Proceedings of 5th European Business Research Conference
10 - 11 September 2015, St. Regis Hotel, Rome, Italy, ISBN: 978-1-922069-83-2
The Impact of CSR Initiatives on Customer Loyalty in
Educational Companies: Evidence from Language Institutions
Younis Jabarzadeh*, Mahnaz Parcheforoosh** and Hadi Karami***
Customer loyalty is a critical concern for managers of almost all
organizations and they seek various initiatives to improve it. Among these
initiatives, corporate social responsibility (CSR) has been used over the last
few decades to promote the image of the company and influence customers
in positive ways. Despite some little researches that show the positive
impact of the CSR initiatives on the customer loyalty, there isn’t any related
research in educational companies like language institutions. In this
research, the impact of CSR on the customer loyalty in language institutions
of Iran is examined. Based on an extensive literature review, a conceptual
model has been developed in which we assume that CSR influences
customer loyalty in an indirect way by having a positive impact on the
customer satisfaction and the reputation of the company. To test the
proposed model, 400 questionnaires were distributed among the customers
(students) of five language institutions during January and February 2015.
Of the all distributed questionnaires, 283 useful ones were gathered and
using inferential statistics, Confirmatory factor analysis (CFA) and Structural
Equation Modeling (SEM) data were analyzed. The results support the four
hypotheses of the conceptual model. CSR initiatives have a positive impact
on the satisfaction of the students and the reputation of the institutions. Also,
satisfaction of the students and the improved reputation of the institution
influence the loyalty of the students to the institution in a positive way, which
means that CSR initiatives positively affect the customer loyalty of these
educational companies. The results of this study have practical implications
for managers of this kind of companies and they should pay attention and
invest more on CSR initiatives.
JEL Codes: M10, M14 and M31
1. Introduction
Several researches have demonstrated the link between customer loyalty and business
performance (e.g. Loveman, 1998; Hallowell, 1996; Gronholdt, 2000). So it can be
considered as a key driver of the profitability and long-lasting performance of the business.
In competition for retaining customers, institutions are getting more marketing and
promotion driven and marketing efforts are awarding the customers with congruent values.
Based on various theoretical and conceptual frameworks, scholars proposed different
predicators of customer loyalty among which customer satisfaction seem`s crucial (Noyan
and Şimşek, 2014, Hur, Kim and Park, 2013, Dick & Basu 1994). The literature also
supports the view that customer retention is perceived as being the link between customer
satisfaction and performance of the business unit (Zeithmal 2000). In addition to the
satisfaction, corporate reputation can affect its performance (Rose and Thomsen, 2004). It
*
Dr. Younis Jabarzadeh, Assistant Professor, Faculty of Economics, Management and Business, University
of Tabriz, Iran, Email: yjabarzade@Tabrizu.ac.ir, Tel. +984133396814
**
Ms. Mahnaz Parcheforoosh, Faculty of Economics, Management and Business, University of Tabriz, Iran,
Email: mahnazparcheforoosh@yahoo.com
***
Mr. Hadi Karami, Faculty of Economics, Management and Business, University of Tabriz, Email:
hadi_hk55@yahoo.com
1
Proceedings of 5th European Business Research Conference
10 - 11 September 2015, St. Regis Hotel, Rome, Italy, ISBN: 978-1-922069-83-2
also affects the customer loyalty and provides a psychological impact that increases the
tendency of customers to stay further with the organization (Nguyen and Leblanc, 200;
Tang, 2010). Other researches propose corporate social responsibility (CSR) as a
predictor of customer loyalty (Sen and Bhattacharya, 2001; Crespo et al., 2005; Marin et
al., 2009; Perez et al., 2012). But when it comes to understanding how these two
dimensions of corporate –CSR and reputation directly influence loyalty, scholars have
traditionally devoted little attention to analysing the effects of CSR on customer behaviour
because these perceptions seem to have a closer connection with corporate profits and
effective performances than CSR. However, companies are under increasing pressure to
enhance their social initiatives because CSR is a moral and ethical standard for society
and because it has implications for customer behaviour and corporate performance (He
and Li, 2011). These two dimensions are related to relationship marketing. In business
world, companies have realized the effectiveness of adopting "the relationship marketing"
mindset or more clearly the importance of retaining customers than attracting new ones
(Elliot and Shin, 2002). Accordingly educational institutions are becoming more customers
oriented and student retention is becoming an essential strategic theme (Hennig-Thurau,
Langer, & Hansen, 2001). Retention and development of customers are of equal or
perhaps even greater importance to a business unit than customer acquisition. Owing to
increased global competition among institutions offering educational services, ideas to
retain students interest managers and marketers of educational institutions. Managers
need to know which processes deliver value to students in order to assure their retention.
