고객만족 지속성이 기업의 미래 재무성과와 시장가치에 미치는 영향

There is a great deal of empirical research in marketing studies to show that satisfying customers will eventually exalt firms’ market shares through eliciting desirable purchase behaviors of consumers, such as increased loyalty, positive word-of-mouth advertising, and greater retention and receptivity to new products (e.g., Anderson 1996). However, a practical question of how firms can enhance their customers’ satisfaction has been unanswered. The first objective of this paper is to investigate whether a firm’s activities, such as investing R&D, advertising & promoting sales, and training & extra benefits for employees, contribute to lifting the firm’s customer satisfaction (henceforth CS) levels. To move forward from the investigation above, we estimate, in each year, a degree of contribution of the firm’s various activities to its CS level, a so-called firm’s CS persistence index (henceforth PS), which is expected to play a role of predicting the future change in the firm’s CS level. The second objective of the paper is to examine whether the non-financial information items, CS level and PS estimate, show significant associations with a firm’s future financial performances and market value.