Bank choice behavior, customer participation: a study in the retail banking sector

ACKNOWLEDGEMENT At the first, I would like to thank all those people who made this thesis possible and an unforgettable experience for my studying Foremost, I would like to express my sincere gratitude to my supervisor, Dr Ngo Viet Liem, for his intensive support, valuable suggestions, instructions and encouragement during the time of doing my research His guidance helped me in all the time of research and writing of this thesis Besides my supervisor, I would like to thank the rest of my thesis committee: Prof Nguyen Dong Phong, Prof Nguyen Dinh Tho, and Dr Tran Ha Minh Quan … for their encouragement, insightful comments, and hard questions I thank my classmates in ISB MBUS 2011 (specially members in my group: Ms Hanh, Ms Hang, Mr Chuong and Ms Hien) and my colleagues at Shinhan Bank for their encouraging and supporting to me complete this thesis Besides that, my sincere thanks are given to all of my teachers at International Business School – University of Economics Ho Chi Minh City for their teaching and guidance during my MBUS course Last but not the least, I would like to thank my family I must express my gratitude to Phan Thi Hoi, my older sister, for her continued support and encouragement I also wish thank all those people who spent through their time and generous support made this thesis project Ho Chi Minh City, October, 2014 PHAN DANH HOANG ABSTRACT This study integrates bank choice behavior and customer participation into a theoretical framework to explain variation in customer loyalty Specifically, the purpose of this study is twofold: (a) to examine the extent to which attributes of bank choice behavior (e.g search, experience and credence) influence customer loyalty; (b) and through which mechanism customer participation influence the relationships between attributes of bank choice behavior and customer loyalty The empirical setting of this study is the retail banking sector A survey of 466 customers using personal loan services in some domestic banks is conducted The findings indicate that bank choice behavior and customer participation play important role in predicting the loyal of customer who use personal loan services The results also support that customer participation is biggest impact to customer loyalty, followed by credence attributes and experience attributes Whereby, the banking managers need to consider creating all of experience attributes, credence attributes and customer participation to make their customer loyalty to the bank The research results are limited in the power of measurement scale, sampling approach as well as the fitness of the research model and data It results in the valuable directions for further researches in future Keywords Retail banking, personal loan, bank choice behavior, customer participation, customer loyalty TABLE OF CONTENTS ACKNOWLEDGEMENT ABSTRACT TABLE OF CONTENTS CHAPTER - INTRODUCTION 1.1 Background to the research 1.2 Statement of the problem 1.3 Research questions 1.4 Significance of the Study 1.5 Research scope and delimitation 1.6 Organization of the thesis 10 CHAPTER 11 THEORETICAL MODEL AND HYPOTHESES 11 2.1 Bank choice behavior 11 2.2 Customer participation: 12 2.3 Customer Loyalty 15 2.4 Research model and hypotheses development 16 Building upon prior research, Figure 2.2 integrates the focal constructs of the thesis with hypothesized relationships 16 2.4.1 Bank choice behavior and customer loyalty 17 2.4.2 Bank choice behavior and customer participation 18 2.4.3 Customer participation and customer loyalty 20 CHAPTER 22 RESEARCH METHODS 22 3.1 Research design 22 3.2 Development of questionnaire 23 3.2.1 Measurement scales 23 3.2.1.1 Measure of search, experience and credence 23 3.2.1.2 Measure of customer participation 25 3.2.1.3 Measure of customer loyalty 26 3.2.2 Draft questionnaire 26 3.3 Pilot study 27 3.4 Sample method 28 3.5 Questionnaire administration 30 3.6 Data analysis methods 31 CHAPTER 32 DATA ANALYSIS AND FINDINGS 32 4.1 Descriptive analysis 32 4.2 Reliability analysis 33 4.3 Exploratory