본 논문은 고객만족에 관한 정보(고객만족 수준 및 지속성)가 기업의 미래 재무적 성과 및 시장가치와 통계적으로 유의한 관계를 갖는지를 검증하였다. 1999년부터 2008년까지(10년 기간) 한국생산성본부(주)가 발표하는 고객만족도 지수(NCSI)의 조사대상 기업들의 자료에 근거한 실증분석 결과는 다음과 같다. 첫째, R&D, 광고 및 판매촉진, 그리고 종업원 교육훈련 및 복리후생을 위한 지출 증대는 기업의 특성변수들(예: 다각화 수준, 산업 내 경쟁도, 기업규모, 산업 특성 등)을 통제하고도 고객만족 향상과 통계적으로 유의한 정(+)의 관계를 보였으며, 이의 분석 결과에 기초하여 추정한 기업별/연도별 ``고객만족 지속성 지수``는 미래 고객만족 수준 예측에 유용하였다. 이는 기업이 고객만족 향상을 위하여 어떤 투자·활동을 수행해야 하는지에 관한 판단 근거를 제공하며, 기업의 현재의 마케팅 투자·활동은 현재 및 미래의 마케팅 성과에 누적적으로 영향을 준다는 이론을 지지한다. 둘째, 고객만족에 관한 현재의 정보와 기업의 미래 재무적 성과의 관련성을 실증분석한 결과, 다음 년도의 기업의 총자산순이익률은 당 년도의 고객만족 수준 및 지속성 추정치(위에서 추정) 모두와 통계적으로 유의한 관계를 보였으나, 다음 년도의 매출액성장률은 오직 당 년도의 고객만족 지속성 추정치와 통계적으로 유의한 상관성을 보였다. 셋째, 고객만족에 관한 정보가 기업의 시장가치와 통계적으로 유의한 관계를 보이는지를 실증적으로 분석한 결과, 당기이익 등의 효과를 통제하고도 고객만족 수준 및 지속성은 기업의 주주지분가치 또는 총가치와 모두 통계적으로 유의한 정(+)의 관계를 보였다. 그간 회계학계에서는 Ohlson(1995)의 기업가치 평가이론에서 기업의 미래 초과이익 및 주주가치 예측에 유용한 ``기타 정보``(other information)가 과연 무엇인지에 대한 실증연구의 필요성이 제기되었지만(Beaver 1999 등), 아쉽게도 그에 대한 체계적 연구는 많지 않았다. 따라서 본 연구는 모든 기업과 산업(제품 및 서비스 산업)에서 가장 중요한 공통적 관심사인 고객만족에 관한 비회계정보가 기타 정보로서 적합하다는 가설을 실증적으로 검증함으로써 회계학 연구에 기여하고 있다.

There is a great deal of empirical research in marketing studies to show that satisfying customers will eventually exalt firms` market shares through eliciting desirable purchase behaviors of consumers, such as increased loyalty, positive word-of-mouth advertising, and greater retention and receptivity to new products (e.g., Anderson 1996). However, a practical question of how firms can enhance their customers` satisfaction has been unanswered. The first objective of this paper is to investigate whether a firm`s activities, such as investing R&D, advertising & promoting sales, and training & extra benefits for employees, contribute to lifting the firm`s customer satisfaction (henceforth CS) levels. To move forward from the investigation above, we estimate, in each year, a degree of contribution of the firm`s various activities to its CS level, a so-called firm`s CS persistence index (henceforth PS), which is expected to play a role of predicting the future change in the firm`s CS level. The second objective of the paper is to examine whether the non-financial information items, CS level and PS estimate, show significant associations with a firm`s future financial performances and market value. Using data of Korean CS information provided by the Korea Productivity Center, Ltd., as well as the firms` accounting and financial numbers during ten years from 1999 to 2008, we find the following empirical results: First, A firm`s expenditures for R&D, advertising & promoting sales, and training & extra benefits for employees significantly contribute to raising its CS level even after controlling the firm`s characteristics such as diversification, industry competition, firm size, and industry classification. And further the estimated PS, based on the afore-mentioned relations, is significantly associated with the next year`s change in the firm`s CS level. The results suggest a strategic guidance for managers who are exploring ways to improve CS, and support the contention that current marketing activities cumulatively determine future as well as current marketing accomplishments (Slotergraaf, Moorman and Inman 2003). Second, for supporting the claim that CS and PS are value relevant, we in the first step examine a link between those components and a firm`s next year`s financial performances, such as profitability and sales growth. Our tests are in contrast with those of the previous studies to document that CS has a strong impact on concurrent accounting measures of returns(e.g., Gruca and Rego 2005, Dekimpe and Hanssens 1995). In this firm-level tests we confirm evidence that a firm with greater PS and CS has higher future profitability ratio measured by ROA (return on assets) while only PS has an incremental effect on a firm`s future sales growth. A smaller adjusted R2 of the sales growth model than that of the ROA model indicates that the future sales growth is harder to be predicted. Third, the positive association of the current CS information with the future financial performances, as documented above, may suggest that firms with more satisfied customers affirm higher market values. Although Ittner and Larcker(1996), and Anderson, Fornell and Mazvancheryl(2004) show that firms` values are positively associated with CS levels, their multiple regression analyses fail to control firms` current earnings effects, being subject to serious methodological mistakes. To remedy the shortcomings, we propose an alternative empirical framework in reliance with the theory-based Ohlson`s (1995) valuation concept, which brings roles of earnings and book values into the network that links the key constructs between CS information and firms` values. We also develop two different test metrics for firms` market values, shareholders` values and total firm values, and find significant positive relations of CS and PS with both metrics even after controlling firms` current earnings and book values. The findings of positive associations with firms` market values, let alone with future financial performances, entail that the CS information is helpful to investors. In spite of wide applications of the Ohlson`s(1995) valuation theory to accounting research, no systematic studies have been done to date for finding what can be ``other information`` in his theory. Our study to make up for such deficiencies suggests that the CS-related information which is important for firms` managers in all industries clearly deserves to be other information by proving that it is useful for predicting future earnings and hence firm values.