Abstract
In this study the relationship between customer-related measures and a firm's shareholder value was examined. Based on well-founded theories of customer satisfaction, loyalty, and customer lifetime value (CLV), an integrated structural model is hypothesized in this study to explore the structural nexus among those customer-related factors. A random sample of 1,000 credit card holders with 11 banks in Taiwan were surveyed by means of a questionnaire. A total of 326 valid questionnaires were collected and analyzed. In comparison with CLV and customer loyalty, the empirical findings suggest that the factor of customer satisfaction is the most important indicator of a firm's shareholder value. Study results also indicated that customer loyalty has a negative impact on shareholder value.
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