Further Insights into Perceived Value and Consumer Loyalty: A Green Perspective

Monika Koller, Arne Floh, and Alexander Zauner

Wirtschaftsuniversitt Wien, Austria

ABSTRACT
Green consumption is an increasingly important topic in todays society. The effect of the ecological value provided by traditionally non-green products, such as automobiles, on their consumers postpurchase behavior, such as brand or model loyalty, requires further clarification. The present study provides qualitative and quantitative insights from car users on how the ecological aspect of consumption integrates into the link between perceived value and consumer loyalty intentions (valueloyalty link). In general, car usage is accompanied by perceived functional, economic, emotional, and social value. Perceived ecological value is shown to have a significant impact on these four value dimensions. The relevance of green to have quality, green to save money, green to feel good, and green to be seen in relation to loyalty intention is discussed. Results of a structural equation model and multigroup analysis provide the opportunity to derive both theoretical and applied implications. 2011 Wiley Periodicals, Inc.

Green consumption is a high-ranking and popular topic in a modern society all too aware of the problems related to global warming (Whitmarsh, 2009). Simply Googling the term green consumption currently yields more than 50,000

Psychology & Marketing, Vol. 28(12): 11541176 (December 2011) View this article online at wileyonlinelibrary.com/journal/mar 2011 Wiley Periodicals, Inc. DOI: 10.1002/mar.20432 1154

results and buying green 410,000. Patterns of car usage rank particularly highly within the environmental discussions generated by the climate crisis (Ferguson & Branscombe, 2010). Topics such as CO2 emissions and energy efficiency are only two out of a multitude of controversial issues in this regard. As consumers become increasingly aware of the potentially negative effects of consumption on the natural environment, ecological value is likely to become an important factor in the consumption of automobiles. Traditionally, the motives of car users are not only based on functionality but also on social and emotional factors (Steg, 2005). Although experts evaluate automobiles based on design and functionality, ordinary drivers evaluate their cars based on their overall experience (Moon, Bergey, & Iacobucci, 2010). Moreover, consumption decisions related to automobiles are characterized by a high level of involvement. This is due to the significant monetary and social risks involved. If the purchase is, for instance, not socially approved by others, negative phenomena such as cognitive dissonance are likely to arise (Engel, 1963; Festinger, 1957; Straits, 1964). In contrast to organic products, the role of the perceived ecological value derived from the usage of traditionally non-green product categories, like automobiles, remains unexplored. Perceived ecological value may influence value perceptions in the other dimensions. This is crucial from a marketing perspective because different value dimensions may have different effects on loyalty perceptions (Pihlstrm & Brush, 2008). Besides household energy use and nutrition, mobility is among the most prominent environmentally influential behavior domains (Kaiser et al., 2003). While recent research suggests that companies generally recognize that environmental issues capture consumer attention and may influence purchasing decisions (Bang et al., 2000), further knowledge of the role of ecological value in the consumption process would provide more comprehensive information regarding its effect on postconsumption behavior and loyalty decisions. Given such a wide range of similar product options from many manufacturers, along with low switching barriers, todays consumers can easily transfer their business among multiple companies (Liu, 2007). Hence, keeping a loyal customer base is a major asset for a manufacturer. All major car brands are investing in new technologies to make gasoline-powered cars more environmentally friendly, such as the BlueMotion from Volkswagen and the EfficientDynamics line from BMW. Within the next decade, all major car manufacturers are planning also to launch models with alternative power sources such as hybrids (gaselectric powertrain) or e-versions of their brands. Car expert Wayne Cunningham relates, Weve seen a growing number of electric cars at auto shows over the last few years, but the 2010 Detroit show has more electrics from major brands than ever before (Cunningham, 2010). Introducing more environmentally friendly cars to the market significantly enhances the choices available to the consumer, not only within but also across different brands. From the car industrys perspective, customer retention activities will be a much more pronounced necessity when consumers are likely to substitute their purchases for ecological reasons. The relevance of perceived ecological value for the perceived functional, economic, emotional, and social value associated with the usage of cars is vital information for car manufacturers because perceived value has high explanatory power for the loyalty intentions of consumers (Cronin, Brady, & Hult, 2000; Parasuraman & Grewal, 2000; Yang & Peterson, 2004).

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Despite the potential impact of this information, no study currently exists analyzing the link between perceived value and loyalty intentions toward a company from an ecological perspective. This paper develops the idea of the existence of an ecological value phenomenon, influencing loyalty intentions toward the respective firm via its impact on the other four value dimensions. Building on these theoretical underpinnings, the aim of this paper is to advance existing knowledge in the field along four dimensions: First, a scale for measuring perceived ecological value is proposed. Second, the role of ecological value perceptions in relation to the other four value dimensions is assessed. Third, the role of ecological value in the valueloyalty link is investigated using a structural model. Finally, moderating variables are included to account for different subgroups in the valueloyalty link.

THEORETICAL BACKGROUND AND HYPOTHESES

The conceptual framework guiding the present study is depicted in Figure 1. Based on the literature review, hypothesized relations among the latent variables have been derived. First, the study assesses the impact of ecological value on the four value dimensions: functional, economic, emotional, and social. Second, each of the four value dimensions is assumed to have a different impact on loyalty intentions. Moreover, the indirect effect of ecological value on loyalty via the four other value dimensions is investigated. Additionally, moderating effects of gender, the newness of the car, and general attitudes toward the protection of the natural environment are proposed. In the following material, the theory behind each of the hypothesized relations is described in further detail.

Ecological Value

Functional Value

Economic Value

Emotional Value

Social Value

Loyalty Intentions

Moderators: Gender, Newness of Car, General Attitude Toward Environment Protection

Figure 1. Conceptual model.

