Technological Forecasting & Social Change 188 (2023) 122289

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Technological Forecasting & Social Change

journal homepage: www.elsevier.com/locate/techfore

A digital family affair: Do family firms' characteristics enhance consumers'

willingness to pay?☆
Augusto Bargoni a, *, Chiara Giachino a, Ciro Troise a, Gazi Mahabubul Alam b, Roberto Quaglia c
a
Department of Management, University of Torino, Corso Unione Sovietica 218bis, Turin, Italy
b
Department of Foundation of Education, Faculty of Educational Studies, University Putra Malaysia, Persiaran Masjid, 43400 Serdang, Selangor, Malaysia
c
ESCP Europe, Paris, France

A R T I C L E I N F O A B S T R A C T

Keywords: Communicating the familiness of the firm allows family businesses to leverage a strategic resource: the idio­
Family firms syncratic characteristics of the family firms. Drawing on the ontological perspective of the nature of family firm,
Covid-19 this study investigates the effect of family firms' characteristics on consumers' willingness to pay (WTP) for family
Positioning & targeting
firms' products in an online environment. The study presents a novel context of analysis investigating the
Digital
Consumer culture
mediating effect of frequency of purchase and peer-to-peer online reviews in the digital channel. Results offer
Consumer psychology support for a direct effect of the family firms' characteristics on consumers' WTP and validate the total effect of
mediation of frequency of purchase and peer-to-peer online reviews. The findings provide intriguing implications
for practitioners. Defining the antecedents of consumers' WTP for family firms in the online channel shall be
helpful for managers to create more efficient communication and marketing campaigns, with the effect of
deploying more customer-centric revenue management techniques.

1. Introduction
In an increasingly uncertain and competitive environment, family
firms are recognising the importance of communicating with customers
(Zellweger et al., 2010) and bringing forward distinctive characteristics
from competitors (Craig et al., 2008). From an empirical perspective, an
increasing number of family firms are communicating their family na­
ture to increase interactions between them and consumers (Dos Santos
et al., 2019); for example, SC Johnson's logo incorporates the phrase ‘A
Family Company’, which clearly communicates the familiness of the
firm to evoke positive if-then linkages in the minds of consumers.
In fact, existing research shows that family firms with a distinctive
image benefit from a higher degree of consumer-company identification
(Beck, 2016; Zanon et al., 2019) afforded by the familial characteristics
(Astrachan et al., 2018) of the firm, such as family values, longevity,
authenticity, heritage, and trustworthiness (Carrigan and Buckley,
2008; Sageder et al., 2018; Zanon et al., 2019).
Although existing research has attempted to bridge the gap between
family characteristics of the company and consumer-buying behaviour
(Andreini et al., 2020; Carrigan and Buckley, 2008; Cooper et al., 2005;
Murphy et al., 2007) by highlighting the virtues that are at the core of
establishing long-term relationships with consumers, little research has
investigated the effect of these characteristics on consumers' WTP
(Astrachan et al., 2018; Beck et al., 2020; Lude and Prügl, 2018).
Furthermore, the increasing relevance of digital platforms, such as social
media, in reshaping the interactions between companies and customers
(Wang et al., 2020) and the rise of online sales as a new operational
model to face the outbreak of Covid-19 have drastically changed the
habits of consumers (Chang and Meyerhoefer, 2020; Cox et al., 2020;
Cruz-Cárdenas et al., 2021; Goldsmith and Lee, 2021; Zwanka and Buff,
2021). Consumers have changed their shopping experience from a brick-
and-mortar approach to online shopping (Chang and Meyerhoefer,
2020; Kim, 2020; Li et al., 2020; Vrontis et al., 2017), thus influencing
companies' marketing approach. This shift, accelerated by the growth of
digital business platforms (Rangaswamy et al., 2020; Ruutu et al., 2017),
has steepened the digitalisation process of most services and will prob­
ably last even after the pandemic for those products or services whose
buying processes entail close proximity to others or high tactile and
physical involvement (Zwanka and Buff, 2021).
In this highly fragmented context, we aim to uncover the relation

This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors.
☆

* Corresponding author.
E-mail addresses: augusto.bargoni@unito.it (A. Bargoni), chiara.giachino@unito.it (C. Giachino), ciro.troise@unito.it (C. Troise), gazi.mahabubul@upm.edu.my
(G.M. Alam), rquaglia@escp.eu (R. Quaglia).

