This study applies the Stimulus-Organism-Response (S-O-R) theory to examine the mechanisms through which customers’ perceived value might influence their online group buying behaviors. Specifically, the mediating roles of emotional states of pleasure and arousal and the moderating roles of perceived risk and herding tendency are explored to show how customers’ perceived value affects their repurchase intention and electronic world-of-mouth (e-WOM) behaviors towards online group buying. Research findings based on a sample collected from Vietnamese online group consumers show that perceived value exerts a positive influence on emotional states of customers. Moreover, emotion of pleasure produces positive effects on repurchase intention and electronic word-of-mouth. The mediating role of emotion of pleasure and the moderating effect of perceived risk are also confirmed while emotion of arousal and herding tendency are found insignificantly. The study contributes to the S-O-R theory by probing into the psychological factors that drives consumers’ cognitive attitude and their effects on online shopping behaviors. Implications and limitations are discussed as well.

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