Factor Analysis (EFA) 36 4.4 Confirmatory Factor Analysis 39 4.4.1 Composite reliability and variance extracted 41 4.4.2 Unidimensional analysis 42 4.4.3 Convergent validity analysis 42 4.4.4 Discriminant validity analysis 43 4.5 Research model test 43 4.5.1 Theoretical model test by using SEM approach 43 4.5.2 Theoretical model estimation by BOOTSTRAP 46 CHAPTER 48 DISCUSSION, IMPLICATIONS AND LIMITATION 48 5.1 Discussion 48 5.2 Implications of the research 49 5.3 Limitations and directions for further research 51 REFERENCES 53 APPENDICES 61 APPENDICES APPENDIX - Questionnaire 61  APPENDIX - The results of population census 2009 in Ho Chi Minh City 67  APPENDIX - The result of EFA analysis – Eigenvalues for variables (the first test) 67  APPENDIX - CFA test result 72  LIST OF FIGURES Figure 2.1 - Totally disaggregated second-order model of bank choice behavior 12 Figure 2.2 - The proposed research model with hypotheses 21 Figure 3.1 - Research process 23 Figure 4.1 - CFA result in the second time (Standardized estimates) 40 Figure 4.2 - Result of hypothesis test in the second time 45 Figure 4.3 - The result of CFA in the first time (Standardized) 72 LIST OF TABLES Table 3.1 - Measurement scales of bank choice behavior 24 Table 3.2 - Measurement scales of customer participation 25 Table 3.3 - Measurement scales of customer loyalty 26 Table 3.4 - calculating sample with quota sampling method 29 Table 4.1 - Descriptive statistic of respondent’s characteristics 32 Table 4.2 - Descriptive statistic of respondent’s characteristics 33 Table 4.3 - Cronbach’s alpha reliability coefficient 34 Table 4.4 - Cronbach’s Alpha coefficients for each measurement scale 34 Table 4.5 - The EFA analysis result 37 Table 4.6 - Cronbach’ Alpha results after excluding unsatisfactory items 38 Table 4.7 - Modification indices 39 Table 4.9 - Discriminant validity of concept 43 Table 4.10 - Regression Weights 44 Table 4.11 - Regression Weights: (Group number - Default model) 45 Table 4.12 - The results for Bootstrap estimation 47 CHAPTER - INTRODUCTION 1.1 Background to the research The Vietnamese banking sector is transforming at a rapid pace and is expected to show a higher growth rate than most of its counterparts in neighboring Asian countries in the upcoming years (Ho and Baxter, 2011) This tendency has been mainly shaped by state-headed economic reconstructions since the end of the 1980s and the creation of several State-Owned Commercial Banks (SOCB) It has accelerated recently with the country’s accession to the World Trade Organization in 2007, heading to a dynamic liberalization of the banking sector These reforms and the tremendous economic development of the country during the last two decades (Breu and Dobbs, 2012) are making important chances for both national and foreign banks operating in Vietnam, mainly in retail banking sector Since early 2014, although interest rates for enterprises were fall down in the lowest level since the stimulus package in 2009 of Government, but the credit growth is still difficult to increase Many enterprises still hesitate to get loans So many banks shift their emphasis to personal loans services to grow credit outstanding balance In particular, personal loan services attracted attention from many individual customers by simple and convenient procedures The success of retail banking sector depends on the type of relationship maintained with its customer and an understanding of customer needs In the commercial banking industry there is a growing recognition that individual customers not only represent a viable market segment but that their needs are different and frequently changed One strategic tool that banks can use to attract new customers, retain current customers and develop strong relationships is the customer loyalty Customer loyalty is one of key concerns for researchers and marketers who are interested in understanding its predictors and causal structure Previous research on this concept also showed that customer participation leading to loyalty (Auh, Bell, McLeod& Shih, 2007; Ngo &O'Cass, 2013) It gives the notion that customer