Asian Academy of Management Journal, Vol. 21, No.

2, 1–26, 2016

BRAND PERSONALITY TOWARD CUSTOMER

PURCHASE INTENTION: THE INTERMEDIATE ROLE OF
ELECTRONIC WORD-OF-MOUTH AND BRAND EQUITY
Hojjat Vahdati1 and Seyed Hadi Mousavi Nejad2*

Department of Business Management, Lorestan University, Iran

1 ,2

*Corresponding author: [email protected]

Published online: 30 December 2016

To cite this article: Vahdati, H, Mousavi Nejad, S. H. (2016). Brand personality toward
customer purchase intention: The intermediate role of electronic word-of-mouth and brand
equity. Asian Academy of Management Journal, 21(2), 1–26. http://dx.doi.org/10.21315/
aamj2016.21.2.1

To link to this article: http://dx.doi.org/10.21315/aamj2016.21.2.1

ABSTRACT

Organizations like banks with the ability to develop an understanding of and capability in
predicting customer's behaviour are organisations that have an edge over their competitors
in the marketplace. One way of how organization's competitive advantage can be achieved
is when they can determine their customer's purchase intention of products. This study
attempts to investigate if brand personality, e-WOM and brand equity are determining
factors that influence bank's customers purchase intention which can lead to their purchase
decision later. Here, Mellat Bank in Iran is used as a case study and the bank's customers
participated as respondents in a survey. The study tested seven hypotheses using structural
equation modeling techniques. The findings show that brand personality, e-WOM and
brand equity have positive and significant effects on customer's purchase intentions.
The results also reveal that these factors have positive internal effects on each other. In
addition, e-WOM and brand equity show positive mediator roles.

Keywords: brand personality, electronic word-of-mouth, brand equity, customer purchase

intention.

© Asian Academy of Management and Penerbit Universiti Sains Malaysia, 2016

Hojjat Vahdati and Seyed Hadi Mousavi Nejad

INTRODUCTION

Cyberspace offered a new tool for marketers to improve the efficiency and
effectiveness of marketing communications and new approaches to acquire and
retain customers. One aspect of cyberspace is online interpersonal impacts. This
issue in the online environment has influence on customers' evaluations and
decisions about the purchase of a product or brand. Moreover, customer decisions
for purchase and preference of a particular brand will need to review the existing
brands in the market (Teng, Laroche & Zhu, 2007). The importance of this issue
is to the extent that today many world famous companies such as Procter &
Gamble and Mars are structured through their brands (Baker, Hunt & Scribner,
2002), and exercise their power on purchase decisions and consumers tendency
to pay the extra cost by brand (Aaker, 1991). Recently, useful constructs such as
brand personality and brand equity entered into the brand literature (Aaker, 1997;
Bouhlel, Mzoughi, Hadiji & Ben Slimane, 2011), which considering them in the
behavior intentions models in a broad range, could lead to non-price competitive
advantage (Bouhlel et al., 2011; Bruwer & Buller, 2005). This would increase the
possibility of revealing the main factor and real cause of the purchase intentions 
leading to the purchase decision.

The present research is a case study of Mellat Bank in Iran. The good relationship
with customers, providing suitable services as well as the frequent use of the brand
by customers compared to the other banks are among those reasons to select Mellat
Bank. These features may increase the possibility of attracting most of the statistical
community through the brand and electronic word-of-mouth communication.
However, Mellat bank is faced with serious problems due to its huge volume of
television advertising. Heavy budgets of the public relation units and promotion
plans of Mellat Bank are encountering with big challenges to the extent that
they have led to the decline of market share and global ranking in Mellat bank.
According to Banker Magazine in July 2012–2013, the global ranking of Mellat
bank has been considerably reduced compared to the other banks. Therefore, it
seems necessary for Mellat Bank to apply a distinctive strategy different from the
other banks, spread a positive e-WOM and use the brand-oriented activities for
maintaining the competition level in the financial market as well as to reduce the
advertising costs, marketing budgets and increase the efficiency of programs and
consumer intentions.

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 Brand Personality toward Customer Purchase Intention

LITERATURE REVIEW

Purchase Intention

One of the major concepts in marketing literature is purchase intention which

has routine applications in researches and also covers wide range of products
and services. Kim and Kim (2004) define purchase intention as the tendency of
consumers with the identified aim where it is usually measured in terms of real
purchasing. Moreover, Crosno, Freling & Skinner (2009) described that purchase
intention refers to the possibility of purchasing a special brand in a product category
during purchase. However, the implementation of the product's purchase intention
depends on various factors such as customer willingness and interest to the product,
imposed social pressure on the customer from others and a general sense of what is
received. These factors could be pursued according to the theory of reasoned action
(TRA) and product evaluation model (PEM). TRA is proposed by Fishbein and
Ajzen (1975) and is widely used in the consumer behavior literature and purchase
intention studies (i.e. Botha & Atkins, 2005; Beadnell, Baker, Gillmore, Morrison,
Huang & Stielstra, 2008; Alsughayir & Albarq, 2013). This theory assumes an
individual's intention to perform a behaviour as a function of 1. his or her attitude
towards that behaviour in a special situation; 2. the norms governing the behaviour
in such situation and the motivation to follow these norms (subjective norms).
Since TRA is very instrumental and practical where the individual is personally
responsible for his or her purchase intentions (Hakkak, Vahdati, & Mousavi Nejad,
2015), it seems that it is a suitable framework to study the customers' purchase
intentions in the bank.

