Skip to main content
About HEC About HEC
Summer School Summer School
Faculty & Research Faculty & Research
Purpose Day Purpose Day
Master’s programs Master’s programs
Bachelor Programs Bachelor Programs
MBA Programs MBA Programs
PhD Program PhD Program
Executive Education Executive Education
HEC Online HEC Online
About HEC
Overview Overview
Who
We Are
Who
We Are
Egalité des chances Egalité des chances
HEC Talents HEC Talents
International International
Campus
Life
Campus
Life
Sustainability Sustainability
Diversity
& Inclusion
Diversity
& Inclusion
Stories Stories
The HEC
Foundation
The HEC
Foundation
Summer School
Youth Programs Youth Programs
Summer programs Summer programs
Online Programs Online Programs
Faculty & Research
Overview Overview
Faculty Directory Faculty Directory
Departments Departments
Centers Centers
Chairs Chairs
Grants Grants
Knowledge@HEC Knowledge@HEC
Master’s programs
Master in
Management
Master in
Management
Master's
Programs
Master's
Programs
Double Degree
Programs
Double Degree
Programs
Bachelor
Programs
Bachelor
Programs
Summer
Programs
Summer
Programs
Exchange
students
Exchange
students
Student
Life
Student
Life
Our
Difference
Our
Difference
Bachelor Programs
Overview Overview
Course content Course content
Admissions Admissions
Fees and Financing Fees and Financing
MBA Programs
MBA MBA
Executive MBA Executive MBA
TRIUM EMBA TRIUM EMBA
PhD Program
Overview Overview
HEC Difference HEC Difference
Program details Program details
Research areas Research areas
HEC Community HEC Community
Placement Placement
Job Market Job Market
Admissions Admissions
Financing Financing
Executive Education
Home Home
About us About us
Management topics Management topics
Open Programs Open Programs
Custom Programs Custom Programs
Events/News Events/News
Contacts Contacts
HEC Online
Overview Overview
Degree Program Degree Program
Executive certificates Executive certificates
MOOCs MOOCs
Summer Programs Summer Programs
Youth programs Youth programs
PhD Program

PhD Dissertation Defense, Ashkan Faramarzi, Marketing

Congratulations to Dr Ashkan Faramarzi, Marketing specialization, who successfully defended his Doctoral dissertation at HEC Paris, on December 14, 2020. Ashkan joined the ESDES - Lyon Business School as Assistant Professor.

Ashkan Faramarzi, HEC PhD 2020, Marketing

Thesis Topic: 
Essays in Marketing Strategy: The Role of Loyalty Programs, Marketing Capabilities, and Servitization

Advisors: 
Marc VANHUELE, Professor, HEC Paris
Stefan  WORM, Associate Professor, BI Norwegian Business School

Jury members:   
Sundar BHARADWAJ, Professor, Terry College of Business, University of Georgia, USA
Peter EBBES, Associate Professor, HEC Paris
Shuba SRINIVASAN, Professor, Questrom School of Business, Boston University, USA
Gilles LAURENT, Professor, ESSEC Business School, France

Marc VANHUELE, Professor, HEC Paris, Advisor
Stefan  WORM, Associate Professor, BI Norwegian Business School, Co-advisor

Abstract: 
In this dissertation, I examine the effects of three important marketing investments on firm financial performance. In particular, I study how investments in loyalty programs, capabilities, and servitization impact different aspects of firm performance. The three essays aim to contribute to the broader literature on marketing accountability. In the first chapter, I address an important gap in the literature of loyalty programs by linking the introduction of these programs to enterprise value. Using an event study of 260 announcements of American firms from 2000 to 2017, I find that the introduction of loyalty programs, on average, positively influences firm value. The results of this study also reveal the existence of contingencies including synergies with complementary market-based assets and market conditions of lower uncertainty in determining the value of loyalty programs. In the second chapter, I examine an important aspect of marketing investments (i.e., capabilities and assets) in a new but very important context: bankruptcy and failure risk. Using a large longitudinal dataset of U.S. firms, I show that while both marketing capabilities and assets, but not R&D, play an important role in reducing bankruptcy risk, it is mainly marketing capabilities which reduce the bankruptcy risk for distressed firms. In contrast, while R&D initiatives take a long time to materialize and thus do not significantly affect bankruptcy risk, they protect competitor firms from contagion in case of bankruptcy within the industry. In the third chapter, I establish a link between servitization and firm financial and non-financial performance using a meta-analysis. Servitization is defined as a transformational process of adding services to products with a strategic transition from goods-dominant logic to service-dominant logic. I find an overall positive correlation between servitization and firm performance. I also demonstrate the moderating role of various contextual (e.g., service type, business type, regional characteristics, time trend) and methodological characteristics (e.g., measures of servitization and performance, endogeneity, estimation method).