participation is very important concept for marketers and managers Besides the customer loyalty, bank choice behavior attributes (search, experience, credence) also attract many of researchers (Mitra, Reiss, and Capella, 1999; Babakus, Eroglu&Yavas (2004) However, few empirical studies investigate the relationship between bank choice behavior contributes, customer participation and customer loyalty This study therefore develops a model examining the role of bank choice behavior, customer participation on customer loyalty Empirically, it tests the impact of bank choice behavior attributes on customer participation Then, it investigates the impact of bank choice behavior contributes and customer participation on customer loyalty Following this introduction, the next section presents statement of the problem 1.2 Statement of the problem The demand for personal loan products has been increasing dramatically However, banks still not have an optimal recipe for attracting new customers, retaining and selling more services to existing customers A study on the effects of bank choice behavior and customer participation on customer loyalty will allow bank managers to have an appropriate marketing strategy to attract new customers It can help bank managers give out methods which help to increases the level of customer loyalty, thereby maintaining the existing customers Through studying the relationship between customer participation and customer loyalty, it also allows bank managers find out ways to strengthen the participation of the customer in the transaction process through which banks can increase the level of customer loyalty 1.3 Research questions The purpose of this research is to empirically investigate the impact of bank choice behavior and customer participation on customer loyalty The empirical setting in this particular research is the retail banking sector in the transitional economy in Vietnam Contrary to the past, many customers are trying to use personal banking services and have a lot of products to choose Given this situation, a study of bank choice behavior, customer participation and customer loyalty would be very useful This study attempts to answer the following research questions  To what extent, attributes of bank choice behavior (e.g search, experience and credence) and customer participation influence customer loyalty?  Between bank choice behavior and customer participation, which factor will most influence to customer loyalty? 1.4 Significance of the Study This study has important implications for both practitioners (leaders of commercial banks, marketing managers) and academic (researchers, students of the business administration department) as follow:  The findings of this study contribute to research on bank choice behavior and customer participation by investigating the contribution of both bank choice behavior and customer participation to enhancing customer loyalty Based on it, managers of commercial banks will make an effective strategy to enhance customer loyalty and improve operational efficiency  Marketing managers will consider the factors of bank choice behavior which affect customer loyalty in personal loan market sector to set up an appropriate communicate strategy The results of this study also are a basis for researchers, students for developing further research to practical applications 1.5 Research scope and delimitation This study is conducted in Ho Chi Minh City, one of the biggest economic centers of Viet Nam Respondents are customers who are using personal loan services at banks Due to limited time and cost, the research surveyed about 500 customers of large domestic commercial banks in HCMC The result of research in this city, in some level can represent for Viet Nam in general and can be use as reference for further purposes The research will assess the effect of bank choice behavior attributes and customer participation to customer loyalty In this, the quota sampling method is used to collect research data It is a type of the non-probability sampling Althought selected-sample is not generalized to population, if we choose