“Examining the effect of halal perceived value and perceived risk on purchase intention: A mediating role of halal trust”

Marketers in the rising halal Muslim consumerism must understand their clients’ behavior patterns to compete successfully. The purpose of this paper is to analyze the impact of halal perceived value, halal trust, and halal perceived risk on halal purchase intention among Muslim customers in Indonesia. Survey data analysis of 253 Muslim halal consumers was evaluated using structural equation modeling to scrutinize the empirical model fit. The results confirm that halal perceived value, perceived risk, and trust predict a significant amount of halal purchase intention. The study’s outcome also confirms that halal trust is a mediating variable through which halal perceived value and halal perceived risk affect halal purchase intention. This study contributes valuable insights into existing concepts of consumer halal trust influencing buying decisions and purchase intentions of halal products. This paper provides a practical foundation for managers to develop suitable halal marketing strategies that focus on creating value and reducing the risk perception to promote trust in consuming halal food products.


INTRODUCTION
The Muslim community's awareness of halal products is proliferating.Along with the Muslim population's rapid diaspora worldwide, the halal food industry has been identified as the fastest-growing consumer segment, utilizing a new blue ocean strategy by creating lucrative market potential in the global economy.Increasing halal food demand becomes an emerging market opportunity for business firms in the culinary sector.Islamic perspective on consumption entails specific and detailed narratives based on the dietary rules prescribed in Islamic scripture.Consequently, consuming halal foods is a form of religious commitment among Muslims (Hari Adi & Adawiyah, 2018).In the meantime, research about the role of religion in food consumption is sparse.Therefore, a systematic approach to researching consumer behavior, including religion, will complement and enrich current theory and practice.
The literature supports the view that the word halal is an alliance with individual perceived values.People use their values as guiding principles in thinking (Adawiyah & Pramuka, 2017), while personal beliefs justify one's actions (Arsil et al., 2018).Therefore, understanding Muslim halal food consumption principles will justify the choices.This fact highlights the strategic importance of nurturing personal values and beliefs to escalate firms' competitiveness in the market.The halal business has become a new form of competitive advantage strategy and sustainability model globally.The opportunity to achieve a positive product image and promote marketability in Muslim markets/countries can be reached through halal marketing.Furthermore, information about the halalness of a product will affect consumer purchase intention.A company that consistently communicates its halal performance will gain higher trust from the public, lowering customers' perceived risk.Hence, the current study fills in the research gap and examines the factors influencing the intention to purchase halal among Muslim customers in Indonesia.Further, this research also assesses the influence of halal trust as a mediator variable between halal perceived value and halal risk on halal purchasing intention.Finally, this study will examine the relationship between hypothesized variables in an integrated framework as a novelty.

