, Vietnam Author https://orcid.org/0000-0001-6075-067X
Phuong Anh Vu Department of Marketing, Thuongmai University, Hanoi, Vietnam. Author
Nam Long Le Department of Finance and Banking, Thuongmai University, Hanoi, Vietnam Author https://orcid.org/0009-0001-3910-761X

DOI:

https://doi.org/10.54392/ajir25410

Keywords:

EWOM, CSR, Service Consistency, Customer Perceived Value, SOR Theory, Brand Loyalty

Abstract

This study explores the factors that shape brand loyalty, with particular attention to the mediating role of customer perceived value (CPV) in the context of commercial banks. It is based on the Stimulus-Organism-Response (S-O-R) theory, aiming at evaluating the impact of specific factors, including “electronic word of mouth (eWOM),” “corporate social responsibility (CSR),” and “service consistency (SC),” on brand loyalty (BL), as well as the mediating role of CPV. The study sample consists of 420 customers using services of commercial banks through various channels. Smart PLS-4 was used for the analysis of the data collected. The study findings indicate that “CSR” and “SC” have a positive impact on CPV. More specifically, the relationship between these two factors and BL is positively mediated by CPV. Nonetheless, no significant relationship was found amongst CPV, eWOM, and BL. This intriguing result lays the groundwork for several managerial implications to enhance customer brand loyalty towards commercial banks.

References

Abbas, I., Ali, U.A. (2023). Impact of Employer Branding, Social Media Marketing & EWOM on Consumer Online Purchase Intention with Mediation of Brand Trust. International Journal of Trends and Innovations in Business & Social Sciences, 1(3), 100–110. https://doi.org/10.48112/tibss.v1i3.645

Abbass, Z., Benjelloun Andaloussi, O., Rais, F. (2023). The role of CSR practices in generating consumer perceived value: empirical evidence from Moroccan banking sector. Social Responsibility Journal, 19(10), 1809–1829. https://doi.org/10.1108/SRJ-07-2022-0298

Allison, P. (2012). When can you safely ignore multicollinearity. Statistical Horizons. https://statisticalhorizons.com/multicollinearity/

AL-Najjar, D., Assous, H.F. (2021). Key determinants of deposits volume using CAMEL rating system: The case of Saudi banks. PLoS ONE, 16(12), e0261184.https://doi.org/10.1371/journal.pone.0261184

Althuwaini, S. (2022). The Effect of Social Media Activities on Brand Loyalty for Banks: The Role of Brand Trust. Administrative Sciences, 12(4), 148. https://doi.org/10.3390/admsci12040148

Alvarado-Herrera, A., Bigne, E., Aldas-Manzano, J., Curras-Perez, R. (2017). A Scale for Measuring Consumer Perceptions of Corporate Social Responsibility Following the Sustainable Development Paradigm. Journal of Business Ethics, 140(2), 243–262.https://doi.org/10.1007/s10551-015-2654-9

Arslanagic-Kalajdzic, M., Zabkar, V. (2017). Hold me responsible: The role of corporate social responsibility and corporate reputation for client-perceived value. Corporate Communications an International journal, 22(2), 209–219. https://doi.org/10.1108/CCIJ-01-2016-0012

Augusto, M., Torres, P. (2018). Effects of brand attitude and eWOM on consumers’ willingness to pay in the banking industry: Mediating role of consumer-brand identification and brand equity. Journal of Retailing and Consumer Services, 42, 1–10. https://doi.org/10.1016/j.jretconser.2018.01.005

Basso, K., Pizzutti, C., Albornoz, M. (2014). The impact of flattery : The role of negative remarks. Journal of Retailing and Consumer Services, 21(2), 185–191.