However, some scholars such as Chung and Pysarchik (2000) believed that TRA
may not be absolutely accurate and others such as Collen & Hoekstra (2001) stated
that the other external variables could be used to explain the purchase intention.
One of these variables is the perceived value of customer which is clearly provided
in PEM proposed by Dodds, Monroe and Grewal (1991) and has been recently
noted as a constant factor in predicting the purchase intention (Chi, Yeh & Tsai,
2011; Ainscough, Trocchia & Gum, 2009). This model regards the purchase
intention as a function of the perceived value and indicates that the customer's
perception of quality and credibility initially influences on the perceived value and
then, this perceived value affects on their evaluation of the purchase intention. It
should be noted that if the customers do not maintain a good attitude toward the
product or ignore the behavioral norms, then they will not have any tendency to
purchase. Therefore, we tried to combine TRA and PEM to evaluate and predict
the customers' intentions more accurately. Moreover, a range of attitude, subjective
norms and perceived value are considered to evaluate the customers' intentions.

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Hojjat Vahdati and Seyed Hadi Mousavi Nejad

As mentioned earlier, persuading customers to use the brand of bank is significant

and could facilitate the maintenance and growth of market share of banks. In this
regard, Bertoncelj and Moisescu (2010) points out that one way to persuade the
customers and increase the market share is to create a powerful brand and reinforce
it which would lead to establish long-term and interactive relationships among
stakeholders and more importantly the customers. In addition, some researchers
believe that focusing on some features of brand could be as an important factor in
persuading the customers and success of organisations. Many factors are involved
in the purchase intention of a customer and having them in mind could persuade
the customer to use and buy the brand. They include brand personality (Aggarwal,
2004), brand equity (Aaker, 1991) and eWOM (Park & Lee, 2009). Focusing
on brand personality and brand equity creates a close relationship between the
brand and the customer and will lead to the selection of the brand by making a
good image of the bank and its services in the mind of consumers. Also, in today's
technological age, customers have more interactions with each other and convey
their purchase information which influence on their brand purchase decisions.
Therefore, it seems that eWOM is also an effective factor to persuade a customer
other than using different options of applying brand by marketers.

Accordingly, this research will investigate the effect of the above variables on
customers' purchase intention. It studies this issue in the target community in order
to become more familiar with the way customers are persuaded and their purchase
intentions are changed. Then, this research will identify the most important factor
for increasing the purchase intention of the customers among eWOM, brand
personality and brand equity. In the following sections, these effective factors on
the purchase intention of the customer are introduced and studied.

Brand Personality

Brand personality is instrumental for consumers and marketing, because it can

create a procedure to differentiate among various brands and is a key determinant
for consumer purchase intention (Bruwer & Buller, 2005). In fact, when it is difficult
to assess the product's features, consumers usually trust in brand personality.
Aaker (1997) noted that brand personality is a set of human characteristics which
consumers ascribe to brands. She proposed a five-dimensional model for brand
personality which consists of 24 features and five dimensions including sincerity,
excitement, competence, sophistication and ruggedness. This model is regarded
as one of the most widely used instruments for measuring brand personality in
different industries, while other models such as Braunstein and Ross (2010) model
is applicable in only one particular industry. Brand sincerity within the framework
provided by Aker means integrity and reality of a brand; brand excitement refers

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 Brand Personality toward Customer Purchase Intention

to how exciting and adventurous is a brand and a brand will deserve perception
when it is sustainable and smart; brand sophistication also refers to the attraction
and elegance of the brand and brand ruggedness refers to resistency and power of
the brand.

In spite of criticisms towards Aaker's brand personality scale, for example Azoulay
and Kapferer (2003) stated that Aaker scale is indicative of a mixture of some
brand identity dimensions rather than a measure for brand personality; however,
one can say that this model is appropriate in the process of reviewing and improving
customer preferences in the purchase process through consistency and congruence
between the brand and customer's personalities. Regarding this fact and since there
are numerous studies which implemented Aaker's model, it is applied to examine
the brand personality of Mellat Bank in this research.

Many factors are effective in the customers' intentions and their moods, however,
brand personality is the first factor that should be considered by researchers. Brand
personality is useful for marketers and customers, because it can establish a link
with the customer (Temporal, 2000) and create a mechanism to be distinctive
among brands; it also acts as a determinant key for customers' intentions (Bruwer
& Buller, 2005). As Aaker (1997) also indicated, brand personality is a main
variable in consumers' purchase decisions and is an important concept in brand
distinction which has a significant effect on the consumers' purchase decisions.
In creating a brand personality, the most important factor probably is a close
relationship between brand personality and consumer personality. However, when
brand personality is in accordance with the consumer's desire, then consumer's
intention and loyalty for buying brand will increase. Mengxia (2007) found out
that brand personality affects on the customer preferences, loyalty and purchase
intention. He used a comparative approach using 230 Chinese customers' ideas
about two brands (Nike and Sony) and demonstrated that brand personality has
a positive and significant effect on the purchase intention. Moreover, recent
researches confirmed the significant effect of brand personality on the purchase
intention (i.e. Wang, Yang & Liu, 2009; Akin, 2011; Toldos-Romero & Orozco-
Gómez, 2015). For example, Akin (2011) in a study entitled "Predicting Consumers'
Behavioral Intentions with Perceptions of Brand Personality: A Study in Cell
Phone Markets" explained that brand personality dimensions of competence,
excitement, traditionalism and masculinity have significant and direct effects on
consumers' behavioral intention, and the effects of competence and excitement are
more than the other two dimensions. Finally, the findings of Toldos-Romero and
Orozco-Gómez (2015) which focused on 400 undergraduates' students in Mexico
using questionnaires between two groups of users and non-users of brand and
multiple regression analysis revealed that brand personality and its dimensions are

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Hojjat Vahdati and Seyed Hadi Mousavi Nejad

significant predictors for purchase intention and brand personality effect is higher
among the users of the brand compared to the non-users. Hence, although many
factors influence on the consumer intentions and conditions, brand personality is
the first factor that should be considered by researchers.

