The Effect of Innovation and Customer Satisfaction on stock return under different market states

• Main Authors: Shu-Jyun Syu, 許淑君
• Other Authors: Miao-Ling Chen
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/82990593005688203509

碩士 === 國立中山大學 === 財務管理學系研究所 === 100 === Existing papers have shown that innovation and consumer satisfaction influence the firm performance and stock returns; however, the related papers usually neglect the impacts of market status. This paper extends prior papers by considering the impacts of market status when exploring the relationship among innovation, consumer satisfaction, and firm performance. Empirical results show that in the bull markets innovation and consumer satisfaction do not significantly affect stock returns while in the bear markets stock returns are positively associated with the level of innovation and consumer satisfaction. These results suggest that managers should take market status into consideration when making marketing decisions.