Bilal, M., Zhang, Y., Cai, S., Akram, U., Luu, N.T.M. (2023). Unlocking luxury purchase intentions in China: A study of consumer attitude, perceived value, and the moderating effect of perceived enjoyment. Acta Psychologica, 240, 104048. https://doi.org/10.1016/j.actpsy.2023.104048

Bisschoff, C.A., Els, D. (2023). Brand loyalty as a competitive advantage for South African banks. Banks and Bank Systems, 18(1), 103–115. https://doi.org/10.21511/bbs.18(1).2023.09

Breidbach, C.F., Keating, B.W., Lim, C. (2020). Fintech: research directions to explore the digital transformation of financial service systems. Journal of Service Theory and Practice, 30(1), 79–102. https://doi.org/10.1108/JSTP-08-2018-0185

Buhler, R.N., De Oliveira Santini, F., Junior Ladeira, W., Rasul, T., Perin, M.G., Kumar, S. (2024). Customer loyalty in the banking sector: a meta-analytic study. International Journal of Bank Marketing, 42(3), 513–535. https://doi.org/10.1108/IJBM-08-2023-0484

Bulmer, M., Warwick, D.P. (2005). Social research in Developing Countries: Surveys and Censuses in the third world. Routledge, taylor & Francis group.

Cao, L., Li, L. (2015). The Impact of Cross-Channel Integration on Retailers’ Sales Growth. Journal of Retailing, 91(2), 198–216. https://doi.org/10.1016/j.jretai.2014.12.005

Carroll, A.B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39-48.https://doi.org/10.1016/0007-6813(91)90005-G

Caruana, A. (2002). Service loyalty: The effects of service quality and the mediating role of customer satisfaction.European Journal of Marketing, 36(7–8), 811–828. https://doi.org/10.1108/03090560210430818

Chang, K.C. (2013). How reputation creates loyalty in the restaurant sector. International Journal of Contemporary Hospitality Management, 25(4), 536–557. https://doi.org/10.1108/09596111311322916

Chen, C.W., Chen, W.C.,Chen, W.K. (2014). Understanding the effects of eWOM on cosmetic consumer behavioral intention. International Journal of Electronic Commerce Studies, 5(1), 97–102.

Chen, P.T., Hu, H.H. (2010). The effect of relational benefits on perceived value in relation to customer loyalty: An empirical study in the Australian coffee outlets industry. International Journal of Hospitality Management, 29(3), 405–412. https://doi.org/10.1016/j.ijhm.2009.09.006

Chin, W. W. (1998). The partial least squares approach to structural equation modeling. In G.A. Marcoulides (Ed.), Modern methods for business research Lawrence Erlbaum Associates. 295–336.

Cohen, J. (1988). Statistical power analysis for the behavioral sciences (2nd ed). Hillsdale, NJ: Erlbaum.

Cooper, B., Eva, N., Zarea Fazlelahi, F., Newman, A., Lee, A., Obschonka, M. (2020). Addressing common method variance and endogeneity in vocational behavior research: A review of the literature and suggestions for future research. Journal of Vocational Behavior, 121, 103472. https://doi.org/10.1016/j.jvb.2020.103472

Cronin, J.J., Brady, M.K., Hult, G.T.M. (2000). Assessing the effects of quality, value, and customer satisfaction on consumer behavioral intentions in service environments. Journal of Retailing, 76(2), 193–218. https://doi.org/10.1016/S0022-4359(00)00028-2

Dacin, P.A., Brown, T.J. (1997). The Company and the Product: Corporate Associations and Consumer Product Response. Journal of Marketing, 61(1), 68–84. https://doi.org/10.1177/002224299706100106

DeLone, W. H., McLean, E. R. (2003). The DeLone and McLean model of information systems success: a ten-year update. Journal of management information systems, 19(4), 9-30..

Devantha, K.K., Ekawati, N.W. (2021). The Effect of EWOM and Brand Image on Perceived Value, and Its Impact on Repurchase Intention. International Journal of Management and Commerce Innovations, 8(2), 312–321. www.researchpublish.com

Devlin, J.F.,Gerrard, P. (2004). Choice criteria in retail banking: An analysis of trends. Journal of Strategic Marketing, 12(1), 13–27. https://doi.org/10.1080/0965254032000171882

Fatma, M., Rahman, Z., Khan, I. (2015). Building company reputation and brand equity through CSR: the mediating role of trust. International Journal of Bank Marketing, 33(6), 840–856. https://doi.org/10.1108/IJBM-11-2014-0166

Ferreira, D. A., Gonc, M., & Faria, M. D. De. (2010). Corporate social responsibility and consumers’ perception of price. Social Responsibility Journal, 6(2), 208–221. https://doi.org/10.1108/17471111011051720

Hafez, M. (2018). Measuring the impact of corporate social responsibility practices on brand equity in the banking industry in Bangladesh: The mediating effect of corporate image and brand awareness. International Journal of Bank Marketing, 36(5), 806–822. https://doi.org/10.1108/IJBM-04-2017-0072

Haider, M.I., Qayyum, A. (2017). Impact of Corporate Social Responsibility Activities on Customer Loyalty with Mediating Role of Brand Trust in the Banking Industry of Pakistan. Journal of Managerial Sciences.11,83-99. https://www.qurtuba.edu.pk/jms/default_files/JMS/11_3/05.pdf

Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM) (2nd ed.). SAGE Publications.