H1: Brand personality has a positive and significant effect on customer's

purchase intention.

Brand Equity

Brand equity which has become an important concept in marketing since 1980; is
the added value created by the brand name for the organisation. At present, brand
equity is one of the most important marketing variables which is widely discussed
by researchers and marketing experts. The main reason for this reputation is the
strategic role of brand equity in management decisions and creation of a competitive
advantage for organizations (Atilgan, Aksoy & Akinci, 2007). Brand equity
construct can be surveyed according to three approaches: financial, corporate, and
customer. In financial approach, brand equity is an increasing cash flow which
is obtained via the nominated products in addition to the cash flows derived of
selling nameless products. In corporate-based approach, brand equity is the value
added to the company for the brand name and this revenue will not cover the
same nameless product (Keller & Lehmann, 2004). Finally, customer-based brand
equity (CBBE) according to Keller (1993) is the effect of distinctive marketing of
brand knowledge on consumer response lies in the brand marketing and increases
the level of the brand which is familiar for the customer. As this study seeks to
review the reaction of customers and their intention to use Mellat Bank's brand,
this approach seems appropriate.

According to Aaker (1996. p. 7), brand equity is a "collection of assets and liabilities
linked to brand name which added (or subtracted) to value provided by a product
or service to the company or their customers. Lemon, Rust and Zeithaml (2001)
have provided a more accurate definition of this concept: brand equity is subjective
and intangible evaluation of brand beyond what customer acquire via objective
assessment. Despite different definitions of brand equity, Keller and Aaker declare
that brand equity generally consists of various dimensions that make up the
foundation of value provided to the consumers. Keller (1993) in his study discusses
that creating a strong brand equity is a gradual and staging process which is similar
to a ladder. Aaker (1991) also believed that brand equity is a multidimensional
construct and includes attitudinal and behavioural dimensions such as brand
awareness, brand associations, perceived quality, other brand proprietary assets
(attitudinal dimensions) and brand loyalty (behavioral dimension) where brand

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 Brand Personality toward Customer Purchase Intention

loyalty is a main dimension of brand equity. Due to the wide use of Aaker's model
in numerous researches focusing on consumer perceptions (i.e. Yoo, Donthu &
Lee, 2000; Chang & Liu, 2009; Jalilvand, Samiei & Mahdavinia, 2012), this model
is also used here to measure CBBE.

To stress on the effect of brand equity effect on purchase intentions, Aaker

(1991) states that these two structures are in relationship with each other and
when a product has a high brand equity, consumers tend to buy that product with
a higher price or frequently; this fact indicates the positive relationship between
brand equity and purchase intentions. He also believes that perceived quality
can demonstrate outstanding differences of a product or service and be a reason
for customers to select a brand. If the customer's perception towards the quality
of a brand quality is high, then his or her intention to its purchase will be high.
Moreover, Chi et al. (2011) pointed out that when a product has a known brand,
the product can increase the probability of being selected by the customers and
their purchase intention; thus, businesses should create a brand and promote its
equity through marketing activities. Researchers such as Jung and Sung (2008) and
Irshad (2012) showed that the more brand equity increases, the more consumer's
preferences and loyalty to brand will increase. Jung and Sung in a cross-cultural
study examined the customer-based brand equity among three groups of consumers
in both America and Korea. Their findings showed that in addition to positive and
significant relationship between brand equity and purchase intention in all groups of
consumers, brand loyalty is the most important dimension in brand equity and has
a positive relationship with purchase intention in three groups. Irshad also studied
the relationship between brand equity and its dimensions with customers purchase
intention. In this study, the perceived quality, brand associations/awareness and
brand loyalty are considered as dimensions of customer-based brand equity and
the results showed that these dimensions have positive and significant effects on
customers' purchase intentions. Empirical evidence also shows that brand equity
has a positive effect on consumer preferences, purchase intentions and brand
choice (Chang & Liu, 2009; Irshad, 2012).

H2: Brand equity has a positive and significant effect on customer's

purchase intention.

In previous researches, the concept of brand personality and brand equity were
related to each other, but it is believed that the brand personality is one of the
fundamental elements to brand image that can help to create the brand equity (Aaker,
1996; Keller, 1993). Consumers can use the brand personality characteristics
as the determinant factors of brand equity. Rekom, Jacobs and Verlegh (2006)
believed that when customers know the product quality self-right and competitors

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Hojjat Vahdati and Seyed Hadi Mousavi Nejad

can easily copy the product features, the strong brand identity and personality can
be high valuable in shaping of brand equity. In fact, a unique brand personality
can help to create an ideal and unique set of links in the customers' mind that leads
to brand equity (Keller, 1993). Hence, brand personality and brand equity can
help the brand equity and goes to a positive evaluation of the brand by consumer
(Aaker, 1991).