the right controlled characteristic (distinguishing attributes of studied objects), in theoretically, sample cannot represent for population but in practice it may represent for population 1.6 Organization of the thesis This thesis is organized in five chapters The first chapter is the introduction that describes the overview of research background, research problem, and objective, followed by the scope of research, implications, and structure of thesis Chapter reviews previous research on customer loyalty and customer participation Specifically, the chapter reviews the mediating role of customer participation model and theory of bank choice behavior and, how they are used in various contexts This chapter concentrates on explaining each variable in the model, and reasons for choosing them to be included in the research model Chapter introduces research methodology used to validate the research model in previous session It presents the research design, development of survey questionnaire, qualitative study, and main survey This chapter also presents how to collect data and analyze the data collected to test the research hypotheses proposed in chapter Chapter analyses data as well as discusses the result finding in connection with research model This chapter explains the empirical part of the study This part discusses the analyses of the data received, psychometric properties of focal constructs, and hypothesis testing The last chapter, chapter discusses implications and research limitations Finally, this thesis makes suggestions for further research on the topic area References and appendixes are included in the end of thesis 10 Độ tuổi bạn  25 – 29 tuổi  30 – 34 tuổi  35 – 39 tuổi  40 – 44 tuổi  45 – 49 tuổi  50 – 55 tuổi  55 – 59 tuổi Thu nhập bạn  Từ 05 triệu đến 10 triệu đồng/tháng  Từ 10 đến 15 triệu đồng/tháng  Từ 15 đến 20 triệu đồng  Trên 20 triệu đồng/tháng Trình độ học vấn bạn  Dưới trung học phổ thông  Trung học phổ thông  Cao đẳng/trường dạy nghề  Cử nhân  Sau đại học Tình trạng nhân bạn  Độc thân  Đã kết hôn  Khác Cảm ơn nhiều thời gian đóng góp anh/chịcho nghiên cứu này! 66 APPENDIX - The results of population census 2009 in Ho Chi Minh City APPENDIX - The result of EFA analysis – Eigenvalues for variables (the first test) KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy Bartlett's Test of Sphericity Approx Chi-Square 949 7716.065 df 435 Sig .000 Total Variance Explained Rotation Sums of Squared Initial Eigenvalues Factor Total 11.980 Extraction Sums of Squared Loadings % of Cumulative Variance % 39.933 39.933 Total 11.537 67 % of Variance 38.456 Cumulative % 38.456 Loadingsa Total 8.915 2.397 7.991 47.925 1.906 6.353 44.809 7.315 1.685 5.617 53.541 1.253 4.177 48.986 8.750 1.391 4.637 58.178 973 3.244 52.231 8.154 1.133 3.777 61.955 702 2.339 54.569 7.566 960 3.200 65.155 770 2.568 67.723 676 2.254 69.977 637 2.123 72.100 10 605 2.018 74.118 11 582 1.939 76.057 12 561 1.870 77.928 13 523 1.743 79.671 14 505 1.685 81.356 15 482 1.607 82.962 16 444 1.480 84.443 17 433 1.443 85.886 18 427 1.423 87.309 19 402 1.340 88.649 20 397 1.323 89.973 21 380 1.266 91.238 22 371 1.235 92.474 23 340 1.133 93.607 24 329 1.097 94.704 25 307 1.022 95.726 26 286 953 96.679 27 275 918 97.597 28 260 868 98.465 29 247 824 99.289 30 213 711 100.000 Extraction Method: Principal Axis Factoring a When factors are correlated, sums of squared loadings cannot be added to obtain a total variance 68 Pattern Matrixa Factor EA1 873 EA3 761 EA6 752 EA7 671 EA4 661 EA5 628 EA2 616 -.208 SA1 769 SA4 763 SA2 706 SA5 672 SA7 654 SA6 609 SA3 575 SA8 477 -.226 CA4 844 CA3 818 CA2 740 CA1 643 CA6 640 CA5 548 CP3 745 CP1 712 CP5 707 CP2 694 CP4 524 202 CL3 810 CL4 658 CL2 634 CL1 596 Extraction Method: Principal Axis Factoring Rotation Method: Promax with Kaiser Normalization.a a Rotation converged in iterations 69 Eigenvalues for variables (the second test) KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy Bartlett's Test of Sphericity Approx Chi-Square 948 7502.490 df 406 Sig .000 Total Variance Explained Rotation Sums of Squared Initial Eigenvalues Factor Total % of