臺灣博碩士論文加值系統

Anecdotal evidence suggests that sport fans have tastes for team stock as consumption goods; they care about more than money payoffs. However, this investment behavior is in complete contrast to a common assumption in standard asset pricing models that investors choose asset holdings based solely on anticipated payoffs. Given the claim made by Fama and French (2005) that this phenomenon may attribute to loyalty, the present study provides the first investigation of loyalty based investment in Taiwan team sport setting. Furthermore, the link between team associations (attributes and benefits) and loyalty (behavioral and attitudinal loyalty) has been also examined in order for understanding of loyalty-based investors.

A survey of Taiwan baseball fans was completed (n = 257). Result of structural equation modeling revealed that both behavioral loyalty and attitudinal loyalty have effects on the fan’s investment intentions. Attributes and benefits both have influences on two aspects of loyalty. Specifically, behavioral loyalty is more strongly linked to investment intentions than attitudinal loyalty is. Benefits provided by the team, not the attributes are most strongly related to loyalty (both behavioral loyalty and attitudinal loyalty). In conclusion, (1) sport fans’ investment decisions can be swayed by loyalty toward their favorite team, (2) reasons for loyalty-based investors to follow a particular team mainly relate to benefits provided by the team.

Abstract i
Table of Contents ii
List of Tables iii
List of Figures iv

Chapter 1 Introduction 1
1.1. Research Background and Motivation 1
1.2. Research Objectives 1
1.3. Organization of the Thesis 2

Chapter 2 Literature Review 3
2.1. Loyalty 3
2.2. Loyalty Based Investment 3
2.3. Brand Associations in Team Sport 5
2.3.1. Attributes 6
2.3.2. Benefits 6
2.3.3. Attitudes 8
2.4. Loyalty and Team Associations 9

Chapter 3 Methodology 10
3.1. Research Hypotheses 10
3.1.1. Loyalty and Investment Intentions 10
3.1.2. Loyalty and Team Associations 10
3.1.3. Behavioral Loyalty and Attitudinal Loyalty 10
3.2. Research Framework 11
3.3. The Measurement 12
3.3.1. Attributes 12
3.3.2. Benefits 14
3.3.3. Behavioral Loyalty 15
3.3.4. Attitudinal Loyalty 16
3.3.5. Investment Intentions 16
3.4. Structural Equation Modeling 18
3.4.1. Path Diagram Construction 20
3.4.2. Model Specification 21
3.4.3. Model Identification 22
3.5. Sampling Design 23
3.6. Data Collection 24
3.7. Data Analysis 25

Chapter 4 Empirical Results 27
4.1. Sample Structure 27
4.2. Multivariate Normality 28
4.3. Goodness of Measures 29
4.3.1. Construct Validity 30
4.3.2. Reliability 32
4.3.3. 2-step Approach Argument 34
4.4. Parameter Estimation 37
4.5. Assessment of Model Fit 40
4.6. Hypotheses Testing 42
4.7. Model Modification 44

Chapter 5 Conclusion 47
5.1. Research Findings 47
5.1.1. Research Contributions 47
5.1.2. Interrelation between Behavioral Loyalty and Attitudinal Loyalty 49
5.1.3. Research Limitations 49
5.2. Future Research Directions 49

References 51
Appendix 1 SIMPLIS Input File 54
Appendix 2 Research Questionnaire (English) 55
Appendix 3 Research Questionnaire (Chinese) 60
Appendix 4 Selected SIMPLS and LISREL outputs of CFA model 63
Appendix 5 Selected SIMPLS and LISREL outputs of SEM model 73


List of Tables
Table 1 Brand association in Taiwan team sport 8
Table 2 Summary of research hypotheses 11
Table 3 The Attributes Scale (AS) 12
Table 4 The Benefits Scale (BS) 14
Table 5 The Behavioral Loyalty scale (BLS) 15
Table 6 The Attitudinal Loyalty scale (ALS) 16
Table 7 The Intention of Investment in Team Stock Scale (IITSS) 17
Table 8 Linear equations 22
Table 9 Data collection 25
Table 10 Demographic information 27
Table 11 The t-values of CFA 31
Table 12 The discriminant validity test 31
Table 13 Individual scale item R2 value and composite reliability (ρc) value for the latent variable 33
Table 14 Summary of fit indices of CFA 34
Table 15 The modification indices of CFA 34
Table 16 The assessment of measurement model through structural model 36
Table 17 Completely Standardized Solution of original model 39
Table 18 Standardized Total and Indirect Effects 40
Table 19 The relative contributions of latent independents in influencing latent Dependents 40
Table 20 Summary of fit indices 42
Table 21 Summary of hypotheses testing 44
Table 22 The modification indices 45
Table 23 Modification indices and expected change 45
Table 24 The relative contributions of latent independents in influencing latent Dependents 49


List of Figures
Figure1 Research Framework 11
Figure2 Conceptual measurement model of attributes 13
Figure3 Conceptual measurement model of benefits 15
Figure4 Conceptual measurement model of behavioral loyalty 15
Figure5 Conceptual measurement model of attitudinal loyalty 16
Figure6 Conceptual measurement model of investment intentions 18
Figure7 The process of structural equation modeling 19
Figure8 Path diagram for structural equation model 21
Figure9 The process of data analysis 26
Figure10 The CFA model diagram 30
Figure11 The structural equation model diagram 35
Figure12 Structural model 48

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