As mentioned, brand personality increases the consumer's intention and interest as

well as the level of their trust and loyalty (Aaker, 1997), and this is while brand loyalty
which is an aspect of brand equity has been greatly affected by brand personality
and brand preferences (Kim, Magnini & Singal, 2011; Valette-Florence, Guizani &
Merunka, 2011). Some studies confirm the positive effect of brand personality on
the brand equity (Stephanie, Aaron, Lay Peng & Jayne, 2011; Gonçalves Santos,
2013; Hakkak et al, 2015). Stephanie et al. (2011) in a study entitled "The Effect
of Brand Personality and Congruity on Customer-based Brand Equity and Loyalty
of Personal Computer Brands", confirmed the effect of brand personality on brand
equity and showed that the emotional dimensions and competence in the brands
of personal computers are very important. Moreover, Gonçalves Santos (2013) in
his study entitled "Axe's Brand Personality and Equity, consumers' perspectives
on the brand's personality and equity" showed that the characteristics of the
brand personality have significant effects on customer-based brand equity, so that
the dimensions of excitement, competence and sophistication have significant
and positive correlation with the dimensions of perceived quality and brand
awareness, and in the meantime, customer loyalty has a negative correlation with
the dimensions of excitement and sophistication. Moreover, recent research from
Hakkak et al. (2015) about using structural equation modelling techniques shown
that customer's intention to use bank services is affected by the brand personality,
whereas brand equity can increase this effect by having a positive mediating role.
Therefore, such literature reflects this fact that organizations are aware of the
importance of relations between brand personality and creating the brand equity
and strongly apply it in their brand management strategies. Given that brands can
influence on the customers' feeling in their purchase decision-making (Baumgarth,
Bill & Mats, 2011). According to the mentioned literature and the relations among
the variables, one can provide the subsequent hypotheses as follows. It should be
mentioned that many studies already have examined the relations between research
main variables, but there isn't a study examining them as a whole.

H3: Brand personality has a positive and significant effect on brand

equity.
H4: Brand personality has a positive and significant effect on customer's
purchase intention through brand equity.

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 Brand Personality toward Customer Purchase Intention

Electronic Word-of-Mouth

Currently, word-of-mouth (WOM) communication is very important to marketers

and is less expensive in comparison to the marketer-initiated communication,and
also is more valid for customers. This type of communication is an informal
communication between consumers regarding the products or services and it
is not similar to the way communication established between consumers and
organizations such as complaints or promotions (Polyorat, 2011). Jason, Georgiana
and Dongwoo (2010) state the WOM refers to the consumers' interpersonal
communication about their personal assessments and experiences encountering a
company or product. Nowadays, WOM is widely considered as a powerful effect in
the consumer marketplace, especially when consumers are seeking for information
and decision.

With the rapid growth of the Internet, the communication has been altered
which led to appear as "electronic communication" and considered as a critical
phenomenon in marketing. Internet helps the consumers to post their ideas, give
comments, review and evaluate products in the blogs, discussion rooms, reviewing
websites, newsgroups and social networks. According to Armelini & Villanueva
(2006), increasing use of the internet, especially the social networks among others
had paved the way for the exchange of information in the form of "electronic word
of mouth" (e-WOM). This information could be negative or positive and could
change an organisation's prosperity. Hennig-Thurau, Gwinner, Walsh and Gremler
(2004, p. 39) described e-WOM as any positive or negative statement about a
product or company from customers which potentially or actually obtained from
Internet and is available for many people via the Internet. Following this notion,
Duana, Gu and Whinston (2008) define e-WOM as an Internet platform to share the
positive or negative reports between the current users and future customers. They
also believe that e-WOM is one of the powerful options of sharing information
among the customers, since WOM is the procedure of transferring opinions and
views from one individual to the other. Finally, Stephanie et al. (2011) reported that
e-WOM includes all the informal communications of consumers through internet-
based technologies which are defined in relation to the characteristics of specific
products or services and their dealers.

It should be noted that WOM plays a big part in the customer purchasing decisions,
since provides a channel for consumers to share their perceptions, views or
feedbacks about the businesses, goods and services. This argument is affirmed by
a research carried out by Nielsen in 2007 in which 78% of the customers consider
into account the recommendation from the e-WOM to make their decisions (Severi,
Ling & Nasermoadeli, 2014). So, increasing significance of e-WOM brings about

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Hojjat Vahdati and Seyed Hadi Mousavi Nejad

evaluation of consumer's behaviour become necessary and useful for marketing

managers and experts. As noted, WOM can be positive or negative which is due to
the wide range of sources. In general, it is proved that great extent of information
has an effect on consumer behavior (Bickart & Schindler, 2001). Studies show
that e-WOM could be a considerable power to influence on consumer loyalty and
purchase intention (Bataineh, 2015; Thomas, Brunner & Opwis 2006). Different
websites have deep effects on consumer purchase decisions by facilitating the way
to spread the consumers' views and access to their comments (Zhang, Law & Li,
2010). Moreover, such advertising has a significant effect on purchase behaviour,
consumer communications, and finally on the success of a product in the market.
Therefore, positive and negative e-WOM has an effect on consumers' purchase
intention (East, Hammond & Lomax, 2008), and is one of the most efficient
elements in impressing brand image and brands purchase intention at consumer
markets (Jalilvand et al., 2012).

H5: e-WOM has a positive and significant effect on customer's

purchase intention.

Few studies are performed about the e-WOM influence on brand equity which
we refer to some of them in the recent years. For example, Thomas et al. (2006)
investigated the impact of one special type of e-WOM on customer's perception
of value and loyalty intentions and concluded that the customer-to-customer
exchange of technical knowledge influences the customer's perception of product
value and probability of recommending the product to the others while it does not
have any effect on the purchase intentions. Bambauer-Sachse & Mangold (2011)
also show that online reviews of consumer about the product reduce the brand
equity. However, recent researches done by Severi et al. (2014) and Eze, Nnabuko
and Etuk (2014) indicate a positive relationship between these two constructs.
E-WOM will be considered mainly with three goals from company where their
implementation lead to keep and enhance the brand equity: 1. Increasing the sale
figures of the current products or new products through a low-price tool to attract
and maintain the customers; 2. Improving the customer satisfaction indicator; 3.
Accessing to the ideas for developing new products by applying the customers'
suggestions about new products (Sharma & Pandey, 2011). The following
hypotheses could be offered:

H6: e-WOM has a positive and significant effect on brand equity.

H7: e-WOM has a positive and significant effect on customer's
purchase intention through the brand equity.

