Hang, Nga Phan Thi; T ung, Nguyen Kim Quoc
A icle
Se ice quali y, cus ome sa is ac ion and loyal y: a case
s udy in Vie namese SMEs
Cogen Business & Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Hang, Nga Phan Thi; T ung, Nguyen Kim Quoc (2024) : Se ice quali y, cus ome
sa is ac ion and loyal y: a case s udy in Vie namese SMEs, Cogen Business & Managemen , ISSN
2331-1975, Taylo & F ancis, Abingdon, Vol. 11, Iss. 1, pp. 1-15,
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Se ice quali y, cus ome sa is ac ion and loyal y:
a case s udy in Vie namese SMEs
Nga Phan Thi Hang & Nguyen Kim Quoc T ung
To ci e his a icle: Nga Phan Thi Hang & Nguyen Kim Quoc T ung (2024) Se ice quali y,
cus ome sa is ac ion and loyal y: a case s udy in Vie namese SMEs, Cogen Business &
Managemen , 11:1, 2377769, DOI: 10.1080/23311975.2024.2377769
To link o his a icle: h ps://doi.o g/10.1080/23311975.2024.2377769
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Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2377769
Se ice quali y, cus ome sa is ac ion and loyal y: a case s udy in
Vie namese SMEs
nga Phan hi hang and nguyen Kim Quoc ung
Facul y o accoun ing - audi ing, uni e si y o Finance – Ma ke ing, Ho Chi Minh Ci y, Vie nam
ABSTRACT
his s udy assesses how a ious aspec s o loan se ice quali y in Vie namese comme cial
banks impac he sa is ac ion le els o small and medium en e p ises (sMes) and hei
ela ionship wi h cus ome loyal y o hese banks. implemen ing bo h quali a i e
me hods (such as g oup discussions, expe in e iews, and cus ome su eys) and
quan i a i e me hods (including pa ial leas squa es s uc u al equa ion modeling
(Pls-seM)), he au ho s iden i ied and analyzed i e dimensions o loan se ice quali y—
angibili y, eliabili y, assu ance, esponsi eness, and empa hy— ha posi i ely in luence
sMe sa is ac ion wi hin hese banks. addi ionally, his s udy explo es he connec ion
be ween sMe sa is ac ion and loyal y, ecognizing i as a c ucial ac o o imp o ing
ope a ional e iciency and gaining a compe i i e ad an age in acili a ing banking
ansac ions.
1. In oduc ion
as s a ed by he asian De elopmen Bank (2023), small and medium en e p ises (sMes) con inue o
se e as signi ican ca alys s o economic g ow h in de eloping asia and he Paci ic. amids he ongoing
global unce ain ies s emming om geopoli ical ensions and shi ing supply chains, i is impe a i e o
emphasize he ad ancemen o sMes o bols e hei domes ic impac on sus ainable de elopmen . sMes
ul ill di e se unc ions wi hin de eloping economies and encoun e a ious obs acles. speci ically, os e -
ing he g ow h o sMes and enhancing inancial inclusion a e c ucial o p omo ing a mo e equi able
and obus economic g ow h ajec o y h oughou de eloping asia and he Paci ic (asian De elopmen
Bank, 2023).
Due o limi ed esou ces like inance, echnology, and human capi al, small and medium en e p ises
(sMes) a e compelled o seek di e si ied unding sou ces o suppo hei ope a ions and explo e al e -
na i e a enues o enhancing hei pe o mance. compa ed wi h la ge co po a ions, sMes ace unique
challenges ela ed o owne ship s uc u es, economies o scale, colla e al, and in o ma ion disclosu e dis-
pa i ies, which pose obs acles o app oaching inancial esou ces (Mi za e al., 2023; Rabbani e al., 2023;
Rehman e al., 2023). hus, o accele a e hei de elopmen p ocess, bank lending o sMes is essen ial
o economic g ow h because, acco ding o Rehman e al. (2023), sMes ha e p oduced 60–70% o he
o al wo ld employmen and o e 50% o he wo ld’s g oss domes ic p oduc (gDP).
in he global economy, Vie namese sMes appea o be qui e inno a i e and p oduc i e because o
hei adop ion o in o ma ion and echnology. s a e-owned comme cial banks inance sMes in Vie nam,
co e ing app oxima ely hal o o al sMe loans. sMe lending cons i u es 22% o he coun y’s o e all
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT nguyen Kim Quoc ung [email p o ec ed] uni e si y o Finance – Ma ke ing, Ho Chi Minh Ci y, Vie nam.
