Satisfaction, Complaint, and the Stock Value Gap
Journal of Marketing, 72(4), 29-43, 2008
16 Pages Posted: 4 May 2013
Date Written: 2008
Abstract
This article introduces the concept of a stock value gap — the shortfall of a firm’s actual market value from its optimal market value, as measured by a best-performing benchmark. Using a large-scale, real-world database, the authors test the effects of both customer satisfaction and customer complaint on the stock value gap of firms. The results show that customer complaint has a stronger effect than customer satisfaction on the value gap. Furthermore, there is some support for the moderating influences of working capital and firm specialization. The results provide actionable guidelines to build a more complete customer equity dashboard and encourage managers to provide a supportive organizational environment to create shareholder value.
Keywords: shareholder value, benchmarking, customer satisfaction, customer complaint
JEL Classification: M21, M31, G00, G12, L86, M00, M30, M14
Suggested Citation: Suggested Citation
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