메뉴 건너뛰기




Volumn 12, Issue 1, 2001, Pages 103-117

Research Report: A Reexamination of IT Investment and the Market Value of the Firm - An Event Study Methodology

Author keywords

Event Study; Firm Size Effect; IT Announcements; IT Impacts; Market Value; Organizational Performance; Stock Price Reaction; Stock Volume Reaction

Indexed keywords

COMMERCE; COSTS; FINANCE; FINANCIAL MARKETS;

EID: 0035589482     PISSN: 10477047     EISSN: None     Source Type: Journal    
DOI: 10.1287/isre.12.1.103.9718     Document Type: Article
Times cited : (362)

References (59)
  • 1
    • 0000544084 scopus 로고
    • Volume of trading and the dispersion in financial analysts' earnings forecasts
    • Ajinkya, B. B., R. K. Atiase, M. J. Gift. 1991. Volume of trading and the dispersion in financial analysts' earnings forecasts. Accounting Rev. 66(2) 389-401.
    • (1991) Accounting Rev. , vol.66 , Issue.2 , pp. 389-401
    • Ajinkya, B.B.1    Atiase, R.K.2    Gift, M.J.3
  • 2
    • 0002286246 scopus 로고
    • Predisclosure information, firm capitalization, and security price behavior around earnings announcements
    • Atiase, R. K. 1985. Predisclosure information, firm capitalization, and security price behavior around earnings announcements. J. Accounting Res. 23(1) 21-36.
    • (1985) J. Accounting Res. , vol.23 , Issue.1 , pp. 21-36
    • Atiase, R.K.1
  • 3
    • 0001450685 scopus 로고
    • Trading volume reactions to annual accounting earnings announcements
    • _, L. S. Bamber. 1994. Trading volume reactions to annual accounting earnings announcements. J. Accounting and Econom. 17 (May) 309-329.
    • (1994) J. Accounting and Econom. , vol.17 , Issue.MAY , pp. 309-329
    • Bamber, L.S.1
  • 4
    • 0002920082 scopus 로고
    • The information content of annual earnings releases: A trading volume approach
    • Bamber, L. S. 1986. The information content of annual earnings releases: A trading volume approach. J. Accounting Res. 24 40-56.
    • (1986) J. Accounting Res. , vol.24 , pp. 40-56
    • Bamber, L.S.1
  • 5
    • 0001275158 scopus 로고
    • Unexpected earnings, firm size, and trading volume around quarterly earnings announcements
    • _. 1987. Unexpected earnings, firm size, and trading volume around quarterly earnings announcements. Accounting Rev. 62(3) 510-532.
    • (1987) Accounting Rev. , vol.62 , Issue.3 , pp. 510-532
  • 6
    • 21844516070 scopus 로고
    • Differential price and volume reactions to accounting earnings announcements
    • _, Y. S. Cheon. 1995. Differential price and volume reactions to accounting earnings announcements. Accounting Rev. 70(3) 417-441.
    • (1995) Accounting Rev. , vol.70 , Issue.3 , pp. 417-441
    • Cheon, Y.S.1
  • 7
    • 21844513264 scopus 로고
    • Trading volume and belief revisions that differ among individual analysts
    • Barron, O. E. 1995. Trading volume and belief revisions that differ among individual analysts. Accounting Rev. 70(4) 581-597.
    • (1995) Accounting Rev. , vol.70 , Issue.4 , pp. 581-597
    • Barron, O.E.1
  • 8
    • 0002072633 scopus 로고
    • The information content of annual earnings announcements
    • Empirical Research in Accounting: Selected Studies
    • Beaver, W. H. 1968. The information content of annual earnings announcements. Empirical Research in Accounting: Selected Studies, supplement to J. Accounting Res. 6 67-92.
    • (1968) J. Accounting Res. , vol.6 , Issue.SUPPL. , pp. 67-92
    • Beaver, W.H.1
  • 10
    • 0032635023 scopus 로고    scopus 로고
    • Information technology effects on firm performance as measured by tobin's q
    • Bharadwaj, A., S. Bharadwaj, B. Konsynski. 1999. Information technology effects on firm performance as measured by tobin's q. Management Sci. 45(6) 1008-1024.