h ps://doi.o g/10.1080/23311975.2024.2377769
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
Recei ed 27 sep embe
2023
Re ised 17 May 2024
accep ed 3 July 2024
KEYWORDS
se ice quali y; loans;
cus ome loyal y;
cus ome sa is ac ion;
small and medium
en e p ises
REVIEWING EDITOR
Pablo Ruiz, Uni e sidad
de cas illa-la Mancha,
spain
SUBJECTS
en ep eneu ship and
small Business
Managemen ; small
Business Managemen ;
O ganiza ional Beha iou ;
Banking
2 n. Phan hi hang anD n. KiM QUOc RUng
bank lending (OecD, 2021). o imp o e sMes’ access o inance, os e ing inc eased compe i ion in c edi
ma ke s is c ucial. his could in ol e ini ia i es such as p omo ing he eme gence o al e na i e lending
ins i u ions and expanding he u iliza ion o loan gua an ees o sMes.
in pa icula , he s a e Bank o Vie nam (sBV) has e ec i ely managed i s mone a y and c edi policies
p oac i ely, lexibly, and consis en ly. his aimed o acili a e access o bank loans o businesses and
indi iduals, he eby os e ing hei p oduc ion and comme cial endea o s. he e has been no able p og-
ess in enhancing he legal amewo k go e ning c edi ins i u ions’ lending ope a ions, empowe ing
hem wi h g ea e decision-making au ho i y and accoun abili y, especially conce ning loans o sMes, as
pe he c edi ins i u ions law. his legal amewo k has eased access o c edi and alle ia ed he obs a-
cles aced by all cus ome s, including sMes. consequen ly, he e is a posi i e ou come in sMes’ c edi .
P ac ical e idence om o 2018-2022 pe iod illus a es his success. he a e age annual c edi g ow h
a e o sMes s ood a 14.17%, su passing he o e all c edi g ow h a e o he economy. By he end o
2022, c edi ex ended o sMes inc eased by 8.28% compa ed o he p e ious yea , cons i u ing nea ly
19% o he o al c edi in he economy. On Ma ch 14, 2023, he sBV educed he sho - e m lending
in e es a e by 0.5% o ce ain sec o s and indus ies, aiming o suppo cos educ ions o cus ome s
in bo owing (now s anding a 5% pe annum) (nguyen, 2023). P ac ical e idence om o 2018-2022
pe iod illus a es his success. he a e age annual c edi g ow h a e o sMes s ood a 14.17%, su pass-
ing he o e all c edi g ow h a e o he economy. By he end o 2022, c edi ex ended o sMes inc eased
by 8.28% compa ed o he p e ious yea , cons i u ing nea ly 19% o he o al c edi in he economy. On
Ma ch 14, 2023, he sBV educed he sho - e m lending in e es a e by 0.5% o ce ain sec o s and
indus ies, aiming o suppo cos educ ion o bo owing (nguyen, 2023).
Quali y is he co ne s one o he se ice indus y and is c ucial o sa is ying cus ome s and os e ing
loyal y (hasan e al., 2016; Kuma e al., 2009). Wi hin he banking sec o , quali y is pa amoun o deli -
e ing a alue chain o inancial se ices o cus ome s in he mone a y domain. as such, he p ima y aim
o his esea ch is o in es iga e how ac o s ela ed o loan se ice quali y in luence he sa is ac ion o
small and medium en e p ises (sMes) and hei ela ionship wi h sMes’ loyal y. in pu sui o he objec i e,
we will explo e he ollowing esea ch ques ion: ‘ o wha ex en , does he sMes’ sa is ac ion in e ene
he e ec o loan se ice quali y on sMes’ loyal y in Vie namese comme cial banks?’