Hair, J.F., Ringle, C.M., Gudergan, S.P., Fischer, A., Nitzl, C., Menictas, C. (2019). Partial least squares structural equation modeling-based discrete choice modeling: an illustration in modeling retailer choice. Business Research, 12(1), 115–142. https://doi.org/10.1007/s40685-018-0072-4

Hanaysha, J.R. (2018). Customer retention and the mediating role of perceived value in retail industry. World Journal of Entrepreneurship, Management and Sustainable Development, 14(1), 2–24. https://doi.org/10.1108/wjemsd-06-2017-0035

Hasan, H., Kiong, T.P., Ainuddin, R.A. (2014). Investigating the Effects of Perceived Value and Trust on Customer Loyalty towards Foreign Banks in Sabah, Malaysia. Insights into Economics and Management. 11, 49–61. https://doi.org/10.9734/bpi/ieam/v11/8959d

Heng Wei, L., Chuan Huat, O., Arumugam, P.V. (2023). Social media communication with intensified pandemic fears: evaluating the relative impact of user- and firm-generated content on brand loyalty. Asia-Pacific Journal of Business Administration, 15(2), 161–187. https://doi.org/10.1108/APJBA-07-2021-0319

Hennig-Thurau, T., Gwinner, K.P., Walsh, G., Gremler, D.D. (2004). Electronic word-of-mouth via consumer-opinion platforms: What motivates consumers to articulate themselves on the Internet? Journal of Interactive Marketing, 18(1), 38–52. https://doi.org/10.1002/dir.10073

Henseler, J., Ringle, C.M., Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8

Hoyle, R. H. (1995). The structural equation modeling approach: Basic concepts and fundamental issues. In R. H. Hoyle (Ed.), Structural equation modeling: Concepts, issues, and applications, Sage Publications, Inc.

Hur, W.M., Kim, H., & Jang, J.H. (2016). The Role of Gender Differences in the Impact of CSR Perceptions on Corporate Marketing Outcomes. Corporate Social Responsibility and Environmental Management, 23(6), 345–357. https://doi.org/10.1002/csr.1380

Jacoby, J. (2002). Stimulus-organism-response reconsidered: An evolutionary step in modeling (consumer) behavior. Journal of Consumer Psychology, 12(1), 51–57.

Jannat, M., Haque, M.M., Chowdhury, M.A.F. (2024). Does Trust Mediate in Corporate Social Responsibility (CSR) and Brand Equity Nexus? Empirical Evidence from the Banking Sector. FIIB Business Review, 13(3), 340–355. https://doi.org/10.1177/23197145221110285

Jeon, M.M., Lee, S., Jeong, M. (2020). Perceived corporate social responsibility and customers’ behaviors in the ridesharing service industry. International Journal of Hospitality Management, 84, 102341. https://doi.org/10.1016/j.ijhm.2019.102341

Khan, B., Rizwan, M. (2014). Factors Contributing to Customer Loyalty in Commercial Banking. International Journal of Accounting and Financial Reporting, 4(2). https://doi.org/10.5296/ijafr.v4i2.6537

Khan, I., Fatma, M. (2019). Connecting the dots between CSR and brand loyalty: The mediating role of brand experience and brand trust. International Journal of Business Excellence, 17(4), 439–455. https://doi.org/10.1504/ijbex.2019.099123

Kim, L., Jindabot, T., Yeo, S.F. (2024). Understanding customer loyalty in banking industry: A systematic review and meta analysis. Heliyon, 10(17), e36619. https://doi.org/10.1016/j.heliyon.2024.e36619

Klein, J., Dawar, N. (2004). Corporate social responsibility and consumers’ attributions and brand evaluations in a product-harm crisis. International Journal of Research in Marketing, 21(3), 203–217. https://doi.org/10.1016/j.ijresmar.2003.12.003

Kline, R.B. (2023). Principles and practice of structural equation modeling. Guilford publications.