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Perceived Ecological Value

In todays marketplace, customer value has become one of the most powerful forces (Patterson & Spreng, 1997). Holbrook (1994, p. 22) even states: . . . customer value is the fundamental basis for all marketing activity. Previous research focused on the development, composition, and sound measurement of the value construct. A multidimensional conceptualization is needed to adequately capture the presence of both cognitive (functional and economic) and affective (emotional and social) factors in the nature of value (Holbrook, 1994; Snchez-Fernndez, Iniesta-Bonillo, & Holbrook, 2009; Sheth, Newman, & Gross, 1991; Sweeney & Soutar, 2001), as consumption experiences usually involve more than one type of value simultaneously (Sweeney & Soutar, 2001; Holbrook, 1994; Sheth, Newman, & Gross, 1991). Empirical knowledge on perceived ecological value, that is consumptionrelated issues regarding the natural environment and the impact made on it by humans, is still scarce. This is unfortunate because, in recent years, the link between consumption and possibly harmful effects on the natural environment has become more important than ever. Following a decline in environmentrelated marketing research during the 1980s, the last few years have produced a strong resurgence (Kilbourne, Beckmann, & Thelen, 2002; Nataraajan & Bagozzi, 1999). This trend in academic research is in line with an increasing public interest in the topic of green consumption. Sustainability is trendy because there is a growing consensus among the general public that something needs to be done to stop climate change (Meijers & Stapel, 2011). Studies in consumer psychology have found status motives to be fundamental drivers for purchasing green products when shopping in public and when green products cost more than their non-green counterparts (Griskevicius, Tybur, & Van den Bergh, 2010). These results suggest that environment-related thoughts have multilayer effects on consumer behavior. Green consumption seems to be triggered by a complex pattern of both cognitive and affective elements. Among these elements, goal-oriented behavior can be led by altruistic, social, and emotional factors. Therefore, testing for ecological value and how it integrates into other value dimensions, such as functional, economic, emotional, and social value, is a promising pathway for gaining a more comprehensive understanding of green consumption behavior. Recent research has produced further evidence that the relevance of emotional, hedonic, and social aspects should not be underestimated. Whereas functional and economic elements of perceived value are importantly related to the product or service, emotional, hedonic, or social facets are tightly connected to the individuals self-perception. To a certain extent, the latter value dimensions are also a means of conveying symbolic information to an individuals social environment. Facing this fact, as well as taking the results from the aforementioned consumer psychology studies on status motives into account (Griskevicius, Tybur, & Van den Bergh, 2010), the ecological value dimension is not only assumed to refer to the value delivered by consuming environmentally friendly products or services. It may also offer another means for consumers to convey expressions about their self-concept to a public audience. In the consumption context of the automobile, consumers rarely act purely rationally; their emotions play a dominant role (Steg, 2005). However, rational cognitions about whether using a car might negatively affect the natural environment might have a significant impact on how the car is perceived in terms of emotional value. Based on these theoretical underpinnings, ecological value
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is assumed to be interrelated with functional, economic, emotional, and social value.

Ecological Value and Functional Value. When car users are asked
about their primary motives for car usage, factors related to speed, independence, and comfort score highest (Tertoolen, Van Kreveld, & Verstraten, 1998). Mobility is one of the core assets gained from cars. Hence, frictionless functioning is a necessary precondition for creating customer value. Environmentally friendly cars are usually state-of-the-art regarding technology. Reduced CO2 emissions and better fuel economy are important characteristics of many new models. Therefore, green to have quality is the rationale for the following hypothesized effect:
H1a: Perceived ecological value is assumed to positively influence perceived functional value.

Ecological Value and Economic Value. Many types of green products tend to save money in the long run. This is true for energy-saving lightbulbs and hybrid cars. However, from a short-term perspective, purchasing a hybrid car is more expensive than purchasing a comparable non-hybrid car (Griskevicius, Tybur, & Van den Bergh, 2010). Therefore, the influence of ecological value on economic value perceptions may vary between the time of purchase and over the usage period. The present study refers to the period of usage. Eco-friendly cars tend to be more efficient regarding fuel consumption. Hence, green to save money is the rationale behind the next proposed hypothesis:
H1b: Perceived ecological value is assumed to positively influence perceived economic value.

Ecological Value and Emotional Value. According to attachment theory, consumers tend to be emotionally attached to products and brands (Thomson, MacInnis, & Park, 2005; Yim, Tse, & Chan, 2008). In this regard, cars are especially prone to elicit strong emotional feelings. They often have a symbolic character (Steg, 2005). Sustainable consumption behavior is compatible with conservation of the natural environment and therefore usually associated with positive feelings (Corall-Verdugo et al., 2009). Therefore, green to feel good is the rationale behind the proposed hypothesis:
H1c: Perceived ecological value is assumed to positively influence perceived emotional value.

Ecological Value and Social Value. In making green consumption decisions, consumers are faced with a social dilemma. Either they can try to behave in an environmentally friendly manner and contribute to society or they can try to maximize their own benefits, regardless of the consequences for the general public. Consumers who place a high importance on having warm relationships with others often also consider ecological issues when making purchases (Corall-Verdugo et al., 2009; Laroche, Bergeron, & Barbaro-Forleo, 2001). By purchasing a hybrid car, a person can signal to others that he or she is a pro-social rather than a pro-self individual. This phenomenon is based on costly signaling
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theory and research on competitive altruism (Griskevicius, Tybur, & Van den Bergh, 2010). According to a 2007 report in the New York Times, owners of the hybrid Toyota Prius cited social signaling, such as how their automobile choice made a personal statement, as the highest ranking reason for their purchase (it makes a statement about me). Higher fuel economy and lower emissions are not the predominant factors behind consumers selections (Griskevicius, Tybur, & Van den Bergh, 2010; Maynard, 2007). Therefore, green to be seen (Griskevicius, Tybur, & Van den Bergh, 2010) is the rationale behind the following proposed hypothesis:
H1d: Perceived ecological value is assumed to positively influence perceived social value.