https://doi.org/10.1016/j.techfore.2022.122289
Received 14 June 2022; Received in revised form 11 October 2022; Accepted 19 December 2022
Available online 28 December 2022
0040-1625/© 2022 Elsevier Inc. All rights reserved.
A. Bargoni et al.
between the characteristics of the family firms (e.g. perceived quality,
trust, corporate social responsibility [CSR], reputation and values) and
the WTP when buying online and the mediating role, proper to digital
platforms, of frequency of purchase (Kim and Rossi, 1994; Martin et al.,
2015; Nieto-García et al., 2020) and peer-to-peer online reviews (Park
and Lee, 2009; Zanon et al., 2019).
To answer our research question, a quantitative approach has been
leveraged. More specifically, data have been gathered through an online
questionnaire, and 565 answers from consumers have been collected.
Subsequently, data have been analysed through OLS regression and path
analysis using PROCESS (version 4.0), an IBM SPSS bootstrapping sta­
tistical computer tool used to examine the effect of the mediating vari­
ables on the relationship between the independent and dependent
variables.
Through our study, we found that family firms' characteristics are
statistically significant in increasing consumers' WTP. Therefore, the
research contributes to opening a new debate in the academic field of
consumer behaviour and family firms as well, giving new evidence on
how consumers are influenced by the communication of family firms'
elements and what the performance consequences are for family firms.
This implies that family businesses must consider new marketing stra­
tegies to become more visible in the online channel and more effective in
maintaining consumers as clients in an increasingly digital environment.
The paper is organised as follows. First, the theoretical background is
presented; the second section is dedicated to the material and method,
and, in the third section, the analysis and the discussion of the findings
are presented. Finally, the last section is dedicated to the conclusion,
implications, and future research lines stemming from the study,
underlining its relevance from both a theoretical and a managerial point
of view.
2. Theoretical background
2.1. Signalling the family nature of the firm
In developing the signalling theory, academics have tried to explain
the motives leading companies to disclose, to different degrees, specific
cues about their nature (Connelly et al., 2011). In the domain of family
business literature, scholars have started to consider the nature of the
firm as an observable signal which can possibly influence consumers'
perception towards the firm itself and the brands associated with it
(Rauschendorfer et al., 2022). Furthermore, Schellong et al. (2019) have
empirically examined how and why family firm brands affect consumers
compared to non-family firm brands finding that the ‘family’ component
of the firm acts as a signal to consumers, resulting in a positive influence
on consumer happiness through the perception of doing good. In addi­
tion, with the development of inference theory (Kardes et al., 2004),
researchers have shown that communicating the family nature of a firm
positively affects consumers' brand trust and consequently their
engagement with the firm (Lude and Prügl, 2018).
Consumers, according to the studies of Miller et al. (2008) and
Sharma (2004), perceive family firms as companies with a high
involvement of family members but with a limited span of action (i.e.
the family firm is perceived as local). Nonetheless, consumers perceive
the communication of the familiness of the firm as a value-adding
characteristic of the company, which helps in building long-term re­
lationships (Carrigan and Buckley, 2008). Academics have pinpointed
how consumers engage in enduring relationships with family firms
(Miller and Le Breton-Miller, 2005; Moore, 2006), stating that con­
sumers confer a unique and positive identity on family firms, which
distinguishes these companies from other types of businesses, such as
partnerships or franchises. Furthermore, scholars state that consumers
have higher expectations from products or services bought from family
businesses in terms of perceived quality and trust (Carrigan and Buckley,
2008). Academic theory pinpoints how family firms are recognised for
their sense of reciprocity to the community and how consumers perceive
2
Technological Forecasting & Social Change 188 (2023) 122289
family businesses to be a bond within their local areas (Astrachan, 1988;
Carrigan and Buckley, 2008; Zellweger et al., 2012). Particularly strong
is the perception of consumers concerning the social capital of family
businesses (Herrero, 2018; Martín-Santana et al., 2020). Consumers
perceive that while supporting the family business, they are indirectly
supporting the community; this sense of reciprocity is also due to the
perception, long proven in the literature (Breeze, 2009; Feliu and
Botero, 2016; Rivo-López et al., 2021), that the philanthropic contri­
butions of business families represent a bond for local communities.
Other important characteristics are trustworthiness and integrity (Beck
and Prügl, 2018). They contribute to explaining how consumers
perceive a mutual trust towards family businesses, both from a trans­
actional point of view (e.g. a more fiduciary approach to transactions)
and from a willingness-to-pay point of view (e.g. in a context of a lack of
transparency in pricing). The higher quality perceived by the consumer
in family firms is a distinctive trait of this type of company (Eddleston
et al., 2019; Schellong et al., 2019). Quality often derives from the
perception of the skills and knowledge that reside in the family firms
that are engaged in the business operations. Consumers value the skills
learned by family members through the generations and consider it to be
a unique attribute when compared with non-family organisations
(Carrigan and Buckley, 2008).
In conclusion, it is possible to consider that family firms are
perceived (through the signal and category-based beliefs of family firm
status) as doing good in terms of consumer perception and reputation.
Furthermore, academics (Murphy et al., 2007; Schellong et al., 2019;
Zellweger et al., 2010, 2012) have deepened how this perception of
doing good translates into specific characteristics that form in con­
sumers' minds (trustworthiness, quality, commitment, etc.). However, it
is still unclear whether these characteristics that can be ascribed to
consumers' perception of higher quality products, more fiduciary re­
lationships, and enduring trust can result in a higher WTP in the online
channel.
2.2. Consumer behaviour in the online channel
The recent global pandemic has radically changed the consumption
habits of billions of consumers, shifting the shopping experience from a
brick-and-mortar approach to online shopping (Chang and Meyerhoefer,
2020; Kim, 2020; Li et al., 2020). Since the outbreak of the Covid-19
pandemic in January 2020, the strain of the coronavirus rapidly
affected over 200 countries with >119 million cases and 2.6 million
deaths worldwide (COVID-19 Dashboard Johns Hopkins University,
2021).
