Does customer satisfaction influence the relationship between earnings and firm value?

被引：6
|
作者：
O'Sullivan, Don [1 ]
McCallig, John [2 ]
机构：
[1] Univ Melbourne, Melbourne Business Sch, Carlton, Vic 3053, Australia
[2] Univ Coll Dublin, Michael Smurfit Grad Business Sch, Dublin 4, Ireland
来源：
MARKETING LETTERS | 2009年 / 20卷 / 04期
关键词：
Customer satisfaction; Earnings; Stock market; Firm value; MEASURES LEADING INDICATORS; FINANCIAL PERFORMANCE; CASH FLOW; VALUATION; RETURNS; EQUITY; DIVIDEND; INCOME;
D O I：
10.1007/s11002-009-9084-3
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The aim of this study is to examine the influence of customer satisfaction on the stock market's response to current earnings. The study extends prior research on the value relevance of customer satisfaction to include the direct and indirect effects of customer satisfaction on firm value. Utilizing an earning-based valuation model and data from the American Customer Satisfaction Index (ACSI) and COMPUSTAT, the study shows that both satisfaction and the interaction between earnings and satisfaction have a significant influence on firm value. Stock market participants are sensitive to changes in customer satisfaction, and this is reflected in the market's responsiveness to earnings performance.
引用
收藏
页码：337 / 351
页数：15
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