So, in this paper a set of variables that represent direct and indirect drivers of student
loyalty such as student satisfaction and institution's reputation are studied by taking into
account the study of CSR image and its relation to loyalty in depth. This study contributes
to the literature by developing and presenting an integrated model incorporating CSR and
customers' behavioural intentions. This deepens our under-standing of how CSR
contributes to competitive advantage through customers' perceptions of CSR initiatives.
2. Literature Review
In this section, the related literature for the research problem and the proposed model are
discussed. We get through this section by introducing the variables studied in the model
and their relationship which underlies the hypotheses which are tested.
2.1) Loyalty
Despite the considerable interest among scholars about the importance of loyalty in
marketing (e.g. Noyan & Şimşek 2014, Hur, Kim & Park, 2013, Richard and Zhang, 2012,
Aydin and Özer, 2005, Parasuraman and Grewal, 2000, Oliver, 1999, Dick & Basu, 1994)
the debates regarding the definition and dimensions of customer loyalty exist in the
academic literature. The definition introduced by Oliver (1997) is the most cited one. Oliver
defined customer loyalty as "a deeply held commitment to repurchase a product or service
constantly in the future, despite situational influence and marketing efforts that cause
switching behavior. However, as Oliver discussed (1997, 1999) customer involvement in
repurchasing will enhance competitive influence. Moreover, he proposed four stages that a
customer passes through the process of gaining customer loyalty. These four stages are
conative, effective, conative and action loyalty. Primary researchers focused on the
behavioral aspect of loyalty (Cunningham 1956, Jacoby 1971, Tucker 1964). Behavioral
2
Proceedings of 5th European Business Research Conference
10 - 11 September 2015, St. Regis Hotel, Rome, Italy, ISBN: 978-1-922069-83-2
loyalty is the customer's repeated patronage of a product during a period of time without
any guarantee for his future purchase. Later, scholars turn their attentions to both
behavioral and attitudinal dimensions (Jacoby and Chestnut, 1978). Positive evaluation of
the company coupled with the emotional tie between customer and company comprise the
attitudinal loyalty (Rauyruen and Miller, 2007, Kim, Park and Jeong, 2004). Consequently
Dick and Basu (1994) generated 4 specific conditions of loyalty based on the attitudinalbehavioral relationship. Their classification includes loyalty, latent loyalty, spurious loyalty
and no loyalty.
Based on various theoretical and conceptual frameworks, scholars evoked different
predicators of customer loyalty among which customer satisfaction seems crucial (Noyan
and Şimşek, 2014, Hur, Kim and Park, 2013, Dick & Basu 1994). As customer loyalty is
assumed to be positively related to the performance of the business unit both at corporate
level and individual customer unit, thus managers and marketers of institutions tend to
increase their competition through increasing student mobility. So student loyalty is an
important factor in improving their loyalty.
2.2) Satisfaction
The concept of customer satisfaction is included in various theoretical and conceptual
frameworks and models. Academic literature presented two different conceptualizations:
cumulative specific and transaction specific. According to cumulative perspective,
customer satisfaction is perceived as customer's overall evaluation based on his purchase
and consumption experience (Anderson 1994, Fornell 1992) while based on the
transaction perspective customer satisfaction is defined as an operation of pre-purchase
expectations and post-purchase perception of the service or product (Oliver 1993, Fornell
1992). Bolton (1991) pointed out that a customer is satisfied when actual experience
exceeded expectations. In the educational service context student satisfaction has been
viewed as the notion of individuals' interpretation of their experiences about the perceived
service (Arambewela Hall and Zuhair, 2005, Elliott and Healy, 2001). As a latent variable,
satisfaction can be measured based on the overall experiences made by corporate's
products, sale process and after sale service.