Most countries, in a bid to fight against the spread of the virus, put in
place restrictive measures entailing the closure of shops, social
distancing, and limitations in the movement of individuals. These
measures have deeply affected the economies of most countries, but in
the long run they have also had an important impact on society and the
habits of millions of people (Chang and Meyerhoefer, 2020; Cox et al.,
2020; Goldsmith and Lee, 2021; Zwanka and Buff, 2021). In fact, the
global value of online retail showed a steep increase in online shopping,
+42.2 % in 2020 year-over-year with total revenues of 1862.7bn$ and a
compound annual growth rate of 22.8 % (Marketline, 2021). The shift
towards online shopping has accelerated the digitalisation process of
most services and will presumably last even after the pandemic for those
products or services whose buying processes entail close proximity to
others or high tactile and physical involvement (Zwanka and Buff,
2021).
This means that the digitalisation of the shopping experience has
dramatically changed the way in which consumers perceive and eval­
uate products, services, and brands (Agrebi, 2021). In the digital world,
comparison, and hence choice, among products, is made more difficult.
If on one hand, the internet has allowed firms to have virtually unlimited
shelf space (Teo and Yeong, 2003), on the other hand, the stimuli
received by the consumer in the online environment are different from
A. Bargoni et al.
the ones received in the physical shop, impacting on the consumer's
decision-making process (Vijayasarathy and Jones, 2001).
The works of Kim and Rossi (1994) and Nieto-Garcia et al. (2020)
highlight how individual perceptions and internal norms underlie how
customers respond to information. In fact, academics state that con­
sumers' prior knowledge plays a key role in the decision-making process
(Bettman, 1979). Specifically, prior knowledge has a strong impact on
the information search stage (Bettman and Park, 1980; Kim and Hwang,
2020). Prior knowledge also facilitates customers' information process­
ing (Gavilan et al., 2018; Gruber et al., 2014; Senecal and Nantel, 2004).
Customers with high product-category knowledge find it easy to eval­
uate a product's attributes and utility (Ratchford, 2001; Zhang et al.,
2018). In this regard, familiarity with the product is a major component
of customers' prior knowledge (Burton et al., 2019). The number of
product-related experiences accumulated by the customer represents
their familiarity with the specific product (Stanton and Cook, 2019).
Therefore, the level of familiarity with the product category increases
with previous purchase experiences (i.e. frequency of purchase).
Empirical evidence suggests that familiarity and hence a high frequency
of purchase of a product category determine customer preferences
(Christofi et al., 2018; Coupey et al., 1998).
Darley et al. (2010), in analyzing the factors that influence consumer
behaviour in the online environment, pinpoint a series of external fac­
tors that, at various stages, have an impact on the behaviour of con­
sumers and that companies can leverage to develop interactive
marketing strategies (Moe and Ratchford, 2018). Following Darley et al.
(2010), an important variable to consider is represented by the peer-to-
peer reviews in the online channel (Mangold and Smith, 2012). Online
reviews are a type of product information that is created by the indi­
vidual, the consumer, expressing a personal agreement or disagreement
with the product, based on a personal experience (Chen and Xie, 2008;
Gottschalk and Mafael, 2017; Verma and Yadav, 2021). Online reviews
are essential motives for consumers to seriously take into account
electronic word of mouth (eWOM) in information validation, product
evaluation, and purchase and post-purchase validation phases of the
consumer journey (Ngarmwongnoi et al., 2020). Moreover, the reputa­
tion of the seller can fuel consumer trust (Bögel, 2019; Jarvenpaa et al.,
2000; Oliveira et al., 2017).
Fig. 1. Conceptual model.
(Source: authors' elaboration).
3
Technological Forecasting & Social Change 188 (2023) 122289
3. Hypotheses development and conceptual model
The conceptual model and hypotheses of the present study are shown
in Fig. 1. Leveraging the theoretical background on which the concep­
tual model has been developed, this study aims to measure the influence
that family firms' characteristics (i.e. perceived quality, trust, CSR,
reputation and values) have on consumers' WTP in the online channel.
This conceptual model also aims at testing the mediating role that fre­
quency of purchase and online reviews play in influencing consumers'
WTP in the digital environment.
3.1. Family firms' characteristics and WTP
Extant research proposes that consumers generally make inferences
about products based on limited information and knowledge (Kardes
et al., 2004). Furthermore, in the digital context, where consumers
cannot directly touch or feel the product, they might use other metrics to
make inferences about the product. To form inferences, consumers
usually generate links that associate available information (e.g. cues,
arguments, and knowledge) with conclusions in a subjective way.
In a marketing context, it is argued that brand information can lead
to a positive or negative consumer inference (Schmeiser, 2014). Since an
increasing number of family firms now communicate their family nature
to consumers through advertisements, product packaging, or websites,
academics in the field have begun to examine whether and how the
informational cue ‘family firm’ engenders positive associations in con­
sumers' minds. Building on the extant literature, this research retrieves
from the family business literature the dimensions that concur in sig­
nalling the family nature of the firm to test whether these characteristics
have a positive impact on the financial performance of the firm through
consumers' increased WTP.
The family business literature provides some highly fragmented
clues concerning the characteristics of family companies that affect
consumer behaviour. The first characteristic, proper to family firms, is
highlighted in the work of Carrigan and Buckley (2008), which pin­
points how family firms benefit from a distinctiveness derived from a
higher perceived quality of products and services. Furthermore, the
authors propose the central role of trust in increasing consumers' sense
of perceived quality. This construct has been further investigated in the
works of Beck and Prügl (2018), Chaudhary et al. (2021), and Dos
A. Bargoni et al.
Santos et al. (2019). According to the existing literature, which argues
that trust plays a crucial role in driving customer preferences for prod­
ucts produced by family firms, and using inference theory, we posit that
trust is an element that concurs with the main construct of family firms'
characteristics and contributes to a higher willingness on the part of
consumers to pay for family firms' products.
Indeed, family businesses must also invest in non-financial goals to
gain consumers' trust. Sustainability and CSR activities have become
crucial determinants of a firm’s long-term competitive advantage. From