2. Li e a u e e iew and hypo hesis de elopmen
2.1. Li e a u e e iew
se ice quali y is co e ed in he heo e ical amewo ks and models p oposed by c onin and aylo
(1992), g ön oos (1984), and Pa asu aman e al. (1985). g ön oos (1984) explains ha se ice quali y is
e alua ed by compa ing he alue ha cus ome s an icipa e be o e using a se ice wi h he alue hey
pe cei e a e using he se ice. Pa asu aman e al. (1985) de ine se ice quali y as he gap be ween
cus ome expec a ions and pe cep ions a e expe iencing a se ice. he au ho ’s g oup cons uc ed and
de eloped he seRVQUal scale, comp ising 22 pai s o obse ed a iables ha measu e cus ome s’
pe cep ions and expec a ions o se ice quali y, wi h i e undamen al componen s: (1) angibles, (2)
eliabili y, (3) esponsi eness, (4) assu ance, and (5) empa hy.
as highligh ed by c onin and aylo (1992), a concep ualiza ion and me hod exis s o measu ing
se ice quali y and i s associa ion wi h consume sa is ac ion and pu chase in en ions. hei s udy
in ol ed compa ing compu ed di e ence sco es and pe cep ions, leading o he conclusion ha
pe cep ions alone a e a mo e eliable p edic o o se ice quali y.
o measu e he pe cei ed se ice quali y p o ided by he banking sec o in his s udy, Pa asu aman’s
seRVQUal model was chosen because i has been widely used (hasan e al., 2016; izah and Wan
Zulqu nain, 2005; Munusamy e al., 2010). D awing om esea che s’ insigh s in o se ice quali y, loan
se ice quali y wi hin he ope a ional amewo k o comme cial banks is de ined by i s alignmen wi h
cus ome s’ c edi se ice expec a ions and ul illmen o hei equi emen s.
in he mode n economy, wi h he ad ancemen o he comme ce and se ice sec o s, se ice quali y
has eme ged as a c i ical componen o cus ome sa is ac ion, wi h he wo concep s closely in e wined.
acco ding o Wilson e al. (2016), al hough se ice quali y and cus ome sa is ac ion sha e ce ain
cOgen BUsiness & ManageMen 3
simila i ies, cus ome sa is ac ion ends o encompass a b oade spec um. By con as , se ice quali y
speci ically a ge s dis inc aspec s o a se ice. his iewpoin is suppo ed by he indings o sh es ha
and Koi ala (2012).
Bo h se ice quali y and cus ome sa is ac ion a e equen ly e alua ed h ough a gap app oach,
which in ol es assessing he a iance be ween pe cep ions and expec a ions (Rus e al., 1999). he dis-
c epancy be ween se ice quali y and cus ome sa is ac ion la gely s ems om di e ing de ini ions o
expec a ions. in he heo y o se ice quali y, cus ome expec a ions a e de ined as he wan s (needs) o
consume s, which cus ome s eel ha a se ice p o ide should o e hem a he han wha he se ice
p o ide will o e ’ (Ma inai y e e al., 2019; Mbango, 2019).
acco ding o ande son and Jacobsen (2000), cus ome loyal y is he ou come o an o ganiza ion p o-
iding bene i s o cus ome s, leading hem o main ain o e en inc ease hei pu chases om ha o ga-
niza ion. hey asse ha cus ome sa is ac ion is a p ecu so o cus ome loyal y. he e is a g owing
acknowledgmen ha he p ima y goal o measu ing cus ome sa is ac ion should be o os e cus ome
loyal y (singh, 2006; si adas and Bake -P ewi , 2000).
Resea ch conduc ed by Maswadeh (2015), Qadee (2014), Raza e al. (2020), shanmugam (2022), and
Zhou e al. (2021) has e ealed he impac o se ice quali y on cus ome sa is ac ion wi hin he global
banking sec o . con e sely, Bui (2022), le (2016), Phung (2020), and o and Vo (2020) ocused on Vie nam.
howe e , hese au ho s limi ed hei in es iga ions o indi idual banks o b anches and omi ed cus-
ome loyal y in hei models. consequen ly, his s udy seeks o add ess his gap by examining he medi-
a ing ole o sMes’ sa is ac ion in he ela ionship be ween loan se ice quali y and loyal y wi hin he
Vie namese banking sec o .
2.2. Hypo hesis de elopmen
2.2.1. Tangibili y a ec s cus ome sa is ac ion
acco ding o san os (2002), angibili y cons i u es a dimension o se ice quali y as iden i ied by
Pa asu aman e al. (1988). i deno es he angible aspec s o se ices, encompassing he appea ance o
physical acili ies, ools, equipmen , pe sonnel, communica ion ma e ials, o he physical ea u es u ilized
in se ice deli e y, and he p esence o o he cus ome s in he se ice en i onmen . in a ecen in es i-
ga ion by Khan e al. (2021), angibili y was ela ed o he physical in as uc u e, equipmen , s a , and
specialized ools engaged in se ice p o ision.
angibles include physical asse s, ins umen s, and machine y used in se ice deli e y, such as loans,
ca ds, and deposi s (Rahaman e al., 2020). hese au ho s asse ha angibili y also in ol es elemen s
such as ex e nal appea ance, bank coun e s, acili ies, ope a ing hou s, and speed and e iciency o ans-
ac ions. e idence om s udies by Fida e al. (2020), Kan and Jaiswal (2017), and Rahman e al. (2017)
indica es a signi ican posi i e impac o angibili y on cus ome sa is ac ion wi hin he banking indus y.