Perceived Value and Loyalty Intentions

Value orientation plays a crucial role for both companies and customers. From a companys perspective, creating market offerings that deliver facets of value to the customer is of the utmost importance. On the customer side, value perceptions are omnipresent throughout the whole consumption process. Prior to purchase, consumers tend to anticipate the value they expect to receive by buying the product or consuming the service. This value anticipation is also called desired value (Woodruff, 1997) and predominantly guides the decision-making process. After purchase and during the consumption period, the product or service chosen delivers the facets of value to the customer. These benefits, gained throughout the entire consumption process, are always subject to the customers individual perceptions. These perceptions, however, can be triggered by a companys efforts regarding the communication of value-based product specifics and advantages. Value creation is reflected in a companys entire marketing mix (Cengiz & Yayla, 2007). Value orientation is therefore a major source of competitive advantage (Woodruff, 1997), just as a loyal customer base is a major asset in a dynamic market environment. Except for research on service quality as a prerequisite to the valueloyalty link (Bolton & Drew, 1991), knowledge of the antecedents of multiple value dimensions is scarce. There are no empirical results on how the antecedent of ecological value integrates into the value loyalty chain. While various studies have been conducted on consumers general environmental concern, an integration of ecological attitudes and value perceptions is yet to come. Moreover, based on various hints from previous research (Heskett et al., 1994; Parasuraman & Grewal, 2000; Patterson & Spreng, 1997; Reichheld, 1996; Tam, 2004), customer value is assumed to be the key determinant of postconsumption intentions such as loyalty and word-of-mouth recommendations (Cengiz & Yayla, 2007; Lin, Sher, & Shih, 2005). Higher levels of customer value lead to higher levels of customer loyalty. In the long run, this determines an organizations success (Cronin, Brady, & Hult, 2000; Snoj, Korda, & Mumel, 2004; Ulaga & Chacour, 2001). As ecological value is assumed to be a prerequisite to the other value dimensions, this study proposes that ecological value has an indirect effect on loyalty intentions. Based on these theoretical foundations, the following hypotheses are raised:
H2a: Perceived functional, economic, emotional, and social value impact loyalty intentions toward the manufacturer.
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H2b: Perceived ecological value impacts loyalty intentions toward the manufacturer via perceived functional, economic, emotional, and social value.

Moderating Variables Demographics and Psychographics. Moderating variables reflecting

demographics and personal attitudes might reveal varying impacts of the value dimensions on loyalty intentions. It is assumed that ecological value and the other four value dimensions are not equally important to all customers. Different segments of consumers are expected. Although previous findings about the impact of demographic characteristics on consumers environmentally conscious behavior are contradictory, there is consensus that they exert a significant influence (Laroche, Bergeron, & Barbaro-Forleo, 2001). Moreover, the consumption context of automobiles is prone to different dynamics regarding males and females (Polk, 2004). Therefore, the following hypothesis is proposed:
H3a: Gender moderates the relation between perceived ecological value and loyalty intentions via perceived functional, economic, emotional, and social value.

As a second moderating variable, the model considers the newness of the car at the time of purchase, comparing two groups of car buyers: those who bought a new car and those who bought a used car. Buying a new car is a purchase decision with high involvement, including a high level of emotion and usually a relatively high price. Therefore, it is proposed that the influence of the multiple value dimensions differs among the two groups of car buyers:
H3b: The newness of the car at the time of purchase moderates the relation between perceived ecological value and loyalty intentions via perceived functional, economic, emotional, and social value.

A radical green consumer refuses to buy anything that is not absolutely necessary. Accounting for an increasingly convenience- and consumption-oriented society, green consumerism in reality merely reflects consumption behavior characterized by carefully choosing products and services that are the least destructive to the natural environment without significantly compromising ones way of life (Moisander, 2007). Considering personal values that vary in importance for each individual and serve as guiding principles in peoples lives may serve to produce a clearer understanding of the motivational determinants behind peoples desire to behave in an environmentally friendly manner (Laroche, Bergeron, & Barbaro-Forleo, 2001). De Groot and Steg (2010) argue that practitioners should promote pro-environmental preferences and intentions by making biospheric and altruistic values more salient in their intervention. While values are relatively stable and enduring over time, stimulating peoples biospheric values might change their attitudes toward a more pro-environmental orientation (De Groot & Steg, 2010). Hence, the following hypothesis is proposed:
H3c: The consumers general attitude toward environmental protection moderates the relation between perceived ecological value and loyalty intentions via perceived functional, economic, emotional, and social value.
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METHODOLOGY AND DATA ANALYSIS

To empirically address the proposed hypotheses, a two-step methodological approach was applied. First, a qualitative assessment was conducted to provide more comprehensive knowledge of the theoretical conceptualization of ecological value. As this concept is new to the scientific discussion on customer perceived value, a sound conceptual base regarding the content validity of the construct is needed prior to developing a measurement scale and assessing construct validity and reliability. As a second step, a quantitative study was conducted. The quantitative study serves three purposes: First, the items generated in the qualitative pre-study are tested regarding their appropriateness for inclusion in a measurement scale satisfying psychometric properties. Second, ecological value is introduced into a structural model explaining loyalty intentions via functional, economic, social, and emotional value perceptions. Third, moderating variables are used to test for the existence of subgroups regarding the value loyalty link, providing ample theoretical and applied implications.

Study 1: Qualitative Assessment

The major aim of the qualitative pre-study was to increase the conceptual understanding of the facets of ecological value, in the consumption context of automobiles, including corresponding after-sales and maintenance services. Moreover, the pre-study generated items for measuring perceived ecological value.

