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Ownership structure, customer satisfaction and brand equity

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Author Info
Anna Torres ()
Josep A. Tribó

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Abstract

This paper studies the interaction between ownership structure, taken as a proxy for shareholders’ commitment, and customer satisfaction - the main driver of consumer loyalty - and their impact on a firm’s brand equity. The results show that customer satisfaction has a positive direct effect on brand equity but an indirect negative one because of reductions in ownership concentration. This latter effect emerges when managers are mainly customer-oriented. Such result gives out a warning signal that highlights the perverse effect of implementing policies, focused excessively on satisfying customers at the expense of shareholders, on a firm’s brand equity. The empirical analysis uses an incomplete panel data comprising 69 firms from 11 nations, for the period 2002-2005.

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File URL: http://www.econ.upf.edu/docs/papers/downloads/1016.pdf
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Publisher Info
Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 1016.

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Date of creation: Mar 2007
Date of revision: Jun 2007
Handle: RePEc:upf:upfgen:1016

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Related research
Keywords: Corporate social responsibility; brand equity; shareholders’ commitment and customer loyalty;

Find related papers by JEL classification:
M31 - Business Administration and Business Economics; Marketing; Accounting - - Marketing and Advertising - - - Marketing

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Greenley, Gordon E. & Hooley, Graham J. & Rudd, John M., 2005. "Market orientation in a multiple stakeholder orientation context: implications for marketing capabilities and assets," Journal of Business Research, Elsevier, vol. 58(11), pages 1483-1494, November. [Downloadable!] (restricted)
  2. Shleifer, Andrei & Vishny, Robert W., 1989. "Management entrenchment : The case of manager-specific investments," Journal of Financial Economics, Elsevier, vol. 25(1), pages 123-139, November. [Downloadable!] (restricted)
  3. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-88, June. [Downloadable!] (restricted)
  4. Cespa, Giovanni & Cestone, Giacinta, 2004. "Corporate Social Responsibility and Managerial Entrenchment," CEPR Discussion Papers 4648, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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