本研究旨在探討影響付費型手機多人線上戰術競技遊戲（Multiplayer Online Battle Arena, MOBA）玩家購買意圖之心理機制，並以泰國《傳說對決》（Arena of Valor, RoV）玩家為研究對象，進一步檢驗知覺價值（Perceived Values, PV）與遊戲忠誠度（Game Loyalty, GL）在心流體驗（Flow Experience, Flow）與購買意圖（Purchase Intention, PI）之間的序列中介效果。
本研究採用量化研究方法，運用多元迴歸分析（Multiple Regression Analysis）及 Hayes PROCESS Macro（Model 6）進行統計分析，並在控制性別、每月收入及遊戲資歷等人口統計變項下進行檢驗。研究結果顯示，心流體驗能顯著提升玩家的知覺價值，進而增強遊戲忠誠度，最終提高其購買意圖。在控制人口統計變項後，各項假設關係仍維持顯著。此外，「心流體驗 → 知覺價值 → 遊戲忠誠度 → 購買意圖」之序列中介效果亦達顯著水準。值得注意的是，當知覺價值與遊戲忠誠度納入模型後，心流體驗對購買意圖之直接影響不再顯著，顯示本研究結果支持完全間接中介（indirect-only/full mediation）之機制。
本研究結果有助於深化對東南亞快速成長之手機遊戲市場中消費者行為的理解，並為遊戲開發商與行銷人員提供實務參考，指出提升玩家心流體驗、知覺價值與遊戲忠誠度，是促進玩家購買意圖的重要策略。

This study investigated the psychological mechanisms driving purchase intention among paid mobile Multiplayer Online Battle Arena (MOBA) game players, focusing on Arena of Valor (RoV) in Thailand. Specifically, it examined the sequential mediating roles of Perceived Values and Game Loyalty in the relationship between Flow Experience and Purchase Intention. Using a quantitative research design, data were collected from 316 paid RoV players in Thailand through an online survey. Statistical analyses conducted using multiple regression and Hayes' PROCESS Macro (Model 6), while controlling for gender, monthly income, and playing duration. The results revealed that Flow Experience significantly enhanced players' Perceived Values, which in turn strengthened Game Loyalty and subsequently increased Purchase Intention. The hypothesized relationships remained significant after controlling for demographic characteristics. Furthermore, the sequential mediation pathway (Flow Experience → Perceived Values → Game Loyalty → Purchase Intention) was statistically significant. Notably, the direct effect of Flow Experience on Purchase Intention became non-significant when the mediators were included, indicating indirect-only mediation. These findings provide empirical insights into consumer behavior within the growing Southeast Asian mobile gaming market and highlight the importance of designing gameplay experiences that foster both Perceived Values and player loyalty.

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Balakrishnan, J., & Griffiths, M. D. (2018). Loyalty towards online games, gaming addiction, and Purchase Intention towards online mobile in-game features. Computers in Human Behavior, 87, 238–246. https://doi.org/10.1016/j.chb.2018.06.002
Boonthongrungtawee, B. (2022). Factors Affecting Arena of Valor Players to Top-Up from Engaging with it, Thammasat University.
Chan, K., Wan, K., & King, V. (2021). Performance over enjoyment? Effect of Game-Based Learning on learning outcome and Flow Experience. Frontiers in Education, 6. https://doi.org/10.3389/feduc.2021.660376
Chu, X., & Wen, T. (2021). The impact of flow experience on perceived value and user stickiness: Taking competitive games as an example. International Journal of Innovative Computing, Information and Control, 17(5), 1775–1790. https://doi.org/10.24507/ijicic.17.05.1775
Cui, Y., Li, J., & Zhang, Y. (2022). The impacts of game experience and fanwork creation on Game Loyalty: Mediation effect of Perceived Values. Technological Forecasting and Social Change, 176, 121495. https://doi.org/10.1016/j.techfore.2022.121495
Csikszentmihalyi, M. (1990). Flow: The psychology of optimal experience. New York: Harper & Row.
Csikszentmihalyi, M. (1997). Finding flow: The psychology of engagement with everyday life. New York: Basic Books.
Dick, A. S., Basu, K. Customer loyalty: toward an integrated conceptual framework. In Journal of the Academy of Marketing Science (Vol. 22, Issue 2, pp. 99–113). Academy of Marketing Science.
Fu, F., Su, R., & Yu, S. (2008). EGameFlow: A scale to measure learners’ enjoyment of e-learning games. Computers & Education, 52(1), 101–112. https://doi.org/10.1016/j.compedu.2008.07.004
Griffin, J. (1995). Customer loyalty: How to earn it, how to keep it. Lexington Books.
Hair, J. F., Anderson, J. R. E., Tatham, R. L., & Black, L. C. (2014). Multivariate Data Analysis (7th ed.): Pearson Education Limited.
Hsiao, K., & Chen, C. (2016). What drives in-app Purchase Intention for mobile games? An examination of Perceived Values and loyalty. Electronic Commerce Research and Applications, 16, 18–29. https://doi.org/10.1016/j.elerap.2016.01.001
Koufaris, M. (2002). Applying the technology acceptance model and flow theory to online consumer behavior. Information Systems Research, 13(2), 205–223. https://doi.org/10.1287/isre.13.2.205.83
Nakamura, J., & Csikszentmihalyi, M. (2014). The concept of flow. In Flow and the foundations of positive psychology (pp. 239–263). Springer
Hwang, M., Hong, J., Hao, Y., & Jong, J. (2011). Elders' usability, dependability, and flow experiences on embodied interactive video games. Educational Gerontology, 37(8), 715–731.
Oliver, R. L., & Varki, S. (1997). Customer delight: foundations, findings, and managerial insight. New York University, Journal of Retailing (Vols. 73–73, Issue 3, pp. 311–336) [Journal-article]. New York University.
Oliver, R. L. (1999). Whence consumer loyalty? In Journal of Marketing (Vol. 63, Issue Special Issue 1999, pp. 33–44). https://doi.org/10.1177/00222429990634s105
Oliveira, W., Tenório, K., Hamari, J., Pastushenko, O., & Isotani, S. (2021). Predicting students’ Flow Experience through behavior data in gamified educational systems. Smart Learning Environments, 8(1). https://doi.org/10.1186/s40561-021-00175-6