    • (1999) Management Sci. , vol.45 , Issue.6 , pp. 1008-1024
    • Bharadwaj, A.1    Bharadwaj, S.2    Konsynski, B.3
  • 12
    • 84989099586 scopus 로고
    • Measuring security price performance
    • Brown, S., J. Warner. 1980. Measuring security price performance. J. Financial Econom. 8 205-258.
    • (1980) J. Financial Econom. , vol.8 , pp. 205-258
    • Brown, S.1    Warner, J.2
  • 13
    • 36749092418 scopus 로고
    • Using daily stock returns
    • _, _. 1985. Using daily stock returns. J. Financial Econom. 14 3-31.
    • (1985) J. Financial Econom. , vol.14 , pp. 3-31
  • 14
    • 0027883457 scopus 로고
    • The productivity paradox of information technology
    • Brynjolfsson, E. 1993. The productivity paradox of information technology. Comm. ACM. 35 66-77.
    • (1993) Comm. ACM. , vol.35 , pp. 66-77
    • Brynjolfsson, E.1
  • 15
    • 0028234109 scopus 로고
    • Information assets, technology, and organization
    • _. 1994. Information assets, technology, and organization. Management Sci. 40 (12) 1645-1662.
    • (1994) Management Sci. , vol.40 , Issue.12 , pp. 1645-1662
  • 16
    • 33747267561 scopus 로고
    • Is information systems spending productive? New evidence and new results
    • Orlando, FL
    • _, L. Hitt. 1993. Is information systems spending productive? new evidence and new results. Proc. 14th Internat. Conf. Inform. Systems. Orlando, FL 47-64.
    • (1993) Proc. 14th Internat. Conf. Inform. Systems , pp. 47-64
    • Hitt, L.1
  • 17
    • 0346788758 scopus 로고    scopus 로고
    • Paradox lost? Firm-level evidence on the returns to information systems spending
    • _, _. 1996. Paradox lost? firm-level evidence on the returns to information systems spending. Management Sci. 42 (4) 541-558.
    • (1996) Management Sci. , vol.42 , Issue.4 , pp. 541-558
  • 18
    • 0032131165 scopus 로고    scopus 로고
    • Beyond the productivity paradox
    • _, _. 1998. Beyond the productivity paradox. Comm. ACM 41(8) 49-55.
    • (1998) Comm. ACM , vol.41 , Issue.8 , pp. 49-55
  • 19
    • 33845338252 scopus 로고    scopus 로고
    • Information technology and productivity: A review of the literature
    • _, S. Yang. 1996. Information technology and productivity: A review of the literature. Adv. Comput. 43 179-214.
    • (1996) Adv. Comput. , vol.43 , pp. 179-214
    • Yang, S.1
  • 20
    • 84905991871 scopus 로고    scopus 로고
    • The intangible benefits and costs of computer investments: Evidence from the financial markets
    • Atlanta, GA
    • _, _. 1997. The intangible benefits and costs of computer investments: Evidence from the financial markets. Proc. 18th Internat. Conf. Inform. Systems. Atlanta, GA 147-166.
    • (1997) Proc. 18th Internat. Conf. Inform. Systems , pp. 147-166
  • 22
    • 0002506202 scopus 로고
    • Convertible debt issuance, capital structure change and financing-related information
    • Dann, L. Y., W. H. Mikkelson. 1984. Convertible debt issuance, capital structure change and financing-related information. J. Financial Econom. 13 157-186.
    • (1984) J. Financial Econom. , vol.13 , pp. 157-186
    • Dann, L.Y.1    Mikkelson, W.H.2
  • 23
    • 71149116783 scopus 로고
    • The impact of information technology investment announcements on the market value of the firm
    • Dos Santos, B. L., K. Peffers, D. C. Mauer. 1993. The impact of information technology investment announcements on the market value of the firm. Inform. Systems Res. 4(1) 1-23.
    • (1993) Inform. Systems Res. , vol.4 , Issue.1 , pp. 1-23
    • Dos Santos, B.L.1    Peffers, K.2    Mauer, D.C.3
  • 24
    • 0000480869 scopus 로고
    • Efficient capital markets: A review of theory and empirical work
    • Fama, E. F. 1970. Efficient capital markets: A review of theory and empirical work. J. Finance. 25 383-417.
