Using a small sample of firms from the Swedish study investigated in Anderson et al (1994), found that shareholder value is highly elastic with respect to customer satisfaction. Correlating the 1994 American customer satisfaction Index (ACSI) results og 130 publicly traded firms with available accounting and stock price data, found positive correlations between customer variables (Satisfaction, repurchase intention, perceived quality, perceived value and loyalty) with financial measures (ROA, market-to-book ratio, and price-earnings ratio)