Lertwannaratt, D. (2023). Value perceptions of Thai gen z on in-app purchase: a mixed- methods study In Thammasat University & F. Booneiam, Thammasat University.
Lin, H.H., Wang, Y.H., 2006. An examination of the determinants of customer loyalty in mobile commerce contexts. Information & Management 43 (3), 271–282.
Park, B., & Lee, K. C. (2011). Exploring the value of purchasing online game items. Computers in Human Behavior, 27(6), 2178–2185. https://doi.org/10.1016/j.chb.2011.06.013
Philippe, R. A., Singer, S. M., Jaeger, J. E. E., Biasutti, M., & Sinnett, S. (2022). Achieving Flow: an exploratory investigation of elite college athletes and musicians. Frontiers in Psychology, 13, 831508. https://doi.org/10.3389/fpsyg.2022.831508
Roberts, J. A., & David, M. E. (2023). Instagram and TikTok Flow States and Their Association with Psychological Well-Being. Cyberpsychology Behavior and Social Networking, 26(2), 80–89. https://doi.org/10.1089/cyber.2022.0117
Podsakoff, P. M., MacKenzie, S. B., Lee, J.-Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879–903. https://doi.org/10.1037/0021-9010.88.5.879
Sangkaratana, P. (2018). Factors influencing intention to purchase game items in social games (Master's independent study, Thammasat University).
Singtongwan, W. (2014). A study of intention to repurchase items in massive multiplayer online role-playing games (Master's thesis, Thammasat University).
Sweetser, P., & Wyeth, P. (2005). GameFlow: A model for evaluating player enjoyment in games. Computers in Entertainment, 3(3), Article 3A. https://doi.org/10.1145/1077246.1077253
Sheth, J. N., Newman, B. I., & Gross, B. L. (1991). Why we buy what we buy: A theory of consumption values. Journal of Business Research, 22(2), 159–170. https://doi.org/10.1016/0148-2963(91)90050-8
Statista. (n.d.). Mobile games – Thailand. https://www.statista.com/outlook/dmo/digital-media/video-games/mobile-games/thailand
Purnami, L. D., & Agus, A. A. (2020). The effect of Perceived Values and mobile Game Loyalty on in-app Purchase Intention in mobile games in Indonesia (case study: Mobile Legend and Love Nikki). ASEAN Marketing Journal, 12(1).
Su, Y., Chiang, W. C., Lee, C. J., & Chang, H. C. (2016). The effect of flow experience on player loyalty in mobile game applications. Computers in Human Behavior, 63, 240–248. https://doi.org/10.1016/j.chb.2016.05.049
Sweeney, J. C., & Soutar, G. N. (2001). Consumer Perceived Values: The development of a multiple item scale. Journal of Retailing, 77(2), 203-220. https://doi.org/10.1016/S0022-4359(01)00041-0
Thavamuni, S., Khalid, M. N. A., & Iida, H. (2022). What makes an ideal team? Analysis of Popular Multiplayer Online Battle Arena (MOBA) games. Entertainment Computing, 44, 100523. https://doi.org/10.1016/j.entcom.2022.100523
Tuzzahra, A. G., & Edastama, P. (2023). Why do gamers purchase virtual items in MOBA games? Jurnal Ekonomi Bisnis and Kewirausahaan (JEBIK), 12(3), 413-430.
Li, Y. (2009). Internet user experience structure model (Master's thesis, Fudan University).
Yang, P., Harrison, B., & Roberts, D. L. (2018). Identifying patterns in combat that are predictive of success in MOBA games. Proceedings of the AAAI Conference on Artificial Intelligence and Interactive Digital Entertainment, 14(1), 82–88. https://doi.org/10.1609/aiide.v14i1.12887
Zhao, X., Lynch, J. G., Jr., & Chen, Q. (2010). Reconsidering Baron and Kenny: Myths and truths about mediation analysis. Journal of Consumer Research, 37(2), 197–206. https://doi.org/10.1086/651257
Marketeer Online. (2025, August 14). เปิดสถิติและปัจจัยที่ทำให้ RoV เป็นเกมมือถือที่ยืนระยะได้รับความนิยมถึง 8 ปี ในประเทศไทย. https://marketeeronline.co/archives/369234