Abstract
This research seeks to draw attention to risk tolerance and customer equity on behavioral loy_x0002_alty among securities investors. The main purpose of the present study is to examine the influence of risk tolerance as a regulatory variable on the relationship between customer equity and behavioral loyalty of in_x0002_vestors in the Stocks Exchange of Thailand (SET). The sample group is 1,208 investors at high and low levels of risk tolerance in all four regions: the north, south, east and northeast parts of Thailand. The study was conducted in two main stages. First, the model of structural equation of the relationship between customer equity and behavioral loyalty was established. Results show that customer equity has a direct and positive influence on behavioral loyalty at a statistically significant level of 0.001, with an influence equals to 0.817 and 66.8% of behavioral loyalty can be explained. Second, the analyses of variance of the correlation measure_x0002_ment model according to risk tolerance levels were conducted. Results show that there is a variation of the axis intersection values in the regression equation of the relationship model of the factors with different risk tolerance levels. The behavioral loyalty of the high risk group is at 0.959; while that of the low risk group is 0.641, both at a statistical significant level of 0.001.
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