Customer satisfaction and shareholder value

Eugene W. Anderson, Claes Fornell, Sanal K. Mazvancheryl

Research output: Contribution to journalArticlepeer-review

800 Scopus citations


In this article, the authors develop a theoretical framework that specifies how customer satisfaction affects future customer behavior and, in turn, the level, timing, and risk of future cash flows. Empirically, they find a positive association between customer satisfaction and shareholder value. They also find significant variation in the association across industries and firms.

Original languageEnglish (US)
Pages (from-to)172-185
Number of pages14
JournalJournal of Marketing
Issue number4
StatePublished - Oct 2004
Externally publishedYes

ASJC Scopus subject areas

  • Business and International Management
  • Marketing


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