Procedure. A focus group discussion was held in mid-May 2010 at the premises of a large European business school. Six car owners between the ages of 20 and 55 participated in the two-hour discussion. The focus group was moderated by two academics in marketing research, who followed a semi-structured interview guideline. The discussion was audiotaped and transcribed. Two researchers separately carried out coding, content analysis, and interpretation of the data, leading to consistent results. Topics related to environmental issues are especially prone to be biased by the social desirability behavior of the respondents. There can be a considerable gap between reported attitudes and actual behavior (Glasman & Albarracin, 2006). To deal with this issue, the focus group discussion predominantly made use of projective questions as stimuli. As a first task, the participants were grouped into three pairs and asked to prepare a collage (Koll, von Wallpach, & Kreuzer, 2010), with the instruction: Select images which reflect your personal associations with cars. The participants received a set of about 150 photos and text material, randomly selected from 30 magazines and newspapers prior to the focus group. The material covered various topics, including images related to the five value dimensions under scrutiny. Each of the three pairs created and subsequently presented their collage and explained their reasons for choosing the selected images. Results. All three collages included environmental issues. However, other factors (mobility, cost, luxury, self-expression, sportiness, and pleasure) turned out to have the most dominant associations with the automobile consumption system. The participants mostly discussed environment-related issues within the context of automobile energy efficiency. Economic reasons, such as fuel

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consumption and related costs, turned out to be most relevant in this context. One pair revealed that they had included an image of an animal wearing an oxygen mask in their collage to symbolize the need for new market offerings that are less harmful to the natural environment. The main results of the collage task were subsequently reflected in all the other topics that were discussed during the focus group. The focus group participants indicated a general awareness of ecological issues in the automotive context. Yet, when asked about the factors on which they based the purchase decision of their present cars, none of the participants mentioned ecological reasons. A key result was that the participants predominantly expected green behavior to be carried out by the automotive industry, in terms of production and accompanying services. Regarding the purchase decision process, vehicles with alternative technology, such as hybrid or electric models, impose an additional amount of research effort prior to the purchase decision in comparison to cars with traditional engines. The participants mentioned that they were in general interested in alternative offerings but, when it came to the purchase decision, they would still be skeptical. Reasons mentioned for this skepticism included uneasiness with new forms of technology, which are lacking in long-term research and incur high prices. On the individual level, buying green is not only related to contributing to the protection of the natural environment; as well as the altruistic motives for such behavior, it is also associated with increased social status. From a customers perspective, behaving ecologically is expected to be positively evaluated by the public audience. By driving a hybrid or electric car, the participants said, they would expect to get social credit, although having to pay more for a hybrid than a nonhybrid would raise discomfort and might be difficult to explain to family and friends.

Discussion. These findings underline the idea that cars are a specific product category with a strong symbolic character. Driving a car is not only a means of transportation but also a means of self-expression. Regarding the multidimensional value concept, these results give an early empirical hint of the existence of the hypothesized relations between ecological value and the other value dimensions. Ecological value might be a prerequisite to the functional and economic dimensions (e.g., regarding energy efficiency and fuel consumption) as well as to the emotional and social dimensions (e.g., pertaining to status motives). These tentative assumptions derived from the qualitative, exploratory study were further addressed in the quantitative study, which incorporated a larger sample, to check whether they are valid for a broader population.

Study 2: Quantitative Assessment Participants. In total, data were collected from 228 paper-and-pencil interviews based on a quota sample. The sample consists of 48% female and 52% male respondents, with an average age of 38 years. Persons with an urban background are well represented, with 75% living and working in urban agglomerations and 25% in rural areas. Forty-one percent of the respondents drive a new car and 59% a second-hand or demonstration car. Ninety percent use their car mainly for private purposes, the remaining 10% requiring their car for professional reasons. More than half of the respondents are members of an automobile club.

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In terms of responsibility for environmental protection, 66% of the respondents believe that automobile manufacturers are responsible. Interestingly, 33% see the responsibility as mainly their own and only 1% see it as the car dealers responsibility. Thirty-five percent of the respondents have only ever used one car dealer, and 27% have only changed dealers once or twice. More than 30% of the respondents have never changed their car brand, with around 80% having bought no more than three different car brands. These results indicate that loyalty is an important issue in the automotive industry.

Measures and Procedure. The conceptualization of the value dimensions

is based on Sheth, Newman, and Gross (1991) and Sweeney and Soutar (2001). An extended four-dimensional conceptualization of customer value is adapted from other studies (Sweeney & Soutar, 2001; Wang et al., 2004; Zeithaml, 1988) to the present application of automobiles. The four dimensions can be described as follows: (1) functional value (performance/quality)the utility a market offering provides through its expected performance and perceived quality; (2) economic value (price/value for money)the utility an offering provides in proportion to the overall costs (output/input ratio); (3) emotional valuethe utility an offering creates through feelings or affective states; (4) social valuethe utility a market offering provides through its ability to enhance the individuals social self-concept (Sweeney & Soutar, 2001). Ecological value is introduced into the conceptual model. The construct of ecological value is conceptualized as a positive value perception from a customer perspective. Ecological value represents the amount of perceived value generated by consuming environmentally friendly products, or those that are less destructive to the natural environment. Items to measure ecological value were generated based on the literature review and the focus group discussion. Additionally, five think-aloud interviews were conducted to recheck the face validity and wording of the items. Included in the survey were all the items for measuring ecological value that were generated in the qualitative pre-study. Doing so enabled a measurement scale to be developed based on validity and reliability criteria (employing exploratory and confirmatory factor analysis, Cronbachs alpha, composite reliability, and average variance extracted). Loyalty is conceptualized as a reflective construct comprising the intention to repurchase the same car brand and to recommend the car to friends and family members. Items were drawn from Johnson, Herrmann, and Huber (2006). The quantitative study measured each construct with at least three items, as suggested by Gerbing and Anderson (1988). It used a 7-point rating scale, with end points verbalized as strongly disagree (scored 1) and strongly agree (scored 7) throughout the survey.

Assessment of Measurement Properties. First, the measurement models for all latent constructs in the structural model were assessed. As ecological value was being introduced, scale purification was carried out using exploratory factor analysis (see Table 1). The factor structure of the scales for measuring ecological value and the other four value dimensions was tested. The principal component analyses revealed five eigenvalues greater than 1, suggesting a five-factor solution. Table 1 shows that the factor loadings on their intended constructs are all well above 0.6, with no cross-loadings higher than 0.4. Item loadings lower than 0.2 are not reported in the table. The exploratory factor analysis
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Table 1. Results from the Exploratory Factor Analysis. Item Is environmentally friendly Pollutes the environment only marginally Is more environmentally friendly than other cars Is very reliable Provides good performance Has an acceptable standard of quality Offers value for money Is fairly priced Compared to other cars, my car is economical Makes me want to use it more often Makes me feel good To drive my car gives me pleasure Colleagues and friends envy me for my car Improves the way I am perceived by others Helps me to feel distinct from other people Eigenvalue 4.205 2.495 1.780 1.374 Ecol. 0.879 0.844 0.815 0.689 0.830 0.839 0.804 0.874 0.803 0.782 0.731 0.825 0.860 0.857 0.707 1.074 0.348 Func. Econ. Emo. Soc.

Note: Ecol. Ecological value, Func. Functional value, Econ. Economic value, Emo. Emotional value, Soc. Social value.

reveals a simple factor structure. The data confirm the multidimensional conceptualization of customer value. In the next step, a confirmatory factor analysis assessed the scale properties of the measurement model. The results show excellent global fit indices (x2 237; df 137; CFI 0.942; TLI 0.928; RMSEA 0.057; SRMR 0.052) as well as highly satisfactory measurement properties of the scales (Marsh, Hau, & Wen, 2004; Sharma et al., 2005). Specifically, all factor loadings were highly significant (p 0.001) and exceeded the suggested threshold of 0.5, demonstrating a high level of convergent validity in the measurement model (Dunn, Seaker, & Waller, 1994). The composite reliability (CR), average variance extracted (AVE), and Cronbachs alpha scores (CA) suggest a high level of internal consistency (see the Appendix) (Bagozzi & Yi, 1988). Additionally, the model achieves sufficient discriminant validity, since the square root of the AVE is greater than the correlation for each pair of factors (Fornell & Larcker, 1981). The matrix of construct correlations as well as the values of CR, AVE, and the square roots of AVE, for each construct are documented in Table 2. A full list of items, including factor loadings, CR, AVE, and CA, are included in the Appendix. Common method bias may occur when both independent and dependent variables are obtained from the same data source (Jayachandran et al., 2005). To investigate whether common method variance biases the data in this study, a Harman one-factor test of the six reflective multi-item constructs (five value constructs and loyalty) was conducted (Frenzen et al., 2010; Podsakoff & Organ, 1986). Factor analysis revealed a six-factor solution (with each indicator loading on the expected factor), which accounted for 72% of the total variance. Additionally, no general factor was found in the unrotated and rotated factor structure.
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Table 2. Construct Correlations and Fit Indices. CR 1 2 3 4 5 6 Ecological value Functional value Economic value Emotional value Social value Loyalty 0.85 0.75 0.81 0.78 0.82 0.82 AVE 0.66 0.50 0.59 0.54 0.61 0.54 1 0.812 0.274 0.420 0.272 0.277 0.268 2 0.709 0.115 0.074 0.076 0.580 3 4 5 6

0.769 0.114 0.116 0.116

0.737 0.075 0.257

0.781 0.281

0.733

Note: Square roots of AVEs are presented on the diagonal. Construct correlations are below the diagonal.

The first factor accounts for 15% of the variance. Therefore, the authors conclude that common method bias is unlikely to be an issue in this data set.

RESULTS Structural Model

To examine the hypothesized relationships, a structural model was computed using Mplus 6. The overall fit of the model was satisfactory, with indices of x2(df) 313(144), CFI 0.903, RMSEA 0.072, and SRMR 0.099. Hence, it can be concluded that the proposed conceptual model is supported by the data. Table 3 shows the path coefficients for the effects of ecological value on functional, economic, emotional, and social value. In turn, the impact of these four values on loyalty intentions was calculated. All relationships, except the link between economic value and loyalty, are substantial and significant at the 0.05 level. Whereas ecological value has the highest impact on economic value, the functional aspect has the largest impact on loyalty. Overall, 43% of loyalty is explained by value, supporting the importance of the construct of perceived customer value as an antecedent of customer loyalty. In terms of the hypotheses, the empirical results support H1ad. Ecological value significantly enhances perceptions along the four other value dimensions. For H2a, only the effects of functional, emotional, and social value on loyalty intentions are supported, but not that of economic value.

Table 3. Path Coefficients and t -Values. Path Ecological value Functional value Ecological value Economic value Ecological value Emotional value Ecological value Social value Functional value Loyalty Economic value Loyalty Emotional value Loyalty Social value Loyalty
** p 0.05.

Unstand. 0.146 0.293 0.258 0.336 0.862 0.006 0.177 0.157

t-Values 3.181** 5.054** 3.154** 3.359** 5.706** 0.066 2.278** 2.931**

Stand. 0.274 0.420 0.271 0.277 0.548 0.005 0.199 0.224

t-Values 3.528** 6.152** 3.354** 3.805** 7.685** 0.066 2.302** 2.980**

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Table 4. Indirect Effects of Ecological Value on LoyaltyMediation Analysis. Unstand. t-Values Stand. t-Values Ecological value Functional value Loyalty Ecological value Economic value Loyalty Ecological value Emotional value Loyalty Ecological value Social value Loyalty
* p 0.1; ** p 0.05.

0.127 0.002 0.046 0.053

2.972** 0.066 1.889* 2.294**

0.150 0.002 0.054 0.062

3.172** 0.172 1.893* 2.353**

Table 4 presents the results of the mediation analyses. The indirect effects of ecological value on loyalty are significant for three out of four value dimensions (functional, emotional, and social). Hence, the data partially support H2b. The mediated effect via functional value is the highest of the three, significantly larger than the rest. On the other hand, the sum of the significant effects of the affective value facets (emotional and social value) is almost as large as the significant effect of the cognitive facet (functional value).

