Journal of Entrepreneurship and Business Venturing

Vol 4, Issue 1, 2024, PP. 01-16

The Impact of Perceived Quality and Brand Loyalty on Venture’s Equity:

The Mediating Role of Customer Trust
Mehak Mukhtar
Hailey College of Banking and Finance, University of the Punjab, Lahore, Punjab, Pakistan.
mehakmukhtar@puhcbf.edu.pk
Zargham Ullah Khan
Hailey College of Banking & Finance, University of the Punjab, Lahore, Punjab, Pakistan.
zargham@puhcbf.edu.pk
Muhammad Bilal Ahmad
Hailey College of Banking and Finance, University of the Punjab, Lahore, Punjab, Pakistan.
bilalaahmCorrespondingad220@gmail.com
Muhammad Irfan
UE Business School, University of Education, Faisalabad Campus, Punjab, Pakistan.

Corresponding: Irfan.ch@ue.edu.pk
ARTICLE INFO
Article History:
Received: 13 Jun, 2023
Revised: 13 Nov, 2023
Accepted: 19 Jan, 2024
Available Online: 29 Feb, 2024
DOI:
https://doi.org/10.56536/jebv.v4i1.53 Confirmation theory, and the Edelman Trust report emphasize the significance of
Keywords:
Customer Trust, Perceived
Quality, Brand Loyalty, Venture’s
Value
JEL Classification:
G24, L26
© 2024 The authors, under a Creative Commons Attribution-Non-Commercial No-Derivatives 4.0.
ABSTRACT
The primary focus of this study is to provide new insights into the correlation
between brand loyalty, perceived quality, and entrepreneurial venture’s value,
while taking into account the role of customer trust as a mediator. It is found that
perceived quality plays a vital role in augmenting venture’s value, with customer
trust acting as an intermediary between venture’s value and the aforementioned
factors. Noteworthy theories such as the Trust-Commitment theory, Expectation-
customer trust in building venture’s value. As brands continue to wield greater
influence in consumer decision-making processes, venture’s value assets become
a metric for measuring consumer trust. The research methodology employed is
based on survey-based random polling method. The statistical validity of these
assumptions is established through econometric tools, specifically analysis of
variance, structural equation modeling (SEM), and fitness testing. However, it is
important to note that the limited sample size is a crucial constraint in this study,
and it is recommended to expand the comprehensive representation of venture’s
value to encompass a wider range of geographical areas in order to enhance its
external validity.

INTRODUCTION
The objective of this research is to investigate the connection between Perceived Quality (PQ)
and Brand Loyalty (BL) within the context of entrepreneurial venture’s equity (VE), with a specific
focus on the mediating role of Customer Trust (CT). This study aims to fill a crucial research gap
by building upon the previous findings of Zia A. (2021), which emphasized the influential role of
consumer trust in linking PQ, BL, and VE. Businesses have increasingly recognized the
significance of PQ and consumer trust as crucial factors for success, considering the diverse
challenges posed by demographics, economics, and society. Therefore, this study examines the
interrelationships among venture’s value, brand loyalty, and perceived quality. Perceived quality,
brand loyalty, and brand image affect venture value (H. Chala et al., 2013). Since H. Chala (2013)
discovered brand loyalty and perceived quality to drive venture value, brand image is deleted. By
fostering loyalty, corporate reputation may impact market share.

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Marketing study has focused on Venture's equity (VE) in recent decades. Since the 1980s,
academics and experts have examined its complexity. The perceived usefulness and desirability of
a brand name is venturing equity, according to Lassar et al. (1995). Keller (1998) defined venture
equity as the differences in brand recognition and consumer responses to a brand's marketing.
Aaker (1991) proposed a complete framework for a venture's equity, including brand loyalty,
recognition, affiliation, perceived quality, and other distinctive brand attributes. Rta & Juozas
(2010) stressed brand image, loyalty, quality, awareness, and pricing.
A comprehensive Edelman Trust Barometer examination in 14 countries found an unexpected
tendency. Firms today prioritize social good and recognize their responsibility to improve it. This
shows how venture capital ownership is shifting and emphasizes the need to stimulate inquiry to
fill gaps and solve problems.
Many pertinent questions emerge in this case. Understanding how perceived quality increases a
venture's worth is crucial to understanding its equity value. Examining the intricate relationships
between a venture's equity (VE), perceived quality (PQ), and brand loyalty (BL) may yield
insights. The relationship between visual quality and consumer confidence and brand consistency
and customer trust are investigated. The study also examines consumer trust's mediating effect on
brand loyalty (BL), perceived quality (PQ), and venture equity (VE). Academics may contribute
to our understanding of this essential marketing topic by studying venture capital's complicated
dynamics. This study revitalizes and advances digital venture capital by focusing on the internet
environment. The approach applies to hospitals, service facilities, hotels, and automobiles. Trust,
essential for long-term firm equity growth, underpins the model's success. This study examines
the function of social media platforms in protecting a company's ownership by using encrypted
policies and closely monitoring user login actions. This study highlights the significant influence
of brand loyalty on individuals who utilize social media platforms and their willingness to accept
updated policies.
The data clearly highlight the utmost significance of fostering client trust, guaranteeing tangible
quality, and maintaining brand credibility. These criteria are crucial for organizations seeking not
just to prosper but also to broaden their market presence. The remainder of the paper is structured
as follows. Chap 2 discuss the theoretical and empirical review of literature. Chap 3 shed light on
research methods while chap 4 discuss about results of data analysis. Chap 5 discuss the conclusion
and implications followed by limitations and future research directions.

