The Effect of Perceived Quality on Customer loyalty during Financial Tsunami — An Empirical Study of Common Fund Distributors

• Main Authors: Wen-Wei LAN, 藍文偉
• Other Authors: Kuo-Jung FANG
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/61958804372317117923

碩士 === 實踐大學 === 企業管理學系碩士班 === 98 === During the period of widespread Financial Tsunami, the Great Depression affects the global economy. Investment environment is seriously decreasing, and the Fund market turns out redemption trend. Compared to domestic mutual fund market, the growth of fund-scale takes place during this period. As a result of the implementation of Offshore Fund Master Agent System, domestic broker who can acquire and sales overseas offshore fund extended to general insurance and financial organizations. Under the intense competition of the same industry, in order to enhance profitability, companies segment market with improving and enhancing product quality, information, and services and then develop into their own competitive advantage. However, it is no doubt that distributors improve their quality whether the key trigger of the size of the domestic fund breakthrough contrarian. This study focuses on this phenomenon and conducts a survey of mutual fund investors. The purpose is to understand the key factors of the fund distributors which enable investors to become loyal customers. I hope the findings will provide the fund distributors a specific conduct and a reference suggestion in the aspect of improvement and refinement. In addition, I hope these findings have substance contribution during the Financial Tsunami and the reconstruction of fund industry in the future. The frame composes of 6 dimensions: “product quality”, “information quality”, “service quality”, “perceived risk”, “switching cost”, and “customer loyalty”. In this study, the random sample is domestic mutual funds investors, and the questionnaire provided through the employees of 4 major distributors, including investment trust and consoling, banks, brokers, and insurance companies This study totally provided 800 questionnaires and 200 questionnaires for each of the distributors A total of 185 completed questionnaires were directly returned to the researchers (constituting a 23.1 percent response rate). Methodology of Structural Equation Modeling (SEM) had used to examine and verify. SEM Measurement Model examined the factor structure of theory, reliability and validity in this study that used by Confirmatory Factor Analysis (CFA). SEM Structure Model examined the causal relationship between latent variables and further analyzed the effects on “customer loyalty”. The results showed that the "service quality" is the most important key factor, followed by "Information Quality" and "switching costs". This means that fund investors feel at ease and identify with the profession and trust of the employees of 4 major distributors so that services provided by agents are able to reduce the risk of uncertainty. Besides, investors can rationally verify their financial derivatives and partners through the assistance of current trend information when investors excessively rely on agents and information system, they will gradually reduce their ability to convert and increase the switching costs. Finally, when investors face over-reliance and high costs, they strengthen customer loyalty under the circumstance of unable and unwilling to convert.