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Is customer satisfaction a relevant metric for financial analysts?

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Date
2012
Lien vers un document non conservé dans cette base
https://halshs.archives-ouvertes.fr/halshs-00680003
Indexation documentaire
Marketing
Subject
Customer satisfaction; GMM dynamic models; ACSI; Value relevance; EPS forecast errors
Code JEL
D.D1.D11; D.D1.D12; M.M3.M31
Nom de la revue
Journal of the Academy of Marketing Science
Volume
40
Numéro
3
Date de publication
2012
Pages article
480-508
Nom de l'éditeur
Springer
DOI
http://dx.doi.org/10.1007/s11747-010-0242-1
URI
https://basepub.dauphine.fr/handle/123456789/7852
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  • DRM : Publications
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Auteur
Ngobo, Paul Valentin
1032 Dauphine Recherches en Management [DRM]
Casta, Jean-François
1032 Dauphine Recherches en Management [DRM]
Ramond, Olivier
1032 Dauphine Recherches en Management [DRM]
Type
Article accepté pour publication ou publié
Résumé en anglais
This study examines the effects of customer satisfaction on analysts' earnings forecast errors. Based on a sample of analysts following companies measured by the American Customer Satisfaction Index (ACSI), we find that customer satisfaction reduces earnings forecast errors. However, analysts respond to changes in customer satisfaction but not to the ACSI metric per se. Furthermore, the effects of customer satisfaction are asymmetric; for example, analysts are more willing to use good news (i.e. an increase in customer satisfaction information) than bad news (i.e. a decrease in satisfaction). Similarly, customer satisfaction reduces negative deviation more than positive deviation of the analysts' forecasts from actual earnings. Furthermore, the effects of customer satisfaction depend upon the base level of satisfaction that the firm has achieved. Finally, the effects of customer satisfaction on analysts' forecast errors differ across firms with volatile satisfaction scores and those with stable satisfaction scores. We discuss the implications of our results for marketers and participants in financial markets.

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