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1、ResearchReport:AReexaminationofITInvestmentandtheMarketValueoftheFirm—AnEventStudyMethodologyKunShinIm•KevinE.Dow•VarunGroverTheCollegeofBusinessandAdministration,UniversityofColoradoatDenver,Denver,Colorado80217AccountingDepartment,TheFoxSchoolofBusinessandM
2、anagement,TempleUniversity,Philadelphia,Pennsylvania19122ManagementScienceDepartment,TheDarlaMooreSchoolofBusiness,UniversityofSouthCarolina,Columbia,SouthCarolina29208kim@carbon.cudenver.edu•kdow@surfer.sbm.temple.edu•vgrover@darla.badm.sc.eduvaluatingtheeff
3、ectivenessofInformationTechnology(IT)investmentshasalwaysbeenEanelusivebutimportantgoalofISresearchers.ThisstudybuildsonapriorstudythatexaminedchangesinthemarketvalueofthefirmasreflectedbythestockpriceinresponsetoITinvestmentannouncements.Dataonstockpriceswerea
4、nalyzedfor238publiclytradedcompanies.Inadditiontothestockpriceanalysis,reactionoftradingvolumetotheannounce-mentswasalsoexaminedtoidentifywhetherITinvestmentannouncementsaffectinvestors’beliefsaboutITvalue.Potentiallyconfoundingfactorssuchasindustry,size,andt
5、imelageffectswerealsoanalyzed.SizeandtimelageffectswerefoundforallITinvestmentan-nouncements.Reactionsofpriceandvolumewerenegativelyrelatedtofirmsizeandbecamemorepositiveovertime.Thepositiveexcessreturnforsmallerfirmsshowsthatsmallerfirmscanleveragethelowerprice
6、/performanceratioofnewITandreapgreaterrewardsfromITinvestmentsthanlargerfirms.Also,theresultoftimelageffectdemonstratesthatthestockmarkethasrecentlybeguntoidentifybothtangibleandintangiblebenefitsofITinvestments.ForrecentITinvestmentannouncements,industryclassi
7、ficationandfirmsizealsoaffectedthereactionsofstockpricetotheannouncements.ThisstudyprovidesoptimismonthestockmarketreactiontoITinvestmentannouncementsaswellasfurtherinsightintothestudyofITimpactsonorganizationalperformance.(ITAnnouncements;MarketValue;EventStud
8、y;StockPriceReaction;StockVolumeReaction;ITImpacts;FirmSizeEffect;OrganizationalPerformance)1.IntroductionYang1997).Despitethesefindings,theresultsofotherDoesinformationtechnology(IT)payof
