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Purpose -The aim of this study is to examine the relationship between customer satisfaction, earnings and firm value. Design/methodology/approach -A model borrowed from the accounting literature -the Ohlson model -is used to consider the impact of customer satisfaction on Tobin's q -a capital market-based measure of firm performance widely used in marketing research. Data on firm performance is drawn from COMPUSTAT and integrated with data on customer satisfaction from the American Customer Satisfaction Index (ACSI). Findings -Results show that customer satisfaction has a positive impact on firm value. Critically, the authors find that this impact is over and above the impact that earnings has on firm value. They also find that customer satisfaction positively and significantly moderates the earnings-firm value relationship.Research limitations/implications -Findings are limited to firms covered by the American Customer Satisfaction Index and subject to the assumptions underpinning the Ohlson model. Practical implications -This study's demonstration of the complementary relationship between earnings and customer satisfaction in determining firm value should encourage managers to engage with satisfaction as a driver of business performance and value. Originality/value -Findings extend recent studies on the impact of customer satisfaction on business performance. While prior studies either ignore earnings or focus on the relationship between satisfaction and stock returns, the authors show the impact of satisfaction on firm value, in a model that includes earnings. Importantly, they also extend prior studies by showing that the interaction between customer satisfaction and earnings is central to understanding the impact of both satisfaction and earnings on firm value. In addition, they demonstrate the usefulness of an earnings-based valuation model, to explore the relationship between a marketing metric and firm value. The authors' approach may be adopted to consider the impact of other measures of marketing performance. Thus, they hope that this study helps to further bridge the gap between marketing and the financial disciplines.

We apply Carroll's model of school learning, which theorizes about the relationship between time and learning, to motivate the design of a large, first‐year, university mathematics course, where students have the choice to attend lectures and/or watch online videos. The theoretical model informs how the course and resources are designed in order to assist students to spend the time they need to master a task in an efficient manner. We examine the relationship between learning and time spent on lectures and/or videos, by analysing data collected on lecture attendance, videos accessed, and mathematical achievement, prior to, and at the end of, the course. Findings show that students use videos as either a complement to, or substitute for, the lecture, and time spent using either or both resources has a significant impact on learning.

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