The Role of Perceived Value and Risk in Shaping Purchase Intentions in Live-Streaming Commerce: Evidence from Indonesia

This study examines how dual appraisals of value and risk jointly shape purchase intention in live-streaming commerce, refining the Stimulus–Organism–Response (S-O-R) framework for an understudied market context. Drawing on data from Indonesian live-stream shoppers, we demonstrate that stimuli such as streamer credibility, interactivity, and media richness enhance value perceptions and reduce perceived risk, which in turn increases purchase intention. The findings indicated that perceived value is the dominant pathway to intention, while perceived risk shows a small but positive association in this context. The study contributes by advancing S-O-R with dual appraisals and offers design guidance for stream formats. Practically, the findings provide explicit direction for allocating resources towards media richness and structured interactivity, while simultaneously emphasising the importance of safeguards. These design decisions consistently increase consumers' purchase intentions and perceived value.本研究考察了直播电商场景中，价值与风险的双重评估如何共同塑造消费者购买意愿（purchase intention），并针对研究尚不充分的市场情境，对刺激-机体-反应（Stimulus–Organism–Response，S-O-R）框架进行了优化完善。本研究依托印尼直播购物消费者的调研数据，证实了主播可信度（streamer credibility）、互动性（interactivity）与媒介丰富度（media richness）等刺激因素，能够提升消费者的感知价值（perceived value）并降低其感知风险（perceived risk），进而提高购买意愿。研究结果表明，感知价值是影响购买意愿的主导路径，而感知风险在该场景下虽关联程度较弱，但仍呈现正向关联。本研究通过引入双重评估维度拓展了S-O-R框架，并为直播形式设计提供了指导方向。从实践层面来看，本研究结果为平台与商家分配资源以优化媒介丰富度与结构化互动（structured interactivity）提供了明确指引，同时也强调了风险保障措施的重要性。此类设计决策能够持续提升消费者的购买意愿与感知价值。