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This study aims to examine the interrelationships between the dimensions of perceived value, including functional, emotional and social values. The mediating role of emotional value between functional and social values and satisfaction have been hypothesized and tested. In addition, this study examines the moderating role of social value for the effect of emotional value on satisfaction.

Data for this study were collected from guests staying at two traditional guesthouses in Kashan, Iran. The authors applied partial least squares structural equation modeling to analyze 316 questionnaires completed by participants and for hypotheses testing.

The authors found positive and direct effects of all dimensions of perceived value on satisfaction. Moreover, the results indicated positive and significant indirect effects for functional and social values on satisfaction through emotional value. The findings demonstrated positive and strong effects of functional and social values on emotional value. The results do not support a moderating role for social value on the relationship between emotional value and satisfaction. In addition, the findings showed a strong and positive effect for satisfaction on revisit intentions.

This study makes a unique theoretical contribution to the perceived value literature by investigating the interrelationships between dimensions of perceived value. Moreover, this study explores several practical implications of these findings.