Determine Student’s Loyalty with Student’s Trust As Moderating Variable

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  IJABER_Vol 15_No 20 2 1 Ifrs Adoption and the Value Relevance of Other 3 2 staff.ui.ac.id/system/files/users/sylvia.v… Unoriginal text: 34 words

  Comprehensive Income (Oci ) in Indonesia

  [ ] Ifrs

  IFRS 3 → [ ]

  Oci Oct →

  International Journal of Applied Business and Economic Research 4

  4 ISSN : 0972-7302 [ ]

  ISSN :

  ISSN: → 5

  5

  available at http : www.serialsjournal.com

  [ ] http HTTP

  →

1 Serials Publications Pvt. Ltd. Volume 15 • Number 20 •

  2017 6

  6 Determine Student's Loyalty with Student's Trust As [ ] with to

  →

  Moderating Variable Lusiah1*, Paham Ginting1, Arlina Nurbaity Lubis1 and Endang Sulistya Rini1 1Universitas Sumatera Utara.

  • Correspondent author. E-mail: lusiah79@gmail.com Abstract: The student's attrition rate at five private universities in Medan is at 14.86%, this figure is considered very high. Students who dropped out of the university revealed many reasons about the disloyalty. The
  • 7 high level of student's loyalty on their university showed from the less number of drop-out students. The less of 8 7 attrition's rate (drop-out) determine that the student who

      [ ] on to 9 10

      →

      study at that program was loyal. This is applying 12 11 13 8 otherwise, rate of the higher attrition that

      [ ] determine determines 15 14 16

      → determine the lower of the student loyalty. 9 [ ] study studies

      →

      11 17 Unclear antecedent

      The purpose of this study is to determine the effect of the Repetitive word: rate 12

      [ ] the rate or a rate

      university's image and student's perceived value and 13 14 Repetitive word: attrition student's trust as moderating variable on student's loyalty. 15 Repetitive word: determine This study involved 296 respondents from five private

      [ ] determine determines 18 16

      universities which have the largest number of students

      [ ] the 17 ,

      Unoriginal text: 8 words

      enrolled in the Faculty of Economics. SEM PLS with the 19 clinicaltrials.gov/ct2/show/NCT01655… help of a software called WarpPLS is used for data analysis. The results showed that the image of university 18 and student's perceived value have a positive and

      Overused word: largest

      significant effect on student's loyalty. The result also 20 showed that student's perceived value gives the greatest 21 19 direct impact on student's loyalty . Student's trust has

      Passive voice

      significant as moderating variable between student's 22 perceived value and student's loyalty .

      Keywords: Image, Perceived Value, Trust, Loyalty. 20 21 Overused word: greatest

      INTRODUCTION

      Repetitive word: loyalty

      22 Competition among universities makes higher education Repetitive word: loyalty

      providers leave the context of improving the quality of 23 higher education, they are more concerned with how to get the target number of students to ensure continuity of college operations. The number of private universities in the Province of North Sumatra is the largest on the island 24 of Sumatra. (Statistic Indonesia, 2015). This shows that competition among private universities in North Sumatra Province is very high. 23

      [ ] , they ; they

      →

      The level of student loyalty at a university can be seen from the minimal number of drop- out students during the active period of the study from the beginning up to 4 (four) study years, which is the

      24 Unclear antecedent

      153 International Journal of Applied Business and Economic Research Lusiah, Paham Ginting, Arlina Nurbaity Lubis and Endang Sulistya Rini

      26 25 27 standard time period for the undergraduate program.

      The fewer levels of attrition (drop- out) indicated that students who study in the course are satisfied and will form loyalty later, vice versa. The level of drop-out students at Open University's Faculty of Economics is quite high at 28

      22% per semester (Mulyana and Ayuni, 2014) . Online 29 30 Universities or distance education have higher level of drop-out compared to conventional colleges (Barefoot, 2004). The level of drop out at online universities or distance education is at about 30-50% (Frankola 2001 in 31 32 25 Yulselturk and Inan, 2006) . In Asian countries it is

      [ ] s tandard S tandard 26

      [ ] the standard or a standard

      recorded that the drop-out rate at online universities or 27

      [ ] time period period

      →

      distance education is at 50% (Shin and Kim, 1999 in Fozdar et al., 2006).

