This study examines how the nature of the relationship between a service provider and a customer affects the customer's perception of service value. Drawing from relational exchange theory, we suggest that service provider/customer relationships characterized as more relational enhance the customer's perceptions of value directly and through the mediating effect of the customer's perceived risk. Further, we propose that the customer's perception of value increases future patronage intentions, mediated by customer satisfaction and dependence. We apply relational exchange theory to explain relationships from the customer's perspective in three different services contexts. The results of an empirical study of customers in three different services contexts generally support the model. Theoretical and managerial implications are discussed.
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