In class lecture notes a visual handout illustrated the relationship between customer satisfaction rankings and shareholder value changes over a five$-$year period for an aggregate of different firms. Those results illustrated that over the five$-$year period $(1999-2004)$:

shareholder value operated independently of customer satisfaction

shareholder value improved the most for firms with the most improvement in customer satisfaction rankings shareholder value improved for all firms due to economic growth $($although more significantly for the highest customer satisfaction firms$)$

none of the above