      

    34

    At Medan, five private universities that have the largest 35 28 number of economy students namely, Univesitas [ ] ) . ). 29

      Muhammadiyah Sumatera Utara, Universitas Prima

      [ ] have has 30

      Indonesia, Universitas Katolik Santo Thomas, Universitas

      [ ] a higher or the higher

      Pembangunan Panca Budi and Universitas Methodist Indonesia (based on data processed from forlap.ristekdikti.go.id, 2016) have students drop- out level 36 37 31

      18,76 % ; 14,19%; 12,05% ; 13,95% and 15,33%

      [ ] ) . ). 33 38 32

      respectively. It can be concluded that the average level

      [ ] countries

      ,

      of student attrition at universities in Medan reached 39 14.86% per year.In accordance with the statement 40 Barefoot (2004) which states the level of attrition at 41 33 conventional universities are lower online universities or 34 Wordiness distance education. 35 Overused word: largest [ ]

      Univesitas Universitas 42

      Image of university and students perceived valueare the 43 key to student loyalty. Also if an university can gain 44 45 trust of student , so it can be concluded that students are 46 47 going to be loyalor not.A university is said successful in producing qualified graduates only if the students feel 36 satisfied with the process of studying. Student's loyalty is

      [ ] % ; %; 37

      the main thing that must be obtained by the college. A

      [ ] % ; %; 48 38

      loyal student will certainly uphold his alma mater, will

      Passive voice

      not drop-out in the middle of his studies and spread positive information to the public about the university 39 where he or she is studying.

      Following is the result of a survey conducted on the undergraduate Management Program at private universities in Medan, the initial survey of 30 respondents who were transfer students of the undergraduate Management Program was conducted at 10 universities in Medan City. The results of responses from 30 respondents can be seen in the table 1.

      ] → 53 Passive voice 54 [ the table

      62 loyalor loyal or

      ] .

      ] 60 [ ] 61 [ activities

      [ the university

      ] , 59

      57 Passive voice 58 [ and

      56 Passive voice

      55 Overused word: strong

      ]

      50 Passive voice 51 Repetitive word: conducted 52 [ 10 ten

      Based on the survey results, can be seen that the strong reason for students to move to other university is difficult to pass the exam and many tasks to be completed . Available programs are not as expected, Inefficiency of academic administration services, lack of proper information. Furthermore, University's image is not as expected, Students Appreciation is not noticed and university did not much of encouragement to students to join competition activities The research conducted by Kunanusorn and Puttawong (2015) shows a strong relationship between student's value, image of university and student trust. Image has a direct and significant relationship to loyalty (Kunanusorn and Puttawong, 2015; Usman et al., 2016; Wong et al., 2016; Taecharungroj, 2014; Hasyim et al., 2015; Helgesen and Nesset, 2007). Sampaio, et al. (2012) emphasizes that in using services provided by the University, student trusts will first form student perceived value and then will form a decision to keep using the services provided in the future or to recommend it to others. Hasan, et al. (2014) states that trust is between perceived value and customer loyalty. Hashim, et al. (2015) explains that trust does not moderate the relationship between student's perceived value and student's loyalty .

      49 Repetitive word: survey

      48 Overused word: certainly

      ] 46 [ ] 47 Passive voice

      ] 45 [ a student or the student

      [ the trust

      ] → 44

      [ an university a university

      ] → 43

      42 [ valueare value are

      Purpose of Study To understand and analyze the influence of university's image , student's perceived value and student's trust as a 49 51 50 52 53 54 55 56 57 58 59 60 61 62 63 64 66 65 67 68 69 70 71 72 73 74 40 Repetitive word: attrition 41 Unusual word pair

      → not provide

      63 [ ] the image or an image moderation variable to student's loyalty. 64

      [ ] 65 the university 66 Repetitive word: Image [ ] 67 The image or An image Repetitive word: relationship