Variance Extraction Sums of Squared Loadings Cumulative % Total % of Variance Cumulative % Loadingsa Total 11.736 40.469 40.469 11.299 38.961 38.961 8.823 2.295 7.912 48.381 1.811 6.245 45.206 6.884 1.685 5.810 54.192 1.255 4.329 49.535 8.605 1.387 4.782 58.974 970 3.344 52.879 8.035 1.117 3.852 62.826 699 2.409 55.288 7.554 915 3.156 65.982 717 2.473 68.455 675 2.329 70.784 610 2.102 72.886 10 585 2.018 74.905 11 574 1.979 76.883 12 555 1.914 78.797 13 509 1.755 80.553 14 483 1.665 82.217 15 453 1.563 83.780 16 440 1.516 85.296 17 428 1.475 86.771 18 403 1.391 88.162 19 399 1.374 89.536 20 383 1.319 90.856 21 374 1.289 92.145 22 340 1.172 93.317 23 332 1.143 94.460 70 24 315 1.086 95.546 25 290 1.000 96.546 26 278 958 97.504 27 260 898 98.402 28 250 863 99.264 29 213 736 100.000 Extraction Method: Principal Axis Factoring a When factors are correlated, sums of squared loadings cannot be added to obtain a total variance 71 APPENDIX - CFA test result Figure 4.3 - The result of CFA in the first time (Standardized) 72 The result of CFA in the second time (Standardized) Regression Weights: (Group number - Default model) CL4 CL3 CL2 CL1 EA7 EA6 EA5 EA4 EA3 EA2 EA1 CA6 CA5 CA4 CA3 CA2 CA1 CP5 CP4 CP3 CP2 CP1 SA7 SA6 SA5 SA4 SA3 SA2 SA1 < < < < < < < < < < < < < < < < < < < < < < < < < < < < < - CusLoy CusLoy CusLoy CusLoy Experience Experience Experience Experience Experience Experience Experience Credence Credence Credence Credence Credence Credence CusPart CusPart CusPart CusPart CusPart Search Search Search Search Search Search Search Estimate S.E C.R P Label 1.000 971 057 17.120 *** 981 057 17.305 *** 894 059 15.076 *** 1.000 1.022 059 17.301 *** 992 061 16.393 *** 1.018 060 16.916 *** 1.033 063 16.515 *** 930 058 15.989 *** 922 061 15.212 *** 1.000 1.151 079 14.534 *** 1.147 076 15.190 *** 1.196 071 16.941 *** 1.165 075 15.470 *** 1.047 071 14.795 *** 1.000 935 059 15.955 *** 987 060 16.464 *** 941 063 15.031 *** 977 063 15.545 *** 1.000 1.077 080 13.471 *** 1.125 086 13.128 *** 1.096 078 14.032 *** 805 080 10.055 *** 916 078 11.786 *** 943 073 12.912 ***   73 Standardized Regression Weights: (Group number - Default model) CL4 CL3 CL2 CL1 EA7 EA6 EA5 EA4 EA3 EA2 EA1 CA6 CA5 CA4 CA3 CA2 CA1 CP5 CP4 CP3 CP2 CP1 SA7 SA6 SA5 SA4 SA3 SA2 SA1 < < < < < < < < < < < < < < < < < < < < < < < < < < < < < - CusLoy CusLoy CusLoy CusLoy Experience Experience Experience Experience Experience Experience Experience Credence Credence Credence Credence Credence Credence CusPart CusPart CusPart CusPart CusPart Search Search Search Search Search Search Search Estimate 783 781 789 697 762 781 745 766 751 728 699 720 706 738 825 752 719 773 741 762 706 727 673 727 705 765 523 627 693   74 Covariances: (Group number - Default model) Experience Experience CusLoy Credence CusLoy CusLoy Experience Credence CusPart CusLoy e2 e3 e23 e11 < > < > < > < > < > < > < > < > < > < > < > < > < > < > Credence CusPart Experience CusPart Credence CusPart Search Search Search Search e1 e2 e22 e9 Estimate S.E .333 034 328 035 348 036 308 033 331 035 398 040 238 030 216 028 266 032 253 032 140 024 142 028 149 027 114 022 C.R 9.855 9.481 9.550 9.244 9.366 9.986 8.071 7.764 8.322 7.846 5.829 5.022 5.620 5.103   Correlations: (Group number - Default model) Experience Experience CusLoy Credence CusLoy CusLoy Experience Credence CusPart CusLoy e2 e3 e23 e11 < > < > < > < > < > < > < > < > < > < > < > < > < > < > Credence CusPart Experience CusPart Credence CusPart Search Search Search Search e1 e2 e22 e9 Estimate 760 677 680 675 686 747 559 540 599 540 320 244 341 287   75 P Label *** *** *** *** *** *** *** *** *** *** *** *** *** *** Variances: (Group number - Default model) CusLoy Experience Credence CusPart Search e30 e29 e28 e27 e15 e14 e13 e12 e11 e10 e9 e21 e20 e19 e18 e17 e16 e26 e25 e24 e23 e22 e7 e6 e5 e4 e3 e2 e1 Estimate S.E C.R P Label 564 059 9.579 *** 465 049 9.409 *** 412 048 8.659 *** 504 054 9.412 *** 390 050 7.737 *** 357 030 11.803 *** 341 029 11.844 *** 330 028 11.660 *** 477 036 13.211 *** 336 026 13.125 *** 311 024 12.851 *** 368 028 13.342 *** 341 026 13.077 *** 383 029 13.169 *** 