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Mobile banking adoption of the youth market

Perceptions and intentions
Ulun Akturan
Faculty of Economics and Administrative Sciences, Galatasaray University, Istanbul, Turkey, and

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Received 22 July 2011 Accepted 18 January 2012

Nuray Tezcan
Faculty of Management, Halic University, Istanbul, Turkey
Abstract
Purpose This study aims to investigate consumers mobile banking adoption through an integration of the technology acceptance model (TAM) with work on perceived benets and perceived risks. Design/methodology/approach Data were collected from 435 university students who were non-users but future prospects, and analyzed by structural equation modeling (SEM). Findings It was found that perceived usefulness, perceived social risk, perceived performance risk and perceived benet directly affect attitudes towards mobile banking, and that attitude is the major determinant of mobile banking adoption intention. In addition, no direct relationship between perceived usefulness and intention to use, perceived ease of use and attitude, nancial risk, time risk, security/privacy risk and attitude was detected. Research limitations/implications This study reects the perceptions of non-users and university students potential future prospects in an emerging country. The main theoretical contribution of this research is the development of a risk-benet model by extending TAM. Practical implications Banks should rely on increasing the benet perceptions of mobile banking. Simultaneously, decreases in social and performance risk should be promoted strongly. Originality/value In the study, the adoption intention of mobile banking is tested by integrating TAM with perceived benets and perceived risks social risk, performance risk, nancial risk, time risk, security risk and privacy risk. Keywords Mobile banking, Perceived benet, Perceived risks, Technology acceptance model, Youth market, Mobile technologies, Banking, Consumer attitudes Paper type Research paper

Marketing Intelligence & Planning Vol. 30 No. 4, 2012 pp. 444-459 q Emerald Group Publishing Limited 0263-4503 DOI 10.1108/02634501211231928

Developments in information technology have an enormous effect on the banking sector, creating continually ever more exible payment methods and user-friendly banking services. Since the 1980s major technology-enhanced products and services from automated teller machines (ATMs) to e-banking have become available everywhere 24/7 (Liao and Cheung, 2002). More than ten years ago it was clearly recognized that the internet promised nothing less than a revolution in retail banking, Business Week categorically stating that banking is essential to a modern economy, banks are not (Tan and Teo, 2000, p. 3).
The authors would like to thank to Galatasaray University Scientic Research Projects Commission for the support provided (Research Project No. 09.102.009).

Today mobile banking applications are evolving as a new retail channel for banks. Mobile banking is a focal point of growth strategies for both the banking and mobile carrier industries (Goswami and Raghavendran, 2009). Banks, through mobile banking applications, provide a combination of payments, banking, real-time two-way data transmission, and ubiquitous access to nancial information and services (Jacob, 2007). It is now taken for granted that the mobile phone as a channel for service consumption offers enormous potential in banking (Laukkanen and Lauronen, 2005). Previous studies indicate the factors contributing to the adoption of mobile banking include convenience, access to the service regardless of time and place, privacy and savings in time and effort (Laukkanen, 2007). Therefore, consumers assume and expect that through a phone they can readily attain fast, convenient and compatible service on demand. However, despite its advantages, the use of mobile banking has not spread in fact as was expected (Kim et al., 2009; Laukkanen, 2007; Laforet and Li, 2005). The internet is still the leading channel in electronic banking. Cortinas et al. (2010) found that despite using different channels to do their banking, customers tend to use one channel. This research aims to investigate the impact of perceived risks and benets on consumers mobile banking adoption in the context of the technology acceptance model (TAM). Conceptual background Mobile banking is dened as a channel whereby the consumer interacts with a bank via a mobile device, such as a mobile phone or personal digital assistant. In that sense it can be seen as a subset of electronic banking and an extension of internet banking with its own unique characteristics (Laukkanen and Passanen, 2008, p. 87). In the literature, there are several recent studies focused on mobile banking schel (Laukkanen and Kiviniemi, 2010; Koenig-Lewis et al., 2010; Cruz et al., 2010; Pu et al., 2010; Riquelme and Rios, 2010; Kim et al., 2009; Laforet and Li, 2005; Laukkanen and Lauronen, 2005; Luarn and Lin, 2005; Pousttchi and Schurig, 2004; Brown et al., 2003; Lee et al., 2003). Laukkanen and Kiviniemi (2010) examined the effects of information and guidance offered by a bank on ve adoption barriers and found that the information and guidance offered by a bank has the most signicant effect on perceived functional usability of the innovation and they play an important role in increasing the positive image associated with the innovation. Koenig-Lewis et al. (2010) found that that compatibility, perceived usefulness, and risk are signicant indicators for the adoption of mobile banking services. Compatibility is an important antecedent for perceived ease of use, perceived usefulness and credibility. Moreover, trust and credibility are crucial to reduce the overall perceived risk of mobile banking. Cruz et al. (2010) investigated the perceived obstacles to the adoption of mobile banking services and found that that the majority of respondents do not use any kind of mobile banking service and the reasons behind not using mobile banking were perception of cost, risk, low perceived relative advantage and complexity. Riquelme and Rios (2010) investigated the factors affecting the adoption of mobile banking among current users of internet banking and demonstrated that perceptions of

