The sharing economy, characterized by peer-to-peer transactions, has rapidly transformed the hospitality industry. While prior research has explored aspects of social behavior and customer satisfaction within sharing economies, several gaps remain. Firstly, the attributes influencing customer intention to use hospitality businesses participating in the sharing economy haven't been clearly identified. Secondly, existing research predominantly uses social exchange theory (SET) or self-determination theory, overlooking the role of social factors and perceived values. This study bridges these gaps by applying social cognitive theory (SCT) and value-based adoption theory (VAM) to analyze the influence of perceived value (social, emotional, and functional) and cost (perceived risks). It investigates the moderating role of perceived risk and reciprocity on customer satisfaction and continuance intention. The research aims to (1) identify major attributes of hospitality businesses within the sharing economy; (2) explore the effects of intrinsic and extrinsic values on customer satisfaction and continuance intention; and (3) discover the moderating role of perceived risk and reciprocity in the relationships between customer satisfaction and continuance intentions. The phenomenal growth of the sharing economy underscores the necessity to understand these influential attributes, which this study investigates through qualitative and quantitative methods, including person-to-person interviews and an online survey, followed by factor analysis, structural equation modeling, and invariance tests.

The study defines the sharing economy as the "activity of sharing, lending, and acquiring of goods and/or services" through peer-to-peer transactions. It focuses on peer-to-peer and business-to-peer platforms within the hospitality sector, encompassing peer-to-peer accommodations, coworking spaces, and shared kitchens. Social cognitive theory (SCT) is used to analyze the social, functional, and emotional values influencing behavior. Value-based adoption model (VAM) is utilized to account for perceived values and costs, considering intrinsic and extrinsic motivations. The literature review delves into the concepts of social interaction, defined as actions affecting consumer valuations and decisions; social presence, representing the salience of others in communication; trust as perceived reliability on brands or services; community belonging as relational aspects beyond location; sustainability concerning resource saving; price as monetary value; familiarity as reducing uncertainty; and accessibility, focusing on ease of reach and interaction. The review establishes hypotheses connecting these factors to customer satisfaction and continuance intention, including the moderating roles of perceived performance and social risks and reciprocity.

The research employed a mixed-methods approach. Qualitative data was gathered through six in-depth person-to-person interviews with hospitality business users in Korea, exploring emotional and functional values, collaboration, and important interaction attributes. These interviews helped refine the attributes selected from extant literature, identifying keywords such as "accessibility," "community belonging," and "price." Quantitative data was collected via an online survey with 418 valid responses from Korean participants, using a 7-point Likert scale for measurement items derived from relevant literature. The survey targeted users of peer-to-peer accommodations, coworking spaces, and shared kitchens. The demographic analysis indicated a relatively even distribution across age groups and a higher than average education and income levels compared to the national average in Korea. Exploratory factor analysis (EFA) and correlation analysis using SPSS 20 were conducted to confirm the identified attributes. Confirmatory factor analysis (CFA) and structural equation modeling (SEM) using AMOS 20 were used to test the hypothesized relationships. Multi-group analyses examined the moderating effects of perceived risks (performance and social) and reciprocity. The study used established measures for various constructs including social interaction, social presence, trust, community belonging, sustainability, price, familiarity, accessibility, satisfaction, continuance intention, and perceived risks. The data was analyzed using factor analysis, structural equation modelling, and invariance tests.

The CFA analysis indicated a good model fit and demonstrated the validity and reliability of the measurement model. SEM results largely supported the hypotheses. Social interaction significantly predicted social presence. Social presence positively influenced sustainability, community belonging, trust, price, familiarity, and accessibility. Trust and accessibility were significant predictors of satisfaction. Satisfaction strongly influenced continuance intention. The indirect effect analysis revealed significant mediation effects through various paths, highlighting the influence of social interaction and social presence on emotional and functional values, ultimately impacting satisfaction and continuance intention. The moderating effect analysis revealed that only reciprocity significantly moderated the relationship between satisfaction and continuance intention. Performance and social risks did not significantly moderate this relationship.

The findings confirm the importance of social interaction and social presence in shaping perceptions of hospitality businesses within the sharing economy. The study highlights the significance of trust and accessibility in driving customer satisfaction and their subsequent impact on continuance intention. The mediating role of satisfaction strengthens the understanding of how social factors contribute to sustained customer engagement. The discovery of reciprocity as a significant moderator adds depth to the understanding of the dynamics of customer satisfaction and retention in this context. The results support the application of SCT and VAM in this domain, offering theoretical contributions to hospitality research. The findings offer several significant insights for hospitality businesses operating in a sharing economy.

This study makes substantial contributions to understanding the sharing economy in the hospitality sector. It identifies key social factors and perceived values influencing customer behavior, validates the mediating role of customer satisfaction, and highlights the moderating role of reciprocity. The implications are valuable for hospitality businesses seeking to attract and retain customers. Future research could investigate the sector-specific effects within the hospitality sharing economy, expand geographic scope beyond Korea, and examine actual continuance behaviors instead of intentions.

This study has several limitations. Firstly, the sample was restricted to Korea, limiting generalizability. Secondly, while three distinct hospitality sectors were included, data was analyzed collectively, preventing sector-specific analyses. Finally, the study focused on continuance intention rather than actual behavior. Future research should address these limitations.