      International Journal of Applied Business and Economic 68

      [ ] Sampaio ,

      Research 154

      77 75 Comprehensive Income (Oci ) in Indonesia Table 1 69

    76 Ifrs Adoption and the Value Relevance of Other

      [ ] 78 79 Hasan ,

      Reasons Students moved from previous University 70

      [ ] 71 Hashim , 72 Repetitive word: trust Repetitive word: loyalty

      No. Information Total Percentage 73 74 Dangling modifier [

      ] the student's or a student's

      1 Lack of interaction with other Students

      8 26.67% Financial issues related to: 75 76 staff.ui.ac.id/system/files/users/sylvia.v… Unoriginal text: 13 words [ ]

      Ifrs

      IFRS 77

      (a)

      [ ] Oci Oct

      →

      High tuition fees

      8 78 26.67%

      [ ] 79 the previous [ ]

      University .

      (b) Many other additional costs

      14 46.67%

      3

      The system used is still conventional

      12 40.00%

      4 Hard to pass the semester exam

      18 60.00%

      5 Many tasks to complete

      16 53.33%

      6 Available programs are not as expected

      21 70.00%

      7 80 Inefficiency of academic administration services

      19 63.33%

      8 82 81 Inefficiency of counseling institutions

      9 30.00%

      9 Lack of proper information from the Department

      17 56.67%

      10 Slow Response from (a) Office of Department

      11 36.67% (b) Academic Administration service 80

      9

      [ ] The inefficiency

      30.00%

      11 81 Not availability 82 Repetitive word: Inefficiency [ ]

      The inefficiency

      (a) Teaching materials

      5 16.67% (b) Tasks and Exam Materials

      8 26.67% (c) Other relevant information

      4 13.33%

      12 83 Students Appreciation is not noticed

      25 83,33%

      13 Not much of encouragement to students to join competition activities

      22 73,33%

    84 Sources: Initial survey of transfer students on 10 universities in Medan, 2016.

      LITERATURE REVIEW Influence of University's Image to Student's Loyalty

      86 lies in the desire and consumer choice. Decesion (Attitudes) toward a particular institution often affect 87 whether the consumer will be loyal or not. Good

    85 The relationship between institutional image to loyalty

      perceptions and consumer's trust in an institution will create consumer buying interest and even increase 83 customer loyalty to the institution.

      Passive voice

      88 89 Analysis of the relation between institutional image 90 with customer loyalty statistically shows that the image

      has a significant and positive influence on consumer loyalty (Tu, 2013, Barusman, 2014, Hashim, 2015, Kunanusorn and Puttawong, 2015; Usman and Mokhtar, 2016). The result of Hashim's (2015) study explains that 91 the influence of image on loyalty is greater than the 92 93 influence of perception of value to loyalty . 84

      [ ] 10 ten

      →

      The Effect of Student's Perceived Value on Student's Loyalty Griffin's research (2003) states that to get loyal 94 customers , the company must provide customer value continuously by improving, or even changing the product or service to increase value for the customer. 85

      [ ] the institutional or an institutional

      86 [ ]

      Decesion Decision →

      155 International Journal of Applied Business and Economic Research 87 Overused word: Good

      Lusiah, Paham Ginting, Arlina Nurbaity Lubis and Endang Sulistya Rini

      88 89 Possibly confused word positive and significant effect on student loyalty.

    95 Hashim et al. (2015) indicates that values have a direct

      [ ] 90 an institutional or the institutional

      Repetitive word: image

      Values also have a good effect as a mediating variable between image and loyalty.

      However, Kunanusorn (2015) and Taecharungroj (2014) 96 97 explained that the value are influenced more on loyalty through student satisfaction than directly. Several further 91 98 Overused word: greater studies indicate a strong relationship between consumer 92 93 Repetitive word: influence value and student loyalty. (Hasan et al., 2014; Carvalho,

      Repetitive word: loyalty

      2010)

      The Impact of University's Image on Student's Perceived 94 Value

      Dangling modifier

      Brown and Mozzarol (2008) Stated that institutional image 99 has a strong effect on students' perception of value.