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 Brand Personality toward Customer Purchase Intention

METHODOLOGY

The present study is an applied research in terms of its objectives, it is quantitative

in terms of data collection, and it is a descriptive survey in nature. The statistical
community of this study consists of the whole customers of Mellat Bank in Qazvin,
Iran. The sample size was calculated to be 384 persons by Cochran Formula. To
collect the sample, 440 questionnaires were distributed among the customers and
394 questionnaires (89.5% is return rate) were collected and analyzed. Since the
complete list of customers is not available, convenience sampling which is a non-
random method has been used in order to achieve the required sample size. Due
to the presence of the researcher in the selected branches, and accidental and easy
access to the customers in this bank branches, this sampling method is selected.

Mellat bank has 17 branches in Qazvin that initially were divided into clusters. How
distribution of bank branches was performed with respect to different geographic
area in this cluster are shown in Table 1. Then, we determined the frequency ratio
and estimated the number of questionnaires required in each area, those distributed
in the chosen branches. After this stage, the researcher went to the branches and
distributed the questionnaires among customers of the branch according to the
number of questionnaires in each area. Distribution process has been in such a way
that the questionnaires are delivered to the customers randomly. However, it can be
said that since the list of all customers was not available, random sampling was not
applicable and samples have been selected from the available customers. In fact,
sampling method was of convenience one. Thus, the opinion of reviewer is correct,
and in the research methodology, sampling method has been modified.

Table 1
Number of branches and their frequency ratio in every area
The questionnaire Requirements
Area Number of branches Frequency ratio
(n × frequency ratio)
North 1 0.06 26
East 2 0.12 53
West 3 0.17 75
South 9 0.53 233
Center 2 0.12 53
Total 17 1 440

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Hojjat Vahdati and Seyed Hadi Mousavi Nejad

Moreover, the research questionnaire consists of two parts, the first part included
questions about demographic characteristics of the respondents including gender,
age, marital status, education and income. The second part of questions covers
the evaluation questions about research constructs, which is designed based on
the five-option Likert scale. In second part, Aaker (1996) questionnaire was
used to measure the brand personality, Bambauer-Sachse and Mangold (2011)
questionnaire to measure e-WOM, Yoo et al. (2000) questionnaire to measure
the brand equity and Hakkak et.al. (2015) questionnaire was used to measure the
purchase intention.

In order to test the main research model, which is related to the effect of brand
personality, e-WOM and CBBE on the purchase intention as well as to estimate
the internal effects among these constructs, structural equation model (SEM)
can be applied. In comparison to the other statistical procedures, SEM models
enable researcher(s) to evaluate the complex models in terms of their compatibility
with all the relationships (covariances) in the data set. While SEM is a general
term encompassing a variety of statistical models, covariance-based SEM (CB-
SEM) is a more widely used approach in SEM. CB-SEM is more appropriate to
affirm theory testing and confirmation and for this reason, it follows a maximum
likelihood (ML) estimation procedure which aims at reproducing the covariance
matrix (Astrachan, Patel & Wanzenried, 2014).

In this way, CB-SEM requires a substantially larger sample size which is

recommended to be five times the number of indicators included in the original
model (In this research, CB-SEM model has 41 indicator variables in four
constructs and the sample size is estimated as 205 (41*5). Thus, to use a sample
of 384 customers of Mellat Bank, this research applies CB-SEM to analyse the
data. This research also defines the exact number of dependent and independent
variables used in the theoretical model, the relationships between these latent
variables, and the number of indicator variables are required to ensure a valid and
reliable measure of all constructs (these are assumptions for CB-SEM). Moreover,
the applicability of the overall measurement models as well as the strength and
significance of the relationships (or paths) between the dependent and independent
variables by this method are evaluated. CB-SEM in this research is performed by
AMOS 18 software and estimation was done using the ML estimation. In AMOS,
to determine the suitability of the measuring indicators for measuring latent
variables, all observed variables required to be tested separately (Confirmatory
factor analysis (CFA) (Tinsley & Brown, 2000). In this research, latent variables
are including the brand personality, e-WOM, CBBE and purchase intention which
are measured by the observed variables including all dimensions and questions

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 Brand Personality toward Customer Purchase Intention

provided in questionnaires. After ensuring the normal distribution of the data, the
fitness of fit test was performed for the measurement models and its general indices
are given in the following as well as the analytic results of validity, reliability and
measurement specification.

To assess the reliability of the research instrument, Cronbach's Alpha method,

and to assess the validity, the content and construct validity methods were used.
The content validity was approved by the viewpoints of experts and university
professors. To determine the validity of the convergent and divergent construct,
the correlation coefficients (R), the determination coefficients (R2), and the total
variance extracted (TVE) of the latent variables were used. The significance of
correlations among variables confirms the convergent validity, and the critical
value of TVE higher than the R2 of variables confirms the divergent validity. The
results of these analyses are presented in Table 2.

Table 2
The research instrument reliability and validity
Brand e-Word of Brand Purchase
Variable Questions AVE Alfa
Personality Mouth Equity Intention
Brand Personality 1 – 0.606** 0.702** 15 0.50 0.83
R2=0.37 R2=0.49
Word of Mouth – 1 0.530** 0.615** 6 0.45 0.73
R2=0.28 R2=0.38
Brand Equity 0.606** 0.530** 1 0.702** 15 0.62 0.87
R2=0.37 R2=0.28 R2=0.49
Purchase Intention 0.702** 0.615** 0.702** 1 5 0.63 0.82
R2=0.49 R2=0.38 R2=0.49
Notes: All correlations of between the latent variables at level 0.05 are significant.

