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博碩士論文 etd-0101115-195241 詳細資訊
Title page for etd-0101115-195241
論文名稱
Title
顧客滿意度之顯著性是否增強負向效果?
Does the salience of customer satisfaction intensify negativity effect?
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
47
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2014-05-30
繳交日期
Date of Submission
2015-02-01
關鍵字
Keywords
股票報酬、顧客滿意度、消費者情緒、顯著性、易得性法則、負向效果
Negativity effect, Stock return, Availability heuristic, Salience, Consumer sentiment, Customer satisfaction
統計
Statistics
本論文已被瀏覽 5794 次,被下載 41
The thesis/dissertation has been browsed 5794 times, has been downloaded 41 times.
中文摘要
過去文獻已經證實,人們對負面消息的反應比對正面消息的反應更為強烈,此「負向效果(Negativity effect)」也被證實存在於股票市場上:當市場上出現負面消息時,投資人傾向於出售股票的決策會導致股票價格下跌報酬減少。而根據易得性法則(Availability heuristic),投資人會直覺性地依據在其心中較具有顯著性(salience),亦即印象較深刻、較容易被想起的資訊做決策。因此,當負面消息在市場上被公告時,投資人傾向於出售那些顯著性較高的股票,而加強了這些股票的「負向效果」。
本研究利用消費者情緒的消息公告對股票報酬的影響來衡量負向效果,並探討顧客滿意度之顯著性是否會增強負向效果。當顧客對公司的產品或服務感到滿意時,會對公司留下較深刻的印象,此顧客滿意度之顯著性會造成這些股票在負面情緒消息公告後較易被出售,因此造成顯著的負向效果。實證結果顯示,顧客滿意度之顯著性較高的股票存在明顯的負向效果。而此負向效果顯著存在於顧客滿意度之顯著性較高的股票,可能是由於易得性法則所導致。
Abstract
Past literature confirmed that people tend to react more drastically to negative news relative to positive ones. The “negativity effect” is also found in security market: when negative news announced, investors’ stock selling decisions lead to significant declines of stock returns. According to availability heuristic, investors rely upon information that is readily available, i.e., most salient in their minds when making decisions. Therefore, as negative news announced, investors tend to sell stocks which are most salient to them.
This study examines whether the salience of customer satisfaction intensifies negativity effect of stock returns in relation to consumer sentiment. When customers are satisfied with a firm, the firm is more likely to leave a good impression in the minds of customers. The stocks with higher customer satisfaction are thus more likely to be sold after negative news announced, leading to a more significant negativity effect. Our findings indicate that the negativity effect of stock returns in relation to consumer sentiment is most evident in stocks with higher customer satisfaction, i.e., salient stocks. We posit that the availability heuristic may account for the negativity effect on salient stocks.
目次 Table of Contents
國立中山大學研究生學位論文審定書 i
致 謝 ii
摘 要 iii
Abstract iv
1. Introduction 1
2. Literature Review and Hypothesis Development 5
2.1 Negativity effect 5
2.2 Stock salience and negativity effect 8
2.3 Salience of customer satisfaction 9
2.4 Empirical hypothesis 10
3. Data and descriptive statistics 11
3.1 Measurement of salience: American Customer Satisfaction Index 11
3.2 Measurement of sentiment: Index of Consumer Sentiment (ICS) 15
4. Methodology and Models 20
4.1 Basic model for testing negativity effect 20
4.2 Interaction between sentiment and stock market conditions 21
5. Empirical Results 23
5.1 The negativity effect of consumer sentiment news on stock returns 23
5.2 The impact of market condition on negativity effect 27
5.3 Robustness checks 29
5.3.1 Additional control variables 29
5.3.2 Stock performance prior to negative sentiment 32
6.Conclusions and Implications 34
References 37
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