A re‐examination of the relationship between value, satisfaction and intention in business services

Purpose – The objectives of this paper are twofold: to add to the debate regarding conceptualisation and operationalisation of value within a professional service domain, and to contribute to the relatively sparse literature dealing with the functional relationship between determinants and outcomes of value with specific emphasis on the value to satisfaction and intention to re‐purchase relationship in professional services. Design/methodology/approach – A theoretically grounded model has been developed that comprises three antecedents of value (conceptualised as a higher order construct of six dimensions) and satisfaction both of which impact on intention. The model has been tested, using partial least squares, on 78 responses obtained through an email survey carried out amongst executives of the top 300 UK‐based companies listed in the Times 1,000. Findings – The results indicate that although perceived value is a multi‐dimensional construct treating value as a unified construct may lead to confounding effects. Although further research is needed it is suggested that different dimensions of value act at different levels of the value hierarchy and differentially reflect process and outcome value creation forces in professional services. Originality/value – This paper adds to the debate surrounding conceptualisations of the value construct by offering empirical support as to its formative nature. Furthermore, this is the first attempt to examine differences in the nomological relationships of value when it is treated as a single higher order construct and when the higher order structure of value is relaxed allowing its dimensions to directly interact with antecedents and consequences.