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Modeling heterogeneity in the satisfaction, loyalty intention, and shareholder value linkage: a cross-industry analysis at the customer and firm levels

(2016) JOURNAL OF MARKETING RESEARCH. 53(1). p.91-109
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Abstract
This study examines the relationship between customer satisfaction, loyalty intention, and shareholder value at the firm and individual customer levels. The authors also explore industry differences by using a multilevel and random-effects approach in which individual customer scores are nested within firm-level data and the estimated interrelationships are treated as random coefficients that are explained by industry characteristics. They compile a unique and detailed data set, which covers 10 years of information on 137 firms and includes a matched sample of 189,069 customers from multiple sources, such as the American Customer Satisfaction Index, the Center for Research in Security Prices, and Compustat, to yield three important insights. First, aggregate firm-level effects may overestimate the impact that satisfaction has at the individual customer level. Second, a consideration of loyalty intention or repurchase intention as the mediator can improve our understanding of the satisfaction-shareholder value relationship and the fact that this relationship can vary across firms. Finally, the influence of satisfaction and loyalty intentions on shareholder value varies by industry. The authors discuss implications of findings for researchers, managers, and investors.
Keywords
STOCK RETURNS, MARKET SHARE, INTERRATER RELIABILITY, SERVICE QUALITY, PERFORMANCE, AGREEMENT, METRICS, EQUITY, PROFITABILITY, MANAGEMENT, customer satisfaction, loyalty intention, shareholder value, heterogeneity, industry effects

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MLA
Larivière, Bart et al. “Modeling Heterogeneity in the Satisfaction, Loyalty Intention, and Shareholder Value Linkage: a Cross-industry Analysis at the Customer and Firm Levels.” JOURNAL OF MARKETING RESEARCH 53.1 (2016): 91–109. Print.
APA
Larivière, B., Keiningham, T., Aksoy, L., Yalcin, A., Morgeson, F., & Mithas, S. (2016). Modeling heterogeneity in the satisfaction, loyalty intention, and shareholder value linkage: a cross-industry analysis at the customer and firm levels. JOURNAL OF MARKETING RESEARCH, 53(1), 91–109.
Chicago author-date
Larivière, Bart, TL Keiningham, L Aksoy, A Yalcin, FV Morgeson, and S Mithas. 2016. “Modeling Heterogeneity in the Satisfaction, Loyalty Intention, and Shareholder Value Linkage: a Cross-industry Analysis at the Customer and Firm Levels.” Journal of Marketing Research 53 (1): 91–109.
Chicago author-date (all authors)
Larivière, Bart, TL Keiningham, L Aksoy, A Yalcin, FV Morgeson, and S Mithas. 2016. “Modeling Heterogeneity in the Satisfaction, Loyalty Intention, and Shareholder Value Linkage: a Cross-industry Analysis at the Customer and Firm Levels.” Journal of Marketing Research 53 (1): 91–109.
Vancouver
1.
Larivière B, Keiningham T, Aksoy L, Yalcin A, Morgeson F, Mithas S. Modeling heterogeneity in the satisfaction, loyalty intention, and shareholder value linkage: a cross-industry analysis at the customer and firm levels. JOURNAL OF MARKETING RESEARCH. CHICAGO: AMER MARKETING ASSOC; 2016;53(1):91–109.
IEEE
[1]
B. Larivière, T. Keiningham, L. Aksoy, A. Yalcin, F. Morgeson, and S. Mithas, “Modeling heterogeneity in the satisfaction, loyalty intention, and shareholder value linkage: a cross-industry analysis at the customer and firm levels,” JOURNAL OF MARKETING RESEARCH, vol. 53, no. 1, pp. 91–109, 2016.
@article{8085895,
  abstract     = {This study examines the relationship between customer satisfaction, loyalty intention, and shareholder value at the firm and individual customer levels. The authors also explore industry differences by using a multilevel and random-effects approach in which individual customer scores are nested within firm-level data and the estimated interrelationships are treated as random coefficients that are explained by industry characteristics. They compile a unique and detailed data set, which covers 10 years of information on 137 firms and includes a matched sample of 189,069 customers from multiple sources, such as the American Customer Satisfaction Index, the Center for Research in Security Prices, and Compustat, to yield three important insights. First, aggregate firm-level effects may overestimate the impact that satisfaction has at the individual customer level. Second, a consideration of loyalty intention or repurchase intention as the mediator can improve our understanding of the satisfaction-shareholder value relationship and the fact that this relationship can vary across firms. Finally, the influence of satisfaction and loyalty intentions on shareholder value varies by industry. The authors discuss implications of findings for researchers, managers, and investors.},
  author       = {Larivière, Bart and Keiningham, TL and Aksoy, L and Yalcin, A and Morgeson, FV and Mithas, S},
  issn         = {0022-2437},
  journal      = {JOURNAL OF MARKETING RESEARCH},
  keywords     = {STOCK RETURNS,MARKET SHARE,INTERRATER RELIABILITY,SERVICE QUALITY,PERFORMANCE,AGREEMENT,METRICS,EQUITY,PROFITABILITY,MANAGEMENT,customer satisfaction,loyalty intention,shareholder value,heterogeneity,industry effects},
  language     = {eng},
  number       = {1},
  pages        = {91--109},
  publisher    = {AMER MARKETING ASSOC},
  title        = {Modeling heterogeneity in the satisfaction, loyalty intention, and shareholder value linkage: a cross-industry analysis at the customer and firm levels},
  url          = {http://dx.doi.org/10.1509/jmr.12.0143},
  volume       = {53},
  year         = {2016},
}

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