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LITERATURE REVIEW
This section of the dissertation is divided into two parts. The first section focuses on theoretical
foundation of the study while second part deals with formulating hypotheses for the chosen
variables based on relevant theory.
Theoretical Review: The Expectation-Confirmation Theory supports the idea that trust is
formed when customers' expectations align with the perceived performance of a product or service.
An example illustrating this theory is the acquisition of WhatsApp by Facebook for $19 billion in
2014, where the initial lack of a clear business strategy raised concerns (CT). During the
acquisition, Facebook assured EU regulators that no data would VE shared between the parent
company and the encrypted messaging network. The Facebook acquisition of WhatsApp first
reassured EU regulators that the two services would not share data, satisfying user privacy worries.
WhatsApp changed policy two years later to allow data exchange for customization and targeted
advertising. EU authorities questioned the earlier assurances and criticized this move. The incident
shows how data governance is changing, how tech giants, regulators, and user expectations interact
in a data-driven world, and how difficult it is to balance user privacy and commercial interests. It
illustrates the implications of breaking major purchase promises. Two years later, WhatsApp
allowed data exchange for customization and ad targeting, drawing EU criticism. Thus, data
integration plans were delayed until GDPR compliance was assured.
The influence of perceived quality on customer trust
Customer trust is significantly shaped by perceived quality. Perceived quality refers to the
customers' perception of the overall significance or excellence of a product or service (Chen and
Chang, 2013). It is influenced by both internal and external attributes that are meaningful to
customers, while objective quality is determined by predetermined standards (Garvin, 1983;
Olshavsky, 1985; Zeithaml, 1988). For durable and complex products, higher perceived quality
allows customers to evaluate various features before making a purchase (search attributes),
compared to products where evaluation can only occur after use (experience attributes).
The impact of such incidents on customer trust can be observed in the surge of adoption for
alternative messaging apps like Signal and Telegram. Sensor Tower data shows a significant
increase in global downloads of these apps following the policy changes. Signal and Telegram had
significant growth in the span of one week, with around 7.5 million downloads of Signal and 5.6
million downloads of Telegram reported. This study shows how perceived quality affects
consumer trust and the consequences of not achieving expectations. In the competitive business
environment, companies must grasp and utilize the complex relationship between perceived
quality and consumer trust. This is necessary to maintain consumer trust. This crucial connection
sets the stage for long-term, meaningful relationships with the target audience. Understanding the
relationship between perceived quality and customer trust may help businesses understand
consumer views, loyalty, and satisfaction. By knowing this, organizations may make informed
decisions, adapt their products and services to client demands, and grow market share via trust.