    • (1970) J. Finance , vol.25 , pp. 383-417
    • Fama, E.F.1
  • 25
    • 0003511302 scopus 로고
    • Basic Books, New York
    • _. 1976. Foundations of Finance. Basic Books, New York.
    • (1976) Foundations of Finance
  • 26
    • 0347837422 scopus 로고    scopus 로고
    • Changes in the stock price reaction of small firms to common information
    • Fargher, N. L., R. A. Weigand. 1998. Changes in the stock price reaction of small firms to common information. J. Financial Res. 21 (1) 105-121.
    • (1998) J. Financial Res. , vol.21 , Issue.1 , pp. 105-121
    • Fargher, N.L.1    Weigand, R.A.2
  • 27
    • 0038283530 scopus 로고
    • Stock market reaction to estimates of earnings per share by company officials
    • Foster, G. 1973. Stock market reaction to estimates of earnings per share by company officials. J. Accounting Res. 11(1) 25-37.
    • (1973) J. Accounting Res. , vol.11 , Issue.1 , pp. 25-37
    • Foster, G.1
  • 28
    • 0004062516 scopus 로고
    • Prentice-Hall, Englewood Cliffs, NJ
    • _. 1986. Financial Statement Analysis. Prentice-Hall, Englewood Cliffs, NJ.
    • (1986) Financial Statement Analysis
  • 29
    • 0000661160 scopus 로고    scopus 로고
    • Productivity, business profitability, and consumer surplus: Three different measures of information technology value
    • Hitt, L., E. Brynjolfsson. 1996. Productivity, business profitability, and consumer surplus: Three different measures of information technology value. MIS Quart. 20 121-142.
    • (1996) MIS Quart. , vol.20 , pp. 121-142
    • Hitt, L.1    Brynjolfsson, E.2
  • 30
    • 0002731443 scopus 로고
    • The effect of informedness and consensus on price and volume behavior
    • Holthausen, R. W., R. E. Verrecchia. 1990. The effect of informedness and consensus on price and volume behavior. Accounting Rev. 65 (1) 191-208.
    • (1990) Accounting Rev. , vol.65 , Issue.1 , pp. 191-208
    • Holthausen, R.W.1    Verrecchia, R.E.2
  • 31
    • 0038741622 scopus 로고
    • Editor's comments: Probing the productivity paradox
    • Ives, Blake. 1994. Editor's comments: Probing the productivity paradox. MIS Quart. 18(2) xxi-xxiv.
    • (1994) MIS Quart. , vol.18 , Issue.2
    • Ives, B.1
  • 32
    • 0001366346 scopus 로고
    • Information technology and corporate strategy: A view from the top
    • Jarvenpaa, S. K., B. Ives. 1990. Information technology and corporate strategy: A view from the top. Inform. Systems Res. 1(4) 351-376.
    • (1990) Inform. Systems Res. , vol.1 , Issue.4 , pp. 351-376
    • Jarvenpaa, S.K.1    Ives, B.2
  • 33
    • 0001281632 scopus 로고
    • Some anomalous evidence regarding market efficiency
    • Jensen, M. 1978. Some anomalous evidence regarding market efficiency. J. Financial Econom. 6 95-101.
    • (1978) J. Financial Econom. , vol.6 , pp. 95-101
    • Jensen, M.1
  • 34
    • 0346715628 scopus 로고
    • Developing capabilities to use information strategically
    • Johnston, H. R., S. R. Carrico. 1988. Developing capabilities to use information strategically. MIS Quart. 12(1) 153-165.
    • (1988) MIS Quart. , vol.12 , Issue.1 , pp. 153-165
    • Johnston, H.R.1    Carrico, S.R.2
  • 35
    • 0000201678 scopus 로고
    • A theory of trading volume
    • Karpoff, J. M. 1986. A theory of trading volume. J. Finance. 41 (5) 1069-1087.
    • (1986) J. Finance , vol.41 , Issue.5 , pp. 1069-1087
    • Karpoff, J.M.1
  • 36
    • 84919214538 scopus 로고
    • The relation between price changes and trading volume: A survey
    • March
    • _. (March) 1987. The relation between price changes and trading volume: A survey. J. Financial and Quant. Anal. 22 109-126.
    • (1987) J. Financial and Quant. Anal. , vol.22 , pp. 109-126
  • 37
    • 0009993814 scopus 로고