356 026 13.519 *** 413 030 13.658 *** 383 028 13.467 *** 549 040 13.605 *** 453 034 13.267 *** 277 024 11.708 *** 430 033 13.095 *** 422 031 13.480 *** 340 028 12.036 *** 362 029 12.625 *** 354 029 12.245 *** 448 035 12.913 *** 428 034 12.660 *** 471 036 13.257 *** 403 032 12.538 *** 500 039 12.866 *** 332 028 11.831 *** 672 047 14.330 *** 507 037 13.705 *** 376 029 12.977 ***   76 Squared Multiple Correlations: (Group number - Default model) SA1 SA2 SA3 SA4 SA5 SA6 SA7 CP1 CP2 CP3 CP4 CP5 CA1 CA2 CA3 CA4 CA5 CA6 EA1 EA2 EA3 EA4 EA5 EA6 EA7 CL1 CL2 CL3 CL4 Estimate 480 393 273 586 497 529 453 529 499 581 549 597 517 565 680 545 499 518 489 531 564 586 554 610 581 486 622 610 612   77 Correlations: (Group number - Default model) λ estimate 1-λ^2 λ^2 Customer loyalty concept CL4 < - CusLoy 0.783 0.387 0.613 Sum λ 3.05 Sum (λ^2) 2.331 CL3 < - CusLoy 0.781 0.390 0.610 (Sum λ)^2 9.30 Sum (1-λ^2) 1.669 CL2 < - CusLoy 0.789 0.377 0.623 Sum (1-λ^2) 1.669 CL1 < - CusLoy 0.697 0.514 0.486 Composite Reliability 0.848 Variance extracted EA7 < - Experience 0.762 0.419 0.581 Experience Attributes concept EA6 < - Experience 0.781 0.390 0.610 Sum λ EA5 < - Experience 0.745 0.445 EA4 < - Experience 0.766 EA3 < - Experience EA2 < - EA1 0.583 5.23 Sum (λ^2) 3.915 0.555 (Sum λ)^2 27.37 Sum (1-λ^2) 3.085 0.413 0.587 Sum (1-λ^2) 3.085 0.751 0.436 0.564 Composite Reliability 0.899 Variance extracted Experience 0.728 0.470 0.530 < - Experience 0.699 0.511 0.489 CA6 < - Credence 0.72 0.482 0.518 Credence Attributes concept CA5 < - Credence 0.706 0.502 0.498 Sum λ CA4 < - Credence 0.738 0.455 CA3 < - Credence 0.825 CA2 < - Credence CA1 < - CP5 0.559 4.46 Sum (λ^2) 3.325 0.545 (Sum λ)^2 19.89 Sum (1-λ^2) 2.675 0.319 0.681 Sum (1-λ^2) 2.675 0.752 0.434 0.566 Composite Reliability 0.881 Variance extracted Credence 0.719 0.483 0.517 < - CusPart 0.773 0.402 0.598 Customer Participation concept CP4 < - CusPart 0.741 0.451 0.549 Sum λ CP3 < - CusPart 0.762 0.419 CP2 < - CusPart 0.706 CP1 < - CusPart SA7 < - SA6 0.554 3.71 Sum (λ^2) 2.754 0.581 (Sum λ)^2 13.76 Sum (1-λ^2) 2.246 0.502 0.498 Sum (1-λ^2) 2.246 0.727 0.471 0.529 Composite Reliability 0.860 Variance extracted Search 0.673 0.547 0.453 Search Attributes concept < - Search 0.727 0.471 0.529 Sum λ SA5 < - Search 0.705 0.503 SA4 < - Search 0.765 SA3 < - Search SA2 < - SA1 < - 0.551 4.71 Sum (λ^2) 3.211 0.497 (Sum λ)^2 22.21 Sum (1-λ^2) 3.789 0.415 0.585 Sum (1-λ^2) 3.789 0.523 0.726 0.274 Composite Reliability 0.854 Variance extracted Search 0.627 0.607 0.393 Search 0.693 0.520 0.480 78 0.459 Discriminant value calculation: N=466 Correlations: (Group number - Default model) r Estimate Experience Credence 0.76 < > Experience CusPart 0.677 < > CusLoy Experience 0.68 < > Credence CusPart 0.675 < > CusLoy Credence 0.686 < > CusLoy CusPart 0.747 < > Experience Search 0.559 < > Credence Search 0.54 < > CusPart Search 0.599 < > CusLoy Search 0.54 < > TINV(0.05,464) SE=SQRT((1-r2)/(n-2)) 0.046 0.052 0.052 0.052 0.052 0.047 0.059 0.060 0.057 0.060 1.965 (1-r)/SE 5.20 6.18 6.14 6.20 6.07 5.35 7.48 7.69 7.05 7.69 APPENDIX – Result of hypothesis test AFigure – Result of hypothesis test in the first time 79 P-value 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Regression Weights: (Group number - Default model) CusPart CusPart CusPart CusLoy CusLoy CusLoy CusLoy < < < < < < < - Search Experience Credence CusPart Credence Search Experience Estimate S.E .306 063 304 077 340 081 468 074 255 084 065 065 204 079 C.R 4.888 3.978 4.209 6.304 3.034 1.003 2.577 P Label *** *** *** *** 002 316 010   Result of hypothesis test in the second time Regression Weights: (Group number - Default model) CusPart CusPart CusPart CusLoy CusLoy CusLoy < < < < < < - Search Experience Credence CusPart Credence Experience Estimate S.E .312 062 302 076 338 081 495 070 261 084 215 078 C.R 5.008 3.955 4.191 7.020 3.106 2.742 P Label *** *** *** *** 002 006   Standardized Regression Weights: (Group number - Default model) CusPart CusPart CusPart CusLoy CusLoy CusLoy < < < < < < - Search Experience Credence CusPart Credence Experience Estimate 275 290 306 466 223 195   80