Internal and External Customer Satisfaction and Stock Market Response

<p>The three basic dividend policy theories have a completely different approach to describing the influence of dividends payment on stock price, and on the value of the company. Numerous studies conducted in this area have led to almost as many derived dividend policy theories, which are more or less related to the basic three. As one of them Wang, Manry & Wandler (2011) specify the dividend signalling theory, which is based particularly on the assumption of the asymmetry of information between the company management and the shareholders and in recent decades it has been studied by many authors, who mostly concluded that dividend increase has a positive stock price reaction, and vice versa, that dividend decrease results in stock price falls (as cited in Ross, 1977; Leland and Pyle, 1977; Grinblatt et al., 1984; Baker and Phillips, 1993; Rankine and Stice, 1997; Bechmann and Raaballe, 2007). For the purposes of our analysis we adopted the methodology of foreign researches and checked the existence of the dividend signalling theory in the Slovenian stock market. The Slovenian stock market is one of developing markets, and is particularly specific due to its small size and illiquidity. Our research resulted in no statistically significant stock price increases from company dividend increases, whereby we have refuted the research hypothesis and, consequently, the dividend signalling theory in the Slovenian stock market in the described period.</p>

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Reconciling internal and external satisfaction through probabilistic graphical models

International Journal of Quality and Service Sciences ◽

10.1108/ijqss-02-2017-0007 ◽

2017 ◽

Vol 9 (3/4) ◽

pp. 347-370 ◽

Cited By ~ 1

Author(s):

Flaminia Musella ◽

Roberta Guglielmetti Mugion ◽

Hendry Raharjo ◽

Laura Di Pietro

Keyword(s):

Customer Satisfaction ◽

Bayesian Networks ◽

Graphical Models ◽

Object Oriented ◽

Holistic Approach ◽

Probabilistic Graphical Models ◽

Model Parameters ◽

Holistic View ◽

Content Type ◽

External Customer

Purpose This paper aims to holistically reconcile internal and external customer satisfaction using probabilistic graphical models. The models are useful not only in the identification of the most sensitive factors for the creation of both internal and external customer satisfaction but also in the generation of improvement scenarios in a probabilistic way. Design/methodology/approach Standard Bayesian networks and object-oriented Bayesian networks are used to build probabilistic graphical models for internal and external customers. For each ward, the model is used to evaluate satisfaction drivers by category, and scenarios for the improvement of overall satisfaction variables are developed. A global model that is based on an object-oriented network is modularly built to provide a holistic view of internal and external satisfaction. The linkage is created by building a global index of internal and external satisfaction based on a linear combination. The model parameters are derived from survey data from an Italian hospital. Findings The results that were achieved with the Bayesian networks are consistent with the results of previous research, and they were obtained by using a partial least squares path modelling tool. The variable ‘Experience’ is the most relevant internal factor for the improvement of overall patient satisfaction. To improve overall employee satisfaction, the variable ‘Product/service results’ is the most important. Finally, for a given target of overall internal and external satisfaction, external satisfaction is more sensitive to improvement than internal satisfaction. Originality/value The novelty of the paper lies in the efforts to link internal and external satisfaction based on a probabilistic expert system that can generate improvement scenarios. From an academic viewpoint, this study moves the service profit chain theory (Heskett et al., 1994) forward by delivering operational guidelines for jointly managing the factors that affect internal and external customer satisfaction in service organizations using a holistic approach.

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Examining the Stock Market Response: A Comparison of Male and Female CEOs

International Advances in Economic Research ◽

10.1007/s11294-007-9104-0 ◽

2007 ◽

Vol 13 (3) ◽

pp. 395-396 ◽

Cited By ~ 9

Author(s):

Vijay Gondhalekar ◽

Sonia Dalmia

Keyword(s):

Stock Market ◽

Market Response ◽

Male And Female ◽

Female Ceos

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The “service excellence chain”: an empirical investigation in the healthcare field

The TQM Journal ◽

10.1108/tqm-11-2018-0181 ◽

2020 ◽

Vol 32 (6) ◽

pp. 1623-1663

Author(s):

Roberta Guglielmetti Mugion ◽

Flaminia Musella ◽

Laura Di Pietro ◽

Martina Toni

Keyword(s):

Customer Satisfaction ◽

Structural Equation ◽

Healthcare Sector ◽

Equation Modeling ◽

Original Research ◽

Organizational Improvement ◽

Content Type ◽

Service Excellence ◽

Synthetic Index ◽

External Customer

PurposeThe linkage between internal and external satisfaction is an understudied topic in the service field. This study aims to address this gap by proposing an original research model, the service excellence chain (SEC), that connects the internal and external perspectives by conjoining performance-excellence models and the service-profit-chain approach. Theoretical assumptions and quantitative measures are proposed by using advanced statistical techniques.Design/methodology/approachThe SEC is investigated through an empirical study in the healthcare sector, focusing on an Italian hospital and involving two of its core units. Qualitative and quantitative approaches were used. First, internal and external customer satisfaction were separately tested through structural equation modeling. The linkage between internal and external satisfaction is then proposed by mathematically defining a synthetic index, the internal and external customer satisfaction index (IEGSI), modeled through Bayesian networks (BNs) and object-oriented BNs to provide an overall measure able to predict organizational improvement.FindingsThe distinct measured models show good internal validity and adequate fit both for patients' and employees' perspectives. The IEGSI allows rigorously connecting internal and external satisfaction by developing conjoint scenarios for organizational improvement.Originality/valueThis study proposes the SEC model as an innovative way to connect internal and external satisfaction. The findings can be useful both for private and public organizations and may provide several useful insights for healthcare managers as well as for policy-makers in relation to developing strategies for improving service quality.

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