Who Really Matters? Revenue Implications of Stakeholder Satisfaction in a Health Insurance Company
利用一家领先健康保险公司20个季度的多利益相关者满意度数据，发现客户、患者和医生的满意度对未来收入有不同影响，且这种影响随利益相关者权力大小而变化。
ABSTRACT: This study examines the revenue implications of satisfaction measures in a setting with multiple stakeholders. I obtain a proprietary database from a leading health insurance company that measures satisfaction levels of multiple stakeholders, including: (1) clients that purchase insurance plans for their employees, (2) patients who use the insurance plans, and (3) doctors who provide medical services. Using multi-stakeholder satisfaction data over a 20-quarter period, I find that satisfaction measures are multi-dimensional, and that future revenues are positively associated with certain, but not all, dimensions of client, patient, and doctor satisfaction. Drawing on stakeholder theory, I predict that the revenue implications of stakeholder satisfaction vary with the power of different stakeholder groups. Specifically, I examine the moderating effects of the percentage of voluntary patients, business unit age, and market penetration on the relation between stakeholder satisfaction and future revenues, finding evidence consistent with my prediction.