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relative advantage of the mobile device, perception of risk, social norms, ease of use and usefulness of the device for banking purposes. Kim et al. (2009) aimed to research the mechanisms associated with the initial formation of peoples trust in mobile banking, and their intention to use the service. With this goal in mind they have tested four types of trust-inducing forces: institutional offering (structural assurances), cognition (perceived benets), personality (personal propensity) and rm characteristics (rm reputation). They discovered that three variables (relative benets, propensity to trust and structural assurances) have a signicant effect on initial trust in mobile banking. However, the impact of reputation as a rm characteristic on mobile banking adoption was not supported. Laforet and Li (2005) investigated consumers attitudes towards online and mobile banking in China. They concluded that security was the most important factor that motivated Chinese consumer adoption of online banking. While the main barriers to online banking were found to be the perception of risks, low computer and technological skills and Chinese traditional cash-carry banking culture, the barriers to mobile banking adoption were different, in the main a lack of awareness and understanding of the benets provided by mobile banking. Luarn and Lin (2005) researched the applicability of the technology acceptance model (TAM) in a mobile banking context by adding one trust-based construct (i.e. perceived credibility) and two resource-based constructs (i.e. perceived self-efcacy and perceived nancial cost ) to the TAM, and demonstrated that their extended TAM had a higher ability to predict and explain behavioral intention to use an information system. Brown et al. (2003) examined the factors that inuence the adoption of mobile banking in South Africa on the basis of innovation diffusion theory, banking needs, perceived risk internet experience, subjective norm, and self efcacy. They concluded that relative advantage, trial periods, and consumer banking needs, along with perceived risk, have a major negative inuence on the adoption of mobile banking. Lee et al. (2003) conducted a qualitative close-up study to examine and understand consumers behavior and motivation towards mobile banking, focusing on both the innovative attributes and consumers perceived risk concerns. This study aims to investigate the factors affecting mobile banking adoption in an emerging country. Therefore, we test the adoption intention of mobile banking by integrating TAM with perceived benets and perceived risks i.e. social risk, performance risk, nancial risk, time risk, security risk and privacy risk. Unlike previous studies, the six perceived risk dimensions were included in the model. Technology acceptance model (TAM) The technology acceptance model (TAM), introduced by Davis (1989), is used for modeling user acceptance of information systems. The goal of TAM is to provide an explanation of the determinants of computer acceptance (Davis et al., 1989). TAM posits that two particular beliefs i.e. perceived usefulness and perceived ease of use are of primary relevance for computer acceptance behaviors (Figure 1). In general, TAM examines the mediating role of perceived ease of use and perceived usefulness on the probability of system use (Legris et al., 2003). Perceived usefulness (PU) is dened as the prospective users subjective probability that using a specic application system will increase his or her job performance within an organizational context.

Perceived ease of use (PEoU) refers to the degree to which the prospective user expects the target system to be free of effort (Davis et al., 1989, p. 985). In the model, both, perceived usefulness (PU) and perceived ease of use (PEoU) predict attitude (A), dened as the users evaluation of the desirability to use the system. The individuals behavioral intention (BI) is directly inuenced by the attitude (A) and perceived usefulness (PU). TAM is found as able to provide a reasonable depiction of a users intention to use technology (Legris et al., 2003). And it has been widely utilized in research to determine the probability of adopting an online system and user perceptions of system use (Alsajjan and Dennis, 2010; Teo et al., 1999; Gefen and Straub, 2000; Moon and Kim, 2001). On this basis, it was hypothesized that: H1. Perceived usefulness positively affects the attitude towards using mobile banking. H2. Perceived ease of use positively affects the perceived usefulness of mobile banking. H3. Perceived ease of use positively affects the attitude towards using mobile banking. H4. Perceived usefulness positively affects the behavioral intention to use mobile banking. H5. Attitude towards using mobile banking positively affects the behavioral intention to use mobile banking. Perceived risk Perceived risk, introduced by Bauer (1960), refers to the nature and amount of risk perceived by a consumer in contemplating a particular purchase decision. Presumably a consumer is motivated to make a purchase in order to attain some set of buying goals. The element of risk is often present because prior to making a purchase the consumer cannot always be certain the planned purchase will allow them to achieve their buying goals. Jacoby and Kaplan (1972) inferred from Bauers seminal work an overall measure of perceived risk, pointing to its ve key facets: (1) nancial risk; (2) performance risk; (3) social risk;

