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This study examines the influence of perceived ethics on loyalty among foodservice consumers with an emphasis on the mediating role of emotional response and moderating role of perceived value. Based on the well-established framework of perceived value and loyalty, this study proposes and tests a model that attempts to understand the dynamic relationships among three dimensions of perceived value (i.e., utilitarian, hedonic, and ethical values), positive and negative emotional responses, customer satisfaction, and loyalty. The verified model, with a survey sample of 405 foodservice consumers, confirmed that ethical value had a significant effect on positive emotion. However, it did not significantly influence negative emotion. Positive and negative emotions had a positive effect on customer satisfaction. Customer satisfaction significantly influenced loyalty. Last, utilitarian value significantly moderated the impact of ethical value on positive emotion. But hedonic value did not.