기업의 수익성과 가치에 미치는 고객만족의 동태적 영향
The Dynamic Effects of Customer Satisfaction on Firm's Profitability and Value
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초록
고객만족경영을 통하여 기업이 이윤의 증진을 도모하는 것은 자명한 일이다. 따라서 고객만족과 기 업성과와의 직접적인 관계를 밝히는 것은 학술적으로나 실무적으로 매우 중요하다. 고객만족이 기업 경영성과에 미치는 영향에 관한 지금까지의 연구에서는 주로 당기의 고객만족이 당기의 기업경영성 과에 미치는 현재효과를 분석하였다. 그러나 마케팅활동이 동태적 효과를 갖는다는 연구에 의하면 고 객만족이 현재뿐만 아니라 미래의 기업 경영성과에 미치는 동태적 효과의 검증이 필요하다. 만약 이 효과가 존재함에도 불구하고 이를 충분히 측정하지 못한다면 고객만족의 효과는 낮게 평가될 것이다. 이에 본 연구에서는 패널자료분석을 통하여 기업의 수익성과 기업가치에 미치는 고객만족의 동태적 효과를 추정하였다. 연구결과, 고객만족은 기업의 수익성과 기업가치에 긍정적인 영향을 주며, 동태적 효과를 갖는 것 으로 분석되었다. 또한 모형 추정결과, 모형의 적합도에서 이유재와 이청림(2006)보다 개선이 이루어 졌다. 한편 고객만족의 과거 항을 2기까지 추가한 비교모형은 추정결과의 해석이 어렵고, 다중공선성 문제가 있는 것으로 분석되었다.
Abstract
It is natural that firms would like to increase their profits and value through customer satisfaction (CS). It is therefore important for the academic and practical purposes to investigate the relationship between CS and firm's performance. Previous studies about this relationship have examined mainly the current effect of CS on firm's performance. According to the research that many marketing activities have dynamic effects over time, however, the dynamic effect of CS on firm's performance needs to be tested. Failure to assess the dynamic effects might lead to the underestimation of the impact of CS. This study thus attempts to investigate the dynamic effects of CS on firm's profitability and value by panel data analysis. The results show that CS has dynamic effects on firm's profitability and value. There was a significant improvement in model fit compared with the model examining the current effects only. On the other hand, it was difficult to interpret the estimation results of the alternative model incorporating two lagged variables of CS, and there was also a multicollinearity problem.
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