Torres Lacomba, AnnaTribo Gine, José Antonio2012-05-152012-05-152007-06Economics and business working papers series (Universitat Pompeu Fabra), n. 1016, 2007https://hdl.handle.net/10016/14271This paper studies the interaction between ownership structure, taken as a proxy for shareholders’ commitment, and customer satisfaction - the main driver of consumer loyalty - and their impact on a firm’s brand equity. The results show that customer satisfaction has a positive direct effect on brand equity but an indirect negative one because of reductions in ownership concentration. This latter effect emerges when managers are mainly customer-oriented. Such result gives out a warning signal that highlights the perverse effect of implementing policies, focused excessively on satisfying customers at the expense of shareholders, on a firm’s brand equity. The empirical analysis uses an incomplete panel data comprising 69 firms from 11 nations, for the period 2002-2005.application/pdfengAtribución-NoComercial-SinDerivadas 3.0 EspañaCorporate social responsibilityBrand equityShareholders' commitmentCustomer loyaltyworking paperEmpresaopen access