Thaibaut and Kelley (1959) explained the impact of satisfaction through the social
exchange theory. According to this theory perceived satisfaction is a stimulus or
reinforcement that an individual repeatedly wants to achieve and therefore leads to loyalty.
Customer satisfaction is a prerequisite of customer retention so scholars consider it as a
main antecedent of customer loyalty (Schertzer and schertzer, 2004). Kotler, Bowen and
Makens (2006) believes that "one key to customer retention is satisfaction and satisfied
customers stay loyal longer."
2.3) Reputation
Researches into corporate reputation is enjoying a surge of popularity in the management
and marketing literature and the results confirm the corporate image as an important
determinant of loyalty (Walsh, Beatty & Shiu, 2009, MacMillan, Money, Downing &
Hillenbrand, 2005, Fombrun 1996). Reputation is a signal that contributes customers to
predict corporate's behaviour (Fombrun and Shanley, 1990), thus it is considered as the
customers' attitude toward a company and its associative that would be taken during the
3
Proceedings of 5th European Business Research Conference
10 - 11 September 2015, St. Regis Hotel, Rome, Italy, ISBN: 978-1-922069-83-2
process of purchasing and using a product. Although reputation and corporate image is
used synonymously in academic literature, Nguyen and Leblanc (2001a) believe that
corporate image represents a variable portrait of the firm an its product in the mind of its
consumers and it is influenced by the firm's promotion efforts whereas reputation is the
degree of the trust in a firm ability and willingness to meet customers' expectations.
The literature concerning reputation-loyalty link has suggested two theories. Signaling
theory views reputation as an external information cue contributes to the judgment or form
attitudes about a firm (Walsh, Beatty & Shiu, 2009, Spence 1973). Besides, cognitive
consistency theory suggests that customer's loyalty responses to reputation is composed
of cognitive learning process and learning procedure (Festinger 1962). So regarding this
theory customers' behavior is the result of a conscious and rational decision process.
Empirical studies prove a positive relationship between reputation and loyalty (MacMillan,
Money, Downing & Hillenbrand, 2005, Helm, Eggert and Garnefeld, 2010). In educational
cases reputational management is considered as a critical factor for attracting and
retaining students (Standifird 2005, Bush, Ferrell & Thomas, 1998, Nguyen and Leblanc,
2001b).
2.4) Corporate Social Responsibility
In recent years, corporate social responsibility (CSR) is a growing source of concern to
both researchers and practitioners (Nejati and Ghasemi, 2012, Wood 2010, McWilliams,
Siegel and Wright, 2006). Many firms recognize the need to strike a balance between
profitability and protecting a positive public image by shouldering more social and
environmental responsibility. It has been asserted that CSR initiatives are essential for
company's growth since it enhances moral and ethical standard for society and provides
implication for customers' behavior and corporate performance (McWilliams, Siegel and
Wright, 2006).
The first definition was advocated by Bowen Howard (1953). He presumed that
corporations' social obligation to pursue politics, implant their objectives and improve
relationship with stakeholders form the concept of CSR. Early work in this area attempts to
view CSR from ethical perspective. Friedman (1970) asserts that the only responsibility of
the companies is to maximize shareholder profit within ethical and legal frameworks. Later
Caroll (1991) presented the best CSR model. His CSR pyramid comprises 4 dimensions:
economic, economic, legal, ethical and philanthropic responsibilities.
Despite the growing literature on the impact of CSR on loyalty (Anderson Fornell and
Mazvancheryl, 2004) limited work has conducted in the role of CSR in determining
customer satisfaction. It has been asserted that customers support the companies
implanting environmentally- friendly practices (Maignan & Ferrell, 2004). The importance
of CSR in the corporate's marketing strategies and empowering corporate's brand
especially in educational context leads us to develop the present study. Furthermore CSR
can be a central determinant of corporations' reputation.
So considering the prior study and in view of the aforementioned research gaps and the
significance of CSR initiatives to organizations, the present study aims to explore the intraorganizational impact of CSR activities on reputation and customer satisfaction and
consequently their impact on loyalty. Therefore, we formulate the following hypothesis in
educational context:
H1: Student satisfaction is positively related to student loyalty.
4
Proceedings of 5th European Business Research Conference
10 - 11 September 2015, St. Regis Hotel, Rome, Italy, ISBN: 978-1-922069-83-2
H2: Corporate reputation is positively related to student loyalty.