an inference theory perspective, we posit that CSR forms positive links in
consumers' minds, leading to consumers' increased WTP (Botella-Car­
rubi and González-Cruz, 2019; Gavana et al., 2018; Köhr et al., 2021).
Prior studies on the values and reputational effects of family firms'
brands on consumers provide mixed findings, suggesting that family
firm status can have both negative and positive impacts on reputational
associations (Schellong et al., 2019). On the other hand, several studies
claim that positive associations outshine the negative associations and
lead to better reputations for family firms (Beck and Prügl, 2018; Binz
et al., 2013; Sageder et al., 2018). Building on this highly fragmented
context, we posit that values and reputation concur in forming the
construct of family firms' characteristics and thus engender a positive
effect on consumers' WTP.
Customers' WTP refers to the maximum price a customer will agree
to pay for a given quantity of a product (Herrmann et al., 2022; Mugera
et al., 2017; Wallace et al., 2021).
Going beyond the product-centric stream, our study focuses on the if-
then linkages formed in consumers' minds affecting WTP, such as family
firms' characteristics. In conclusion, we argue that perceived quality,
trust, CSR, and reputation and values positively influence consumers'
WTP because their behavioural intentions are rooted in the perception of
these characteristics. In accordance, we posit the following hypothesis:
Hypothesis 1. There is a direct positive link between family firms'
characteristics and consumers' WTP.
3.2. The mediating role of frequency of purchase and online reviews
Signalling theory, which explains the motives leading companies to
disclose, to different degrees, specific cues about their nature (Connelly
et al., 2011) and inference theory, which explains why consumers react
to certain stimuli or cues about brands and products, explain well the fil
rouge that ties specific brand or company characteristics and consumer
behaviour. The existing literature recognises the importance of past
behaviour, which often leads to continued behaviour (Martin et al.,
2015). Additionally, research in other online contexts highlights
behavioural variances between frequent and infrequent shoppers (e.g.,
Hansen, 2005; Overby and Lee, 2006). This suggests that meaningful
insights can be gained from measuring the mediation effect of the fre­
quency of purchase between the characteristics of family firms and the
WTP.
In the present study, it has been assumed that the purchasing fre­
quency of consumers is a relevant variable in consumption behaviour;
however, the influence of customer-based variables has been largely
ignored as potential mediators, and there is a lack of research on pur­
chase frequency as a mediator. Consequently, this research proposes
that consumers' frequency of purchase plays a mediator role in the
context of online shopping. Therefore, the objective of this research is to
examine whether purchase frequency acts as a mediating influence on
the links between the characteristics of family firms and the WTP.
Therefore, the following hypothesis is put forth.
Hypothesis 2. There is a direct positive link between frequency of
purchase and consumers' willingness to pay.
However, this research also takes into account the central role that
prior knowledge plays in the decision-making process of consumers
(Darley et al., 2010). More specifically, prior knowledge impacts the
4
Technological Forecasting & Social Change 188 (2023) 122289
information search stage and facilitates customer information process­
ing (Bettman and Park, 1980; Park and Lee, 2009). Prior research on
online shopping suggests that consumers with the need for purchase-
related information use the internet more frequently because of the
gratification they receive from the internet (Park and Lee, 2009). These
arguments can be applied in the context of online reviews (i.e. eWOM)
context. In fact, consumers who already know the product or the brand
will have a lower (versus higher) need for product or service information
and will access the internet less (versus more) frequently to obtain
eWOM information. Based on these arguments, we propose the
following hypothesis:
Hypothesis 3. There is a direct positive link between online reviews
and consumers' WTP.
Furthermore, customers with a high knowledge of the product
category find it easy to assess the attributes and utility (Ratchford,
2001). From a psychological point of view, several studies suggest that
prior knowledge has an influence on price acceptability (e.g., Cordell,
1997; Rao and Sieben, 1992) and customers' WTP (Lichtenstein et al.,
1988). A customer's knowledge of the product category affects the
acceptable price range (Rao and Sieben, 1992). The size of the price
range that delineates the customer's price tolerance depends on their
involvement with the product (Kressmann et al., 2006; Landwehr et al.,
2013). Researchers generally agree that the greater the degree of
knowledge about the product category, the higher the price tolerance
(Cummings and Ostrom, 1982; Divine, 1995; Kressmann et al., 2006;
Rao and Sieben, 1992). However, to our knowledge, no study has
investigated the mediating role of the frequency of purchase and online
peer-to-peer reviews on the relationship between firms' characteristics
and consumers' WTP in the online channel. Based on these arguments,
we propose the following hypotheses:
Hypothesis 4. The characteristics of family firms directly enhance the
frequency of purchase.
Hypothesis 5. The characteristics of family firms directly enhance
online reviews.
Leveraging the theoretical background, this study claims that con­
sumers are willing to pay a premium price for the characteristics
ascribed to family firms (i.e. perceived quality, trust, CSR, reputation
and values).
This research also aims to test the mediating role that online fre­
quency of purchase and online peer-to-peer reviews play in influencing
WTP in the digital environment, first by the frequency of shopping on
digital platforms and second by the influence of information sharing (i.e.
online reviews) when purchasing a product. On the basis of these ar­
guments, we propose the following hypotheses:
Hypothesis 6. Family firms' characteristics influence consumers' WTP
indirectly via frequency of purchase.
Hypothesis 7. Family firms' characteristics impact consumers' WTP
via online reviews.
Hypothesis 8. Family firms' characteristics impact consumers' WTP
indirectly through frequency of purchase, which in turn influences on­
line reviews.
4. Methodology
This study followed a quantitative approach in order to test the
research hypothesis (Rew and Minor, 2018; Richter et al., 2016).
Confirmatory factor analysis (CFA) was conducted to verify each con­
struct's validity, and ordinary least squares regression was performed to
verify the mediation fit. With the aim of testing our research model, a
questionnaire was developed to gather information about consumers'
WTP and the perception they have of family firms' characteristics:
perceived quality, trust, CSR, and reputation and values. The
A. Bargoni et al. Technological Forecasting & Social Change 188 (2023) 122289