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Figure 1. Technology acceptance model

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(4) physical risk; and (5) psychological risk. In the literature, the notion of time risk determined by Roselius (1971) has also been taken as a dimension of perceived risk (Stone and Gronhaug, 1993; Dholokia, 1997). In addition to these perceived classic risk dimensions, the emergence of the internet and hyperspace has created new forms of risk perceptions, privacy risk (Cases, 2002, Pikkarainen et al., 2004) and security risk (Pikkarainen et al., 2004) (see Table I). Lee et al. (2003) claimed that the perceived risk dimensions, with the exception of psychological risk, could explain why consumers might not want to adopt mobile banking services. They found psychological risk to be not notably relevant to the issue of mobile banking adoption. Besides, earlier studies have argued that perceived nancial cost (Luarn and Lin, 2005), security issues (Brown et al., 2003; Luarn and Lin, 2005), performance-related risks (Featherman and Pavlou, 2003) are the essential variables in determining the adoption of mobile banking services. Walker and Johnson (2006) put forward that willingness to use the internet and telephone for nancial and shopping services is inuenced by: (1) the individual sense of personal capacity or capability; (2) the perceived risks and relative advantages; and (3) the extent to which contact with service personnel is preferred or deemed necessary. On that basis, it was hypothesized that: H6a. Perceived social risk negatively affects the behavioral intention to use mobile banking.

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Risk dimension Performance risk Financial risk

Denition The possibility of the product malfunctioning The potential monetary outlay associated with the initial purchase price as well as the subsequent maintenance cost of the product The possibility of losing time to learn how to use the product The risk that the selection or performance of the producer will have a negative effect on the consumers peace of mind or self-perception Potential loss of status in ones social group as a result of adopting a product Potential loss of control over personal information Potential loss of control over transactions and nancial information

Time risk Psychological risk

Social risk Table I. Denition of perceived risk dimensions used in the study Privacy risk Security risk

H6b. Perceived performance risk negatively affects the behavioral intention to use mobile banking. H6c. Perceived nancial risk negatively affects the behavioral intention to use mobile banking. H6d. Perceived time risk negatively affects the behavioral intention to use mobile banking. Laforet and Li (2005) found that Chinese respondents attach more importance to security than convenience, ease of use, or universal access to a wide range of services. On that basis, it was hypothesized that: H6e. Perceived security risk negatively affects the behavioral intention to use mobile banking. H6f. Perceived privacy risk negatively affects the behavioral intention to use mobile banking. Perceived benet Long before the internet it was known that consumers generally engage in cost-benet analysis when selecting a decision-making procedure (Wright, 1975). In buying situations, consumers look for certain benets from the product solution, and see products as a bundle of attributes delivering benets (Kotler and Armstrong, 2003). More recently, in studying mobile banking it has been suggested the customers purchase of a product includes cognitive and affective evaluation of utilitarian and hedonistic benets (Kim et al., 2007). Besides, consumers assess the value to the products by comparing the perceived benet and perceived sacrice. Perceived benet is found as an important factor in understanding online banking. Lee (2009) gured out that the intention to use online banking is primarily and positively affected by perceived benet. And Laforet and Li (2005) found that the lack of grasping these benets is an important barrier to adoption. Therefore, it was hypothesized that: H7. Perceived benet positively affects the behavioral intention to use mobile banking. In sum, the research model can be schematized graphically as in Figure 2. Research methodology Measures and data collection A structured instrument was used to collect data including multi-item measures using a ve-point Likert scale: perceived usefulness, perceived ease of use, attitude to use mobile banking, and perceived benet were adapted from Lee (2009); intention to use mobile banking was adapted from Kim et al. (2007); perceived social risk, perceived nancial risk, perceived performance risk, and perceived time risk were adapted from Stone and Gronhaug (1993); and perceived security and privacy risk were adapted from Pikkarainen et al. (2004). In the literature it was found that a typical user of online banking is a highly educated, relatively young and wealthy person with a good knowledge of computers,

