Earticle

초록

영어

Customer equity has emerged as an important indicator of long-term firm performance and value creation. However, relatively little is known about how acquisition and retention costs contribute to customer equity, how these effects differ across competitive positions, and whether different components of customer equity contribute equally to market value. This study examines these relationships in the U.S. telecommunications industry using publicly available customer and financial information. A distributed lag model is employed to analyze the shortand long-term effects of acquisition and retention costs on customer equity and market value. In addition, customer equity is decomposed into retained customer equity and newly acquired customer equity, and the effects are compared between leader and follower firms. The results reveal three main findings. First, acquisition and retention costs contribute differently to customer equity, indicating distinct customer equity formation mechanisms. Second, acquisition costs generate more favorable long-term customer equity outcomes for leader firms, whereas retention costs are more effective for follower firms. Third, customer equity is positively associated with market value, but retained customer equity exhibits a stronger and more consistent relationship with market value than newly acquired customer equity. These findings clarify the customer equity formation process, highlight the contingent role of competitive position, and demonstrate the value relevance of retained customer equity. The results also provide practical implications for managers and investors seeking to enhance long-term firm value through customer-based strategies.

목차

Abstract
Ⅰ. Introduction
Ⅱ. Theoretical Background
1. Customer Relationship Management and Customer Lifetime Value
2. Acquisition Costs and Retention Costs
3. Customer Equity and Market Value
Ⅲ. Hypotheses Development
Ⅳ. Methodology
1. Acquired and Retained Customer Estimation
2. Acquisition and Retention Cost Separation Model
3. Margin, AAC, and ARC Estimation
4. Customer Lifetime Value Estimation
5. Customer Equity Estimation
6. Distributed Lag Model
Ⅴ. Data Collection
Ⅵ. Results
1. Leader and Follower Characteristics
2. AC and RC Estimation Results
3. Effects of AC and RC on Customer Equity
4. Effects of Customer Equity on Market Value
5. Additional Analysis: Effects of RCE and NCE on Market Value
Ⅶ. Discussion
1. Theoretical Implications
2. Managerial Implications
3. Limitations and Future Research
References

키워드

저자

• Da Yeon Kim [ Visiting Professor, Dongguk Business School, Dongguk University ] First Author
• Tae Ho Song [ Professor, College of Business, Pusan National University ] Co-First Author
• Zhengwei Xing [ M.S., College of Business, Pusan National University ]
• Hae Jin Seo [ Assistant Professor, Division of Business Administration, Pukyong National University ] Corresponding Author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  서비스마케팅저널 [Services Marketing Journal]

• 간기

  반년간

• pISSN

  2005-3207

• 수록기간

  2008~2026

• 등재여부

  KCI 등재

• 십진분류

  KDC 326 DDC 380