questionnaire was also developed to consider the mediating role that Table 2
online reviews and online frequency of purchase play in influencing Explanation of the variables and references.
WTP in the digital environment. Variable Explanation Main Literature
The questionnaire was developed using Google Form platform and References
underwent a pretest with a random sample of ten respondents who Age 0 if between 18 and 25; 1 if
agreed to participate. The pretest allowed the authors to amend the between 26 and 35; 2 if between 36
questionnaire and clarify all the questions. and 50; 3 if between 51 and 65; 4 if
To investigate the hypothesis, data were collected on a sample of 565 above 66
Gender 0 if female; 1 if male
respondents through Prolific, a recently established crowd-working Educational 0 if primary education or none; 1 if
platform for online subject recruitment, which explicitly caters to re­ background secondary; 2 if post-secondary; 3 if
searchers (Palan and Schitter, 2018). As shown in Table 1, the panel is bachelor's degree; 4 if master's
composed of 65.84 % female respondents. The majority of respondents degree or higher education
Perceived quality 2 items/5-point Likert scale Carrigan and
were aged between 26 and 35 years (28.14 %) and had a post-secondary
Buckley, 2008
education (39.65 %). Most respondents had indicated that online Trust 1 item/5-point Likert scale Beck and Prügl,
shopping was a frequent activity, for example 33 % of respondents 2018; Dos Santos
indicated that they shopped online at least once a month, while 12 % of et al., 2019
respondents said at least once a week. Corporate social 2 items/5-point Likert scale Gavana et al., 2018;
responsibility Köhr et al., 2021
Data were analysed using OLS regression analysis through PROCESS (CSR)
(version 4.0), an IBM SPSS add-on that computes the direct, indirect, Reputation and 2 items/5-point Likert scale Binz et al., 2013;
and total effects of X on Y as well as unstandardised and standardised values Schellong et al., 2019
regression coefficients, standard errors, and other statistics including t Online reviews 1 item/5-point Likert scale Zanon et al., 2019
Frequency of 1 item/5-point Likert scale Kim and Rossi, 1994;
and p values and R-squared. Furthermore, unlike the Sobel test, which
purchase Kim et al., 2015
assumes a continuous outcome (Y), PROCESS macro can be used with Willingness to pay 1 item/5-point Likert scale Beck et al., 2020
both continuous outcome (linear regression analysis) and dichotomous
outcome (logistic regression analysis; Abu-Bader and Jones, 2021;
Hayes, 2018; Hayes and Montoya, 2017). The PROCESS macro can es­ et al., 2019). For the perceived quality dimension, a two-item scale was
timate conditional process models with multiple mediators specified in developed; for the trust dimension, a single item scale was developed;
parallel or in serial, and it provides the indices of partial, conditional, for the CSR dimension, we used a two-item scale; and for the reputation
and moderated mediation for each mediator, along with bootstrap CIs and values dimension, a two-item scale was used. Respondents were
for inference. asked to answer on a 5-point Likert scale for all variables. The scales
To examine the consumers' WTP related to family firms' character­ were anchored at 5 (strongly agree) and 1 (strongly disagree). As regards
istics and the mediating effect that frequency of purchase and online the dependent variable, WTP (Beck et al., 2020), we used a single item.
peer-to-peer reviews play on purchase intention, we developed a In order to evaluate the mediator effect of online reviews (Zanon et al.,
standardised questionnaire structured in four sections. The first section 2019), respondents were asked to answer on a Likert scale, anchored at 5
was intended to gather demographic information about the respondents, (strongly agree) and 1 (strongly disagree). To evaluate the mediating
such as age, gender, and level of education. The second section was role of frequency of purchase, a single-item scale was used. The Likert
designed to collect information on the perception that consumers have scale was anchored at 5 (very frequently) and 1 (never) to measure the
of family firms' characteristics (i.e. perceived quality, trust, CSR, repu­ frequency with which the mediator item was employed by the
tation and values). The third section measured the respondents' attitudes consumer.
towards digital platforms and their frequency of usage and level of
engagement with online reviews. In the last section, we gathered data on 5. Findings
the respondents' WTP a price premium for a family firm’s products and
services. However, it is important to note that all the questions and The first step in our research was to identify the validity of the
variables were taken from the literature (Table 2). To measure the latent conceptual model proposed using CFA with principal component
independent variable, family firms' characteristics, we analysed previ­ extraction, performed with the statistical software IBM SPSS Statistics
ous literature on the topic and employed the knowledge gained to define Version 27 (details shown in Table 4). CFA is largely employed in social
four subitems: perceived quality, trust, CSR, and reputation and values sciences and quantitative research (García-Fernández et al., 2018; Hair
(Astrachan et al., 2018; Beck and Prügl, 2018; Binz et al., 2013; Botero et al., 2010; Shi et al., 2017) to test if the constructs of a model are
et al., 2018; Carrigan and Buckley, 2008; Dos Santos et al., 2019; reliable and valid (see Table 3 for correlation matrix). In more detail, for
Fombrun et al., 2000; Gavana et al., 2018; Köhr et al., 2021; Schellong the latent variable family firms' characteristics (independent variable),
the CFA generated one factor with the items Perceived quality_1,
Perceived quality_2, Trust, CSR_1, CSR_2, Reputation and values_1, and
Table 1
Respondents' descriptive statistics. Reputation and values_2 explaining a total of 69.032 % of the observed
variance. We then assessed the correlation matrix through KMO, and
Variables # Mean or %
Bartlett's test resulted in an acceptable level of KMO statistic (0.890);
Gender (female) 372 65.84 % additionally, a significant p-value was obtained for the Bartlett's test of
Age
the construct. Cronbach’s α was 0.924.
139 24.60 %
26–35 159 28.14 % For the variable WTP (independent variable), and the mediators
36–50 122 21.59 % online reviews and frequency of purchase, a single-item scale was used,
51–65 119 21.06 % and thus no CFA was used.
>66 26 4.60 %
Education
Post-secondary 224 39.65 % 6. Test of the hypotheses
University (3 years) 119 21.06 %
University (5 years) or above 147 26.02 % After assessing the reliability and validity of the conceptual model by
Secondary 59 10.44 % employing CFA, we employed OLS regression analysis using IBM SPSS
Primary or none 16 2.83 %
(Version 27) software and PROCESS (Version 4.0), an add-on of SPSS, to

