A study on the relationship between customer satisfaction and shareholder value based on panel data

More and more companies design customer satisfaction projects to improve their performance with the higher intensity of competing. If they can´t measure the effect of these projects accurately, they would not distribute the marketing resource efficiently. In this article, we develop a theoretical framework that specifies how customer satisfaction influences their financial performance. Empirically, we find the positive association between the two variables. We also find the significant variation in the association across different industries.