Responsive image
博碩士論文 etd-0617108-224110 詳細資訊
Title page for etd-0617108-224110
論文名稱
Title
廣告、顧客滿意度與股東價值:顧客滿意度的中介效果
Advertising、Customer Satisfaction and Shareholder Value: The Mediator Effect of Customer Satisfaction.
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
64
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
2008-06-12
繳交日期
Date of Submission
2008-06-17
關鍵字
Keywords
LISREL模型、股東價值、廣告、顧客滿意度
LISREL, shareholder value, customer satisfaction, advertising
統計
Statistics
本論文已被瀏覽 5678 次,被下載 0
The thesis/dissertation has been browsed 5678 times, has been downloaded 0 times.
中文摘要
長久以來,廣告即是行銷手段的重要一環,但一般人皆熟知廣告除了能為企業拓展知名度、傳達產品資訊外,並未深入探究其廣告所帶來之廣大效益,但究竟廣告能為企業帶來什麼效益呢?有鑑於此,本研究橫跨行銷與財務兩個領域,透過檢視廣告與顧客滿意度以及股東價值間的關係,探討行銷策略對財務面的影響。
實證結果指出,廣告確實可為企業創造市場面的無形資產,如:商譽、口碑等,且具有轉換為提升未來企業現金流量效果,進而提高股東價值;除了廣告之外,另一項攸關企業的重要因素也應一併考慮,也是二十一世紀企業最重視的一項重要指標,即顧客滿意度,先前學者研究指出顧客滿意度與股東價值具有正向相關性,本研究結果亦指出顧客滿意度對股東價值呈現正向相關且顯著,故對公司經理人而言,當致力提升顧客滿意度的同時,亦能達到股東價值極大化之目的。
另外在廣告對顧客滿意度以及股東價值的關係實證方面,本研究採用了LISREL模型,將影響過程同時透過顧客滿意度以及直接影響股東價值兩部分來探討,結果顯示,廣告強度經由提升顧客滿意度,使得公司股東價值提高。
對公司經理人而言,本篇論文帶來的管理意涵,將有助經理人制定決策,且能更清楚掌握行銷與財務間的相互影響,以達到股東價值極大化的目標,而非一昧的追求重視財務績效,而忽略了行銷活動所扮演的關鍵角色,這也是本篇論文貢獻所在。
Abstract
Advertising has been playing an important role in Marketing for a long time. An effective advertising can help the business to promote their brand and convey the product information to the target consumer successfully. In addition, there are some advantages of advertising haven’t been discovered yet. The purpose of this study is to combine “Marketing” with “Finance” to explore the influence of marketing strategies on finance by discussing the relationship between advertising, customer satisfaction and shareholder value.
The empirical study finds two important elements influencing on the shareholder value. First, advertising can create the intangible assets such as goodwill and reputation and transform those intangible assets into the cash flow to the business, and then increase the shareholder value. Second, according to the past study asserting that there are positive relationship between the customer satisfaction and shareholder value, this study also gets the positive and significant result.
This study applied the LISREL model to verify the relationship between advertising, customer satisfaction and shareholder value through the process of direct and indirect effect on shareholder value. We find that the indirect effect of advertising is significant because the advertising increases shareholder value indirectly by increasing the customer satisfaction.
The findings of this study can help the business manager to realize the interactions between “Marketing” and “Finance” and to make strategic decision to maximum the shareholder value by noticing that the role of marketing is as important as the financial performance.
目次 Table of Contents
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究架構以及流程 5
第二章 文獻探討 6
第一節 顧客滿意度介紹 6
第二節 廣告支出對顧客滿意度之影響 10
第三節 廣告支出對股東價值之影響 11
第四節 顧客滿意度對股東價值之影響 14
第五節 廣告支出透過顧客滿意度對股東價值之影響 17
第三章 研究設計 18
第一節 研究模型 18
第二節 假說建立 19
第三節 研究變數之測量 20
第四節 樣本及資料來源 25
第四章 實證結果與分析 26
第一節 敘述性統計分析 26
第二節 LISREL模型實證結果 27
第三節 實證結果彙總 34
第五章 結論與建議 35
第一節 研究結論 35
第二節 研究限制 36
第三節 未來研究建議 37
附錄 38
參考文獻 52