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H1: There exists a direct link of Perceived quality with customer trust.
The relationship between perceived quality and venture’s equity
Perceived quality plays a crucial role in shaping venture’s equity. Product relevance refers to
customers' perception of the quality of a specific product or service compared to other available
options. Consumer perception of a brand's quality significantly influences their decision to choose
that brand over competitors. Chen and Chang (2013) highlighted this perception, commonly
known as perceived quality, while the actual quality is determined by the attributes or
specifications of the product, as noted by Garvin (1983).
Aaker (1991) further defines perceived quality as a subjective overall judgment about a brand,
which has implications for market share, pricing, and profitability. The true measure of a
company's success lies in the competent level of service it provides to its customers, as quality
forms the basis for differentiation in terms of reliability, responsiveness, assurance, tangibility,
and empathy. Venture’s equity encompasses four key aspects, namely Brand Loyalty (BL), Brand
Awareness (BA), Perceived Quality (PQ), and Brand Associations (BV), as identified by Aaker
and Joachimsthaler (2000). The Aaker Model helps in developing a brand strategy that
incorporates various elements to differentiate the brand from competitors and drive its success.
Managing venture’s equity involves focusing on these components, where achieving higher scores
in BA, BL, PQ, and brand associations brings the product closer to attaining VE.
An example demonstrating effective venture’s equity can VE observed in Xiaomi, a smartphone
company that emphasizes customer acquisition and marketing strategy through its commitment to
providing superior functionality at an affordable price. Xiaomi offers a diverse range of innovative
and appealing electronic devices accompanied by internet services. These supplementary services
and outcomes contribute to the company's revenue generation and overall success.
H2: Perceived quality is substantially associated with venture’s equity.
The relationship between brand loyalty and venture’s equity
Brand loyalty offers various benefits to companies, including enhanced market share, attracting
new customers, brand extensions, reduced marketing costs, and protection against competitive
threats. Loyal customers hold a substantial amount of venture’s value (Mishra and Datta, 2011),
highlighting the importance of enhancing brand loyalty to increase overall venture’s value. Both
the Aaker model and the trust-commitment theory support the significance of brand loyalty.
According to the trust-commitment theory of relationship marketing, a successful company
requires two essential qualities: trust and commitment.
Trust can VE understood as the confidence placed by customers in an organization, expecting the
organization to act in accordance with their expectations (Mayer, Davis, and Schoorman, 1995). It
is based on the willingness to VE vulnerable to the organization, believing that the organization
will fulfill its obligations. Brand identification drives brand engagement (BM) (Aziz and Ahmad,

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2023). Similarly, BM stimulates customer satisfaction (Umar, 2021). Trust is crucial for
establishing mutual loyalty and achieving the objectives of both parties. A relationship built on
trust and commitment fosters cooperative behavior that allows both partners to address their needs.
Customers are treated with respect and receive the products and services they paid for, while the
company benefits from customer loyalty, reducing the need to invest resources in acquiring new
customers.
H3: Brand loyalty is substantially associated with venture’s equity.
In summary, enhancing brand loyalty not only leads to increased venture’s value but also
establishes a relationship based on trust and commitment. By cultivating loyal customers,
companies can achieve long-term success and minimize the need for extensive customer
acquisition efforts.
The relationship between brand loyalty and customer trust
Brand loyalty (BL) indicates a consumer's commitment to repurchase a specific brand and
maintaining their steadfast preference for the brand across different circumstances, ultimately
contributing to venture’s value (Ramadanty and Widayanti.2020). To comprehensively study
brand loyalty, it is essential to investigate the factors influencing brand loyalty at various levels.
Elena et al. (2001) identified brand satisfaction as a potential determinant of brand loyalty,
particularly when accompanied by brand trust and satisfaction. Brand loyalty is a significant
component within the framework of relationship marketing. Additionally, attitude measurement
plays a pivotal role in understanding consumer engagement. Aaker (1991) employs brand
preference, trust, proximity, and esteem as key indicators for assessing attitudes.
In the context of the global pandemic, a study called The New VE surveyed a diverse sample of
approximately fifteen thousand consumers across ten countries. The findings revealed that
consumers have high expectations for companies to act as societal heroes, providing affordable
goods and treating frontline workers with dignity. Notably, consumers perceive themselves as
influential stakeholders, believing they possess the power to drive change within brands.
Furthermore, they express a strong desire to utilize this power to contribute positively to society.
McDonald's, an internationally renowned fast-food chain, currently operates over 30,000 stores in
117 countries, serving an extensive customer base of more than 60 million individuals daily.
However, the brand encountered significant challenges, reaching a stagnation point in terms of
business performance and brand perception since 2005. Recent developments have resulted in the
erosion of consumer trust in the brand, despite many customers continuing to patronize
McDonald's.
H4: Brand loyalty is substantially associated with customer trust

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The relationship between customer trust and venture’s equity

Trust development is particularly relevant in the business-to-consumer market, where customers
place greater emphasis on establishing trust with reliable organizations. In this context, marketing
efforts should prioritize building strong relationships based on trust rather than solely focusing on
product features (Keh and Xie, 2009). The Trust-Commitment theory highlights the significance
of relationship marketing, which entails cultivating and maintaining successful social exchanges.
According to this theory, relationship commitment and trust serve as crucial mediating factors.
The proposed conceptual framework suggests that customer trust is contingent upon perceived
quality, whereby higher perceived quality engenders greater customer trust, consequently leading
to increased brand loyalty (GT Lau, SH Lee, 1999). These factors, both directly and indirectly,
contribute to enhancing venture’s value for businesses. This perspective aligns with the Trust-
Commitment theory and findings from the Edelman trust report. On the other hand, Zara adopts a
tailored approach to cater to the diverse demands of various customer segments, employing a range
of strategies (Mahardika and Santika, 2021; Viardot, 2014).
H5: Customer trust is substantially associated with venture’s equity