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Figure 2. Proposed research model

especially the internet (Karjaluoto et al., 2002). The data were gathered through face-to-face interviews with 435 university students. Mobile banking users were eliminated with a lter question because risk perception differs in the pre- and post-purchase phases (Mitchell and Boustani, 1992). On that basis, the research sample exhibits the characteristics of being a non-user, as well as their future prospect of engaging in mobile banking in the next few years. The socio-demographics of the sample are presented in Table II. Analyses and results Exploratory factor analysis and reliability analysis Exploratory factor analysis is used to conrm whether items loaded correctly to the corresponding factors as identied before. Moreover, it is used to prevent multicolinearity, which causes misleading results (Sharma, 1996). With exploratory

n Age 18 19 20 21 22 23 24 25 Total Gender Female Male Total Family income ($US) 1,000 EUR or below 1,001-2,000 EUR 2,001 EUR and above Total Monthly expenditure ($US) 125 EUR and below 126-250 EUR 251-375 EUR 376-500 EUR 501 EUR and above Total 1 19 82 101 109 66 30 27 435 280 155 435 192 148 23 435 112 178 70 37 38 435

Percentage 0.2 4.4 18.9 23.2 25.0 15.2 6.9 6.2 100.0 64.4 36.4 100.0 44.1 34.0 5.2 100.0 25.7 41.0 16.1 8.5 8.7 100.0

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Table II. The demographic characteristics of the sample

factor analysis, ve items that had poor psychometric properties were removed. In Table III, the results of Cronbachs a and the total variance explained are displayed. Structural model testing The overall t measures of the structural model indicate an adequate t of the model to the data ( x2 =df 2:51, CFI 0:903, TLI 0:889, IFI 0:904, GFI 0:848, RMSEA 0:06). The results provide strong support for the conceptual model displayed in Figure 1, and Table IV presents a summary of the hypotheses tests. Six of the hypothesized paths of the structural model are highly signicant (a 0:01): H1. Perceived usefulness ! Attitude; H2. Perceived ease of use ! Perceived usefulness; H4. Attitude ! Intention; H6a. Perceived social risk ! Attitude; H7. Perceived benefit ! Attitude; and H6b. Perceived performance risk ! Attitude.

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Scales Social risk If I used mobile banking, I think I would be held in higher esteem by my associates at work The thought of using mobile banking causes me concern because some friends would think I was just being showy I think that using mobile banking would provide me with a higher social status Performance risk I worry about whether mobile banking will really perform as well as it is supposed to I am concerned that the mobile banking will not provide the level of benets that I would be expecting Financial risk I think that the operating system of mobile banking would not function well I think that there would be problems with my nancial transactions while using mobile banking When using mobile banking, I am afraid that I will lose money due to careless mistakes When using mobile banking, I may lose money because my account information is hacked I think that using mobile banking is nancially risky Time risk I think I would spend too much time learning how to use mobile banking Using a mobile banking service would lead to a loss of convenience for me because I would have to waste a lot of time xing payment errors Because of some problems in the operating system, I think that mobile banking would not run fast and cause time loss Security risk I trust in an online bank as a bank I am not worried about the security of an online bank Matters of security have no inuence on using an online bank Privacy risk Using an online bank is nancially secure I trust in the ability of an online bank to protect my privacy I trust in the technology an online bank is using Perceived usefulness I think that using mobile banking would enable me to accomplish my tasks more quickly I think that using mobile banking would make it easier for me to carry out my tasks I think mobile banking is useful Overall, I think that using mobile banking is advantageous

Factor loadings

Cronbachs a 0.888

0.887 0.914 0.827 0.700 0.809 0.738 0.867 0.689 0.787 0.756 0.827 0.734 0.713 0.689 0.751 0.796 0.798 0.836 0.828 0.832 0.831 0.836 0.821 0.790 0.863 0.800 0.877 0.857 0.837 (continued )

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Table III. Descriptive statistics, exploratory factor analysis and Cronbachs a Coefcients