When ansac ions occu unde pleasan condi ions, consume s end o eel mo e sa is ied wi h he
se ices p o ided by he company. consequen ly, he angible dimension enhances employee eadiness
o espond p omp ly o consume s’ needs. i has been obse ed ha he quali y o angibles an o gani-
za ion p o ides di ec ly co ela es wi h he le el o se ice deli e ed o consume s (Balinado e al., 2021;
ngaliman and suha o, 2019).
hypo hesis 1: angibili y has a posi i e e ec on he sa is ac ion o sMe cus ome s.
2.2.2. Reliabili y a ec s cus ome sa is ac ion
Pa asu aman e al. (1988) in oduced he pi o al concep ha eliabili y is he co ne s one o se ice
pe o mance, as highligh ed by Rahaman e al. (2020). Reliabili y holds a p ima y posi ion wi hin he
seRVQUal amewo k o measu ing he se ice quali y. Baumann e al. (2017) de ine i as he deg ee o
which cus ome s can ely on he se ice p o ided by a business en i y. among he dimensions o se ice
quali y, eliabili y is ega ded as undamen al in in luencing cus ome sa is ac ion (Zhang e al., 2019). i
signi ies he commi men o deli e p omised se ices and complemen s ope a ional p ecision (s and
4 n. Phan hi hang anD n. KiM QUOc RUng
De esh, 2019). Mo eo e , eliabili y en ails he capabili y o deli e p omised se ices consis en ly and
he o ganiza ion’s us wo hiness, pa icula ly in p o iding se ices p omp ly and as ag eed upon
(Bunga ang and Reynel, 2021).
Resea ch conduc ed by Kan and Jaiswal (2017) and Paku á e al. (2019) p o ides obus e idence o
a signi ican co ela ion be ween eliabili y and cus ome sa is ac ion wi hin he banking sec o . Khan
e al. (2021) explo ed he posi i e ela ionship be ween he eliabili y o mobile banking se ices and
cus ome sa is ac ion.
hypo hesis 2: Reliabili y has a posi i e e ec on he sa is ac ion o sMe cus ome s.
2.2.3. Responsi eness a ec s cus ome sa is ac ion
Pa asu aman e al. (1988) emphasized ha employee esponsi eness encompasses a ious aspec s,
including p o iding accu a e comple ion es ima es o cus ome s, o e ing undi ided a en ion, p omo ing
help ulness, and aligning esponses wi h cus ome needs. Responsi eness e alua es he speed a which
employees deli e imely and app op ia e assis ance, as no ed by enda a e al. (2019). his capabili y o
p omp ly ul ill assigned asks, manually o elec onically, is e med esponsi eness, acco ding o Uddin
e al. (2015). Venca aya e al. (2019) con i med ha esponsi eness signi ican ly p edic s cus ome sa is-
ac ion in he banking sec o o Mau i ius. Mo eo e , esponsi eness has been shown o signi ican ly
in luence cus ome sa is ac ion in a ious s udies signi ican ly (abdelhadi, 2021; Kan and Jaiswal, 2017;
Khan e al., 2021; Rahaman e al., 2020).
i is essen ial o de ine esponsi eness as employees’ willingness o desi e o assis and p o ide he
se ices equi ed by consume s (Rahaman e al., 2020). allowing consume s o wai , especially wi hou
an appa en eason, can c ea e a nega i e imp ession ha should be a oided a all cos s. add essing
such e o s p omp ly is no jus c ucial, bu also o u mos impo ance, as i can signi ican ly impac he
o e all cus ome expe ience (Bunga ang and Reynel, 2021).
hypo hesis 3: Responsi eness has a posi i e e ec on he sa is ac ion o sMe cus ome s.