      Kunanusorn and Puttawong (2015) Argue that students' 100 perceptions of value have the greatest impact on 101 102 image , while Hashim et al (2015) also examines the 103 strong relationship between institutional image and 104 student perceptions. Tu, Li and Chi (2013) state that 105 companies must build a positive image in the eyes of 106 consumers. This is very important in creating good value 107 from consumers.

      The higher the identification with overall brand image, the 95 higher the willingness of the students to enroll; likewise,

      [ ] indicates indicate 108 109

      →

      the lower the identification with overall brand image, 111 the lower the willingness of the students to enroll . 112 Therefore, the overall brand image of schools was 110 highly related to the customer lifetime value of students.

      (Chen and Chen, 2014).

      Conceptual Framework

      113 96 According to reviewing the literatures , there are two [ ] are is 114 97

      independent latent variables which effects student

      [ ] on by 115 98

      loyalty: university's image, student's perceived value and

      Overused word: strong

      one moderating variable is student's trust. Student's Perceived Value is an antecedent or mediator of a construct which is assumed to be the driver of student's loyalty as will be subsequently discussed. The conceptual frame 116 work and relations between latent variables of this 117 research are presented in Figure 1 below.

      99 Overused word: strong

      KC (R)10i 100 101 Overused word: greatest [ ] 102 the image

      104 Overused word: strong [ ] and

      ,

      LM 105 CU (R)6i (R)6i 106 Repetitive word: image 107 Unclear antecedent [ ]

      from for →

      108 109 Repetitive word: identification 110 Repetitive word: overall Unoriginal text: 22 words

      NM 111 www.krepublishers.com/02-Journals/T… (R)8i 112 Repetitive word: enroll Repetitive word: overall

      Figure 1: Latent Variable Relations Frame Work International Journal of Applied Business and Economic 113 Research

      [ ] literatures literature 114

      156

      [ ] effects effect

      → 115

      [ ] and 119

      ,

      Ifrs Adoption and the Value Relevance of Other 120 118 Comprehensive Income (Oci ) in Indonesia RESEARCH METHODOLOGY 116 117 Possibly miswritten word: frame work

      Population and Samples

      Passive voice

      The study involved five private universities in Medan specifically on the undergraduate Management Programs, namely as many as 296 students from Universitas Muhammadiyah Sumatera Utara, Universitas Prima Indonesia, Universitas Katolik Santo Thomas, Universitas Pembangunan Panca Budi, dan Universitas Methodist Indonesia. The election of five private universities is 121 based on the highest number of students in the Faculty 122 of Economics. Student sampling is based on students' willingness to fill out questionnaires.

      Measure of Concept

      123

      This research was a quantitative research. The model 124 had been adjusted as latent and manifest variables in 125 accordance with environment and culture of population aimed to be studied. An operational definition in 126 questionnaire was tested and modified in case of some operational definitions that suitable for operation in the field.

      Due to complex nature of the model, the Partial Least 127 Squares (PLS) structure equation modeling approach was used to test the model. This procedure allowed us to 128 130 129 test the proposed structure of the model totally .

      Measurement for independent and dependent variables 131 used was a seven- point Likert type response format, 118 with "strongly disagree" to "strongly agree" (1 = strongly Unoriginal text: 13 words 119 staff.ui.ac.id/system/files/users/sylvia.v… disagree, 2 = disagree, 3 = somewhat disagree, 4 = neither

      [ ] Ifrs

      IFRS 120

      agree nor disagree, 5 = somewhat agree, 6 = agree, 7 =

      [ ] Oci Oct

      →

      strongly agree). In measurement model, 21 indicators were used to measure study of latent constructs; student's satisfaction (7 indicators), university's image (6 indicators) 133 132 and student's perceived value (8 indicators).