Scales Perceived ease of use I think that learning to use mobile banking would be easy I think that learning to use mobile banking does not require a lot of mental effort I think that it is easy to use mobile banking to accomplish my banking tasks Perceived benet I think that using mobile banking can save my time in performing banking transactions I think that using mobile banking can offer me a wider range of banking products, services and investment opportunities I think that using mobile banking can save the transaction handling fees in performing banking transactions Attitude I think that using mobile banking is a good idea I think that using mobile banking for nancial transactions would be a wise idea I think that using mobile banking is pleasant In my opinion, it is desirable to use mobile banking Adoption intention I plan to use M-internet in the future I intend to use M-internet in the future I predict I would use M-internet in the future

Factor loadings 0.846 0.830 0.808

Cronbachs a 0.771

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0.796

0.860 0.855 0.818 0.879 0.857 0.885 0.870 0.818 0.921 0.935 0.955 0.900 Table III.

The squared multiple correlations (R 2) for the dependent variables (perceived usefulness, PU; attitude towards mobile banking, Att; Intention to use, Int.) were 0.223 (PU); 0.684 (Att); 0.529 (Int). Similar to the R 2 value obtained in a multiple regression, a squared multiple correlation can be obtained from the SEM to quantify the percentage of variability in the outcome that is explained by the predictor variables
Estimate H1 H2 H3 H4 H5 H6a H6b H6c H6d H6e H6f H7 Att PU PU PEoU Int PU Int Att Att PEoU Att PSocR Att PPerR Att PFinR Att PTimR Att PSecR Att PPrivR Att PBen 0.363 0.621 0.066 0.855 0.015 0.132 2 0.131 0.017 0.089 2 0.050 0.201 0.434 SE 0.046 0.080 0.063 0.072 0.431 0.041 0.050 0.068 0.055 0.055 0.335 0.065 CR 7.841 7.763 1.047 11.881 0.034 3.218 2 2.618 0.245 1.620 2 0.922 0.599 6.649 p
*** ***

Supported Yes Yes No Yes No Yes Yes No No No No Yes

0.295
***

0.973 0.001 0.009 0.806 0.105 0.357 0.549

***

Notes: PU 0:223; R 2 Att 0:684; R 2 Int: 0:529

Table IV. Hypotheses tests

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(Neumark-Sztaineret al., 2003), inasmuch as it represents the direct effects and the causal power of the model. In the study, the predictor variables explain 68 percent of the variability in attitude towards mobile banking and 53 percent of the variability in intention to use mobile banking. Discussion This study puts forward the empirically grounded argument that the mobile banking adoption intentions of future prospects are dominantly inuenced by their attitudes towards mobile banking and these are affected by its perceived usefulness, perceived benet, social risk, and performance risk. Perceived usefulness is closely related to the subjective probability that using mobile banking is advantageous and will make banking easier. At that point, when consumers perceive that using mobile banking will enable them to accomplish their tasks more quickly, make it easier to carry out their banking-related tasks and is advantageous overall, they develop a positive attitude towards mobile banking. The usefulness perception of consumers is affected by the ease of use perception. Perceived ease of use refers to the expectation that using mobile banking will be free of effort. When consumers perceive that learning and using mobile banking is easy, their positive perceptions of usefulness increase. Attitude towards mobile banking is also affected by perceived social risk and performance risk. In our original research design we expected to discover the relationship between perceived nancial risk, perceived security risk, perceived privacy risk and attitude, but no such connections were detected. That absence of evidence is no doubt to be explained by the age of the respondents. The sample was constituted by university students aged 18-25. This age and education-level cohort normally has considerable experience of online banking and shopping, mobile phones, and mobile internet. Researchers in the area of technology adoption, adoption theory and social psychology domains widely agree that prior experience of technology at the individual level lead[s] to positive or negative expectations of ones personal abilities to use that or related technologies (Lee et al., 2003 p. 344). Moreover, Karjaluoto et al. (2002) persuasively demonstrate that prior experience with computers and technologies and attitudes towards computers inuence both attitudes towards online banking and actual behaviors. In addition, Featherman and Pavlou (2003) veried that since the sample population of university students was younger, more computer-literate, and more comfortable with internet-based transactions, their perceived risk levels are likely to be reduced as compared to the general population. Furthermore, some studies have argued that security issues are not in fact major determinants in banking transactions (Laukkanen, 2007; Laukkanen and Lauronen, 2005). Furthermore, Chau and Ngai (2010) found that young people (age 16-29) have more positive attitudes and behavioral intentions towards using IBS than other user groups. It was thus concluded that because of their experiences, their attitudes to mobile banking are not determined by their perceptions of privacy risk, security risk, or nancial risk. Rather, their attitude is negatively affected by perceived social risk and performance risk. Perceived social risk is the potential loss of status in ones social group as a result of adopting a product or service, looking foolish or untrendy (Featherman and Pavlou, 2003 p. 455). On that basis, social risk includes issues such as whether mobile banking