參考文獻 References
Anderson, Fornell, C. & Lehmann, D. R. (1994), “Customer Satisfaction, Market Share, and Profitability: Findings from Sweden.” Journal of Marketing, 58 (July), 53–66.
———, ———, & Mazvancheryl, K. S. (2004), “Customer Satisfaction and Shareholder Value.” Journal of Marketing, 68 (October), 172–85.
——— & Sullivan, M. W. (1993), “The Antecedents and Consequences of Customer Satisfaction for Firms.” Marketing Science, 12 (2), 125–43.
Aaker, David (1996),Building Strong Brands. New York: The Free Press.
Ailawadi, Kusum L., Scott A. Neslin, and Donald R. Lehmann(2003), “Revenue Premium as an Outcome Measure of Brand Equity.” Journal of Marketing, 67 (October), 1–17.
Andrews, J. Craig, Richard Netemeyer, Scot Burton, Paul Moberg,and Ann Christainsen (2004), ”Understanding Adolescent Intentions to Smoke: An Examination of Relationships Among Social Influences, Prior Trial Behaviors, and Antitobacco Campaign Advertising.” Journal of Marketing, 68(July),110–23.
Bagozzi, R. P. (1980). Causal Models in Marketing. John Wiley & Sons.
Bagozzi, R. P., & Yi, Y. (1988), “On the evaluation of structural equation models.” Journal of Academy of Marketing Science, 16 (1): 74-94.
Bolton, R. N. & Drew, J. H. (1991), “A Multistage Model of Customers Assessments of Service Quality and Value” Journal of Consumer Research, Vol. 17(March), PP. 375-384.
Boulding, William and Richard Staelin (1995), “Identifying Generalizable Effects of Strategic Actions on Prior Performance: The Case of Returns to Research and Development Spending.” Marketing Science, 14 (3), G222-36.
Cardozo, R. N.(1965), “An experimental study of customer effort, expectation, and satisfaction.” Journal of Marketing Research. Vol.24, PP.244-249.
Day, G. & Fahey, L., (1988), “Valuing Market Strategies.” Journal of Marketing, 52 (July), 45–57.
Engel, Blackwell and Miniard, (1994), Consumer Behavior, 7th ed, Taipei: Hwa-Tai Co., P.53.
Erickson, Gary and Robert Jacobson (1992), “Gaining Competitive Advantage Through Discretionary Expenditures: The Returns to R&D and Advertising.” Management Science, 38 (9), 1264-79.
 
Fornell, C. (1992), “A National Customer Satisfaction Barometer: The Swedish Experience.” Journal of Marketing, 56 (Jan), 6–21.
———, Johnson, M. D., Anderson, E. W. Jaesung, C. & Bryant, B. E. (1996), “The American Customer Satisfaction Index: Nature, Purpose, and Findings.” Journal of Marketing, 60 (October), 7–18.
Gisser, M.,(1991), “Advertising, concentration and profitability in manufacturing.” Economic Inquiry, 29 (1), pp.148-165.
Graham, R. C., and K. D. Frankenberger, (2000), “The contribution of changes in advertising expenditures to earnings and market values.”Journal of Business Research, 50 (2), pp.149-155.
Gruca, T. & Rego, L. (2005), “Customer Satisfaction, Cash Flow, and Shareholder Value.” Journal of Marketing, 69 (July), 115–30.
Hair, J. F., Anderson, Rolph E., Tatham, Ronald L., & Black, Willian C. (1998), “Multivariate data analysis.” N. J.: Prentice Hall.
Hallowell, R.(1996), ”The relationships of customer satisfaction, customer loyalty, and profitability: an empirical study.” International Journal of Service Industry Management, 7 (1), 27-42.
Homburg, C. & Scha¨fer, H. (2002), “Die Erschließung von Kundenpotenzialen durch Cross-Selling: Konzeptionelle Grundlagen und empirische Ergebnisse.” Marketing ZFP, 24(1), pp. 7–26.
Honomichl, J. (1995), “Misguided information.” Marketing Magazine, 100,pp.21
Hunt, S. D. & Morgan, R. M., (1995), “The Comparative Advantage Theory of Competition.” Journal of Marketing, 59(2), 1–15.
Ittner, C. D. & Larcker, D. F. (1998), “Are non-financial measures leading indicators of financial performance? An analysis of customer satisfaction.” Journal of Accounting Research, 36(3), pp. 1–35.
Jeong, K. Y., and R. T. Masson,(1990)“Market Structure, Entry and Performance in Korea.” The Review of Economics and Statistics, 72(3), pp. 455-462.
Joreskog, K. & Sorbom, D. (1982), “LISREL: Analysis of Linear Structural Relationships by Method of Maximum Likelihood.” Chicago, IL: National Educational Resources.
Joshi, Amit and Dominique M. Hanssens (2004), “Advertising Spending and Market Capitalization.” Working Paper No. 388, Marketing Studies Center, Anderson School of Management, University of California, Los Angeles.
 
