消費者滿意與企業投資政策

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Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/39840

Title:	消費者滿意與企業投資政策 Customer Satisfaction and Corporate Investment Policies
Authors:	馮明俊
Contributors:	國際企業管理學系
Keywords:	customer satisfaction capital investments growth opportunities cost of capital marketing-finance interface
Date:	2017
Issue Date:	2018-05-09 13:52:19 (UTC+8)
Abstract:	This study examines the effect of satisfaction with firms’ products and services on their capital investment policies. Using data from the American Customer Satisfaction Index from 1994 to 2013, the results show that firms with higher customer satisfaction will invest more heavily in capital expenditures in the future. The results further show that this positive effect is more pronounced for firms with less growth opportunities or a high cost of capital. This would include those firms with low market-to-book ratios, young and small firms, or firms in more competitive industries. Overall, this study argues that customer satisfaction is an important factor affecting the firm’s investment policy. The findings provide a better understanding of the role of customer satisfaction which can generate growth opportunities, reduce cost and motivate a firm to invest more in capital.
Appears in Collections:	[Department of Business Administration & Graduate Institute of International Business Administration ] Thesis

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