This study examines metro passengers who use intermodal transfer service during their metro system and bus travel and develops research hypotheses based on the perceived value theory. The intentions of potential and retained passengers to use intermodal transfer are influenced by the different amounts of information they possess as well as potential intermodal transfer penalties and benefits (perceived value and free bus transfer). Thus, this study adopts the information processing theory to investigate such behavior intentions and to derive various market segmentation strategies between potential and retained passengers concerning their transfer service use. We also look at the interrelationships between the two main constructs, transfer penalties and benefits, and adopt structural equation modeling to test our hypotheses. The analytical results show that perceived transfer penalties, perceived values, and free bus transfer all influence metro-bus transfer intentions. Perceived value is the most essential determinant of behavioral intention among all the other attributes related to transit transfer in this study and can mediate the relationship between free bus transfer and transfer intentions. The study's conclusions have managerial implications for metro system and bus system agencies and may be applied to intermodal transfer services in other transportation industries. Perceived value of metro-bus transfer service usage can possibly be elevated through the following measures: timetable coordination between metro and bus agencies, passenger guidance information, comfortable bus shelters and waiting environment provisions, low-floor bus services, and smart card integration between the metro and buses.
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