      Data Analysis Data analysis technique used in this research is SEM (Structural Equation Model) analysis technique. SEM with component or variance basis is an alternative covariance 134 with compon ent-based approach with PLS which aim as 135 prediction . Beside to confirm the theory, PLS also 121 explain the presence or absence of relationships between

      Passive voice

      latent variables, therefore in the framework of research- 122 based predictions PLS is more suitable for analyzing data. 136

      Passive voice

      PLS can simultaneously analyze constructs formed with 137 reflective and formative indicators. This cannot be done 138 by a Covarian -based SEM as it would be an unidentified 140 139 141 model. There are 2 models that must be analyzed 123 in PLS, namely: Assessing outer model or measurement

      [ ] 124 a quantitative model and Assessing inner model or structural model. 125 Passive voice [ ] in accordance with by

      →

      Analytical Results

      126 [ ] 142 the questionnaire

      Initially, results from description of respondents were 144 143 summarized that 67.57% of them were females and 145 32.43% were males. 73.65% were just study not working and 26.35% study and working. Most of them 146

      (55.07%) know the university from friends and 58.11% 127

      Possibly confused word of the students were in the 6th semester. 128 Repetitive word: test

      Validating Measurement Model and Validating Structural 129

      Overused word: totally

      Model 130

      [ ] totally

      The Partial Least Squares (PLS) algorithm is used to test 131

      [ ] seven point seven-point

      →

      the structural equation models. This approach consists of an iterative process that maximizes the predictive and explanatory powers of the models, which 157 International Journal of Applied Business and Economic Research

      132 [

      ] the student's or a student's

      Lusiah, Paham Ginting, Arlina Nurbaity Lubis and Endang 133

      [ ] student's student are

      →

      Sulistya Rini

      147

      are assessed in terms of the R2 values of the dependent variables on independent variables had a high value (50%) in the model.

      134 [ ] 135 the component-based

      KC

      [ ] a prediction or the prediction

      (R)10i

      136

      CU 137 Repetitive word: analyze β = 0.15 138 Unclear antecedent [ ]

      Covarian Covariance 139

      LM 140 Wordiness [ ]

      2 two 141 → Passive voice

      (P=0.03) β

      = ​0.20 (R)6i 142

      [ ] the description or a description

      (R)6i 143 144 Passive voice [

      ] wer e summarized hav e summarized 145

      [ ] were just study were just studying

      → 146

      [ ] and

      ,

      (P<. 01) R2 = 0.50 β = 0.

      11

      147 [ ] in terms of regarding

      → (P<.

      NM

      β = 0.22 (R)8i (P<.01) R2 = 0.25 Figure 2: Latent Variable Relations Frame Work

      148

      In outer model, the measure's quality using the Loading (Table 1) of each measured variable was examined to ensure the measurement variable load meaningfully to their related constructs. Overall, the measurement variable 149 150 loading are all relatively large and positive. An individual loading was exceeded 0.400-0.700 (Sholihin dan Ratmono, 2013) to ensure that at least half of the variance 151 in the observed variable is shared with the construct.

      An Average Variance Extracted (AVE) is used to check the validity of the measurement model which is widely 152 used . To ensured discriminant validity of the constructs, 153 the AVEs of the latent variables should be greater than the square of the correlations among the latent variables. 154 The discriminant validity result which show the lowest value of AVE is 5,95. AVE value on CU latent variable. 155 AVE value for each latent variable has the value greater than 0,5.

      156

      Moreover, in Table 2, table shows that the lowest value

      157

      of cronbach alpha is 0,862 on CU latent variable. The 158 159 lowest value of composite reliability 0,898 on CU latent variable. It shows that there are high consistency and 160 161 stability of the instrument . In other words all constructs or variables of this study can already be a fitting gauge, and all the questions used to measure each construct 162 have good reliability.

      Testing The Hypotheses P-values between University's Image and Student'sLoyalty is 0.028, which is smaller than significance value of 0,05.