Figure I: Theoretical Model

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RESEARCH METHODOLOGY
The chapter will also outline the data collection techniques utilized and emphasize the
reasoning behind the selection of Structural Equation Modeling (SEM) as the preferred analytical
framework, highlighting its suitability for the study. The details are provided in Table 1
Data Collection
The primary aim of data collection is to facilitate the analysis of data, test hypotheses, and interpret
results, all in line with the research objective. Various instruments can VE employed, such as case
studies, analysis, and surveys (Yin, 2009). However, for this research, the chosen approach is a
survey, specifically a self-administered questionnaire, which involves gathering data from a
sample of participants using a survey instrument. Hence, a self-administered questionnaire will
VE utilized. The researcher utilized correlational and descriptive analysis methods to analyze the
collected data.
Instrument of Measurement
The study implemented five-point scales to measure and represent different aspects of the
investigated model. Brand Image (BI) evaluation was conducted using four criteria, following the
framework proposed by Chen and Tseng (2010). The measurement of Brand Loyalty (BL) was
based on Keller's (2001) scale, consisting of seven items. Four items assessing Venture’s value
were adopted from the research conducted by Yoo et al. (2000).
Table I: Methodology opted for research
Aspect Description

Research Design A comprehensive plan outlining the strategy for acquiring and analyzing data.

Survey Research Utilizing a cross-sectional approach to collect quantitative data.

Encompassing individuals across a wide range, from high school students to veteran
Population
military memVErs.

Sampling Determining the sample size using the thumb method (NumVEr of items on the scale * 10).

Conducted in a natural field setting, with a specific focus on a particular brand and
Study Setting
quantifying the results.

Time Horizon Determined based on the requirements set by the school.

Following a deductive approach with academic inspiration, consisting of 17 components,

Questionnaire
including demographic information.

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RESULT AND DISCUSSION

The study adopts a quantitative research approach to systematically and reliably analyze the
results. It aligns with a positivist perspective, assuming objective answers and providing clear and
logical explanations for events, causes, or circumstances. Analytical techniques such as fit model
assessment, reliability analysis, descriptive statistics, correlation analysis, regression analysis, and
Structural Equation Modeling (SEM) are utilized to comprehensively understand the data and
explore relationships and patterns among the variables under investigation.
Sampling Distribution Analysis
In the data analysis phase, a thorough frequency analysis is conducted to examine the responses to
each question or component, focusing on consistent attributes such as orientation. The cross-
sectional lens provides insights into the participants' orientations, with a specific emphasis on
sophomores' age. This approach allows for deeper analysis and meaningful findings related to the
research objectives.
Descriptive Analysis
The mean and standard deviation of the variable indicate the progressive development of brand
commitment and its significant correlation with venture’s value.
Correlation Analysis
To determine the link between VE, BL, PQ, and CT, correlation analysis was performed. The
research revealed a substantial positive association between factors. The VE-BL correlation is
0.630*, the greatest.
Table II: Correlation analysis
VE BL PQ CT

VE 1

BL .630** 1

PQ .331** .444** 1

CT .382** .247** .310** 1

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Reliability Analysis
The reliability analysis was tested using Coefficient Alpha (CA) from 0.7 to 0.9. However, values
below 0.6 show lack of consistency. We can verify our conclusions are reliable for future
investigation by accessing data dependability.
Results of SEM
The utilization of structural equation modelling (SEM) analysis is employed as a method to
ascertain the significance of relationships between variables that are under consideration. The F-
value helps gauge the presence of a statistically significant linear relationship. The study examines
the individual direct effects of brand loyalty (BL) and perceived quality (PQ) on venture’s equity
(VE), revealing significant but comparatively lower test values falling within a reasonable range.
However, customer trust (CT) acts as a mediator, influencing both BL and PQ, and exerts a direct
effect on PQ. The combined effect of PQ and BL on CT holds greater inferential value, indicating
its pivotal role in shaping the relationships between variable.
The regression weights in Structural Equation Modelling (SEM) confirm the theory. CT/PQ,
VE/CT, and VE/BL have substantial regression weights, suggesting that PQ predicts CT
statistically. The PQ-BL covariance is statistically significant, demonstrating a modest relationship
between brand loyalty and perceived quality. These studies highlight how customer trust and
venture equity affect perceived quality. Regression weights analysis yielded some remarkable
results. Regression weights for CT/PQ, VE/CT, and VE/BL have an absolute ratio of 3.338 and a
probability of less than 0.001. This means PQ's regression weight for CT prediction is 0.001 or
more. PQ and BL correlation has a significant absolute ratio of 5.728 with a probability of less
than 0.001. The PQ-BL covariance is statistically different from zero at the 0.001 level. These data
suggest brand loyalty does not affect perceived quality. Customer trust and venture equity
influence perceived quality more.
Table III: Results of SEM
Estimate S.E. C.R. P Hypotheses