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A. Bargoni et al. Technological Forecasting & Social Change 188 (2023) 122289

Table 3
Inter-item correlation matrix.
Perceived quality_1 Perceived quality_2 Trust CSR_1 CSR_2 Reputation and values_1 Reputation and values_2

Perceived quality_1 1 0.841 0.750 0.593 0.565 0.66 0.686

Perceived quality_2 0.841 1 0.717 0.583 0.551 0.637 0.638
Trust 0.750 0.717 1 0.614 0.635 0.605 0.633
CSR_1 0.593 0.583 0.614 1 0.698 0.512 0.542
CSR_2 0.565 0.551 0.635 0.698 1 0.579 0.584
Reputation and values_1 0.660 0.637 0.605 0.512 0.579 1 0.760
Reputation and values_2 0.686 0.638 0.633 0.542 0.584 0.76 1

test the relationships between the constructs (Joreskog et al., 1979). The
research objective of this paper was to assess the influence of family
firms' characteristics on consumers' WTP online and to investigate the
mediating role of online reviews and frequency of purchase, leveraging
the validated characteristics and scales proposed in the literature (Car­
rigan and Buckley, 2008; Erkan and Evans, 2016; Hair et al., 2010;
Hänninen et al., 2018; Schellong et al., 2019). After the CFA (Table 4)
demonstrated that our factors' structure was valid and reliable, we
proceeded to testing the hypotheses using an OLS regression model with
two mediators (Table 5).
As shown in Table 6 and Fig. 2, the first hypothesis relates to the
relationship between the independent variable, family firms' charac­
teristics, consisting of four dimensions: perceived quality, trust, CSR,
and reputation and values as well as the dependent variable, consumers'
WTP. H1 is accepted, as the relationship between family firms' charac­
teristics and consumers' WTP had a positive effect (stand. coeff. 0.258)
and appears to have been significant (p < .001). Our findings, in line
with extant literature, reveal that consumers, during the decision-
making process of purchasing products from family businesses, form
positive if-then linkages in their minds. Furthermore, we add to extant
literature supporting that consumers are even willing to spend more on
family firms' products, as they ascribe positive cues to family firms'
characteristics, thus leading to more eager spending.
The second hypothesis (H2), which assumes a direct positive link
between frequency of purchase and consumers' WTP, is partially
accepted. While the direct relationship was statistically significant, the
direct effect of family firms' characteristics on frequency of purchase
appears to have been negative. This means that consumers valued the
frequency of purchase as a driver of choice in the decision-making
process but that the frequency of the purchase itself did not directly
influence the WTP more for a certain product. This means that cus­
tomers who repeatedly repurchased a product or service did not ascribe
a specific benefit from the continuous repurchase that justifies an
increased WTP. Hence, the fact of repurchasing a product was not
directly related to the WTP.
The third hypothesis (H3), which proposes a direct positive link
between online reviews and consumers' WTP, is accepted, as it was
positive and statistically significant. In line with the extant literature, we
found that online reviews played a central role in the purchase decision-
making process of consumers and were essential motives to seriously
take into account eWOM in the purchase validation phase of the
consumer journey. Furthermore, we add to the body of literature the
positive effect of online reviews on consumers' WTP. This means that
positive online reviews led consumers to increased spending for a
product or service. Hence, the combined effect of the positive linkages
formed through the signalling of the family nature of the firm and the
positive online reviews led consumers to spend more for family firms'
products than their non-family counterparts.
The fourth hypothesis (H4), which posits that family firms' charac­
teristics directly enhance the frequency of purchase, is partially
accepted. The hypothesis appears to have been statistically significant
but negatively related. We can infer that the act of repurchasing a
product or service is not directly related with the familiness of the firm.
This might imply that consumers do not repurchase a product because it
is produced by a family business but rather they ascribe the repurchase
intention to other metrics that still remain to be uncovered.
The fifth hypothesis (H5) assumes that family firms' characteristics
directly enhance online reviews. Supporting H5, family firms' charac­
teristics positively influenced online reviews. From the results obtained,
we can infer that consumers who ascribe a high value to the familiness of
the firm and hence form positive linkages when confronted to specific
cues about the family nature of the firm are more prone to engage in
positive eWOM.
The sixth hypothesis (H6) implies that family firms' characteristics
influence consumers' WTP indirectly via frequency of purchase. This
hypothesis is accepted as positive and statistically significant. This
means that the combined effect of the signalling the familiness of the
firm and the frequency of purchase of a family business product posi­
tively affects the WTP of consumers. Surprisingly, while the direct effect
of family firms' characteristics on the purchase frequency was negative,
the mediated effect of purchase frequency appears to have positively
affected the relationship between family firms' characteristics and the
WTP. We can infer that consumers who positively value the familiness of
the firm in their decision-making process and repeatedly repurchase the
product are more prone to pay more for family business products.
Hence, the effect engendered by the repurchase frequency of product
appears to strengthen the positive linkages formed in consumers' mind
about family firms.
The seventh hypothesis (H7) posits that family firms' characteristics
impact consumers' WTP via online reviews. Results from the mediation
model support the hypothesis that family firms' characteristics enhance
the positive online engagement of consumers through eWOM and that

Table 4
Communalities and total variance explained.
Communalities Initial Extraction Component matrixa Initial eigenvalues Extraction sums of squared loadings

Total % of variance Cumulative % Total % of variance Cumulative %

Perceived quality_1 1 0.778 0.882 4.832 69.032 69.032 4.832 69.032 69.032
Perceived quality_2 1 0.739 0.859 0.661 9.447 78.478
Trust 1 0.731 0.855 0.538 7.681 86.16
CSR_1 1 0.600 0.775 0.317 4.524 90.684
CSR_2 1 0.62 0.787 0.266 3.803 94.487
Reputation and values_1 1 0.669 0.818 0.233 3.334 97.821
Reputation and values_2 1 0.696 0.834 0.153 2.179 100

Extraction Method: Principal Component Analysis.

a
1 components extracted.

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A. Bargoni et al. Technological Forecasting & Social Change 188 (2023) 122289

Table 5
Mediating models.
OUTCOME VARIABLE: Willingness to Pay

Model Summary

R R-sq. MSE F df1 df2 p

0.305 0.093 1.021 19.22 3.000 561.000 0.000
Model
Coeff. se t p LLCI ULCI Std. Coeff.
Constant 2.909 0.243 11.981 0 2.432 3.386 –
Family firms' characteristics 0.273 0.043 6.298 0 0.188 0.358 0.258
Frequency of purchase − 0.068 0.034 − 1.985 0.048 − 0.135 − 0.001 − 0.080
Online reviews 0.114 0.051 2.249 0.025 0.014 0.213 0.092

OUTCOME VARIABLE: Frequency of purchase

Model Summary

R R-sq. MSE F df1 df2 p

0.103 0.011 1.547 6.056 1.000 563.000 0.014
Model Coeff. se t p LLCI ULCI Std. Coeff.
Constant 3.212 0.052 61.385 0.000 3.11 3.315 –
Family firms' characteristics − 0.129 0.052 − 2.461 0.014 − 0.232 − 0.026 − 0.103

