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The purpose of this study is to investigate the relationship between risk perception of wine and perceived value of wine among Korean wine consumers. Two hundred and ten questionnaires, with a 87.5% response rate from a judgmental sample of 240 wine consumers living in Seoul and Kyonggi Province, were utilized to study the relationship between research constructs. Three underlying dimensions of wine risk perception were identified from 11 variables; performance, timely, and financial, and five underlying dimensions of perceived value of wine were also identified from 20 variables; therapeutical, emotional, situational, financial, and social. Canonical correlation analyses were adopted to examine the overall relationship between the three risk perception factors of wine and the five wine perceived value factors. Three significant canonical functions were found between wine risk perception and perceived value of wine. Especially timely risk perception of wine was significantly related to both emotional and situational value of wine. And the managerial implications of these results were examined. Study tries to analyse and compare the predictive validity of two measurement methods of self congruity(direct vs. indirect) in order to find out the better way of conducting congruity study in the field of hospitality industry. To achieve this goal, a field survey measuring self congruity level by using both direct and indirect methods was carried out targeting college students.
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