Kwon, J.H., Jung, S.H., Choi, H.J., Kim, J. (2020). Antecedent factors that affect restaurant brand trust and brand loyalty: focusing on US and Korean consumers. Journal of Product and Brand Management, 30(7), 990–1015. https://doi.org/10.1108/JPBM-02-2020-2763

Li, M., Dong, Z. Y., Chen, X. (2012). Factors influencing consumption experience of mobile commerce: A study from experiential view. Internet Research, 22(2), 120–141. https://doi.org/10.1108/10662241211214539

Liang, L.J. (2015). Understanding Repurchase Intention of Airbnb Consumers: Perceived Authenticity, EWoM and Price Sensitivity. Taylor & Francis, 53.

Liao, H., Xu, Z. (2015). Consistency of the fused intuitionistic fuzzy preference relation in group intuitionistic fuzzy analytic hierarchy process. Applied Soft Computing Journal, 35, 812–826. https://doi.org/10.1016/j.asoc.2015.04.015

Mainardes, E.W., Freitas, N.P. de. (2023). The effects of perceived value dimensions on customer satisfaction and loyalty: a comparison between traditional banks and fintechs. International Journal of Bank Marketing, 41(3), 641–662. https://doi.org/10.1108/IJBM-10-2022-0437

Mehrabian, A., Russell, J.A. (1974). A verbal measure of information rate for studies in environmental psychology. Environment and Behavior, 6(2), 233.https://doi.org/10.1177/001391657400600205

Meuter, M.L., Ostrom, A.L., Roundtree, R.I., Bitner, M.J. (2000). Self-Service Technologies : Satisfaction with Technology-Based. Service Encounters. Journal of Marketing, 64(3), 50-64. https://doi.org/10.1509/jmkg.64.3.50.18024

Mohammed, A., Al-Swidi, A. (2019). The influence of CSR on perceived value, social media and loyalty in the hotel industry. Spanish Journal of Marketing - ESIC, 23(3), 373–396. https://doi.org/10.1108/SJME-06-2019-0029

Molinillo, S., Aguilar-Illescas, R., Anaya-Sánchez, R., Liébana-Cabanillas, F. (2021). Social commerce website design, perceived value and loyalty behavior intentions: The moderating roles of gender, age and frequency of use. Journal of Retailing and Consumer Services, 63, 102404. https://doi.org/10.1016/j.jretconser.2020.102404

Naoui, F.B, Zaiem, I. (2021). Relationship quality and loyalty: A modeling of the relationship through the structural equations method. Journal of Supply Chain and Customer Relationship Management, 2020,15.

Narayanan, S., Singh, G.A. (2023). Consumers’ willingness to pay for corporate social responsibility: Theory and evidence. International Journal of Consumer Studies, 47(6), 2212–2244. https://doi.org/10.1111/ijcs.12910

Nguyen, T. H. N., Tran, N. K. H., & Do, K. (2023). An empirical research of corporate social responsibility on creating the green brand equity: An exploratory of Vietnamese consumers’ perception in the bank industry. Corporate Social Responsibility and Environmental Management, 30(3), 1292–1299. https://doi.org/10.1002/csr.2419

Nguyen-Viet, B., Tran, C.T., Ngo, H.T.K. (2024). Corporate social responsibility and behavioral intentions in an emerging market: The mediating roles of green brand image and green trust. Cleaner and Responsible Consumption, 12, 100170. https://doi.org/10.1016/j.clrc.2024.100170

Obeng, A.Y., Peter, M.L. (2017). Interrelationships and consequential effects among technological innovation, service consistency, customer satisfaction and loyalty in banking. International Journal of Finance & Banking Studies, 6(3), 51-69.

Özkan, P., Süer, S., Keser, İ.K., Kocakoç, İ.D. (2020). The effect of service quality and customer satisfaction on customer loyalty: The mediation of perceived value of services, corporate image, and corporate reputation. International Journal of Bank Marketing, 38(2), 384–405. https://doi.org/10.1108/IJBM-03-2019-0096

Pham, T.M.L., Ngo, T.T. (2017). The effect of electronic word-of-mouth on brand image, perceived value and purchase intention of the smartphone`s consumer. The 11 Th International Days of Statistics and Economics, 1192–1205.