Kaul, Anil and Dick R. Wittink (1995), “Empirical Generalizations About the Impact of Advertising on Price Sensitivity and Price.” Marketing Science, 14 (3), G151–60.
Keller, Kevin Lane (1998), Strategic Brand Management. New York: McGraw-Hill.
Kirmani, Amna and Valarie A. Zeithaml (1993), ”Advertising,Perceived Quality, and Brand Image.” in Brand Equity and Advertising,David A. Aaker and Alexander L. Biel, eds. Hillsdale, NJ: Lawrence Erlbaum Associates, 143–82.
Kotler, Philip (1991), “Marketing Management: Analysis, Planning, Implementation and Control.” 7th ed., Prentice-Hall, Englewood Cliffs,NJ., PP.246-249
Kotler, Philip. (1994). “Marketing Management: Analysis, Planning, Implementations. and Control.” 8th ed. New Jersey: Prentice-Hall
Krishnamurthi, L. & Raij, S. P. (1991), “An empirical analysis of the relationship between brand loyalty and consumer price elasticity.” Marketing Science, 10 (2), 172–183.
Leigh McAlister, Raji Srinivasan, & MinChung Kim (2007),“Advertising, Research and Development, and Systematic Risk of the Firm.” Journal of Marketing, 71 (January),35-48.
Liedtka, S. L (1999), “Nonfinancial and financial performance measures: An empirical analysis of the airline industry.” Ph.D. dissertation, University of Maryland.
Little, John D.C., (1979), “Aggregate advertising models: The state of the art.” Operations Research, 27 (4), pp.629-667.
Martin, S.,(1979), “Advertising, concentration, and profitability: The simultaneity problem” The Bell Journal of Economics, 10 (2), pp.639-647.
Miller, R. A.,(1969), “Market structure and industrial performance:relation of profit rates to concentration, advertising intensity, and diversity.” Journal of Industrial Economics, 17 (2), pp.104-118.
Nagar, V.,(1999), “An economic model of the information content of non-financial measures: Evidence from the retail banking industry.” Working paper, University of Michigan.
Peles, Y., (1970), “Amortization of advertising expenditures in the financial in the financial statements.”, Journal of Accounting Research,8 (1), pp.128-137.
Rappaporta, Lfred, (1987). ” Stock Market Signals to Managers.” Huii,cirrl Bllsiness Rev.. 57-62.
Rao, Vithala R., Manoj K. Agarwal, and Denise Dahlhoff (2004), “How Is Manifest Branding Strategy Related to the Intangible Value of a Corporation?” Journal of Marketing, 68 (October), 126–41.
Reicheld, F. F. & Sasser, W. E. (1990) “Zero defections: quality comes to services. ” Harvard Business Review,68(4), pp. 105–111.
----------, F. F. (1996), “The Loyalty Effect: The Hidden Force Behind Growth, Profit and Lasting Value”, Boston: Harvard Business School Press
Rust, R., Zahorik, A., & Kleiningham, T. (1995), “Return on Quality (ROQ): Making Service Quality Financially Accountable.” Journal of Marketing, 59(April), 58–70.
Sethuraman, Raj and Gerard J. Tellis (1991),”An Analysis of the Tradeoff Between Advertising and Price Discounting.”Journal of Marketing Research, 28 (May), 160–74.
Srivastava, Rajendra K., Tasadduq A. Shervani, and Liam Fahey (1998), “Market-Based Assets and Shareholder Value: A Framework for Analysis.” Journal of Marketing, 62 (January),2-18.
Stock, R. (2003),“Der Einfluss der Kundenzufriedenheit auf die Preissensitivita¨t von Firmenkunden.” Die Betriebswirtschaft, 63(3), pp. 333–348.
Taylor, S. A. and Cronin Jr. J. Joseph(1994), “Modeling Patient Satisfaction and Service Quality.”. Journal of Health Care Marketing,Vol.14, No.1, pp.34- 44.
Thomas S. Gruca & Lopo L. Rego(2005), “Customer Satisfaction,Cash Flow,and Shareholder Value.” Journal of Marketing, 69 (July), 115–130.
Woodside, A. G. F., & Daly, R. T. (1989).”Linking service quality, customer satisfaction, and behavioral intention.” Journal of Marketing, 52, 5-7.
Xueming Luo & C.B. Bhattacharya(2006), “Corporate Social Responsibility,Customer Satisfaction, and Market Value.”Journal of Marketing, 70 (October),1–18.
Zeithaml, V. A., Berry, L. L. & Parasuraman, A. (1996), “The Behavioral Consequences of Service Quality.” Journal of Marketing, 60(April), 31–46.
Zhou, N., D.-S. Zhou, and M. Ouyang, (2003), “Long-term effects of television advertising on sales of consumer durables and nondurables.”,Journal of Advertising, 32 (2), pp.45-54.
賴宏誌、呂鴻德、謝憶文(1990),顧客滿意構面、品牌忠誠度與顧客終身價值關係之研究—LISREL模式之實證,中原學報,第十八卷第四期,頁25-36
周文賢,2002,多變量統計分析-SAS/STAT使用方法,台北:五南文化。
黃芳銘,2002,結構方程模式理論與應用,台北:五南文化事業。
電子全文 Fulltext
本電子全文僅授權使用者為學術研究之目的,進行個人非營利性質之檢索、閱讀、列印。請遵守中華民國著作權法之相關規定,切勿任意重製、散佈、改作、轉貼、播送,以免觸法。
論文使用權限 Thesis access permission:校內校外均不公開 not available
開放時間 Available:
校內 Campus:永不公開 not available
校外 Off-campus:永不公開 not available

您的 IP(校外) 位址是 34.229.17.20
論文開放下載的時間是 校外不公開

Your IP address is 34.229.17.20
This thesis will be available to you on Indicate off-campus access is not available.

紙本論文 Printed copies
紙本論文的公開資訊在102學年度以後相對較為完整。如果需要查詢101學年度以前的紙本論文公開資訊,請聯繫圖資處紙本論文服務櫃台。如有不便之處敬請見諒。
開放時間 available 已公開 available

QR Code