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usage will be socially acceptable and others positive or negative perceptions of mobile banking may affect the usage decision (Zhao et al., 2008). Social risk regarding mobile banking adoption may from this perspective actually be grounded in the subjective normative concept related to the theory of planned behavior, self-prestige and selfexpressiveness. Subjective norms refer to the persons perception that most people who are important to him think he should or should not perform the behavior in question (Fishbein and Ajzen, 1975, p. 302). It is a function of the perceived social pressure to engage in the behavior (Tan and Teo, 2000). In general, the key point here is that the adopters friends, family, and colleagues/peers are reference groups that will potentially strongly inuence adoption (Chau, 1986). Furthermore, it is argued that the use of mobile banking services can increase ones self-prestige (Lee et al., 2003) and that perceived self-expressiveness directly affects the attitude to use of a technological innovation (Pedersen and Nysveen, 2003). The other perceived risk dimension affecting the attitude towards mobile banking was identied as performance risk, which is well dened as the possibility of the product malfunctioning and not performing as it was designed and advertised and therefore failing to deliver the desired benets (Grewal et al., 1994). That older insight into common sense anxiety and marketing amplies the ndings of Lee (2009) and Zhao et al. (2008) about online banking adoption. also, in a qualitative study, Lee et al. (2003) determined that performance risk together with the other risk dimensions is important in mobile banking adoption. As a result of the study perceived benet is found as a major determinant (b 0:434) of the attitude towards mobile banking. That result is consistent with the studies of Lee (2009), and Featherman and Fuller (2002) of online banking. In mobile banking, when the consumers perceive that mobile banking saves time, offers a wide range of services and can save the transaction handling fees, they develop a positive attitude and therefore intent to use mobile banking applications. Conclusion and implications Mobile banking is an emerging concept and its market potential is expected to be high. However, the diffusion rate is low. To extend the literature on mobile banking and explore the parameters and boundary conditions of this predicament, this study investigated empirically the adoption intention of mobile banking. This study proposes a model based on risk and benet perceptions, and integrates with TAM to explain the adoption intention. From a theoretical point of view, this research has served to broaden the understanding of the factors inuencing mobile banking adoption from the perspectives of future prospects who are not current users. The main theoretical contribution of this research is the development of a risk-benet model by extending TAM. The ndings of the research are consistent with the literature of online and mobile banking. From the managerial point of view, this study produces valuable insights regarding future prospects. In the adoption of mobile banking, attitude is found to be the main determinant. When consumers think that using mobile banking is pleasant and a good idea, wise to use for nancial transactions and perceive it as desirable, they tend to adopt mobile banking applications. These attitudes are affected by the perception of benets and social and performance risks. Therefore, the banks should rely upon

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increasing perceptions of the benecial nature of phone banking. Simultaneously, decreases of social and performance risk should be strongly promoted. In that sense, the banks should keep in mind that information and guidance signicantly increase the perceived value added provided by mobile banking and decrease the perceived risks related to the innovation (Laukkanen and Kiviniemi, 2010). In terms of willingness to use technology effectively consumers attitudes towards technology, their use of IT and involvement with implementation pays dividends. In that sense appropriate organizational changes should be put in place to optimize on the potential benets offered by technological change (Phillips and Wright, 2009). This study reects the perceptions of nonusers and university students in an emerging country. This is the main limitation of the study. Further research concerning the model should extend testing to older age groups with different proles. To generalize the ndings, the results should be veried through investigations in industrialized countries.
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About the authors Ulun Akturan is Assistant Professor in the Department of Marketing, Galatasaray University (Istanbul, Turkey). She specializes in consumer behaviour, brand management and marketing research. She has published national and international papers on consumer behaviour, brand management and young adults. Ulun Akturan is the corresponding author and can be contacted at: uakturan@gsu.edu.tr Nuray Tezcan is Assistant Professor in Faculty of Business Administration, Halic University (Istanbul, Turkey). She specializes in research methodology, quantitative techniques and statistics. She has published national and international papers on young adults, multivariate analysis and parametric and non-parametric regression.

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