{"title":"客户满意度和垂直整合","authors":"Marina Murdock , Thanh Ngo , Nivine Richie","doi":"10.1016/j.najef.2025.102498","DOIUrl":null,"url":null,"abstract":"<div><div>We explore the relationship between vertical integration of the firm and customer satisfaction, contributing to the emerging literature on the interaction of finance and marketing. Using the American Customer Satisfaction Index (ACSI) to measure customer satisfaction from 1995 to 2021 and the vertical integration scores gathered from <span><span>Frésard, Hoberg, & Phillips (2020)</span></span>, we find that customer satisfaction is higher for vertically integrated firms. We examine two channels—trade credit and inventory management—through which vertical integration may affect customer satisfaction. We find that increased trade credit is associated with higher levels of customer satisfaction, and this relationship is intensified for firms that are more highly integrated along the supply chain. Additionally, customer satisfaction is inversely related to inventory turnover, and this inverse relationship is mitigated by increased relatedness along the integrated supply chain. The findings suggest that control over various stages of production and distribution enables firms to better anticipate and manage inventory levels, reducing the risk of stockouts and overstocking.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"80 ","pages":"Article 102498"},"PeriodicalIF":3.9000,"publicationDate":"2025-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Customer satisfaction and vertical integration\",\"authors\":\"Marina Murdock , Thanh Ngo , Nivine Richie\",\"doi\":\"10.1016/j.najef.2025.102498\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>We explore the relationship between vertical integration of the firm and customer satisfaction, contributing to the emerging literature on the interaction of finance and marketing. Using the American Customer Satisfaction Index (ACSI) to measure customer satisfaction from 1995 to 2021 and the vertical integration scores gathered from <span><span>Frésard, Hoberg, & Phillips (2020)</span></span>, we find that customer satisfaction is higher for vertically integrated firms. We examine two channels—trade credit and inventory management—through which vertical integration may affect customer satisfaction. We find that increased trade credit is associated with higher levels of customer satisfaction, and this relationship is intensified for firms that are more highly integrated along the supply chain. Additionally, customer satisfaction is inversely related to inventory turnover, and this inverse relationship is mitigated by increased relatedness along the integrated supply chain. The findings suggest that control over various stages of production and distribution enables firms to better anticipate and manage inventory levels, reducing the risk of stockouts and overstocking.</div></div>\",\"PeriodicalId\":47831,\"journal\":{\"name\":\"North American Journal of Economics and Finance\",\"volume\":\"80 \",\"pages\":\"Article 102498\"},\"PeriodicalIF\":3.9000,\"publicationDate\":\"2025-07-06\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"North American Journal of Economics and Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S106294082500138X\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"North American Journal of Economics and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S106294082500138X","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
We explore the relationship between vertical integration of the firm and customer satisfaction, contributing to the emerging literature on the interaction of finance and marketing. Using the American Customer Satisfaction Index (ACSI) to measure customer satisfaction from 1995 to 2021 and the vertical integration scores gathered from Frésard, Hoberg, & Phillips (2020), we find that customer satisfaction is higher for vertically integrated firms. We examine two channels—trade credit and inventory management—through which vertical integration may affect customer satisfaction. We find that increased trade credit is associated with higher levels of customer satisfaction, and this relationship is intensified for firms that are more highly integrated along the supply chain. Additionally, customer satisfaction is inversely related to inventory turnover, and this inverse relationship is mitigated by increased relatedness along the integrated supply chain. The findings suggest that control over various stages of production and distribution enables firms to better anticipate and manage inventory levels, reducing the risk of stockouts and overstocking.
期刊介绍:
The focus of the North-American Journal of Economics and Finance is on the economics of integration of goods, services, financial markets, at both regional and global levels with the role of economic policy in that process playing an important role. Both theoretical and empirical papers are welcome. Empirical and policy-related papers that rely on data and the experiences of countries outside North America are also welcome. Papers should offer concrete lessons about the ongoing process of globalization, or policy implications about how governments, domestic or international institutions, can improve the coordination of their activities. Empirical analysis should be capable of replication. Authors of accepted papers will be encouraged to supply data and computer programs.