LITERATURE REVIEW, AIMS, AND HYPOTHESES
Following current global trends, consumer patterns have shifted from fulfilling food needs to halal products (Nurrachmi, 2017).As a country with a Muslimmajority population, Indonesia's demand for halal products is enormous.For Muslims, halal-haram is not a simple problem that can be ignored because it concerns the relationship between humans and the relationship with God (Al-Teinaz, 2020).Islamic marketing is an umbrella term for promoting and selling products or services justified in Islam and aligns with Sharia law.Sula and Kartajaya (2006) argue that halal marketing is a business strategy activity that guides developing, delivering, and adding value to its stakeholders from the initiator through the contract and the principles of muammalah in Islam during the entire process.Hence, it can be concluded that halal marketing is an activity that leads to the halal way of life.Moreover, it includes all business activities that manage and implement marketing principles aligned with Islamic beliefs.
Today, Muslims have an increasing awareness about consuming halal products; this awareness grows along with strengthening religious beliefs and self-identity ( Assume buyers' perceived risks in finding halal products become high.In that case, there is motivation to avoid purchasing or minimize risks by searching and evaluating pre-purchase alternatives in the decision-making stage (Ozturk, 2022).
When buyers have a level of trust in the seller or a product, they will be compelled to make halal purchase intentions.
Conversely, when perceived risk is too high due to the absence of adequate information, this encourages the reluctance of consumers to purchase a halal product.Subsequent studies state that perceived risk is a function of the probability of outcomes and severity of consequences.The possibility of an outcome is the likelihood that an adverse effect will occur from an action.This negative result is not the result desired by consumers for using a product (i.e., consumers do not get the value or benefits of a product as expected) (Weber, 2019).
In contrast, the severity of the outcomes is the level of bad negative results (i.e., the value received by consumers of a product is much smaller than expected).The higher the level of adverse effects, the greater the risk consumers perceive to be increasingly undesirable or avoided.Thus, it can be concluded that when consumers consider the risk of a halal product high, the purchasing decision process will be longer, or customers may even undo their purchase intentions, and vice versa.
Trust, according to marketing literature, is the cornerstone of business.Building trust in a long-term customer relationship is essential for creating customer loyalty.This study conducted a pretest to test the validity of the question items posed to respondents.Four la-tent variables and 18 indicators were given to three marketing experts to assess their face and content validity.In the second pretest stage, the questionnaire passed the screening process and was verified on twenty Muslim consumers.As a result, they have experience purchasing halal products and ensuring that the questionnaire does not contain ambiguous, misleading, and irrelevant items, both with the constructs and the subject being measured.Hence, it can be ascertained that the measurement items of the constructs have a high level of content validity as a prerequisite for conducting a survey-based research approach.This study distributed 300 questionnaires to Muslim customers.However, only 253 questionnaires were found valid and feasible to process during data cleaning, with a response rate of 82%.They also showed adequate statistical generalizability and reliability.
Further, the paper performed Harman's one-factor test to identify common method bias (Podsakoff et al., 2003).Harman's one-factor test results show a value of 43.30 %, meaning no single factor extracted is more than 50%.Thus, it can be concluded that there is no indication of common method bias.
The standardized survey assessed eighteen indicators related to halal perceived value, halal perceived risk, halal trust, and halal intention to purchase.The current paper refers to several measurement variables synthesized in previous studies.To measure halal perceived value, this paper employed a measurement extracted from Jamal and Sharifuddin (2015) (e.g., "The current halal food product provides remarkable value for me").Further, the paper extracted five items from Olya and Al-Ansi (2018) to measure halal perceived risk (e.g., "There is a chance there will be something wrong with halal conditions of producing and processing the products").Four items from Chen (2010) were used to measure halal trust (e.g., "The halal food product and services provider's reputation is trustworthy").Finally, the study adopted three indicators to estimate halal product purchase intention from Ali et al. (2017aAli et al. ( , 2017b) (e.g., "I expect to purchase this halal food product in the future because of its halal compliance").
Structural equation modeling (SEM) using AMOS 18.0 is employed to evaluate the hypotheses.Two levels of examinations, which include the meas-urement model and structural model, as suggested by Anderson and Gerbing (1988), were applied to obtain empirical findings.