OUTCOME VARIABLE: Online reviews

Model Summary

R R-sq. MSE F df1 df2 p

0.156 0.024 0.709 6.984 2.000 562.000 0.001
Model Coeff. se t p LLCI ULCI Std. Coeff.
Constant 4193 0.098 42.679 0.000 4.000 4.386 –
Family firms' characteristics 0.131 0.036 − 2.461 0.014 − 0.232 − 0.026 0.154
Frequency of Purchase − 0.010 0.029 − 0.352 0.725 − 0.066 0.046 − 0.015

Total Effect Model - Willingness to Pay

Model Summary

R R-sq. MSE F df1 df2 p

0.280 0.078 1.034 47.918 1.000 563.000 0.000
Model Coeff. se t p LLCI ULCI Std. Coeff.
Constant 3.165 0.043 73.975 0.000 3.081 3.249 –
Family firms' characteristics 0.296 0.043 6.922 0.000 0.212 0.380 0.280

this online engagement positively affects the WTP of consumers, who
are positively influenced by eWOM concerning family firms.
The eighth and last hypothesis (H8), which assumes that family
firms' characteristics impact consumers' WTP indirectly through fre­
quency of purchase, which in turn influences online reviews, was not
supported. The combined mediation effect of purchase frequency and
online reviews seemed not to be statistically relevant and did not affect
the WTP of consumers. In line with prior findings, we can infer that
purchase frequency does not act as a predictor of online engagement
through positive eWOM.
7. Discussion and conclusion
In accordance with the existing theory that pinpoints how the
involvement of family influences a firm’s identity (Zellweger et al.,
2010), our research indicates that the signalling of the familiness con­
tributes to creating a distinctive image due to a higher degree of
consumer-company identification (Beck, 2016; Zanon et al., 2019)
afforded by the familial characteristics of the firm (Astrachan et al.,
2018) and produces direct effects in the consumer's mind, which explain
the WTP a premium price for family firms' products.
In this context, some studies have attempted to define the charac­
teristics of family firms that impact consumers' behaviour, highlighting
those characteristics considered important to establish long-term re­
lationships with consumers, such as honesty, fairness, integrity,
reliability, reputation, commitment, and trust (Murphy et al., 2007).
However, with the Covid-19 pandemic and the consequent restrictive
measures, consumers' habits have changed drastically, and consumers
have shifted their shopping experience from offline to online shopping
(Chang and Meyerhoefer, 2020; Cox et al., 2020; Goldsmith and Lee,
2021; Zwanka and Buff, 2021).
Therefore, the research aims of this paper investigated if and how
family firms characteristics influence consumers' WTP in the online
channel and if the frequency of purchase and online peer-to-peer re­
views paly a mediating role in this relationship. An OLS regression
analysis has been performed to identify the direct effect of family firms'
characteristics on WTP and to establish the mediating role of frequency
of purchase and peer-to-peer reviews in the online channel.
The results of the research confirm the positive and significant
relationship between consumers' WTP and family firms' characteristics.
In line with that existing research that highlights the positive association
between the different dimensions of family firms and consumer
perception (Beck et al., 2020; Binz et al., 2013; Carrigan and Buckley,
2008), we contribute to this stream of research by emphasising the ex­
istence of this positive relationship also in the online context where
consumers have to ground their consumption decision-making process
on other metrics that do not entail touching or directly feeling the
product.
Furthermore, leveraging the theoretical lenses of prior knowledge of
factors influencing the decision-making process of consumers, we

7
A. Bargoni et al. Technological Forecasting & Social Change 188 (2023) 122289

Table 6 played a positive mediating role as they reinforced family firms' char­
Total, direct, and indirect effects of x on y. acteristics as drivers of choice between products. The mediating role of
Total effect of X on Y peer-to-peer online reviews appeared to be particularly significant and
explicative of consumers' WTP. This finding is in line with existing
Effect se t p LLCI ULCI c_cs
theoretical knowledge that ascribes an influencing role in the con­
0.296 0.043 6.922 0.000 0.212 0.380 0.280 sumption decision-making process to eWOM (Erkan and Evans, 2016;
Zanon et al., 2019).
In conclusion, building on the intertwining of extant research in the
Direct effect of X on Y fields of family business and consumer behaviour and leveraging the
Effect se t p LLCI ULCI c_cs lenses of inference and signalling theories, we empirically validate the
0.273 0.043 6.298 0.000 0.188 0.358 0.258 relationship between family firms' characteristics and consumers' WTP.
Furthermore, we identify the negative mediating effect of frequency of
purchase and the positive role of peer-to-peer online reviews.
Indirect effect(s) of X on Y
8. Implications and future research avenues
Effect BootSE BootLLCI BootULCI

Total 0.024 0.011 0.005 0.047 The dominant research question in family firm perception in­
Ind1 0.009 0.006 0.000 0.023
vestigates the reputational differences between family and non-family
Ind2 0.015 0.009 0.001 0.034
Ind3 0.000 0.001 − 0.001 0.001 firms, what the meaning of familiness is to the consumers, and how it
influences consumers' perceptions of family firms. Prior research has
Completely standardised indirect effect(s) of X on Y:
suggested that family firms have a superior reputation since they are
Effect BootSE BootLLCI BootULCI perceived as more trustworthy and authentic than their non-family
Total 0.022 0.010 0.005 0.045 equivalents (Carrigan and Buckley, 2008; Chaudhary et al., 2021).
Ind1 0.008 0.006 0.000 0.022 Based on the existing literature, our research aims to fuel future
Ind2 0.014 0.008 0.001 0.032
research by proposing further investigations into the impact that these
Ind3 0.000 0.001 − 0.001 0.001
positive if-then links, formed in consumers' minds about specific cues of
Indirect effect key: family firms, could have on family businesses. Starting from the context
Ind1 Family firms' charact. - > Frequency of Purch. - > WTP. of analysis, we propose that in the online channel, where consumers
Ind2 Family firms' charact. - > Online rev. - > WTP.
cannot directly touch or feel products, consumers base their decision-
Ind3 Family firms' charact. - > Frequency of Purch. - > Online rev. - > WTP.
making on other metrics, such as the characteristics exclusive to fam­
ily firms. However, future research could deepen the effect of these
identify the negative mediating effect of frequency of purchase and the characteristics in the context of social media to uncover if and how these
positive role of peer-to-peer online reviews. In fact, consistent with prior characteristics can be conveyed through social networks and if and how
knowledge (Kim and Rossi, 1994; Nieto-García et al., 2020), we found are still a reliable tool for family firms to increase consumers' WTP.
that there was a negative correlation between family firms' character­ Furthermore, restrictions due to the Covid-19 pandemic have
istics and frequency of purchase. This means that consumers who accelerated the digitalisation process for many generations. It could be
frequently use the online channel to buy products or services are driven interesting for future research to investigate how different generational
by prior knowledge developed about those product or service categories cohorts react to the signalling of the family nature of a firm and uncover
and ascribe less importance to family firm’s characteristics as drivers of if and how promoting the familiness of a firm might engender financial
consumption. In contrast, we found that peer-to-peer online reviews or non-financial benefits for family firms.

