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Third-Party Complaints And Firm Performance: An Application In Spanish Banking

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Author Info

  • Ana B. Casado

    ()
    (Universidad de Alicante)

  • Francisco J. Mas

    ()
    (Universidad de Alicante)

  • Ricardo Sellers

    (Universidad de Alicante)

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    Abstract

    This article focuses on the impact of third-party complaints on firm performance. We propose two research hypotheses, which are developed from the literature of dissatisfaction, emotions, and economics. The methodology is based on an event study to estimate variation in firm share returns in the stock market due to the publication of the Annual Complaints Service Report by the Bank of Spain; as well as a regression analysis to examine the impact of the number of complaints per branch on the variation obtained. The empirical focus is on a sample of eleven banks to which complaints were made and which were quoted on the Spanish Stock Exchange between 1992 and 2001. The results show a negative impact of the publication of these annual complaint reports on the share returns of the banks concerned. Additionally, these returns have a negative relationship with the number of complaints per branch. El objetivo de este trabajo es analizar el impacto de las quejas a terceras partes sobre losresultados empresariales. Para ello, se proponen dos hipótesis de investigación, argumentadassiguiendo la literatura de insatisfacción, emociones, y economía. La metodología se apoya en elevent study para estimar la variación de la rentabilidad de las acciones de las empresas generadaen la Bolsa por la publicación de la Memoria Anual del Servicio de Reclamaciones del Bancode España; así como en el análisis de regresión para examinar el impacto del número de quejaspor oficina en dicha variación. La aplicación empírica se lleva a cabo para una muestra de oncebancos sobre los que se efectúan las quejas y que cotizan en la Bolsa de Madrid entre 1992 y2001. Los resultados obtenidos ponen de manifiesto un impacto negativo de la publicación dedichas memorias anuales de quejas sobre la rentabilidad de las acciones de los bancosimplicados, y que dicha rentabilidad mantiene una relación negativa con el volumen de quejaspor oficina.

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    File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-2004-01.pdf
    File Function: Fisrt version / Primera version, 2004
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    Bibliographic Info

    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2004-01.

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    Length: 25 pages
    Date of creation: Jan 2004
    Date of revision:
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:2004-01

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    Related research

    Keywords: Quejas a terceras partes; Resultados empresariales; Banca Third-party complaints; Firm performance; Banking industry;

    References

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    1. Bougie, J.R.G. & Pieters, R. & Zeelenberg, M., 2003. "Angry customers don't come back, they get back: The experience and behavioral implications of anger and dissatisfaction in services," Open Access publications from Tilburg University urn:nbn:nl:ui:12-123756, Tilburg University.
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    7. Zeelenberg, M. & Dijk, W.W. van & Manstead, A.S.R., 1998. "The experience of regret and disappointment," Open Access publications from Tilburg University urn:nbn:nl:ui:12-76942, Tilburg University.
    8. Eugene W. Anderson & Claes Fornell & Roland T. Rust, 1997. "Customer Satisfaction, Productivity, and Profitability: Differences Between Goods and Services," Marketing Science, INFORMS, vol. 16(2), pages 129-145.
    9. Folkes, Valerie S, 1984. " Consumer Reactions to Product Failure: An Attributional Approach," Journal of Consumer Research, University of Chicago Press, vol. 10(4), pages 398-409, March.
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    11. Folkes, Valerie S & Koletsky, Susan & Graham, John L, 1987. " A Field Study of Causal Inferences and Consumer Reaction: The View from the Airport," Journal of Consumer Research, University of Chicago Press, vol. 13(4), pages 534-39, March.
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