RESULTS
Table 1 displays the hypothesized variables' statistical outputs, including means, standard deviation, and correlation matrix.Halal perceived value, trust, and purchase intention variables show a positive correlation.Meanwhile, halal perceived risk shows a negative relationship with other variables.
Confirmatory factor analysis (CFA) was employed to examine the psychometric property and construct dimensionality in the conceptual framework.Further, the CFA analysis uses AMOS 18.0 with the maximum likelihood procedure approach to validate the empirical model's four variables.The measurement model's result, the loading factor of individual items, shows a significant value and is higher than the minimum requirement of 0.5 (Hair et al., 2014).Table 2 displays the reliability coefficient (Cronbach's α) coefficient for halal perceived value (0.897), halal perceived risk (0.899), halal trust (0.886), and halal purchase intention (0.840), respectively.Hence, Cronbach's α coefficient as a statistical outcome demonstrated high internal consistency.
Further, as Churchill Jr (1979) suggested, the study verified the constructs' validity using convergent and discriminant validity.Convergent validity is acceptable if the variance shared by the construct exceeds 0.5 (Fornell & Larcker, 1981).The result yielded that halal perceived value (0.639), halal perceived risk (0.642), halal trust (0.608), and halal purchase intention (0.634) surpassed the suggested level for each factor.Further, to prove that each aspect's discriminant validity is achieved, the conditions are the square root for each factor, which is higher than the squared estimated correlations among other elements in the model (Fornell & Larcker, 1981).As shown in Table 2, the square roots of the AVEs of all four constructs are 0.799, 0.801, 0.780, and 0.796, respectively, surpassing the satisfactory level and providing support for discriminant validity.The four variables' construct validity statistical test results show that all constructs show acceptable reliability and validity evaluation for measurement models.
Additionally, as suggested by Leech et al. (2005), the paper computed a factor analysis procedure of the variable proposed and confirmed that the Kaiser-Meyer-Olkin measure of sampling adequacy (KMO value = 0.929) is higher than the 0.70 rule of thumb suggested by Hair et al. (2014).Bartlett's sphericity test also reported a higher score (χ2 = 2788.64,df = 153, P < 0.001).Factor analysis also showed that every construct was categorized into a single factor.
The structural model's findings are presented in Table 3 after the calculation model is evaluated by confirmatory factor analysis.The data processing results for this research model indicate that the whole model's analysis process has met the criteria of goodness of fit that have been determined.
The third hypothesis states that HPR has a negative effect on HPI; it got consistent results and supported previous research (H3: β = -0.257,p < 0.001) (Al-Ansi et al., 2019).As expected, the fourth hypothesis is supported and attested that HPV significantly influences HT (H4: β = 0.534, p < 0.001).Finally, the fifth hypothesis also gave a similar result and stated that HPV was negatively associated with HT (H4: β = -0.135,p < 0.001).This evidence shows that organizations often do not fulfill halal promises, resulting in low consumer trust.Hence, Muslim consumers are more careful when finding questionable halal legitimacy to minimize their HPR.
Table 4 shows that the mediation test's findings confirm that HT partially mediated the relationship between the antecedent variable and HPI.
In comparison, this study utilized bootstrapping methods to assess the indirect effect of the proposed parameters, using a bootstrap sample of 1,000 with a 95 percent confidence interval corrected bias as an approach for evaluating the mediation effect in a small sample (Gimenez-Nadal et al., 2019).According to statistics in Table 5, the study model favors HT's involvement in mediating the association between two predictor factors, HPV and HPR and HPI.In this regard, path coefficients were initially assessed.When HT was included in the model, the path coefficient from HPV to HPI significantly decreased but remained significant (a decrease from 0.695 to 0.516), which is in line with Baron and Kenny's (1986) partial mediation criterion.Likewise, the path coefficient from HPR to HPI also declined (β from -0.339 to -0.327) and proved that HT intervened in the relationship between HPR and HPI.Additionally, the bootstrapping approach is used to verify mediation (Preacher & Hayes, 2008)

DISCUSSION
The study's primary goal was to support the premise that halal perceived value might favor Muslim customers' purchase intentions.The findings con-firmed the study's central hypothesis that HPV might foster Muslim HPI.These findings were in line with Purwanto and Sudargini (2021), who agreed that HPV influenced HPI.Therefore, to encourage Muslim customers to purchase halal products, the seller has to pay more attention to the experience from the buyers' perspective.
Further, the results also indicated that the HT variables substantially and positively influence HPI.These findings are consistent with past investigations (Ali et al., 2018;Nurrachmi et al., 2020;Zakaria et al., 2015).The paper proved that delivering halal value to Muslim consumers will affect cognitive beliefs and encourage them to buy products or services congruent with their religious beliefs.
In contrast, halal perceived risk is negatively related to HT and HPI.This behavior shows that increasing consumer perceived value encourages consumer purchase intention directly and indirectly through customer trust.Further, Muslim customers are often anxious because they are unsure whether their purchase will fulfill their purchasing objectives.Zhu et al. (2018) suggested that customers' expectations regarding risk play a prominent part in patronage decisions.Therefore, halal marketers should also integrate halal features that reduce consumers' perceived risk of shop-

Mediations variables Mediations paths Mediations results
Halal  Additionally, this study found that halal trust mediates the relationship between halal perceived value and halal perceived risk on halal purchase intention.The result indicates that building a positive perceived value of a halal product would enhance customer trust, influencing consumers' willingness to purchase it.The paper also reveals that regarding halal product consumers, enhancing perceived value and reducing halal risk is critfor helping Muslim consumers develop adequate halal trust to establish a long-term mutualistic bond among all the parties.

