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P o l i c e63 C e n t r a l C i t y67 S u b u r b a n54 I R SM a n u f a c t u r i n gD u r a b l e s7 8 . 4T r a n s p o r t a t i o n /C o m m u n i c a t i o n s /U t i l i t i e s7 1 . 6R e t a i l7 3 . 2F i n a n c e /I n s u r a n c e7 4 . 5S e r v i c e s6 7 . 7P u b l i c A d m i n i s t r a t i o n /G o v e r n m e n t6 2 . 4M a n u f a c t u r i n g N o n d u r a b l e s7 8 . 51 9 9 7 N a t i o n a l S c o r e = 7 1 . 1Changes in National ACSI 7 3 . 77 3 . 07 1 . 97 0 . 87 2 . 07 2 . 27 2 . 47 4 . 17 4 . 27 3 . 77 3 . 77 0 . 77 1 . 1 7 1 . 1707172737475Q4/1994Q1/1995Q2/1995Q3/1995Q4/1995Q1/1996Q2/1996Q3/1996Q4/1996Q1/1997Q2/1997Q3/1997Q4/1997Q1/1998Customer Satisfaction and Economic Performance: The Evidence to Date ROI or ROA Positive and significant relationship (. and Swedish data) Ricardian Rents Positive and significant relationship (Tobin’s Q) (. data) Market Value One point ACSI = $647 Million Market To Book Positive and significant relationship (. data) Risk Measures Negative and significant relationship (with loyalty variable – not ACSI) Stock Price Returns High ACSI and SCSB firms out perform the market (. and Swedish portfolios) Stock Market Reaction Statistically significant reaction following public release of ACSI results (.) Economic Value Added Positive and significant relationship with MVA Ricardian Rents T o b i n 39。 A d v e r t i s i n g / S a l e s i n s i g n i f i c a n t .A Simple Valuation Model Using the ACSI T h e A C S I is N o t F u l l y R e f l e c t e d in F in a n c ia l A c c o u n t in g M e a s u r e sM V = 4 4 , 0 0 6 + 0 . 6 3 7 B V A 0 . 6 3 9 B V L + 6 4 6 . 8 ( A C S I )A O n e U n i t C h a n g e in A C S I i s R e la t e d t o a $ 6 4 6 . 8 M il li o n C h a n g e i n M a r k e t V a l u e o f E q u i t yB o o k V a l u e