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Journal of the Academy of Marketing Science

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01.07.2012 | Original Empirical Research

On the value relevance of customer satisfaction. Multiple drivers and multiple markets

verfasst von: Sascha Raithel, Marko Sarstedt, Sebastian Scharf, Manfred Schwaiger

Erschienen in: Journal of the Academy of Marketing Science | Ausgabe 4/2012

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Abstract

Existing research implicitly assumes that all factors known to influence customer satisfaction are likewise important for investor behavior. However, if investors do not equally value activities targeting different satisfaction drivers, managers focusing on short-term stock returns might over- or under-emphasize certain satisfaction drivers to the detriment of the long-term success of the firm. Therefore, we extend prior research on the value relevance of customer satisfaction by assessing the relationship between the dynamics of key satisfaction drivers and contemporaneous risk-adjusted stock returns. Moreover, we compare three major markets using a dataset covering nearly the entire set of car brands sold between 2004 and 2008. Our results show that investors react to information related to perceived product quality, whereas, surprisingly, the cost of ownership and dealer service quality are unimportant despite the importance attributed to them in consumer research. Furthermore, we observe that information concerning the U.S. market dominates that of the UK and German markets.

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Jacobson and Mizik (2009b) provide an in-depth discussion of this issue. They conclude that announcements of satisfaction metrics are not timely sources of information to the capital markets and suggest the use of wider window response modeling. Similarly, Ngobo et al. (2011) show that financial analysts do not respond to changes in a satisfaction metric per so but rather capture customer satisfaction information from other sources (e.g., press releases).

This holds for all annual DAT Reports published since 2003.

The formulae for these three types of abnormal returns in period t (comprising 12 months each), depending on the actual and expected returns in month m (R _itm and E(R _itm )), are:

$$ \begin{gathered} BHA{R_{{it}}} = {R_{{it}}} - E\left( {{R_{{it}}}} \right){\hbox{ with }}{R_{{it}}} = \prod\nolimits_{{m = 1}}^{{12}} {\left( {1 + {R_{{itm}}}} \right)} {\hbox{ and }}E\left( {{R_{{it}}}} \right) = \prod\nolimits_{{m = 1}}^{{12}} {\left( {1 + E\left( {{R_{{itm}}}} \right)} \right)} { } \hfill \\CA{R_{{it}}} = \sum\nolimits_{{m = 1}}^{{12}} {\left[ {{R_{{itm}}} - E\left( {{R_{{itm}}}} \right)} \right]} \hfill \\CPA{R_{{it}}} = \prod\nolimits_{{m = 1}}^{{12}} {\left[ {1 + {R_{{itm}}} - E\left( {{R_{{itm}}}} \right)} \right]} - 1 \hfill \\\end{gathered} $$

See http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html.

Since we use satisfaction data from a single data provider, we verified that we meet the requirements for construct, measurement, and data collection equivalence across countries and cultures (Hult et al. 2008).

The survey is organized so that respondents first have to evaluate a set of 90 items to indicate whether problems occurred with the vehicle (e.g., in terms of gear shift, steering, or corrosion) before rating their overall satisfaction with the vehicle quality. This procedure ensures that in the respondents’ evaluation of the overall vehicle quality, they simultaneously consider all those aspects that they find important (e.g., Nagy 2002; Sarstedt and Wilczynski 2009).

For model estimation, we used SmartPLS 2.0 (Ringle et al. 2005).

Results for the CAR and CPAR models can be obtained from the authors upon request.

In order to make sure that the three country-specific models are comparable, we used a reduced dataset including all automotive companies selling products in all three markets. For example, French and Italian manufacturers, namely PSA, Renault, and Fiat (because the volume brand Fiat is not sold in the U.S.), were excluded.

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Titel: On the value relevance of customer satisfaction. Multiple drivers and multiple markets
verfasst von: Sascha Raithel
Marko Sarstedt
Sebastian Scharf
Manfred Schwaiger
Publikationsdatum: 01.07.2012
Verlag: Springer US
Erschienen in: Journal of the Academy of Marketing Science / Ausgabe 4/2012
Print ISSN: 0092-0703
Elektronische ISSN: 1552-7824
DOI: https://doi.org/10.1007/s11747-011-0247-4

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