CONCLUSION
The model of several halal aspects and how they affect Muslim customers' halal purchase intention is proposed in this study and is based on earlier research.This paper concluded that customer-perceived value is essential for enhancing halal purchase intention and trust.Hence, the greater the perceived value of a halal product, the more likely customers will buy it.These findings support that halal perceived value better predicts halal trust.They additionally justify that consumer perception of a halal product's value will influence many aspects of the cognitive mechanism by which consumers judge the post-purchase confidence in a product.
The statistical output results of HPR, HT, and HPI confirm the hypotheses that HPR is negatively related to HT and HPI.The main issue that often affects Muslim consumer trust is the case of halal fabrication.Many companies usually carry out fraudulent and deceptive activities related to halal claims on marketed products.This action has an impact on increasing HPI for marketed products.The theoretical lens of prospect theory posits that consumers make decisions based on the possible interest of gains and losses rather than their needs and analyze those risks using specific heuristics.Hence, when Muslim consumers choose to minimize the halal perceived value or maximize the halal market, they prioritize reducing halal perceived risk.Trust is all consumer-owned knowledge and conclusions drawn about objects, attributes, and benefits.Therefore, the trustworthiness of halal products is vital in managing the long-term relationship between a company and consumers because halal trust is a belief from Muslim buyers to brands, products, and companies to the fulfillment of offers according to customer knowledge and religious beliefs.Therefore, companies that want to seize Muslim consumers' market share increase halal products' perceived value and reduce risk perceptions by managing Muslim customer expectations of halal authenticity.This paper emphasizes the importance of value creation for customers, especially Muslim consumers.Positive value perception attributes about halal products will encourage consumer trust and increase purchase intention.However, many leakage risks and failure to conform with the appropriate halal protocol would mean that Muslim customers will no longer be satisfied with buying goods approved halal at face value.
Centered on the current findings, this study offers new acumens into the halal marketing area of research.It guides global marketing players to consider Muslim activity in halal consumerism, provided no prior research has examined the combined impact of halal perceived value, perceived risk, and trust on purchase intentions.
ping for halal goods by offering sufficient quality and safety information and building a company's reputation for halal compliance.These findings support Mortimer et al. (2020) andHanim et al. (2021), who discovered that halal perceived risk negatively affects the purchase intention of halal products.
(Randeree, 2019;021)consumers to predict the outcome of a buying decision caused by the ambiguity of a consumer's psychological or religious feelings.Perceptions of Muslim customers' anxiety regarding ambiguity and adverse effects may be received from purchasing a halal product or service driven by the buyer's asymmetry of information(Hanim et al., 2021).In the context of halal products, the study describes HPR as "the consumer's expectations of the ambiguity and negative consequences of buying a halal product (or service)."It is very challenging for Muslims when customers search for products following halal compliance(Randeree, 2019; Yusof et al., 2015).
(Islam & Chandrasekaran, 2013)on earth [that is] lawful and good and do not follow Satan's footsteps.Indeed, he is to you a clear enemy."(HolyQuran,n.d.).Rasulullah PBUH also noted in the Hadith: "Halal (Lawful) is clear, and Haram (unlawful) is clear; in between these two are certain things that are suspected (Shubha)."(Al-Hajjaj,2007).The religious prescription above is the legal basis for a mandate for every Muslim to consume lawful goods and services and avoid all products and services that are Haram and doubtful.While enforcing these Islamic commands, halal marketing is developing conventional marketing concepts by adding aspects of compliance with Islamic law (Shariah-compliant manner) to create value for Muslim consumers(Islam & Chandrasekaran, 2013).
Mainolfi and Resciniti (2018)initi (2018), consumer halal trust is all the knowledge infatuated by Muslim consumers and caused by three beliefs -ability, benevolence, and integrity -based on Islamic values.

Table 1 .
Means, standard deviation, and intercorrelation among variable Note: Values on the diagonal (bold) are the square root of the AVEs of respective constructs.

Table 2 .
Results of the measurement model

Table 4 .
Direct effect model