As the results show, significance of correlations indicates that convergent validity

is confirmed. Moreover, alpha coefficients of higher than 0.7, and AVE values
which are greater than 0.5 and AVE>R2 indicated that the research instrument is
reliable and valid. In addition, KMO values were extracted by the heuristic factor
analysis on the research variables. Since all values were more than 0.7, the data
are appropriate for the confirmatory factor analysis. Therefore, it can be concluded
that the items measured the variables of observation correctly (Tinsley & Brown,
2000). Based on the data collected from the questionnaire, the frequency of subjects
based on demographic variables was evaluated that results have been presented in
Table 3.

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Hojjat Vahdati and Seyed Hadi Mousavi Nejad

Table 3
Demographic characteristic of respondents

Characteristics Frequency %
Gender Male 248 62.9
Female 146 37.1
Age Group Less than 20 years 48 12.2
21–30 years 188 47.7
31–40 years 115 29.2
41–50 years 26 6.6
More than 51 years 17 4.3
Marital status Married 204 51.8
Single 190 48.2
Education High School 28 7.1
Diploma 103 26.1
Associate 77 19.5
Bachelor 141 35.8
Master or higher 45 11.4
Income Less than 2 million IRR 18 4.6
2–4 million IRR 108 27.4
4–7 million IRR 170 43.1
7–10 million IRR 64 16.2
More than 10 million IRR 34 8.6
Total 394 100

After the data collection, in order to determine that to what extent the measured
items are acceptable for measuring the latent variables, confirmatory factor analysis
was used. In order to patterns fit, used the absolute and incremental measures fit
index. Absolute measures are the most fundamental assessment of the conformity
of research proposed model with data collected from the sample and including
indices of chi-square (CMIN) and root mean square error of approximation
(RMSEA). Likewise, incremental measures compare the estimated model with null
model and including indices of normed fit index (NFI), goodness of fit index (GLI)
and comparative fit index (CFI). If introduced indices levels be desirable rather
than their decision's criteria, can be approved models fit and alignment questions
with factors (Tinsley & Brown, 2000). The results of cconfirmatory factor analysis
can be seen in Table 4.

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 Brand Personality toward Customer Purchase Intention

Table 4
Confirmatory factor analysis of model's measurement patterns

Index
CMIN CMIN/DF GFI CFI NFI RMSEA
Model
Brand Personality 6.455 1.191 0.993 0.998 0.990 0.027
Word of Mouth 20.552 2.284 0.984 0.976 0.959 0.057
Brand Equity 3.528 1.764 0.995 0.998 0.995 0.044
Purchase Intention 4.948 1.649 0.910 0.912 0.908 0.011
Decision criteria P>0.05 1<CMIN/DF<5 GFI>0.9 CFI>0.9 NFI>0.9 RMSEA<0.1
Notes: GFI = Goodness of Fit Index, RMSEA = Root Mean Square Error of Approximation, CFI = Comparative
Fit Index, NFI = Normed Fit Index.

According to the results in Table 4, it can be said that the smaller the chi square
(CMIN), then model developed by the researcher is more satisfactory. If P-value
is higher than 0.05, it indicates that CMIN value is acceptable for model. CMIN/
DF index also shows the differences between the conceptual model and research
data; and the smaller level of it (1–5) shows a small difference between conceptual
model and research data. Moreover, CFI, GFI and NFI indexes are in a range
between zero and one and the more those values are closer to one, the better the
model or pattern fits. As the results show, the values of the indices are greater than
0.9, which indicates a suitable fit for measurement patterns. In addition, RMSEA
index which is defined as a different extent for each degree of freedom (df), the
more its value is less than 0.08, the more fit is the model. Therefore, it is observed
that models are reached to a favourable level of fit and accordingly, the structure of
each variables could be confirmed.

Table 5
Path coefficients and critical values of the research hypotheses
Path Standard Coefficients
Hypothesized Path t-value Sig Result
Direct Indirect Total
H1: BP PI 0.46 – 0.46 6.78 0.001 supported
H2: BE PI 0.52 – 0.52 7.73 0.001 supported
H3: BP BE 0.75 – 0.75 11.01 0.001 supported
H4: BP BE PI 0.46 0.39 0.85 – 0.011 supported
H5: eWOM PI 0.55 – 0.55 8.12 0.001 supported
H6: eWOM BE 0.45 – 0.45 6.31 0.001 supported
H7: eWOM BE PI 0.55 0.23 0.78 – 0.032 supported
Note: BP = Brand Personality, BE = Brand Equity, PI = Purchase Intention, WOM = Word-of-Mouth.

15
Hojjat Vahdati and Seyed Hadi Mousavi Nejad

After examining fitness of the measurement model in confirmatory factor analysis,

we deal with analysing the structural model, fit method and its adaptation as well
as the significance tests for each parameter in structural equation models using
t-value (CR) index. Table 5 summarises the hypotheses tests based on the CB-SEM
analysis and shows the path standardised coefficients and significance between the
research structures.

One of the aims of this study is to determine the effect of factors such as brand
personality, brand equity and electronic word of mouth on customers' intention to
use the banking services and facilities which are measured by seven hypotheses.
In relation to the effect of brand personality on customer purchase intention in
the first hypothesis (H1), it is revealed that the brand personality has a positive
and significant effect on Bank's consumer consumption intentions with 0.46
coefficient (t-value  =  6.78, p<0.05). This coefficient indicates that for every
one-percent increase in the brand personality variable, the customers' intention
to use a bank increases to 46%. So, the first hypothesis (H1) at confidence level
of 95% is confirmed and fulfills the research first aim. In order to achieve the
research second aim and to determine the effect of brand equity on the customers'
intentions to use banking services, the second hypothesis (H2) was presented and
the results showed that at confidence intervals of 95%, brand equity can have a
positive and significant effect on customer purchase intention of Mellat Bank with
a 52% (t-value = 7.73, p<0.05). In the third hypothesis (H3), results showed that
the bank's brand personality has a positive and significant effect on brand equity
(t-value = 11.01, p<0.05). The value of this effect at the confidence intervals of
95% is 75%. In other words, in the customers view, strong brand personality for
banks can create a positive image of brand and added brand equity. Therefore,
confirming this hypothesis allows to achieve the third aim of research.