      Path coefficient from University's Image to Student's Loyalty is 0,151. P-values between Student's Perceived Value to Student's Loyalty is 0.008, which is smaller than 163 164 significance value 0,05 with path coefficient International Journal of Applied Business and Economic Research 158

      166

      Ifrs Adoption and the Value Relevance of Other 167 165 Comprehensive Income (Oci ) in Indonesia Table 1 148

      [ ] the outer or an outer

      Summary of Results for Reflective Outer Model

      149 [ ] are is

      →

      Latent Variable 150

      Overused word: large

      Indicators Mean Loading 151

      Passive voice

      Composite Reliability AVE

      152 Passive voice

      154 Overused word: greater

      University's Image

      [ ] show shows

      →

      CU01 4.743 155

      0.723

      Overused word: greater

      0.898 156 0.595

      [ ] 157 the table or a table [ ] c ronbach C ronbach 158

      CU02 159 Repetitive word: lowest 4.307

      Repetitive word: value

      0.802 160

      [ ] instrument . instrument. 161 → [ ] words

      , 162

      CU03

      Overused word: good

      4.716 0.857 CU04 4.503 0.816

      163 [ ] 164 a path or the path [ ] coefficient .

      CU05 4.524 0.748

      165 Unoriginal text: 13 words

      CU06 166 staff.ui.ac.id/system/files/users/sylvia.v…

      [ ] Ifrs

      IFRS →

      3.882 167

      [ ] Oci Oct

      →

      0.669

      Student's Perceived Value NM01 4.838 0.758 0.928 0.619 NM02 4.608 0.725 NM03 4.385 0.759 NM04 4.382 0.722 NM05 5.314 0.858 NM06 5.149 0.827 NM07 5.193

      0.838 NM08 5.260 0.800 Student's Trust KC01 4.818 0.772 0.958 0.694 KC02 4.581 0.778 KC03 4.105 0.850 KC04 4.193 0.857 KC05

      4.297 0.820 KC06 4.446 0.857 KC07 3.929 0.869 KC08 4.057 0.877 KC09 4.615 0.811 KC10 4.639 0.829 Student's Loyalty

      LM01 4.304 0.685 0.925 0.673 LM02 4.878 0.822 LM03 5.655 0.891 LM04 6.122 0.793 LM05 5.399 0.845 LM06 5.493 0.869

      159 International Journal of Applied Business and Economic Research Lusiah, Paham Ginting, Arlina Nurbaity Lubis and Endang Sulistya Rini Table 2 Assessment of the Validity of the Latent Variables Latent Variable Correlation Latent Variables University's Student's Perceived Student's Student's Cronbach's Image Value Trust Loyalty ' R2

      University's Image 0.772 0.498 0,349 0,451 0.862 0.000 Student's Perceived Value 0.498 0.787 0,625 0,611 0.911 0.248 Student's Trust 0.443 0.706 0,833 0,776 0.951 0.000 Student's Loyalty 0,451 0,611 0,557 0,820 0.901 0.503

      168

      from Student's Perceived Value to Student's Loyalty is

      0,216.P-values between University's Image and Student's Perceived Value is P < 0.001, with path coefficient from 169 University's Image to Student's Perceived Value is 0,498. P-values between University Image and Student's Perceived Value as mediating variable is P < 0.001, which is smaller than significance value of 0,05. Path coefficient from University Image and Student's Perceived Value as mediating variable to Student's Loyalty is 0.181. P-values between Student's Perceived Value and Student's Trust as moderating variable is 0.009, which is smaller than significance value of 0,05. Path coefficient from Student's 170 Perceived Value and Student's Trust as moderating variable to Student's Loyalty is -0,195. The indirect influence of the University's Image on Student's Loyalty through Student's Perceived Value is significant. In other words, the Student's Perceived Value significantly mediates the relationship between the University's Image on Student's Satisfaction.

      Table 3 P-Value for Path Estimates Hypothesis Path. Coef P-value Result H1 = CU ' LM 0.151 0.028 Accept H2 = NM ' LM 0.216

      0.008 Accept H3 = CU ' NM 0.498 < 0.001 Accept H4= CU ' NM ' LM 168

      [ ]

      0.181

      from From →

      < 0.001 Accept H5 169

      = KC × NM ' LM

      [ ] Value

      ,

    • –0.195 0.009 Accept

      171

      Four main concepts of the research model (university's 170 image, student's perceived value, student's trust, and

