Customer satisfaction and shareholder value

被引:687
作者
Anderson, EW [1 ]
Fornell, C [1 ]
Mazvancheryl, SK [1 ]
机构
[1] Univ Michigan, Sch Business, Ann Arbor, MI 48109 USA
关键词
D O I
10.1509/jmkg.68.4.172.42723
中图分类号
F [经济];
学科分类号
02 ;
摘要
In this article, the authors develop a theoretical framework that specifies how customer satisfaction affects future customer behavior and, in turn, the level, timing, and risk of future cash flows. Empirically, they find a positive association between customer satisfaction and shareholder value. They also find significant variation in the association across industries and firms.
引用
收藏
页码:172 / 185
页数:14
相关论文
共 73 条
[21]   A SIMPLE APPROXIMATION OF TOBINS-Q [J].
CHUNG, KH ;
PRUITT, SW .
FINANCIAL MANAGEMENT, 1994, 23 (03) :70-74
[22]   VALUING MARKET STRATEGIES [J].
DAY, G ;
FAHEY, L .
JOURNAL OF MARKETING, 1988, 52 (03) :45-57
[23]   THE PERSISTENCE OF MARKETING EFFECTS ON SALES [J].
DEKIMPE, MG ;
HANSSENS, DM .
MARKETING SCIENCE, 1995, 14 (01) :1-21
[24]   GAINING COMPARATIVE ADVANTAGE THROUGH DISCRETIONARY EXPENDITURES - THE RETURNS TO RESEARCH-AND-DEVELOPMENT AND ADVERTISING [J].
ERICKSON, G ;
JACOBSON, R .
MANAGEMENT SCIENCE, 1992, 38 (09) :1264-1279
[25]   Market efficiency, long-term returns, and behavioral finance [J].
Fama, EF .
JOURNAL OF FINANCIAL ECONOMICS, 1998, 49 (03) :283-306
[26]   EFFICIENT CAPITAL MARKETS - REVIEW OF THEORY AND EMPIRICAL WORK [J].
FAMA, EF .
JOURNAL OF FINANCE, 1970, 25 (02) :383-423
[28]   A NATIONAL CUSTOMER SATISFACTION BAROMETER - THE SWEDISH EXPERIENCE [J].
FORNELL, C .
JOURNAL OF MARKETING, 1992, 56 (01) :6-21
[29]   The American customer satisfaction index: Nature, purpose, and findings [J].
Fornell, C ;
Johnson, MD ;
Anderson, EW ;
Cha, JS ;
Bryant, BE .
JOURNAL OF MARKETING, 1996, 60 (04) :7-18
[30]   MARKET SHARE AND RATE OF RETURN [J].
GALE, BT .
REVIEW OF ECONOMICS AND STATISTICS, 1972, 54 (04) :412-423