Discussion and Robustness Checks. The study has proven the hypotheses of the conceptual model in the context of automobiles. The effect of perceived ecological value on customer loyalty intentions is fully mediated by the remaining sub-dimensions of customer perceived value. Whereas all main value dimensions are influenced by the ecological facet, the effect on loyalty is only significant for the functional, emotional, and social ones. Interestingly, the cognitive aspects of customer value seem to be equally important as the affective ones in building customer loyalty intentions. Overall, functional value is the dominant single facet of customer value. The authors conducted two types of robustness checks. First, they tested the proposed mediation effect of the conceptual model by adding a direct path from ecological value to loyalty. As expected, the link is neither relevant nor significant (standardized parameter estimate 0.027, p 0.712). Accounting only for ecological value, and neglecting the relevance of the other four value dimensions, falls short of predicting loyalty intentions. The survey included a question about the environmental concerns taken into account during last car purchase. This provides an opportunity to back up the robustness of the model. A multigroup analysis showed that, for consumers who reported that concerns about environmental issues played a significant role in their last car purchase, ecological value played a much more pronounced role in predicting the remaining value dimensions. For instance, the path coefficients for the link between ecological value and economic value are 0.765 (environmental concerns), compared to 0.361 (no environmental concerns) (see Table 5).

Moderating Variables
In the case of perceived ecological value, the authors assume that there is heterogeneity in the data. In order to test the effect of selected moderators, the study incorporated a series of multigroup analyses. Results for unstandardized and standardized parameters are reported in Tables 6 and 7.
1166 KOLLER, FLOH, AND ZAUNER Psychology & Marketing DOI: 10.1002/mar

Table 5. Result from Multigroup AnalysisRobustness Check. No Environmental Concerns Influenced Last Car Purchase Path Ecological value Functional value Ecological value Economic value Ecological value Emotional value Ecological value Social value
** p 0.05.

Environmental Concerns Influenced Last Car Purchase

Stand. Coeff. 0.208 0.361 0.229 0.238

t-Values Stand. Coeff. t-Values 2.205** 4.303** 2.469** 2.694** 0.422 0.765 0.575 0.404 3.058** 8.216** 4.424** 3.113**

Gender. Starting with the moderating effect of gender, the multigroup analyses revealed a significant difference regarding the importance of the multiple value dimensions as antecedents to customer loyalty. The functional facet of value is important for both female and male car drivers. Whereas the economic facet is more important for female car drivers, the loyalty of male customers is more strongly influenced by the emotional aspects of customer value. Additionally, the mediating effects of ecological value via emotional and economic value differ significantly between genders. However, these differences are based on differences between men and women in terms of the aforementioned effects of emotional and economic value on customer loyalty. Therefore, and in a strong sense, H3a has to be rejected. New Versus Used Car. As a second moderating variable, the authors included the newness of the respondents car. The analyses revealed a significant difference in the effect of ecological value on functional value, in that it is stronger for used cars. Due to the differing influence of ecological value on functional value, the mediating effect on loyalty intentions is also significantly different between drivers of new and old cars. H3b can only be accepted partially. General Attitude Toward Protection of the Environment. Finally,
this study hypothesizes that the general attitude toward environmental protection moderates the relation between ecological value and loyalty via the functional, economic, emotional, and social aspects of value. Again, the data partially support H3c. The effect of ecological value on all remaining value aspects is substantially and significantly higher for people with higher scores on attitude toward environmental protection. Interestingly, the greatest difference is in the effect on emotional value. In terms of indirect effects, the mediating effect via functional value is significantly different and stronger for the high-scoring group.

DISCUSSION
Empirical research on ecological value in the context of traditionally non-green products such as automobiles is scarce. However, both the literature review on customer value and the findings from this empirical study underline the importance
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Table 6. Results from Multigroup AnalysesModerator Analysis. Female t-Values 3.250** 3.433** 2.693** 2.493** 5.020** 1.593 1.351 3.479** New Car 0.017 0.393 0.166 0.169 1.102 0.139 0.022 0.215 Low Attitude Toward Environmental Protection 0.027 0.129 0.072 0.188 0.980 0.133 0.249 0.213 4.739** 1.082 2.400** 2.729** 0.590 0.104 0.276 0.284 0.455 1.749* 0.674 1.522 0.053 0.195 0.076 0.167 0.457 1.803* 0.677 1.549 5.961** 1.083 2.431** 2.783** 0.298 0.515 0.514 0.487 0.764 0.007 0.068 0.128 5.111** 1.296 0.163 3.119** 0.655 0.123 0.020 0.311 7.493** 1.297 0.162 3.330** 0.698 0.106 0.242 0.114 0.292 4.781** 1.598 1.255 0.033 0.509 0.203 0.134 0.293 6.014** 1.610* 1.279** 0.232 0.259 0.345 0.454 3.417** 3.468** 3.032** 3.607** 3.789** 0.751 2.275** 1.338 Used Car 0.385 0.521 0.247 0.268 0.468 0.081 0.291 0.156 3.478** 5.239** 2.039** 2.460** 4.447** 0.756 2.252** 1.332 High Attitude Toward Environmental Protection 4.581** 6.226** 4.441** 3.489** 3.687** 0.056 0.594 1.849* 0.535 0.663 0.525 0.365 0.516 0.007 0.080 0.207 5.929** 9.127** 5.519** 3.802** 4.515** 0.056 0.590 1.885** 10.444** 12.569** 9.129** 2.943* 0.714 0.636 1.296 0.673 5.752** 1.615 1.415 2.455 2.394 1.900 1.605 0.837 0.612 0.158 0.146 0.330 7.293** 1.595* 1.426 3.765** 0.913 0.131 0.441 0.111 4.311** 1.233 3.553** 1.423 0.542 0.116 0.496 0.162 5.118** 1.250 4.171** 1.404 0.373 0.403 0.331 0.277 3.730** 3.905** 2.929** 2.625** 0.089 0.301 0.243 0.271 1.493 3.775** 2.241** 2.091** 0.180 0.407 0.259 0.222 1.540 4.379** 2.303** 2.166** Stand. t-Values Unstand. t-Values Stand. t-Values Male Wald Statistic 2.155 0.245 0.188 0.174 0.001 4.022** 12.262** 1.345