2.2.4. Assu ance a ec s cus ome sa is ac ion
g ön oos (1984) ini ially iden i ied assu ance as he o emos dimension o se ice quali y, al hough
Pa asu aman e al. (1994) la e posi ioned i ou h. assu ance encompasses expe ise, cou esy, and
employees’ abili y o inspi e us and con idence du ing in e ac ions (Zei haml e al., 1990). his
dimension in ol es keeping cus ome s well-in o med in a language hey unde s and and a en i ely
lis en o, ega dless o hei educa ional backg ound, age, o na ionali y. assu ance is closely linked o
he sense o secu i y ha cus ome s eel du ing banking ansac ions (ennew e al., 2013) and exhib-
i s a di ec and posi i e co ela ion wi h cus ome sa is ac ion in he banking sec o (Paku á
e al., 2019).
Balinado e al. (2021) highligh assu ance as a undamen al dimension o se ice quali y ha signi i-
can ly in luences cus ome sa is ac ion. hey emphasized ha he demons a ion o acqui ed knowledge
by s a in ca e ing o cus ome p e e ences du ing se ice deli e y can be highly assu ing. empi ical
s udies show a a o able connec ion be ween assu ance and cus ome sa is ac ion (e ana, 2021; Kan
and Jaiswal, 2017; Khan e al., 2021; Ya imoglu, 2014).
hypo hesis 4: assu ance has a posi i e e ec on he sa is ac ion o sMe cus ome s.
2.2.5. Empa hy a ec s cus ome sa is ac ion
Empa hy is de ined as an indi idual’s eac ion o o he s’ obse ed expe iences (Da is, 1983). his ind-
ing sugges s ha empa hy encompasses bo h cogni i e and emo ional esponses. i en ails conside -
a ion, pe sonalized a en ion, and p o ision o cus omized se ices o clien s (Pa asu aman e al.,
1994). empa hy in ol es os e ing he pe cep ion ha each cus ome is unique. Quan i a i e esea ch
cOgen BUsiness & ManageMen 5
on se ice quali y has consis en ly ocused on sa e y, us wo hiness, and empa hy. empa hy is un-
damen al o suppo i e and compassiona e in e ac ions, making i indispensable o se ice p o ision
(Bo e, 2019).
empa hy in ol es se ice p o ide s demons a ing ca e, o e ing pe sonalized a en ion o cus ome s,
ea ing hem as aluable asse s, and consis en ly displaying cou esy (Mi Jeon e al., 2013). hese beha -
io s also play a pi o al ole in de e mining consume loyal y (P en ice, 2013). as s a ed in Balinado e al.
(2021), gunaseka e al. (2021), Khan e al. (2021), and Ma ko ic e al. (2018), empa hy posi i ely a ec s
cus ome sa is ac ion.
hypo hesis 5: empa hy has a posi i e e ec on he sa is ac ion o sMe cus ome s.
2.2.6. Cus ome sa is ac ion a ec s cus ome loyal y
he loyal y o a i m’s cus ome s has been ecognized as he dominan ac o in a business o ganiza ion’s
success (Kandampully and suha an o, 2000). cus ome sa is ac ion is pa amoun in all ma ke ing endea -
o s o a ma ke -o ien ed i m. i is c ucial o ul illing he i m’s objec i es, including business expansion,
secu ing a la ge ma ke sha e, and os e ing epea and e e al businesses, all o which con ibu e o
enhanced p o i abili y (Ba sky, 1992).
Resea ch by c onin and aylo (1992) in a ious se ice sec o s, including banking, has e ealed ha
cus ome sa is ac ion s ongly in luences u u e pu chase in en ions. hey posi ha sa is ac ion inc eases
he likelihood o cus ome s con inuing o engage wi h a i m, hus os e ing ongoing ansac ions.
simila ly, Mcalexande e al. (1994) disco e ed ha pa ien sa is ac ion and se ice quali y signi ican ly
impac ed u u e pu chase in en ions in he heal hca e sec o .
Main aining cus ome loyal y o bank se ices is c ucial o he long- e m su i al o a bank o ganiza-
ion on a global scale (sup iyan o e al., 2021). se ice quali y and cus ome sa is ac ion a e key ac o s
ha mus be in es iga ed o unde s and hei in luence on cus ome loyal y. O ganiza ions ha os e
cus ome loyal y end o expe ience highe le els o cus ome sa is ac ion (sup iyan o e al., 2021). a i
e al. (2013) emphasize ha cus ome s emain loyal only when hey a e sa is ied wi h he se ices
p o ided.
hypo hesis 6: cus ome sa is ac ion posi i ely a ec s he loyal y o sMe cus ome s.
