Customers' Perceived Value, Satisfaction, and Loyalty in Online Securities Trading: Do Moderating Effects of Technology Readiness Matter?

Abstract

Information and telecommunication technologies, together with the Internet, are completely changing the ways securities brokerages provide their products and services to customers. This study, conducted in a newly emerging country, looks at relationships among three major issues impacting brokerages’ Internet commerce: perceived value, customer satisfaction, and customer loyalty. It also examines whether the strength of these relationships is moderated by factors constituting customers’ technology readiness - optimism, innovativeness, discomfort, and insecurity. Results reaffirm prior research that perceived value is positively related to customer satisfaction and customer loyalty; and customer satisfaction is positively related to customer loyalty. Technology readiness factors were not shown to moderate the strength of the relationships among perceived value, customer satisfaction, and customer loyalty.