In order to achieve the fourth aim of study, the result of structural equation modeling
techniques in testing the fourth hypothesis (H4) indicated that Mellat Bank's brand
personality has both direct and indirect effects on the customers' intention to use
banking services. Coefficients value are 46% and 39% respectively, which show
total effect of brand personality on customer's purchase intention despite the
mediator's variable of brand equity that plays a positive mediating role accounting
85% (0.46+0.39). Therefore, hypothesis H4 is confirmed at confidence interval
of 95% (p<0.05). At the same time, in the seventh research hypothesis test (H7),
it is also observed that the brand equity has a positive mediating role for WOM
and can increase the effect of this factor on the customer's purchase intention.
Direct and indirect coefficients of this hypothesis are 55% and 23% respectively

16
 Brand Personality toward Customer Purchase Intention

which is confirmed at the significance level of 5%. Hence, one of the main aims
of this study—revealing the mediating role of brand equity for brand personality
and WOM in achieving to customer's purchase intention—was evaluated and
approved.

Moreover, one of the research aims was to determine the effect of e-WOM on brand
equity and customer intention to use services and facilities of the Mellat bank which
were tested in the fifth (H5) and sixth (H6) hypotheses. The results showed that
e-WOM with confidence level of 45% and 55% respectively, influence on brand
equity and bank customer's purchase intention. These coefficients are confirmed at
the confidence intervals of 95% (t-value (BE) = 6.31, t-value (EW) = 8.12, p<0.05).
These values show that for every one percent increase in e-WOM, brand equity of
the bank and its customers' purchase intention increase 45% and 55% respectively.
Thus, testing each of the hypotheses and analysing their results, research aims are
achieved one after the other. According to the hypothesis testing, the output of
Amos software is provided in Figure 1.

Figure 1. The research practical model

17
Hojjat Vahdati and Seyed Hadi Mousavi Nejad

As the results of structural model fit in CB-SEM show, the above indices have
a high fit and the practical model of the research has an appropriate meaningful
structure (Tinsley & Brown, 2000). Regarding the factor loadings, it is observed that
loading factor of the most items for each structure is more than 0.6 which showed
a favourable status of the obvious variables and also indicates that the convergent
validity is satisfactory. In addition to the hypotheses test in the present study, the
levels of each variable were measured using the mean comparison test based on
data collected from of Mellat Bank customers. Since, variables levels were higher
than 3 (P-value<0.05), it can be concluded the variables are at appropriate levels.

Present study seeks to encourage more customers to use Mellat bank's services and
facilities, which led to define several objectives in this regard. One of the research
objectives was to determine the effect of brand personality of bank on customers'
purchase intention. In fact, one of the new topics in the brand literature in recent
years is attributing the human characteristics to brands which is considered as
brand personality. In this regard, according to the results of first hypothesis testing,
Mellat Bank brand personality has a positive effect on the customers' purchase
intentions; it means that positive brand personality of product leads to the increase
of customers purchase intention. These results are in accordance with the results
of the other studies in this field (Bouhlel et al., 2011; Akin, 2011; Toldos-Romero
& Orozco-Gómez, 2015). According to the results of Figure 1, of the effective
dimensions of brand personality on Mellat bank customers' purchase intention,
competence and sincerity have the highest factor loading. This means that customers
of this bank trust in the brand, consider it as a successful brand and emotionally
has a close link to the brand. Hence, Mellat bank with more investment on these
dimensions could obtain more distinction in the minds of customers.Besides, this
study seeks to examine the effect of brand equity on customers' purchase intention
of Mellat bank which its positive effect is approved in the second hypothesis. This
means that if the bank's brand has a high equity, it can enhance the consumers'
intention to use their facilities and will finally lead to use the facilities and services.
The results of this test is in line with the results of Chang and Liu (2009) and
Irshad (2012) researches. As the results in Figure 1 shows, among the effective
dimensions of brand equity on the purchase intention, brand loyalty is reported as
the most important component of brand equity, which is indicative of the loyalty
of the majority of customers to Mellat Bank brand than other brands, and they
probably would choose this specific brand when they need banking services.

In addition, the findings showed that brand personality has a positive and significant
effect on the brand equity. Burke (1994), also declared that one of the benefits of
using brand personality is creating the brand equity. This result is consistent with
the results of other studies (Irshad, 2012; Gonçalves Santos, 2013). One can say

18
 Brand Personality toward Customer Purchase Intention

that brand personality is one of the essential elements of brand image which can
create a desirable and unique set of links in the customers' minds and it can improve
the brand equity by creating a unique brand personality. Moreover, one of the
research aims was investigating the mediating role of brand equity. The research
results showed that navigator factors of purchase intention have domestic impact
on each other. In fact, brand personality has a positive and significant effect on
brand equity that points out the direct and indirect effect on the customers purchase
intention. This means that brand equity has a positive mediating role which can
improve the brand personality effect on the customers purchase intention. This
result is in parallel with the findings of Hakkak et al. (2015) study. Therefore,
developing a positive brand personality based on the customer's minds can increase
the customers' intention to use the brand and finally achieve a strong predictor of
customer's behaviour. Moreover, the bank's brand equity has a positive mediating
role in the relationship between e-WOM and purchase intention which was
examined in the seventh hypothesis. Regarding brand equity as a mediator variable
in the relationship between e-WOM and purchase intention can improve the effects
of this variable on purchase intentions. Indeed, customers' online recommendations
and offers to the brand make a positive imaginary of the brand, and increase trust
and loyalty for customers which this behaviour in turn, can improve the customers'
attitude and intention to use the brand.

