业务
顾客满意度
顾客惊喜
营销
客户宣传
客户保留
对偶(语法数字)
客户盈利能力
客户资产
价值(数学)
产量(工程)
产业组织
服务质量
机器学习
文学类
艺术
计算机科学
冶金
材料科学
服务(商务)
作者
Nita Umashankar,S. Cem Bahadir,Sundar G. Bharadwaj
标识
DOI:10.1177/00222429211024255
摘要
Most researchers focus on the effect of mergers and acquisitions (M&As) on investor returns and overlook customer reactions, despite the fact that customers are directly impacted by these corporate transformations. Others suggest that in M&A contexts, a dual emphasis of customer satisfaction and firm efficiency is both likely and beneficial. In contrast, the authors demonstrate that M&As not only do not yield a dual emphasis but also cause a decline in customer satisfaction to the extent that they eclipse any gain in firm value from an increase in firm efficiency. A quasiexperimental difference-in-differences analysis and an instrumental variable panel regression provide robust evidence for the dark side of M&As for customers. The authors use the attention-based view of the firm to demonstrate that post-M&A customer dissatisfaction occurs because of a shift in executive attention away from customers and toward financial issues. In line with the related upper echelons theory, they find that marketing representation on a firm’s board of directors helps maintain executive attention on customers, which mitigates the dysfunctional effect of M&As on customer satisfaction. This research identifies a negative M&A–customer satisfaction relationship and highlights executive attention to customer issues and marketing leadership as factors that mitigate this negative relationship.
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