Abstract: This study develops and tests the model of natural-capital-moderated mediation in which emotional value serves as an intervening mechanism in the associations between natural capital and ecotourism. The results of a study of 662 visitors provide support for this model across the different dimensions of natural capital. Somewhat unexpectedly, the mediating effect of the sociocultural and economic dimensions is a positive link between the ecological dimension and ecotourism intentions. Alternatively, the moderating effect of emotional value is found to be contingent on the ecological benefits conferred by the economic benefits. Emotional value fosters a positive moderating effect of economic benefits on ecotourism intentions because it strengthens the positive link between intrinsic motivation and the value perceptions of ecotourism.

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