Although there is significant evidence that customer satisfaction is an important driver of firm profitability, extant literature has largely neglected two intermediate outcomes of customer satisfaction, namely, a firm’s advertising and promotion efficiency and its human capital performance....

This article introduces the concept of a stock value gap — the shortfall of a firm's actual market value from its optimal market value, as measured by a best-performing benchmark. Using a large-scale, real-world database, the authors test the effects of both customer satisfaction and customer...