The Influence of Savings for Investment as a Moderator Variable between Customer Equity and Behavioral Loyalty of Thai Investors


  • Puncharat Borirakcharoenkit Prince of Songkla University, Hatyai Campus
  • Sasiwemon Sukahbot Prince of Songkla University
  • Idsaratt Rinthaisong Prince of Songkla University
  • Nimit Soonsan Phuket Rajabhat University

DOI: 10.14456/abacj.2022.9
Published: 2022-04-30


Moderator, Customer Equity, Behavioral Loyalty


This study aimed to explore how saving for investment affects the relationship between customer equity and behavioral loyalty among stock market investors in Thailand. The study used quantitative research. The sample used, was comprised of 1208 investors in Thailand. Data were collected via questionnaires distributed via mail. Data were analyzed using multi-group structural equation modeling. The findings indicated an adequate fit between the measurement and the equation model. Therefore, this result can be used in the test for the invariability of the structural model. Results showed that for the group of investors with an amount of savings for investment of more than 5 million Baht, the proposed model satisfactorily accounts for any variation in terms of explaining behavioral loyalty (R2 = 0.028). The findings for this group indicated that customer equity significantly and positively affected behavioral loyalty (β = 0.870). For the group with an amount of savings for investment of less than 5 million Baht, the proposed model satisfactorily accounted for any variation in terms of explaining consumer loyalty (R2 = 0.093). The findings for this group also indicated that customer equity significantly and positively influenced behavioral loyalty (β = 0.795).


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