3. Me hodology
3.1. Sample
acco ding o hai e al. (2017), he ecommended ange o he minimum sample size is be ween 100
and 150, o a minimum o i e imes he sample size equi ed o es ima e a pa ame e , as indica ed by
Bollen (1989). o es ablish an adequa e sample size o his esea ch, he au ho s op ed o Bollen’s (1989)
app oach, which in ol es compu ing n*5 obse a ions, whe e n ep esen s he es ima ed pa ame e o
scaling ac o o he a iables unde conside a ion. a o al o 411 o ms we e issued, wi h 376 o ms
collec ed a e he su ey, ep esen ing 91.5% o he dis ibu ed o ms. his mee s he equi emen s o
bo h he quan i y and composi ion o he sample. consequen ly, he sample size sui able o analysis
includes 376 obse a ions.
3.2. Resea ch model
3.3. Me hodology
he s udy employed a combined app oach in ol ing bo h quali a i e and o mal esea ch me hods. Da a
collec ion was conduc ed h ough e bal in e iews wi h pa icipan s using quali a i e echniques.
no ably, hese indi iduals p o ided w i en in o med consen , allowing he esea che s o exclusi ely
6 n. Phan hi hang anD n. KiM QUOc RUng
u ilize he ga he ed in o ma ion o his s udy and i s subsequen publica ion in an academic jou nal. he
in e iew pa icipan s ypically included expe s and p o essionals, such as c edi o ice s, supe iso s,
and manage ial pe sonnel om selec ed comme cial banks in ho chi Minh ci y.
expe in e iews we e conduc ed in he p elimina y esea ch phase o iden i y he ac o s in luencing
he loan se ice quali y o sMes cus ome s a selec ed Vie namese comme cial banks. hese ac o s we e
e ined and adjus ed based on he p oposed esea ch model. Based on he expe consensus a e calcu-
la ion, he iden i ied ac o s we e e-e alua ed o ensu e ele ance wi hin he Vie namese con ex . he
assessmen o expe in e iew eliabili y was de e mined using K ippendo ’s alpha coe icien (Kalpha),
a me ic used o gauge eliabili y quali y in expe in e iews (hayes and K ippendo , 2007). no ably,
hey es ablished ha a Kalpha alue o 1 signi ies pe ec eliabili y o a dependable consensus a io,
whe eas a Kalpha alues o 0.8 a e gene ally accep ed as he benchma k o good eliabili y, does no
all below 0.6. consequen ly, ac o s wi h an expe consensus a e in he pape o 75% m, which exceeds
60 pe cen , encompassing eliabili y, ele ance, imeliness, con iden iali y, and ease o use as ou lined by
expe s, we e e ained. he ollowing ac o s we e included in he seRVQUal model: eliabili y, espon-
si eness, assu ance, angibles, and empa hy (Pa asu aman e al., 1988). Following he expe in e iews’
esul s, i e alida ed and adjus ed elemen s– eliabili y, esponsi eness, assu ance, angibles, and empa-
hy (Figu e 1) – we e chosen o assess hei impac on sMes’ sa is ac ion.
subsequen ly, quan i a i e esea ch was conduc ed o e ine he ini ial scales es ablished du ing he
quali a i e phase. he su ey was designed by conside ing cons uc s measu ed using and adap ing
exis ing scale i ems om he li e a u e and p e ious s udies (appendix 1). Responses we e a ed on a
i e-poin like scale, anging om ‘comple ely disag ee’ o ‘comple ely ag ee.’ a double-masked
back- ansla ion p ocess ansla ed he i ems om Vie namese o english.
Following his quali a i e s udy, he ou comes led o he c ea ion o a su ey ques ionnai e o sMe
cus ome s. he au ho s encoded hese scales and u ilized sma Pls so wa e o assess scale eliabili y,
pe o m explo a o y ac o analysis, and cons uc mul iple linea eg ession models based on agg e-
ga ed su ey da a. Va ious es s we e execu ed o ensu e he obus ness and eliabili y o he esea ch
indings.
