Implications for theory
A major finding of the study is the moderating role of perceived risk. It is important to search
for moderating variables that turn simple, main effects into more insightful conditional relationships
(Featherman & Fuller, 2003). Our evidence suggests that a deeper understanding of the
relationship between shopping values and repeat purchase intentions is possible when interactions
are taken into consideration. The results demonstrate the opposite impact of risk on the
effect of utilitarian values and hedonic values on repeat purchase intention. This suggests that
consumer risk perceptions need to be reduced to an acceptable level for a desirable, combined
effect of utilitarian and hedonic benefits to be realised. Prospect theory identified the possibility
of risk seeking. As the explanation of prospect theory emphasises the cognitive aspects, it
ignores the possibility of explaining risk-seeking behaviour from the emotional or affective
aspects (e.g. hedonic value). This study extends the prospect theory and provides additiona