H3: CSR initiatives have a positive relationship with student satisfaction.
H4: CSR initiatives have a positive relationship with reputation.
3. The Methodology and Model
Figure1 presents the conceptual model of the present study and the hypothesized
relationships.
Figure1. Conceptual model
To test the proposed model a questionnaire survey was conducted during January and
February 2015. The research context was educational service providers. Five Language
institutes ranging from private to semipublic institutes Located in East Azerbaijan province
of Iran were selected for inclusion. These institutes were chosen for the convenience of
data collection. The number of students in these institutes ranged from 630 to 2000. A total
of 400 questionnaires were distributed using convenience sample of which 283 were
completed and usable. Participants were chosen randomly from different levels of learning
and from different ages. Table 1 represents the profile of participants.
Table 1, Profile of Participants
Variables
Gender
Male
Female
Age
10 – 20
20 – 30
30 – 40
Above 40
Level
Junior
Elementary
Intermediate
Advanced
sample, N=283
percentage
134
149
47.2 %
52.8 %
201
67
11
3
71.3 %
23.8 %
3.9 %
1.1 %
62
93
76
51
22 %
33 %
27 %
18.1 %
5
Proceedings of 5th European Business Research Conference
10 - 11 September 2015, St. Regis Hotel, Rome, Italy, ISBN: 978-1-922069-83-2
4. The findings
Loyalty is considered as the main concept of the study. A 16-item scale was developed for
measuring variables. The measurement scale used in this study was adopted from
previous research. In order to analyze the collected data, the two-step confirmative
modeling strategy by the use of Lisrel 8.8 was developed. In the first step measurement
model was developed and in the second step the formulated hypothesis was tested by
analyzing the structural model (Anderson & Gerbing, 1988). Tables 2 Shows the mean,
standard deviations and correlations of constructs.
Table 2, Correlations of constructs and descriptive
variables
Satisfaction
Reputation
CSR
Loyalty
Mean
3.91
4.06
3.75
4.13
St.d
0.71
0.67
0.74
0.77
S
1.00
0.47*
0.19**
0.77*
R
CSR
L
1.00
0.65*
0.56*
1.00
0.28*
1.00
*p<0.01 **p<0.05
The results of measurement model and discriminant validity of questionnaire is
represented in table 3 which includes standard factor loading, T values and the values of
Cronbach's alpha for the construct.
Table 3, The measurement model
Variables
Satisfaction
Indicator
Std
t-value
SAT1
SAT2
SAT3
SAT4
0.56
0.59
0.58
0.52
9.19
9.76
9.63
8.40
REP1
REP2
REP3
REP4
0.47
0.66
0.70
0.72
7.44
11.22
11.99
12.34
CSR1
CSR2
CSR3
CSR4
0.62
0.70
0.71
0.57
10.22
11.74
11.97
9.25
LOY1
LOY2
LOY3
LOY4
0.78
0.77
0.64
0.74
14.56
14.38
11.13
13.65
Alpha Cronbach
0.712
Reputation
0.807
CSR
0.788
Loyalty
0.861
6
Proceedings of 5th European Business Research Conference
10 - 11 September 2015, St. Regis Hotel, Rome, Italy, ISBN: 978-1-922069-83-2
The factor loadings (of the confirmatory analysis) were all above 0.3 as shown in table 3.
And the amounts of T-value for these variables were also above 2. However the Alpha
Cronbach for all structures was above 0.7 that indicates high validity of the questionnaire
(Anderson & Gerbing, 1988). The measurement model displayed satisfactory fit indices
(CFI= 0.93, RMSEA= 0.087, IFI= 0.93, GFI= 0.88, AGFI =0.83) and normed chi square
(x2/df =2.95, df=98) all of which lay within acceptable level of 1-3 and except GFI and
AGFI that were below 0.9 (Bagozz & Yi, 1988).
Structural equations modeling (SEM) methodology was used to test the hypotheses.
According to the Jöreskog & Sörbom (1996) we used ML (maximum likelihood) estimation
techniques to test the model. The results of structural model analysis are represented in
table 4. The findings indicate that the path in the proposed model were all significant so
the main effect hypothesis were fully supported except the main effect of CSR on
satisfaction.