Unstand. 0.215 0.250 0.309 0.350

Ecological value Functional value Ecological value Economic value Ecological value Emotional value Ecological value Social value

Functional value Loyalty Economic value Loyalty Emotional value Loyalty Social value Loyalty

0.921 0.222 0.136 0.227

Ecological value Functional value Ecological value Economic value Ecological value Emotional value Ecological value Social value

Functional value Loyalty Economic value Loyalty Emotional value Loyalty Social value Loyalty

Ecological value Functional value Ecological value Economic value Ecological value Emotional value Ecological value Social value

Functional value Loyalty Economic value Loyalty Emotional value Loyalty Social value Loyalty

* p 0.1; ** p 0.05.

Table 7. Results from Multigroup AnalysesModerator AnalysisIndirect Effects. Female Unstand. 0.198 0.055 0.042 0.080 New Car 0.081 0.003 0.080 0.056 Low Attitude Toward Environmental Protection 0.026 0.017 0.018 0.040 0.453 0.920 0.651 1.332 0.031 0.020 0.021 0.047 0.454 0.926 0.651 0.035 0.228 0.004 0.035 0.062 1.538 0.092 1.949** 1.761* 0.095 0.003 0.092 0.065 1.577 0.927 1.977** 1.794* 0.165 0.037 0.012 0.025 Used Car 2.553** 0.719 0.479 0.961 0.208 0.047 0.015 0.032 High Attitude Toward Environmental Protection 3.098** 0.276 0.056 0.004 0.591 0.042 1.647* 0.076 3.460** 0.056 0.588 1.697* 4.621** 0.089 0.084 0.242 2.819** 0.715 0.477 0.970 2.588* 2.082 2.378 0.091 2.979** 0.228 3.317** 1.486 0.064 1.496 1.177 0.048 1.222 2.072** 0.092 2.183** 0.081 0.039 0.107 0.030 1.395 1.197 1.869* 1.176 0.098 0.047 0.129 0.036 t-Values Stand. t-Values Unstand. t-Values Stand. Male t-Values 1.427 1.206 1.928* 1.164 Wald Statistic 1.789 3.618** 4.691** 1.171

Ecological value Functional value Loyalty Ecological value Economic value Loyalty Ecological value Emotional value Loyalty Ecological value Social value Loyalty

Ecological value Functional value Loyalty Ecological value Economic value Loyalty Ecological value Emotional value Loyalty Ecological value Social value Loyalty

Ecological value Functional value Loyalty Ecological value Economic value Loyalty Ecological value Emotional value Loyalty Ecological value Social value Loyalty

* p 0.1; ** p 0.05.

of accounting for perceived ecological value. Investigating the multidimensional perceived value concept from an ecological perspective has proven to be a promising means of gaining a more comprehensive insight into the consumption of automobiles. In this regard, the value concept can also assist in exploring the acceptance of new technologies in an ecological context. Ecological value has high explanatory power for postconsumption behavior. Although it has no direct effect, ecological value is important for traditionally non-green product categories as well as traditionally green ones. It indirectly impacts on loyalty via functional, emotional, and social value. The authors suppose that this influence will increase still further in the coming years since they expect the general attitude towards eco-friendly behavior to increase. The analyses of the moderating effects of gender, newness of car, and general attitude toward environmental protection reveal interesting findings. Whereas gender influences the impact of economic and emotional value on loyalty, no substantial gender differences were found regarding the impact of ecological value. The gender of the buyer does not affect the importance of the perceived ecological value of non-green products such as automobiles. Interestingly, the second moderator of the study (newness of car) reveals a significantly higher importance of ecological value for the functional aspect of customer value, and therefore for consumer loyalty, for customers who own a used car. Finally, the general attitude toward environmental protection produces substantial and significant effects. Ecological value affected all remaining value dimensions more strongly in the group with a positive attitude toward environmental protection. These results indicate that the general attitude toward environmental protection produces different segments in the data. The impact of ecological value on the other four value dimensions is more pronounced for consumers with a higher attitude toward protection of the natural environment (green consumers). For consumers with a low propensity toward environmental protection (non-green consumers), ecological value only significantly impacts the perception of economic value. Hence, for non-green consumers, only the rationale of green to save money is relevant. Nonetheless, the results emphasize that, for environmentally conscious individuals, not only cognitive aspects but especially affective aspects are of major relevance. For this consumer segment, the scores in the four customer value dimensions are equally high. These results also underline the general importance of the emotional facet of green consumption. If green consumption behavior is important to consumers, the presence of ecological value in cars will also lead to better feelings and mood states. For green consumers, green to feel good is the slogan that describes this phenomenon best. In contrast, for individuals who are not environmentally conscious, ecological value is only vital regarding its impact on economical (i.e., cognitive) value aspects. Hence, firms should target green consumers by highlighting the emotional as well as altruistic benefits of the market offering, while non-green consumers might be approached using arguments based on the priceperformance ratio.

