The effects of customer equity drivers on loyalty across services industries and firms
研究了客户权益驱动因素（价值、品牌、关系权益）对忠诚度的影响如何因行业和公司特征而异，发现公司广告支出是最关键的调节因素。
Customer equity drivers (CEDs)-value equity, brand equity, and relationship equity-positively affect loyalty intentions, but this effect varies across industries and firms. We empirically examine potential industry and firm characteristics that explain why the CEDs-loyalty link varies across services industries and firms in the Netherlands. The results show that (1) some previously assumed industry and firm characteristics have moderating effects while others do not and (2) firm-level advertising expenditures constitute the most crucial moderator because they influence all three loyalty strategies (significant for value equity and brand equity; marginally significant for relationship equity), while three industry contexts (i.e., innovative markets, visibility to others, and complexity of purchase decisions) each influence two of the three loyalty strategies. Our results clearly show that specific industry and firm characteristics affect the effectiveness of specific loyalty strategies.