In the end, the results revealed that e-WOM has a positive and significant effect
on the purchase intention of bank customers. This result reflects a positive WOM
can increase the consumer intentions to select and purchase a brand which is in
accordance to the findings of Zhang et al. (2010), Bataineh (2015) and Jalilvand
et al. (2012). As Table 4 results, e-WOM also has an effect on brand equity at the
confidence level of 95%. This result is consistent to the findings of Bambauer
and Mangold (2011), and Thomas et al. (2006). Bambauer and Mangold (2011)
explained that consumer's negative online reviews about the product undermine
the brand equity. In addition, Thomas et al. (2006) found that technical knowledge
exchange of customer-to-customer influence on the customer's perception of
product value and influence on the possibility of recommending the product to
others. Therefore, it can be seen that the results of hypotheses testing led to achieve
the research aims.

MANAGEMENT IMPLICATION

From a practical standpoint, the findings offer important implications for the
development of customer purchase intention. According to the results of hypotheses
testing, it is suggested to bank managers to strengthen different aspects of their

19
Hojjat Vahdati and Seyed Hadi Mousavi Nejad

brand personality due to the customers' geographical region and culture and based
on the five personality characteristics. Because consumers choose the brands
that are closest to their characters. Therefore, emphasizing on brand personality
characteristics as one of the main components of the study could be a mechanism
for differentiation and increases trust among the customers and increase the
likelihood of purchasing the brand where it is difficult to choose between brands.
Managers who focusing on the five dimensions of brand personality especially
the competence and sincerity which have the most loading factor will achieve a
perfect brand personality. This can be achieved by raising the level of trust and
confidence in brand, representing it as a successful and sincere brand, being useful
and beneficial in a variety of fields, and finally use of brand as an emotional and
dynamic brand. Creating a competent and sincere brand personality can increase
the brand equity and customer intentions to use the services or products.

In addition, brand personality can be formed through variety ways such as

marketing communications, sales promotions and social responsibility. Therefore,
it is recommended to managers to develop effective and efficient methods of
communication and public relations to achieve an appropriate brand personality.
Because the creation of proper and strong brand personality can increase the
customers' purchase intentions which will lead to business improvement. Moreover,
managers should consider the brand personality resources to build a positive
character of brand, make a differentiation in comparison to the other brands in the
customers' minds and being impressive in dimensions of brand equity. Since one of
the immediate resources of brand personality is staff and managers, so personality
traits, physical appearance, social and professional behaviour in relation to the
customers should be considered along with the brand personality and collectively
must be presented to the customers and market to receive a positive assessment by
the customers and improve the brand equity.

Furthermore, brand loyalty is the most important dimension in brand equity which
can establish an appropriate brand equity in the customer's minds. Therefore, it is
proposed to managers to do a wide range of activities to ensure applying the quality
standards in providing services and products, and also extensive advertising about
the product. Because, it can have dramatic results in creating customer loyalty by
creating a favorable memory image of product. Moreover, they should endeavor
to increase and keep customer loyalty by increasing the customer awareness
of their brand. After the brand loyalty, the dimensions of perceived quality,
brand association and brand awareness require special attention by managers,
respectively. Also, focusing on customer-based brand equity can increase the brand
personality and e-WOM effects on the customer purchase intention which this
effect is greater than the direct effect. In fact, focusing on the five dimensions of

20
 Brand Personality toward Customer Purchase Intention

brand personality and e-WOM will improve the brand equity, which it in turn leads
to further increased customer purchase intention. Therefore, marketing managers
can develop customers purchase intention especially their attitude and subjective
norms indirectly.

Likewise, it is suggested to bank managers to launch websites for consumers and

advertise by applying ways such as comments, emails in the target website as well
as using ideas of the popular managers and leaders and conduct the flow of e-WOM.
This action lead to increase in attracting customers and their purchase intention.
Finally, it is recommended to improve the bank brand equity and increase the use
of facilities, managers should do actions like publishing the informative WOM
advertisements for brand in credit online channels, giving WOM advertising
messages in which the perceived high quality of the customers about the products
and services are reflected. Moreover, using the loyal customers for publishing
WOM and viral advertisement will improve the brand equity which is followed by
increasing the purchase intention.

RESEARCH LIMITATIONS AND SUGGESTIONS FOR FUTURE

RESEARCH

Research data were collected using a cross-sectional, so the variables and results
possibly are limited to a period of time. In addition, the area covered by this study
is limited to Mellat bank, it is probable that the results could not be generalised to
the other banks, because the challenges and factors affecting customers' intention in
using services and facilities may vary in other banks. Hence, the study community
could be expanded in the future studies in order to obtain more accurate results.
Moreover, it is suggested to the future researchers to measure the present research
model for other brands to be able to compare their results, and determine the
differences. Also, it is advised that they consider the effect of brand personality,
e-WOM and brand equity using the brand personality of Geuens, Weijters and
De Wulf (2009), focusing on the resources of electronic word of mouth and
finally considering the financial and corporate approaches to brand equity in
other variables such as the brand performance, brand recall, brand relationship,
consumer perceptions etc.

ACKNOWLEDGEMENT

Last but not the least I place a deep sense of gratitude to my friends "Mohammad
Sadegh Jafari and Javad Taheri Moghaddam" who have been constant source of
inspiration during the preparation of this project work.

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Hojjat Vahdati and Seyed Hadi Mousavi Nejad

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