Phan, K.N., Ghantous, N. (2013). Managing brand associations to drive customers’ trust and loyalty in Vietnamese banking. International Journal of Bank Marketing, 31(6), 456–480. https://doi.org/10.1108/IJBM-04-2013-0038

Pihlström, M.H. (2008). Perceived value of mobile service use and its consequences (Issue 176) [University of Helsinki Library]. http://helda.helsinki.fi/server/api/core/bitstreams/7f52e42f-d2c5-49b8-9ced-d14361d457e9/content

Piotrowicz, W., & Cuthbertson, R. (2014). Introduction to the special issue information technology in retail: Toward omnichannel retailing. International Journal of Electronic Commerce, 18(4), 5–16. https://doi.org/10.2753/JEC1086-4415180400

Podsakoff, P.M., MacKenzie, S.B., Lee, J.Y, Podsakoff, N.P. (2003). Common Method Biases in Behavioral Research: A Critical Review of the Literature and Recommended Remedies. Journal of Applied Psychology, 88(5), 879–903. https://doi.org/10.1037/0021-9010.88.5.879

Podsakoff, P.M., MacKenzie, S.B., Podsakoff, N.P. (2012). Sources of method bias in social science research and recommendations on how to control it. Annual Review of Psychology, 63, 539–569. https://doi.org/10.1146/annurev-psych-120710-100452

Pratihari, S.K., Uzma, S.H. (2018). CSR and corporate branding effect on brand loyalty: a study on Indian banking industry. Journal of Product and Brand Management, 27(1), 57–78. https://doi.org/10.1108/JPBM-05-2016-1194

Prayogo, R.R. (2021). Exploring of e-WOM, Destination Image and Perceived Value toward Return to Visit. International Journal of Applied Sciences in Tourism and Events, 5(1), 32–43. https://doi.org/10.31940/ijaste.v5i1.1912

Rahman, M.A., Abir, T., Yazdani, D.M.N., Hamid, A.B.A., Al Mamun, A. (2020). Brand image, eWOM, trust and online purchase intention of digital products among Malaysian consumers. Journal of Xi’an University of Architecture & Technology, 12(3), 4935-4946.

Roig, J. C. F., García, J. S., & Tena, M. Á. M. (2009). Perceived value and customer loyalty in financial services. The Service Industries Journal, 29(6), 775–789. https://doi.org/10.1080/02642060902749286

Rosid, M., Pratikto, H.H., Syihabudhin, S.E. (2020). Word of mouth (WOM), visitor experience, and destination attributes on revisit intention through perceived value a case of Penangguagan mountain, East Java, Indonesia. International Journal of Business, Economics and Law, 21(5), 90-101.

Roy, G., Datta, B., Mukherjee, S., Basu, R. (2021). Effect of eWOM stimuli and eWOM response on perceived service quality and online recommendation. Tourism Recreation Research, 46(4), 457–472. https://doi.org/10.1080/02508281.2020.1809822

Ruan, W.Q., Zhang, S.N., Liu, C.H., Li, Y.Q. (2020). A new path for building hotel brand equity: the impacts of technological competence and service innovation implementation through perceived value and trust. Journal of Hospitality Marketing and Management, 29(8), 911–933. https://doi.org/10.1080/19368623.2020.1738302

Samra, M.Y.A., Wady, R.A.E. (2017). The Effect of Corporate Social Responsibility on Loyalty According to the Role Mediators (Satisfaction, Trust, and Corporate Image) –From Clients Perspective Case Study: Bank of Palestine – Gaza Strip.