3.4. E hical app o al s a emen
Resea ch me hods encompass bo h quali a i e and quan i a i e app oaches. he quali a i e me hod o
esea ch ocuses on in e iews wi h banking expe s. he au ho s app oached hese expe s, who had
pa icipa ed in p e ious con e ences—speci ically, he con e ence o Finance o sus ainable De elopmen
2023, he in e na ional con e ence on Business Based on Digi al Pla o m (BDP 3), and he 8 h in e na ional
con e ence on accoun ing and Finance (icOaF 2023)—by scheduling appoin men s o in-dep h
in e iews.
Pa icipa ion in he s udy was secu ed by ob aining he in e iewees’ ag eemen o discuss
banking- ela ed in o ma ion h ough a s uc u ed ques ionnai e du ing he in-dep h in e iews. his p o-
cess aimed o iden i y he ac o s in luencing he esea ch and allowed he in o ma ion o be disclosed
Figu e 1. Resea ch model.
cOgen BUsiness & ManageMen 7
in his a icle. Fu he mo e, he in e iewees consen ed o and assigned all igh s o he au ho s o use
he e bal da a o his s udy. addi ionally, all ques ions we e designed based on he in e iewees’
knowledge and skills o p o ide e idence suppo ing he au ho s’ assessmen s.
he Uni e si y o Finance – Ma ke ing’s e hics commi ee g an ed e hical app o al o he esea che s.
Du ing da a collec ion, he esea che s adhe ed o he Dec ee on he P o ec ion o Pe sonal Da a (Dec ee
no. 13/2023/nD-cP, ap il 17, 2023) (Vie nam, 2023), ensu ing he anonymi y and con iden iali y o he
esponden s h oughou he s udy.
4. Resea ch esul s and discussions
4.1. Resea ch esul s
Fi s , he eliabili y and alidi y o cons uc s a e shown in able 1.
Based on able 1, he au ho es ed he cons uc eliabili y by calcula ing c onbach’s alpha and com-
posi e eliabili y o each cons uc . all cons uc s ha e c onbach’s alpha alues abo e 0.7, which sug-
ges s ha he cons uc s a e accep able ( abe , 2018). in addi ion, acco ding o hai e al. (2017), he
composi e eliabili y (cR) and a e age a iance ex ac ed (aVe) should be g ea e han 0.7, and 0.5
espec i ely o es ablish eliabili y and con e gen alidi y, espec i ely. all he cons uc s sa is y he con-
di ions o cR and aVe, so hey ha e eliabili y and con e gen alidi y.
able 2 p esen s he e alua ion o disc iminan alidi y using he Fo nell-la cke c i e ion as ecom-
mended by Fo nell and la cke (1981). his c i e ion is widely employed o assess he ex en o common
a iance among he la en a iables wi hin he model. he Fo nell-la cke c i e ion is me when he
squa e oo o a e age Va iance ex ac ed (aVe) alues is g ea e han he (pa ial) c oss-loadings in he
co esponding column and ow (Fo nell and la cke , 1981), a i ming he obus disc iminan alidi y o
he scales.
o assess disc iminan alidi y using he Pls app oach, he e o ai –Mono ai co ela ion alues below
0.900 we e conside ed accep able (hensele e al., 2015). he compu ed alues, as p esen ed in able 3,
all below his h eshold, con i ming he accep ance o disc iminan alidi y. hese esul s unde sco e he
eliabili y and alidi y o he measu emen scales (hensele e al., 2015), hus es ablishing he alidi y o
he esea ch model. Fu he mo e, bo h he p edic i e capabili y o he model and causal ela ionships
among he a iable cons uc s we e s a is ically signi ican (Figu e 2).
Figu e 2 illus a es ha he R-squa ed alue o he es ima ed equa ion is 0.567, signi ying s a is ical
signi icance a he 1 pe cen le el. Fu he mo e, he adjus ed R-squa e indica es ha 56.7% o he a ia-
ion in he sa is ac ion o cus ome s o small and medium-sized en e p ises (sMes) can be a ibu ed o
ac o s such as angibili y, eliabili y, esponsi eness, assu ance, and echnological inno a ion.
Table 1. Composi e eliabili y.