      Repetitive word: moderating

      student's loyalty) are likely by four path estimates that are all hypothesized to be positive (Hypothesis 1-Hypothesis 5). The findings support all hypotheses are significant at the 0.05 level. This suggests that university image has a significant direct positive effect on student's loyalty (Hypothesis 1); student's perceived value has a significant 173 174 positive direct effect on student's loyalty (Hypothesis 175

      2); university's image has a significant positive direct 176 effect on student's perceived value (Hypothesis 3); 177 university image has a significant positive indirect effect 178 179 from student percieved value on student loyalty (Hypothesis 4); student's trust as moderating variable has a 180 172 significant effect on student's loyalty (Hypothesis 5). 181 182

      Influence given from the result of moderation of trust 183 to student value and student loyalty is significant but inversely proportional.

      International Journal of Applied Business and Economic Research 160

      184

      Ifrs Adoption and the Value Relevance of Other 185 186 Comprehensive Income (Oci ) in Indonesia In Table 3 shows that the positive hypotheses are 187 188 supported and the proposed relationships are significant. The results from this study (including measures 189 of overall quality and overall outcomes) also provides support to the hypothesized relationships. University's 190 image is a causal variable that put effect on the student's loyalty, and there are influenced by mediating variables via Student's perceived value.

      CONCLUSIONS The result of the research shows that the university's image and student's perceived value have a positive and significant influence either directly or indirectly to 191 student's loyalty. The results of this study are supported from previous research which also found that the university's image and student's perceived value influenced 192 student's loyalty (Tu, 2013; Barusman, 2014; Hashim,

      2015; Kunanusorn dan Puttawong, 2015; Usman dan Mokhtar, 2016). The result of this research share the same 193 result as Hashim, 2015 the university's image gives a 194 greater indirect impact on student loyalty through student value. In this research, Student's trust in Medan, is 196 measured by student's trust about technical competence mastery, the University's management team's attitude, the openness to accept and share information, the sincerity to 197 serve and consistency; in the end, trust can serve as 171 moderating variable between student's perceived value and 195

      Overused word: main student's loyalty.

      198

      In conclusion, the students value can be one of the 199 200 things that need to be considered as an important strategy for the planning of higher education institutions.

      Wordiness

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      Repetitive word: direct

      Asmawi, MR. (2005), Strategi Meningkatkan Lulusan 174

      Repetitive word: effect Bermutu di Perguruan Tinggi. Jurnal Sosial Humaniora.

      Vol. 9. No. 2. 175 176 Repetitive word: direct Repetitive word: effect Desember 2005 : 66-71. 177 178 Repetitive word: effect [ ]

      from on 201 179 → Brown, Robert M. and Timothy William Mazzarol. 180 Possibly confused word

      (2009), The importance of institutional image to student

      Repetitive word: effect

      satisfaction and loyalty within higher education. High 181

      [ ] from Educ. Vol. 58: 81-95. 182 183 Repetitive word: trust 202 203

      Repetitive word: significant Carvalho,Sergio W. and Ma´rcio de Oliveira Mota. 204

      (2010), The role of trust in creating value and student loyalty in relational exchanges between higher education institutions and their students. Journal of Marketing for Higher Education. Vol. 20(1): 145-165.

      Chen, Chun-Fu dan Chin-Tsu Chen. (2014), The Effect of 205 Higher Education Brand Images on Satisfaction and 184

      [ ] Ifrs

      IFRS →

      Lifetime Value from Students' Viewpoint. Anthropologist, 185

      Unoriginal text: 8 words 17(1): 137-145. 186 staff.ui.ac.id/system/files/users/sylvia.v… [ ]

      Oci Oct 187 → Passive voice

      Ghozali, Imam dan Latan, Hengky. (2014), Partial Least 188

      [ ] and

      ,

      Squares Konsep, Teknik dan Aplikasi Menggunakan Program SmartPLS 3.0 Untuk Penelitian Empiris Edisi 2.