CONCLUSION AND IMPLICATIONS

The present study conceptualized the importance of an ecological perspective within a multidimensional framework of perceived customer value, based on a comprehensive literature review. As ecological value had not been addressed in
1170 KOLLER, FLOH, AND ZAUNER Psychology & Marketing DOI: 10.1002/mar

previous studies, the review had to include two streams of literature: on the multidimensional assessment of perceived customer value and on the psychological facets of green consumption behavior. As a major theoretical implication, the study revealed substantial effects of ecological value on the valueloyalty link. A measurement scale for ecological value was derived based on qualitative and quantitative data. Moreover, moderating variables showed that, regarding the relevance of ecological value, the presence of heterogeneity in the data is likely. The results of this study have ample applied implications. Gender turned out to influence the antecedents of customer loyalty but not the perception or importance of ecological value. However, the age of the automobile makes a difference. The ecological value of used cars has a greater effect on their functional value than is the case with new cars. If a used car is able to elicit ecological value perceptions, its owner also evaluates its functional value more positively. Green to have quality summarizes this effect. The general attitude toward environmental protection discriminates among segments of the sample best. The ecological value is more important for green consumers. Given these results, ecological value could be the trigger for value-based segmentation. Based on the findings of the present study, companies in the automotive industry are advised to place more managerial efforts into value creation. Providing sufficient functional, economic, emotional, and social value is a core element of successful customer retention. Moreover, manufacturers of traditionally non-green products may consider the importance of ecological value as well as the main four values. Facets of ecological value derived from their products are likely to interplay with value perceptions regarding the four core dimensions. Being aware of the power of ecological value may provide a strategic advantage and allow repositioning. As ecological value turned out to be associated with both cognitive (functional and economic) and affective (emotional and social) value components, communication strategies should make use of the interplay between those value dimensions. A mix of informational and emotional appeals appears most promising. Ecological elements are closely connected to humans sensory impressions (the smell of pollution vs. that of fresh air or the sound of heavy traffic vs. that of birds singing in a rural, traffic-free area, for example). Therefore, sensory appeals might be included more actively in communication activities and advertising. Green to be seen also turned out to be an important issue. Ecological value enhances the perception of social value. For many customers, it is important that their newly bought products are accepted in their social surroundings. If a product performs badly in terms of social acceptance, negative phenomena like dissonance or dissatisfaction are likely to arise. Given this fact, providing ecological value can help foster perceived social value. Sustainable management in terms of corporate environmentalismthat is, the recognition and integration of environmental concerns into a firms decision-making processhas become a hot topic for many companies (Banerjee, 2002). On the product management level, focusing on perceived ecological value may serve as a core element for future managerial decisions.

LIMITATIONS AND FUTURE RESEARCH

Aside from the new and substantive learning derived from this study, there are some limitations indicating directions worthy of further research. Desired
FURTHER INSIGHTS INTO PERCEIVED VALUE AND CONSUMER LOYALTY Psychology & Marketing DOI: 10.1002/mar 1171

customer value is a predominant construct prior to a purchase decision. A longitudinal assessment of the development of ecological value and other dimensions of perceived value, throughout the whole purchase decision and consumption process, would provide further promising insights. Furthermore, the level of perceived importance of single value dimensions might change over time. Conflicting value attributes derived from consumption might lead to uncomfortable psychological states. The interplay between changing value perceptions and possible consequences for loyalty and word-of-mouth recommendations should be empirically addressed. As the perceived price/performance ratio of a car might change over the usage period, the assumed effect of ecological value on economic value may also change over time. Since data in the present study are cross-sectional, investigating potentially changing effects would be a subject for future research. Another quality of consumption decisions in the automotive industry is the presence of a consumption system. In the case of automobiles, the consumption system during the usage phase consists of the product (the car) and productrelated services (such as having the tires changed or the car inspected and repaired). Hence, various sources of critical incidents can have an impact on the customers aggregated value perceptions. The present study focuses predominantly on value dynamics in the product subsystem. The next step would be to investigate the role of ecological value, its interplay with other value dimensions, and its impact on postpurchase phenomena for both subsystems simultaneously. Doing so would provide an opportunity to account for potential spillover effects from either subsystem to the other. Regarding the development of a sound measurement scale for ecological value, the present study can only provide an initial insight. The psychometric properties of the scale need to be verified using a different data set. Finally, the present study expands the knowledge of selected moderating factors on the link between value and loyalty intentions. Future research should also account for moderators such as personal traits or self-relation phenomena. As ecological value turned out to be closely related to social value, the degree of individual persuasibility in consumption situations (Bearden, Netemeyer, & Teel, 1989) might also play a crucial role in individual value perceptions. Hence, the level of selfconfidence (Bearden, Hardesty, & Rose, 2001) and self-concept clarity (Campbell et al., 1996) are likely to moderate the interplay between ecological value and the social and emotional value dimensions. In Western societies, proenvironmental behavior is generally viewed as pro-social. As this may not be the case for other cultures (Griskevicius, Tybur, & Van den Bergh, 2010), the present study should be replicated in a cross-cultural context.

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APPENDIX List of ItemsStudy 2

Car Construct Measure Ecological value My car . . . . . . is environmentally friendly. . . . pollutes the environment only marginally. . . . is more environmentally friendly than other cars. Functional value . . . is very reliable. . . . provides good performance. . . . has an acceptable standard of quality. Economic value . . . offers value for money. . . . is fairly priced. Compared to the other cars, my car is economical. Emotional value . . . makes me want to use it more often. . . . makes me feel good. To drive my car gives me pleasure. Social value Colleagues and friends envy me for my car. . . . improves the way I am perceived by others. . . . helps me to feel distinct from other people. Loyalty intentions In the future, I will buy a car from this brand again. I consider the car my first choice. I recommend my car. I encourage friends and relatives to buy a car from the same brand. FL Study 2 AVE 0.66 0.84 0.86 0.73 0.50 0.69 0.76 0.67 0.59 0.77 0.86 0.66 0.54 0.71 0.72 0.78 0.61 0.87 0.89 0.54 0.54 0.76 0.76 0.78 0.64 0.82 0.82 0.79 0.82 0.78 0.78 0.78 0.81 0.75 0.75 CA 0.85 CR 0.85

Note: FL Factor loading, AVE Average variance extracted, CA Cronbachs alpha, CR Composite reliability.

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