Sarker, M.M., Mohd-Any, A.A., Kamarulzaman, Y. (2019). Conceptualising consumer-based service brand equity (CBSBE) and direct service experience in the airline sector. Journal of Hospitality and Tourism Management, 38, 39–48. https://doi.org/10.1016/j.jhtm.2018.11.002

Sarstedt, M., Ringle, C.M., Smith, D., Reams, R., Hair, J.F. (2014). Partial least squares structural equation modeling (PLS-SEM): A useful tool for family business researchers. Journal of Family Business Strategy, 5(1), 105–115. https://doi.org/10.1016/j.jfbs.2014.01.002

Seifert, C., Kwon, W.S. (2020). SNS eWOM sentiment: impacts on brand value co-creation and trust. Marketing Intelligence and Planning, 38(1), 89–102. https://doi.org/10.1108/MIP-11-2018-0533

Servera-Francés, D., Piqueras-Tomás, L. (2019). The effects of corporate social responsibility on consumer loyalty through consumer perceived value. Economic Research-Ekonomska Istrazivanja, 32(1), 66–84. https://doi.org/10.1080/1331677X.2018.1547202

Shah, A.M., Yan, X., Shah, S.A.A., Ali, M. (2021). Customers’ perceived value and dining choice through mobile apps in Indonesia. Asia Pacific Journal of Marketing and Logistics, 33(1), 1–28. https://doi.org/10.1108/APJML-03-2019-0167

Sicilia, M., Palazón, M. (2023). Developing customer engagement through communication consistency and channel coordination. Spanish Journal of Marketing - ESIC, 27(2), 241–260. https://doi.org/10.1108/SJME-02-2022-0022

Sirdeshmukh, D., Singh, J., & Sabol, B. (2002). Consumer trust, value, and loyalty in relational exchanges. Journal of Marketing, 66(1), 15–37. https://doi.org/10.1509/jmkg.66.1.15.18449

Sreejesh S., (2024). Integrated banking channel service quality (IBCSQ): Role of IBCSQ for building consumers’ relationship quality and brand equity. Journal of Retailing and Consumer Services, 76, 103616. https://doi.org/10.1016/j.jretconser.2023.103616

Srivastava, M., Sivaramakrishnan, S. (2021). The impact of eWOM on consumer brand engagement. Marketing Intelligence and Planning, 39(3), 469–484. https://doi.org/10.1108/MIP-06-2020-0263

Stanaland, A.J.S., Lwin, M.O., Murphy, P.E. (2011). Consumer Perceptions of the Antecedents and Consequences of Corporate Social Responsibility. Journal of Business Ethics, 102(1), 47–55. https://doi.org/10.1007/s10551-011-0904-z

Sultan, P., Wong, H.Y., Azam, M.S. (2021). How perceived communication source and food value stimulate purchase intention of organic food: An examination of the stimulus-organism-response (SOR) model. Journal of Cleaner Production, 312, 127807. https://doi.org/10.1016/j.jclepro.2021.127807

Tabaku, E., Kushi, E. (2013). Service Quality, Customer Satisfaction, Perceived Value and Brand Loyalty: A Critical Review of the Literature. Academic Journal of Interdisciplinary Studies, 2(9), 223–228. https://doi.org/10.5901/ajis.2013.v2n9p223

Tâm, L. T. (2019). Tài sản thương hiệu định hướng khách hàng của ngân hàng thương mại. Nhà xuất bản Đại học kinh tế Quốc dân.

Wei, L.H., Huat, O.C., Thurasamy, R. (2023). The impact of social media communication on consumer-based brand equity and purchasing intent in a pandemic. International Marketing Review, 40(5), 1213–1244. https://doi.org/10.1108/IMR-12-2021-0353

Yang, S., Wang, Y., Wei, J. (2014). Integration and consistency between web and mobile services. Industrial Management and Data Systems, 114(8), 1246–1269. https://doi.org/10.1108/IMDS-06-2014-0167

Ye, Q., Law, R., Gu, B., Chen, W. (2011). The influence of user-generated content on traveler behavior: An empirical investigation on the effects of e-word-of-mouth to hotel online bookings. Computers in Human Behavior, 27(2), 634–639. https://doi.org/10.1016/j.chb.2010.04.014

Zeithaml, A.V. (1988). Consumer perceptions of price, quality, and value: a means-end model and synthesis of evidence. Journal of Marketing, 52(3), 2–22. https://doi.org/10.1177/002224298805200302

Zhu, L., Li, H., Wang, F.K., He, W., Tian, Z. (2020). How online reviews affect purchase intention: a new model based on the stimulus-organism-response (S-O-R) framework. Aslib Journal of Information Management, 72(4), 463–488. https://doi.org/10.1108/AJIM-11-2019-0308