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Customer satisfaction and shareholder value

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This article examines the association between customer satisfaction and shareholder value. The authors begin by developing a theoretical framework that specifies how customer satisfaction affects future customer behavior and, in turn, the level, timing, and risk of future cash flows. To test the hypotheses, the authors employ the American Customer Satisfaction Index (ACSI) database. They review a range of potential measures of shareholder value and select Tobin's q, which is forward looking, comparable across firms, and grounded in economic theory. The findings indicate that the association between ACSI and Tobin's q is positive and significant, even after controlling for unobservable factors. They also observe that ACSI is positively associated with two alternative measures of shareholder value: ratios of price to book value and equity prices. In addition, the authors find significant systematic variation in the association between ACSI and Tobin's q across industries. The findings of this study empirically affirm a fundamental principle of capitalistic free markets: Sellers that do well by their customers are rewarded with more business from buyers and with more capital from investors.Printed Journal

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Ketersediaan

Call Number	Location	Available
	PSB lt.dasar - Pascasarjana	1

Penerbit	American Marketing Association.,
Edisi	-
Subjek	Stock prices Customer Satisfaction studies Shareholders wealth
ISBN/ISSN	222429
Klasifikasi	-
Deskripsi Fisik	-
Info Detail Spesifik	-
Other Version/Related	Tidak tersedia versi lain
Lampiran Berkas	Tidak Ada Data