      Badan Penerbit Universitas Diponegoro Semarang. 189

      [ ] provides provide 206

      →

      Hasan, Haslinda, Teo Poh Kiong , and Raja Azimah 190

      [ ] an effect or the effect

      Ainuddin, (2014), Effects of Perceived Value and Trust on Customer Loyalty towards Foreign Banks in Sabah, Malaysia. Global Journal of Emerging Trends in e- Business, Marketing and Consumer Psychology (GJETeMCP) An Online International Research Journal (ISSN: 2311-3170) 2014 Vol: 1 Issue 2.

      207

      Hashim, Noor Azmi, Aliyu Olayemi Abdullateef, and Bashir Danlami Sarkindaji, (2015), The Moderating Influence of Trust on the Relationship between Institutional

      208 Passive voice

      Image/Reputation, Perceived Value on Student Loyalty in Higher Education Institution. International Review of Management and Marketing, 2015, 5(3), 122-128. 192

      Repetitive word: loyalty

      Helgesen, Øyvind and Erik Nesset. (2007), Images, 209 Satisfaction and Antecedents: Drivers of Student 193

      Repetitive word: result

      Loyalty? A Case 194

      Overused word: greater

      Study of a Norwegian University College. Corporate 195

      Wordiness Reputation Review. Vol. 10(1): 38 –59. 196 Repetitive word: trust

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      (2015), The Mediating Effect of Satisfaction on Student Loyalty to Higher Education Institution. European 197 211

      Repetitive word: serve Scientific Journal. Special Edition Vol. 1 : 449-463.

      Mulyana, Andy dan Ayuni, Devi. (2014), Peengaruh Faktor-Faktor Pembentuk Loyalitas Mahasiswa Universitas 198

      [ ] students student's

      → Terbuka. 199 200 Passive voice Overused word: important

      Jurnal Manajemen Derivatif. Vol. 8. No. 2, November 2014.

      161 International Journal of Applied Business and Economic Research Lusiah, Paham Ginting, Arlina Nurbaity Lubis and Endang Sulistya Rini Sampaio, Claudio Hoffmann, Marcelo Gattermann Perin, 201

      [ ] and 212

      ,

      Cla´udia Simo˜es and Hamilton Kleinowski. (2012), 213 Students' trust, value and loyalty: evidence from higher education in Brazil. Journal of Marketing For Higher Education. Vol. 22(1): 83-100.

      Sholihin, Mahfud dan Ratmono, Dwi. (2013), Analisis 202

      [ ] , Sergio

      SEM-PLS dengan Warp-PLS 3.0 Untuk Hubungan 203

      [ ] and 204 ,

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      Unoriginal text: 8 words Andi. Yogyakarta. eric.ed.gov/?id=EJ892301 Taecharungroj, Viriya. (2014), University Student Loyalty Model: Structural Equation Modelling of Student Loyalty in 205

      Unoriginal text: 8 words

      Autonomous, State, Transformed, and Private 214 215 www.krepublishers.com/02-Journals/T… Unversities in Bangkok. Scholar. Vol. 6 No.1 : 66-77.

      216

      Tu, Yu Te , Mei Lien Li and Heng-Chi Chih. (2013), An 217 218 Emperical tudy of Corporate Brands Image, Customer 219 Perceived Value and Satisfaction on Loyalty in Shoe Industry. Journal of Economics and Behavioral Student.

      Vol. 5 No. 7 pp: 469-483.

      206

      Usman, Umar, Sany Sanuri Mohammad Mokhtar. (2016),

      [ ] Kiong Kong

      →

      Analysis of Service Quality, University Image and Student Satisfaction on Student Loyalty in Higher Education In Nigeria. International Business Management 10(12): 2490- 2502.

      Wong, Antony, Arison Woo and Canon Tong. (2016), Student Satisfaction and School Reputation: The 207

      Unoriginal text: 4 words

      Moderating Role globalbizresearch.org/files/gjetemcp_h…

      220

      of Student Loyalty and School Image. Journal of Marketing and HR. Vol. 2 issue 1: 113-125. 208 ideas.repec.org/a/eco/journ3/2015-03… Unoriginal text: 8 words

      209 [ ] and

      , 210

      [ ] and

      , International Journal of Applied Business and Economic Research 162 211

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