CT->PQ .338 .101 3.338 *** Accepted

CT-> BL .115 .063 1.830 .067 Rejected

VE -> CT .281 .065 4.294 *** Accepted

VE -> PQ .010 .096 .102 .919 Rejected

VE -> BL .563 .059 9.605 *** Accepted

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CONCLUSION AND POLICY IMPLICATION

The data strongly suggest a positive association between brand loyalty (BL) and venture equity
(VE), with customer trust (CT) playing a key role. Previous study has consistently found a
favourable association between BL and VE. The thorough regression analysis using SPSS
validates the reliability and validity of BL, VE, and CT measurement instruments, boosting the
study's credibility and trustworthiness in the research setting. The advanced study using Structural
Equation Modelling (SEM) emphasizes CT and VE's larger regression weight and reduced
probability of higher critical ratio values. CT and the BL factor work together to build and maintain
venture equity, as shown by these data indicators. VE and CT are also directly affected by
perceived quality (PQ). As PQ decreases, goodness-of-fit models show that CT and VE suffer.
Mediation's direct and combined effects are reinforced.
In addition, this study's extensive statistical analysis clearly suggests that consumer trust is a
crucial hidden element. In combination with brand loyalty (BL) and perceived quality (PQ), it can
significantly impact venture equity (VE). These findings emphasize the necessity of building
consumer trust to boost venture equity. Businesses may expand and succeed in today's competitive
market by recognizing and emphasizing this hidden aspect. The evidence supports three of the five
hypotheses, but not the ones linking PQ to VE and BL to CT. These data show that CT shapes
Entrepreneurial VE, with BL creating and maintaining this link. The study sheds light on venture
equity and emphasizes the importance of consumer trust in creating and maintaining value. Data
analysis hypotheses are summarized in Table IV
Table IV: Summary of Hypotheses Testing
H1: Perceived quality is substantially associated with the venture’s equity Not Accepted

H2: Brand loyalty is substantially associated with the venture’s equity Accepted

H3: Perceived quality is substantially associated with customer trust Accepted

H4: Brand loyalty is substantially associated with customer trust Not Accepted

H5; Customer trust is substantially associated with venture’s equity Accepted

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The survey shows that brand loyalty and perceived quality significantly affect service brand value.
These elements develop trust and provide the groundwork for long-term venture value. To
thoroughly evaluate the statistical hypotheses and understand their impact on the study variables,
more precise and comprehensive analysis is needed. This will illuminate their influence and help
us comprehend the research aspects.
Managerial Implications
This strategy assures long-term sustainability and a competitive edge. Venture equity development
is booming in e-commerce, online shopping, hotels, automotive services, social media platforms,
internet banking, and the broader service sector. Companies may acquire a competitive edge and
stay relevant in today's dynamic business market by prioritizing client requirements and cultivating
loyalty. In the digital age, e-commerce, online transactions, hotel services, automotive sectors,
social media platforms, internet banking, and the service industry have all reemphasized venture
equity. To compete in the increasingly competitive market, businesses must embrace this paradigm
change and invest in strong customer connections, amazing experiences, and continually
exceeding expectations.
Limitations and Future Research Directions
Recognizing and addressing this study's Limitations is crucial. First, depending on brand
management literature may limit the research's uniqueness. Second, this study's small sample size
may restrict generalizability. Future study should use bigger and more varied samples to better
reflect venture equity across contexts. Expanding the study to additional service sectors would
increase its external validity and provide a broader viewpoint relevant to many businesses and
contexts.
This research affects the B2B business model, e-commerce, illness emergencies, and trade.
Explore and utilize the study findings in these areas for interesting future research. This research
focuses on the public, but future researchers could include student brand viewpoints. They may be
assessed on brand criteria including value, affiliation, communication, reputation, venture value,
and brand association.
To better understand consumer trust, analyze claims, communication, and reputation. This
extensive investigation would help explain how trust affects venture equity. Finally, educational
literacy and audience exposure limits must be addressed. Increase the sample size and ensure a
broad educational background and brand exposure to improve the validity and applicability of the
findings.

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