The financial impact of online customer reviews in the restaurant industry: A moderating effect of brand equity |
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| Affiliation: | 1. Department of Apparel, Events, and Hospitality Management Iowa State University 2302 Osborn Drive Ames, IA 50011, USA;2. Department of Apparel, Events, and Hospitality Management Iowa State University 17 MacKay Hall, 2302 Osborn Drive Ames, IA 50011, USA;3. Conrad N. Hilton College of Hotel & Restaurant Management University of Houston 4450 University Drive Suite S2302 Houston, TX 77204, USA;1. School of Business and Tourism Management, Yunnan University, Kunming, 650091, China;2. Tourism and Social Administration College, Nanjing Xiaozhuang University, Nanjing, 211171, China;3. School of Hospitality Business Management, Carson College of Business, Washington State University, Pullman, WA 99164-4742, USA;4. Department of Apparel, Events, and Hospitality Management, College of Human Sciences, Iowa State University, Ames, IA 50011-1078, USA;5. School of Hospitality Business Management, Carson College of Business, Washington State University, Vancouver, WA 98686, USA;1. Department of Marketing, Events and Tourism, University of Greenwich, London SE10 9LS, United Kingdom;2. School of Hospitality and Tourism, Auckland University of Technology, WH Building, 49 Wellesley Street East, Auckland 1010, New Zealand;1. Instituto Universitário de Lisboa (ISCTE-IUL), ISTAR, Lisboa, Portugal;2. ALGORITMI Research Centre, University of Minho, Guimarães, Portugal;3. Instituto Universitário de Lisboa (ISCTE-IUL), Lisboa, Portugal;4. INESC-ID, Lisboa, Portugal;1. Research Center of Tourism and Hospitality Management, College of Tourism, Huaqiao University, Quanzhou, Fujian, 362021, PR China;2. National Kaohsiung University of Science and Technology Department of Tourism Management, No. 415, Chien Kung Road, Kaohsiung, 807, Taiwan;3. Ming Chuan University, Leisure & Recreation Administration Department, 5 De Ming Rd., Gui Shan District, Taoyuan County, 333, Taiwan;4. College of Tourism, Huaqiao University, Quanzhou, Fujian, 362021, PR China |
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| Abstract: | The salient impact of electronic Word-of-Mouth (eWOM) on firm performance has been widely noticed by scholars and practitioners. While eWOM serves as an important source of information that helps reduce perceived uncertainty risks in service purchases, it is highly likely that other sources of information are simultaneously used with eWOM in the purchase decisions. Thus, this study empirically examined the financial effects of restaurant eWOM (review volume and review rating) and their changes in the presence of brand equity. Three-stage least squares analysis was employed in the empirical investigation. Our findings revealed that review volume and review rating contributed to restaurant profitability. Brand equity was found to moderate the effects of the review attributes on restaurants profitability, which implies that eWOM has a greater influence on the financial performance of weak-branded restaurants than strong-branded ones. Implications for researchers and practitioners are discussed. |
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| Keywords: | eWOM Online customer review Financial performance Brand equity Moderating effect Review volume and ratings |
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