Fig. 2. Conceptual model with standardised coefficients and p-value.

(Source: authors' elaboration).

8
A. Bargoni et al.
This research shall also be of the utmost help for managers and
practitioners facing the everyday challenge of engaging consumers
through increasingly complex marketing activities. In fact, managers
must capitalize on the findings of this investigation to exploit the di­
mensions that form positive inferences in consumers' minds when
buying a product (i.e. perceived quality, trust, CSR, and reputation and
values) to build effective communication and reduce efforts to develop
targeted marketing strategies with a clearer causal effect on consumers'
WTP.
Finally, this research presents some limitations. For example, it
would be interesting to have a wider sample to analyse differences in
generations of consumers. It will also be helpful to perform a compar­
ative analysis of the offline buying behaviour to investigate more deeply
the role of family firms' products in the buying process and the influence
of the brand on people’s choices as well. However, since this is one of the
first studies to consider the mediating role of frequency of purchase and
peer-to-peer online reviews in a digital context, we open the avenue to
several possible new researches investigating also the psychological
influence of the pandemic on the buying behaviour process and the
psychological effect on the decision to buy.
CRediT authorship contribution statement
Augusto Bargoni: Conceptualization, Methodology, Writing- Orig­
inal draft preparation. Chiara Giachino: Conceptualization, Method­
ology, Writing- Original draft preparation. Ciro Troise: Supervision,
Reviewing and Editing. Gazi Mahabubul Alam: Visualization, Investi­
gation, Supervision. Roberto Quaglia: Reviewing and Editing.
Declaration of competing interest
None.
Data availability
The data that has been used is confidential.
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Augusto Bargoni is Ph.D fellow at the Department of Management, University of Torino,
where he contributes in conducting research over the topics of family capitalism, inno­
vation, industries and companies competitive positioning. He is a reviewer of some aca­
demic journals and a member of SIM (Società Italiana Marketing), SIMA (Società Italiana
Management). He presented papers to conferences on a European basis.
Chiara Giachino, PhD, is Associate Professor in Marketing at the Department of Man­
agement, University of Turin, Italy. Her most recent researches concern the consumer
behaviour with focus on young generations, tourism marketing and strategy. Recently, she
started to research on social media influencer marketing. She teaches marketing, industrial
marketing and business management and she is involved also in some masters’ courses.
She was a member of the Consulta in the SIM (Italian Marketing Association) and she
recently was visiting researcher at the Columbia Business School.
Ciro Troise, Ph.D. in Management, is qualified as Associate Professor, his affiliation is
University of Turin, Department of Management. Formerly he has worked in two Italian
competition Authorities such as Antitrust (Italian Competition Authority) and AGCOM.
Ciro Troise is an active scholar in the innovation, entrepreneurship, sustainability and
small business management fields. He has been a visiting scholar at the Queen Mary
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Technological Forecasting & Social Change 188 (2023) 122289
University of London. His research focuses on innovation, crowdfunding, entrepreneur­
ship, startups/SMEs, technology transfer, platforms and mobile apps. He has chaired
several tracks, attended many conferences and he has published over 50 publications
including papers, books, book chapters and conference papers. He has published his work
in leading international journals including British Journal of Management, Technological
Forecasting & Social Change, International Journal of Information Management, European
Management Journal, Management Decision, Journal of Small Business and Enterprise
Development. He has chaired several tracks and attended many conferences. He has
previous editorial experiences as he has acted as a (leading) guest editor of several special
issues on the following journals: IJIEBR, IJIM, EJIM, BEER, JSMA. He is a member of
several journal’s editorial boards (e.g. EJIM, IJBG, JPE) and scientific committee (e.g.
IFKAD, DIF) and a reviewer for many high impact journals.
Gazi Mahabubul Alam, PhD, FRSA is an internationally recognised Public Policy Analyst
with an especial focus to Higher Education. Countries of his work experience include
Malaysia, Bangladesh, UK and the USA. He works for both institute of Higher Education
and Partner for Development. Before he moved to the University Putra Malaysia, he was a
professor at the University of Malaya and East West University. Further to his postgraduate
degree in Business Administration, Alam acquired MA in International Education and
Development from the University of Sussex and a PhD from the University of Nottingham.
He received a distinguished fellowship from the Royal Society of Arts. He has published a
number of papers and they received a notable amount of citation in the Scopus and ISI
indexed. His paper on private Higher Education received best citation award from the Web
of Science.
Roberto Quaglia, Phd, is a Professor of Strategy and Management at ESCP Europe and a
visiting Professor at the Lorange Institute/CEIBS (Switzerland/Ghana), ESA (Lebanon). He
has earned his PhD at University Paris 2 Assas in Paris, he is an alumni of CPCL at Harvard
Business School (USA), EDP at MIT - Massachusetts Institute of Technology (USA), MiM at
Escp Europe (France), University of Torino (Italy). He started his professional career as a
strategic consultant at McKinsey & Co. and he then moved to Academia over 15 years ago.
A true passion for teaching and consulting, with a bias to corporate clients and family
business; he serves as a keynote speaker, a workshop facilitator, a consultant or a board
member. Roberto specialises in Strategy, Leadership, Decision Making, Communication,
Influence, Change Management and Family Business.