Table4. Structural model
Path Coefficient t-value
CSR
CSR
Satisfaction
Reputation
Satisfaction
Reputation
Loyalty
Loyalty
0.76*
0.49*
0.62*
0.29*
6.7
3.93
6.13
3.18
*p<0.01
The results demonstrate that explanatory variance ( ) of each variable to overall model,
respectively, is: Satisfaction R2= 0.59, Reputation R2= 0.24, Loyalty R2 = 0.60.
The results of the path estimates of structural model are depicted in figure 2.
Figure 2. The results of structural model
7
Proceedings of 5th European Business Research Conference
10 - 11 September 2015, St. Regis Hotel, Rome, Italy, ISBN: 978-1-922069-83-2
5. Summary and Conclusions
The current study supports and contributes the literature concerning the effect of
satisfaction and reputation on loyalty but it is the first empirical study that investigates the
importance of CSR in retaining and enrolling of students. Marketers and managers need to
know what creates student value so that they can craft appropriate marketing campaigns.
Our findings both validate and extend substantially Oliver (1999) and Parasuraman and
Grewal (2000) findings that loyalty provides competitive advantage for a business unit.
The present study contributes to a better knowledge of the interplay between perceived
corporate reputations, satisfaction of consumers as manifested in their experiences with
the firm, and loyalty.The structural equation model confirms the crucial role of satisfaction
on loyalty. We presume that since language schools are service firms, students' interaction
with business unit is high so providing a customer oriented service for institutes is more
advisable. Perceived satisfaction is a stimulus or reinforcement that an individual
repeatedly wants to achieve and which therefore leads to loyalty.
Besides, since reputation has a significant role in the students' perception of service
performance capability, educational institutions need to improve their overall image of the
unit held by individual learners in order to enhance students' intention to return and
recommend the institutes to others in the future. This study partially confirmed the finding
of previous findings which suggested reputation as the most effective driver in improving
loyalty (Abdullah, Al-Nasser, & Husain, 2000). Although compared to satisfaction,
reputation has little effect on loyalty but it is well- advised to managers to control the
elements that contribute to reputation such as advertising, availability of their information
on websites and presentations via public relation.
The results clearly supports the proposed theoretical model and the established
hypothesis indicate that CSR has a positive effect on customer satisfaction and corporate's
reputation. The results reveal that CSR initiatives help promote external social benefits,
such as public will outside the organization (Maignan & Ferrell, 2004). CSR positively
effects student's attitude toward a company so it is implied that careful consideration of
convenient CSR initiatives will boost reputation. Furthermore, we assume that CSR
initiatives must match the organizations objectives otherwise it would make nonsense for
customers which are the students of the institutes.
References





Abdullah, M., Al-Nasser, A. D., & Husain, N. (2000). Evaluating functional
relationship between image, customer satisfaction and customer loyalty using
general maximum entropy. Total Quality Management, 11(4-6), 826-829.
Anderson, E. W. (1994). Cross-category variation in customer satisfaction and
retention. Marketing letters, 5(1), 19-30.
Anderson, E. W., Fornell, C., & Mazvancheryl, S. K. (2004). Customer satisfaction
and shareholder value. Journal of marketing, 68(4), 172-185.
Anderson, J. C., & Gerbing, D. W. (1988). Structural equation modeling in practice:
A review and recommended two-step approach. Psychological bulletin, 103(3), 411.
Arambewela, R., Hall, J., & Zuhair, S. (2006). Postgraduate international students
from Asia: Factors influencing satisfaction. Journal of Marketing for Higher
Education, 15(2), 105-127.
8
Proceedings of 5th European Business Research Conference
10 - 11 September 2015, St. Regis Hotel, Rome, Italy, ISBN: 978-1-922069-83-2



















Aydin, S., & Özer, G. (2005). The analysis of antecedents of customer loyalty in the
Turkish mobile telecommunication market. European Journal of Marketing, 39(7/8),
910-925.
Bagozzi, R. P., & Yi, Y. (1988). On the evaluation of structural equation models.
Journal of the academy of marketing science, 16(1), 74-94.
Bolton, R. N., & Drew, J. H. (1991). A longitudinal analysis of the impact of service
changes on customer attitudes. The Journal of Marketing, 1-9.
Bowen Howard, R. (1953). Social Responsibilities of the businessman. NY: Harper &
Row.
Bush, V., Ferrell, O. C., & Thomas, J. L. (1998). Marketing the business school: an
exploratory investigation. Journal of Marketing Education, 20(1), 16-23.
Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the
moral management of organizational stakeholders. Business horizons, 34(4), 39-48.
Crespo, A. H., & del Bosque, I. R. (2005). Influence of corporate social responsibility
on loyalty and valuation of services. Journal of Business Ethics, 61(4), 369-385.
Cunningham, R. M. (1956). Brand loyalty-what, where, how much. Harvard Business
Review, 34(1), 116-128.
Dick, A. S., & Basu, K. (1994). Customer loyalty: toward an integrated conceptual
framework. Journal of the academy of marketing science, 22(2), 99-113.
Elliott, K. M., & Healy, M. A. (2001). Key factors influencing student satisfaction
related to recruitment and retention. Journal of marketing for higher education, 10(4),
1-11.
Elliott, K. M., & Shin, D. (2002). Student satisfaction: An alternative approach to
assessing this important concept. Journal of Higher Education Policy and
Management, 24(2), 197-209.
Festinger, L. (1962). A theory of cognitive dissonance (Vol. 2). Stanford university
press.
Fombrun, C. J. (1996). Reputation: Realizing value from the corporate image (Vol.
72). Boston, MA: Harvard Business School Press.
Fombrun, C., & Shanley, M. (1990). What's in a name? Reputation building and
corporate strategy. Academy of management Journal, 33(2), 233-258.
Fornell, C. (1992). A national customer satisfaction barometer: The Swedish
experience. the Journal of Marketing, 6-21.
Friedman, M., 1970. The Social Responsibility of Business is to Increase its
Profits,New York Times Magazine, September 13th, 32–33, 122, 126.
Gronholdt, L., Martensen, A., & Kristensen, K. (2000). The relationship between
customer satisfaction and loyalty: cross-industry differences. Total quality
management, 11(4-6), 509-514.
Hallowell, R. (1996). The relationships of customer satisfaction, customer loyalty,
and profitability: an empirical study. International journal of service industry
management, 7(4), 27-42.
He, H., & Li, Y. (2011). CSR and service brand: The mediating effect of brand
identification and moderating effect of service quality. Journal of Business Ethics,
100(4), 673-688.
9
Proceedings of 5th European Business Research Conference
10 - 11 September 2015, St. Regis Hotel, Rome, Italy, ISBN: 978-1-922069-83-2




















Helm, S., Eggert, A., & Garnefeld, I. (2010). Modeling the impact of corporate
reputation on customer satisfaction and loyalty using partial least squares. In
Handbook of partial least squares (pp. 515-534). Springer Berlin Heidelberg.
Hennig-Thurau, T., Langer, M. F., & Hansen, U. (2001). Modeling and Managing
Student Loyalty An Approach Based on the Concept of Relationship Quality. Journal
of service research, 3(4), 331-344.
Hur, W. M., Kim, Y., & Park, K. (2013). Assessing the effects of perceived value and
satisfaction on customer loyalty: A ‘green’perspective. Corporate Social
Responsibility and Environmental Management, 20(3), 146-156.
Jacoby, J. (1971). Model of multi-brand loyalty. Journal of advertising research,
11(3), 25-31.
Jacoby, J., & Chestnut, R. W. (1978). Brand loyalty: Measurement and
management.
Jöreskog, K. G., & Sörbom, D. (1996). LISREL 8 user's reference guide. Scientific
Software International.
Kim, M. K., Park, M. C., & Jeong, D. H. (2004). The effects of customer satisfaction
and switching barrier on customer loyalty in Korean mobile telecommunication
services. Telecommunications policy, 28(2), 145-159..
Kotler, P., Bowen, J. T., & Makens, J. C. (2006). Marketing for hospitality and
tourism (Vol. 893). Upper Saddle River, NJ: Prentice hall.
Loveman, G. W. (1998). Employee satisfaction, customer loyalty, and financial
performance an empirical examination of the service profit chain in retail
banking. Journal of Service Research, 1(1), 18-31.
Marin, L., Ruiz, S., & Rubio, A. (2009). The role of identity salience in the effects of
corporate social responsibility on consumer behavior. Journal of Business
Ethics, 84(1), 65-78.
MacMillan, K., Money, K., Downing, S., & Hillenbrand, C. (2005). Reputation in
relationships: measuring experiences, emotions and behaviors. Corporate
Reputation Review, 8(3), 214-232.
McWilliams, A., Siegel, D. S., & Wright, P. M. (2006). Corporate social responsibility:
Strategic implications*. Journal of management studies, 43(1), 1-18.
Maignan, I., & Ferrell, O. C. (2004). Corporate social responsibility and marketing:
an integrative framework. Journal of the Academy of Marketing science, 32(1), 3-19.
Nejati, M., & Ghasemi, S. (2012). Corporate social responsibility in Iran from the
perspective of employees. Social Responsibility Journal, 8(4), 578-588.
Noyan, F., & Şimşek, G. G. (2014). The antecedents of customer loyalty. ProcediaSocial and Behavioral Sciences, 109, 1220-1224.
Nguyen, N., & Leblanc, G. (2001a). Corporate image and corporate reputation in
customers’ retention decisions in services. Journal of retailing and Consumer
Services, 8(4), 227-236.
Nguyen, N., & LeBlanc, G. (2001b). Image and reputation of higher education
institutions in students' retention decisions. International Journal of Educational
Management, 15(6), 303-311.
Oliver, R. L. (1993). Cognitive, affective, and attribute bases of the satisfaction
response. Journal of consumer research, 418-430.
Oliver Richard, L. (1997). Satisfaction: A behavioral perspective on the consumer.
New York ˈ NY: Irwin-McGraw-Hill.
Oliver, R. L. (1999). Whence consumer loyalty?. The Journal of Marketing, 33-44.
10
Proceedings of 5th European Business Research Conference
10 - 11 September 2015, St. Regis Hotel, Rome, Italy, ISBN: 978-1-922069-83-2














Parasuraman, A., & Grewal, D. (2000). The impact of technology on the qualityvalue-loyalty chain: a research agenda. Journal of the academy of marketing
science, 28(1), 168-174.
Pérez, A., del Mar García de los Salmones, M., & Rodríguez del Bosque, I. (2013).
The effect of corporate associations on consumer behaviour. European Journal of
Marketing, 47(1/2), 218-238.
Rauyruen, P., & Miller, K. E. (2007). Relationship quality as a predictor of B2B
customer loyalty. Journal of business research, 60(1), 21-31.
Rose, C., & Thomsen, S. (2004). The Impact of Corporate Reputation on
Performance:: Some Danish Evidence. European Management Journal, 22(2), 201210.
Richard, J. E., & Zhang, A. (2012). Corporate image, loyalty, and commitment in the
consumer travel industry. Journal of Marketing Management, 28(5-6), 568-593.
Schertzer, C. B., & Schertzer, S. M. (2004). Student satisfaction and retention: A
conceptual model. Journal of Marketing for Higher Education, 14(1), 79-91.
Sen, S., & Bhattacharya, C. B. (2001). Does doing good always lead to doing better?
Consumer reactions to corporate social responsibility. Journal of marketing
Research, 38(2), 225-243.
Spence, M. (1973). Job market signaling. The quarterly journal of Economics, 355374.
Standifird, S. S. (2005). Reputation among peer academic institutions: an
investigation of the US news and world report's rankings. Corporate Reputation
Review, 8(3), 233-244.
TANG, W. W. (2010). Impact of corporate image and corporate reputation on
customer loyalty: a review. Management Science and Engineering, 1(2), 57-62.
Thibaut, J. W., & Kelley, H. H. (1959). Thesocial psychology of groups. New York:
John Wiley&Sons.
Tucker, W. T. (1964). The development of brand loyalty. Journal of Marketing
research, 32-35.
Walsh, G., Mitchell, V. W., Jackson, P. R., & Beatty, S. E. (2009). Examining the
antecedents and consequences of corporate reputation: A customer perspective.
British Journal of Management, 20(2), 187-203.
Wood, D. J. (2010). Measuring corporate social performance: a review. International
Journal of Management Reviews, 12(1), 50-84.
11