C onbach’s alpha Composi e eliabili y (CR) a e age a iance ex ac ed (aVe)
a 0.882 0.882 0.628
CL 0.917 0.915 0.809
e 0.854 0.872 0.641
R 0.809 0.836 0.593
Re 0.878 0.884 0.707
sa 0.998 0.998 0.996
a 0.964 0.967 0.903
Table 2. Composi e eliabili y.
a CL e R Re sa a
a 0.793
CL 0.289 0.899
e 0.382 0.417 0.800
R 0.333 0.443 0.601 0.770
Re 0.428 0.509 0.578 0.498 0.841
sa 0.530 0.577 0.627 0.626 0.618 0.998
a 0.327 0.350 0.508 0.539 0.469 0.536 0.950
14 n. Phan hi hang anD n. KiM QUOc RUng
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cOgen BUsiness & ManageMen 15
APPENDIX Iscales o he s udy.
no CoDe/ FaC oR i eM souRCes
1 angibili y
1.1 a1 Comme cial banks mode n machine y. Fida e al. (2020) and Balinado e al.
(2021)1.2 a2 Comme cial banks ea u e good acili ies, a spacious
building, and a well-o ganized layou .
1.3 a3 Comme cial banks o e b ochu es con aining
comp ehensi e in o ma ion abou loan se ices o
small and medium-sized en e p ises.
1.4 a4 Comme cial banks ha e enough spaces o cus ome
pa king.
2 Reliabili y
2.1 Re1 Comme cial banks deli e loan se ices in line wi h i s
commi men s o small and medium-sized en e p ises.
Fida e al. (2020) and Balinado e al.
(2021)
2.2 Re2 all he discussed loan se ices o small and
medium-sized en e p ises we e done accu a ely.
2.3 Re3 Comme cial banks ensu e cus ome s’ ansac ions and
eco ds a e kep con iden ial.
2.4 Re4 Comme cial bank s a clea ly and con incingly explain
loan se ices o small and medium-sized en e p ises,
p o iding de ailed ins uc ions.
2.5 Re5 Comme cial banks gua an ee se ice comple ion ime.
3 Responsi eness
3.1 R1 he s a demons a e a willingness o mee cus ome s’
needs.
Fida e al. (2020) and Balinado e al.
(2021)
3.2 R2 Quick esolu ion o any complain s.
3.3 R3 P omp ul illmen o cus ome equi emen s.
3.4 R4 he s a ensu e imely se ice deli e y, e en du ing
peak hou s.
3.5 R5 inco po a ing cus ome eedback o enhance ou loan
se ices.
4 assu ance
4.1 a1 Comme cial banks s a consis en ly espec and
main ain he con iden iali y o in o ma ion ega ding
small and medium-sized en e p ises loans.
Balinado e al. (2021), e ana (2021)
and Khan e al. (2021)
4.2 a2 Comme cial banks ensu e he con iden iali y and p i acy
o ou cus ome s’ ansac ions.
4.3 a3 Comme cial banks’ s a possess su icien p o essional
knowledge and expe ience o add ess all cus ome
eques s.
4.4 a4 Comme cial banks’ s a consis en ly demons a e
con idence in p ocessing and execu ing loan
ansac ions o small and medium-sized en e p ises.
4.5 a5 all cus ome conce ns and eques s we e done.
4.6 a6 Comme cial banks’ s a alloca e cus ome s’ wai ing ime
o se ice app op ia ely.
5 empa hy
5.1 e1 se ice s a s apologize when commi ing mis akes. Balinado e al. (2021) and Khan
e al. (2021)5.2 e2 Comme cial banks no i y cus ome s in ad ance i he e
a e any changes o he p omised he e ms o loan
se ices.
5.3 e3 Comme cial banks do no disc imina e agains
cus ome s.
5.4 e4 Comme cial banks p o ide he con enien schedule o
cus ome s.
5.5 e5 Comme cial banks’ s a unde s and and p o ide o he
special needs o cus ome s.
6Cus ome s sa is ac ion
6.1 sa1 i am sa is ied wi h he quali y o loan se ices o e ed
o small and medium-sized en e p ises.
Balinado e al. (2021)
6.2 sa2 i am sa is ied wi h he ea u es p o ided by loan
se ices o small and medium-sized en e p ises.
6.3 sa3 i in end o keep using he bank’s lending se ices o
small and medium-sized en e p ises.
7Cus ome loyal y
7.1 CL1 i conside comme cial banks as my i s choice o loan
se ices.
Ma ko ic e al. (2018) and
sup iyan o e al. (2021)
7.2 CL2 i am commi ed o main aining my ela ionship wi h
comme cial banks.
7.3 CL3 i am loyal o comme cial banks.
7.4 CL4 i plan o use he loan se ices o comme cial banks
mo e equen ly.
