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Cross-Validation of Customer and Employee Signals and Firm Valuation
Previous studies have shown that a firm needs to rely on its customers and employees to achieve superior performance. In this study, the authors draw on signaling theory to develop and empirically test a cross-validation argument. They argue that how a firm treats one stakeholder group will be interpreted by investors in conjunction with how the firm treats another stakeholder group. Investors use consistency in stakeholder group treatment as a signal of complementarity in a firm's investments, which can improve the likelihood of competitive advantage. Specifically, the authors propose that a firm's achievements (lapses) directed at customers have a stronger positive (negative) impact on investors' valuation of the firm if they are validated by the firm's achievements (lapses) directed at employees, and vice versa. Applying a multilevel model to a large sample of firms across various industries between 1994 and 2010, the authors find evidence to support these arguments. In addition, they find that cross-validation is more crucial for firms with a narrow than a broad business scope.
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| JMR5301 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | United States: American Marketing Association 2016 |
|---|---|
| Edisi | Vol. 53, No. 1, February 2016 |
| Subjek | Customer Cross Employee Validation Firm valuation |
| ISBN/ISSN | 222429 |
| Klasifikasi | NONE |
| Deskripsi Fisik | 16 p. |
| Info Detail Spesifik | Journal of Marketing Research |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas |