We use SafeGraph data to estimate customer loyalty and find that it is associated with the persistence of firm performance. Our study illustrates the value of customer data to managers, investors, and analysts. The working paper is available at SSRN: https://ssrn.com/abstract=3744417.
@Karen_Ton Interesting paper. In your Table 3, Column 4, Row 3, it shows CustLoyalty as negatively related with earnings growth. Is this just a size issue or is there another story there? Some of the other negative coefficients seem odd to me as well. Do you have any comments on those?