He, Bianca; Mostrom, Lauren I.; Sufi, Amir - National Bureau of Economic Research - 2024
Firms invest heavily in customer capital, and such investment is a main source of intangible capital value. This study … measures investment in customer capital using sales and marketing expense from income statements, information on salaries paid …. Firms emphasize brand value, sales force, customer service, advertising, and the acquisition and use of customer data as …