文档介绍：Lerzan Aksoy, Bruce Cooil, Christopher Groening, Timothy L. Keiningham, &
Atakan Yalçın
The Long-Term Stock Market
Valuation of Customer Satisfaction
Firm valuation has been an important domain of interest for finance. However, most financial models do not include
customer-related metrics in this process. Studies in marketing have found that one particular customer metric,
customer satisfaction, improves the ability to predict future cash flows, long-term financial measures, stock
performance, and shareholder value. However, most of these studies predominantly employ models that are not
directly used in finance practice. This article extends existing literature by examining the impact of customer
satisfaction on firm valuation by employing multiples and risk-adjusted abnormal return models borrowed directly
from the practice of finance. Data include 3600 firm-quarter observations from the American Customer Satisfaction
Index, COMPUSTAT, and Center for Research in Securities Prices databases from 1996 to 2006. The results
indicate that a portfolio of stocks consisting of firms with high levels and positive changes in customer satisfaction
will outperform the other three possible binations (low levels and negative changes, low levels and
positive changes, and high levels and negative changes in customer satisfaction) along with Standard & Poor’s 500.
Initially, the stock market undervalues positive satisfaction information, but the market adjusts in the long run.
Keywords: customer satisfaction, firm valuation, stock returns, abnormal returns, financial models
esearchers and managers have questioned the ability reported in a firm’s financial statements. However, advo-
of professional analysts to predict the financial per- cates of nonfinancial metrics argue that intangible assets,
Rformance of firms effectively (., Fama 1970, such as customer and brand elements, are critical elements
1991; Malkiel 1973; Schwed 1940). Lev and Zarowin of firm