Ittner and Larcker(1996) also correlated the 1994 American Customer Satisfaction Index(ACSI) results of 130 publicly traded firms with available accounting and stock price data and documented a positive correlation between customer variables (satisfaction, repurchase intention, perceived quality, perceived value, and loyalty) and financial measures (ROA, market-to-book ratio, and price-earning ratio).
Quality improvement has also been linked in other studies to stock price shifts (Aaker and Jacobson 1994), the market value of the firm