    • An empirical investigation of NYSE volume and price reactions to the announcement of quarterly earnings
    • Spring
    • Kiger, J. E. (Spring) 1972. An empirical investigation of NYSE volume and price reactions to the announcement of quarterly earnings. J. Accounting Res. 10 113-128.
    • (1972) J. Accounting Res. , vol.10 , pp. 113-128
    • Kiger, J.E.1
  • 38
    • 84998080738 scopus 로고    scopus 로고
    • Institutional holdings and trading volume reactions to quarterly earnings announcements
    • Kim, J., I. Krinsky, J. Lee. 1997. Institutional holdings and trading volume reactions to quarterly earnings announcements. J. Accounting, Auditing & Finance. 12 (1) 1-14.
    • (1997) J. Accounting, Auditing & Finance , vol.12 , Issue.1 , pp. 1-14
    • Kim, J.1    Krinsky, I.2    Lee, J.3
  • 39
    • 0000358003 scopus 로고
    • Trading volume and price reactions to public announcements
    • Kim, O., R. E. Verrecchia. 1991. Trading volume and price reactions to public announcements. J. Accounting Res. 29 302-321.
    • (1991) J. Accounting Res. , vol.29 , pp. 302-321
    • Kim, O.1    Verrecchia, R.E.2
  • 40
  • 41
    • 21844517689 scopus 로고
    • The effect of industrial structure on learning by doing in nuclear power plant performance
    • Lester, R. K., M. J. McCabe. 1993. The effect of industrial structure on learning by doing in nuclear power plant performance. Rand J. Econom.
    • (1993) Rand J. Econom.
    • Lester, R.K.1    McCabe, M.J.2
  • 42
    • 0011184432 scopus 로고    scopus 로고
    • Relation between predisclosure information asymmetry and trading volume reaction around quarterly earnings announcements
    • Lobo, G., S. Tung. 1997. Relation between predisclosure information asymmetry and trading volume reaction around quarterly earnings announcements. J. Bus. Finance & Accounting. 24(6) 851-867.
    • (1997) J. Bus. Finance & Accounting , vol.24 , Issue.6 , pp. 851-867
    • Lobo, G.1    Tung, S.2
  • 43
    • 84977702266 scopus 로고
    • Corporate dividends and seasoned equity issues: An empirical investigation
    • Loderer, C., D. C. Mauer. 1992. Corporate dividends and seasoned equity issues: An empirical investigation. J. Finance. 47(1) 201-225.
    • (1992) J. Finance , vol.47 , Issue.1 , pp. 201-225
    • Loderer, C.1    Mauer, D.C.2
  • 44
    • 0002428916 scopus 로고
    • An assessment of the productivity impact of information technologies
    • T. J. Allen, M. S. Scott Morton, eds. Oxford University Press, New York
    • Loveman, G. W. 1994. An assessment of the productivity impact of information technologies. T. J. Allen, M. S. Scott Morton, eds. Information Technology and the Corporation of the 1990s: Research Studies. Oxford University Press, New York 84-110.
    • (1994) Information Technology and the Corporation of the 1990s: Research Studies , pp. 84-110
    • Loveman, G.W.1
  • 45
    • 21844524245 scopus 로고
    • Market value impact of joint ventures: The effect of industry information-processing load
    • Madhavan, R., J. E. Prescott. 1995. Market value impact of joint ventures: The effect of industry information-processing load. Acad. Management J. 38(3) 900-915.
    • (1995) Acad. Management J. , vol.38 , Issue.3 , pp. 900-915
    • Madhavan, R.1    Prescott, J.E.2
  • 46
    • 0001641008 scopus 로고
    • Corporate capital expenditure decisions and the market value of the firm
    • McConnell, J. J., C. J. Muscarella. 1985. Corporate capital expenditure decisions and the market value of the firm. J. Financial Econom. 14 399-422.
    • (1985) J. Financial Econom. , vol.14 , pp. 399-422
    • McConnell, J.J.1    Muscarella, C.J.2
  • 47
    • 0031510754 scopus 로고    scopus 로고
    • Event studies in management research: Theoretical and empirical issues
    • McWilliams, A., D. Siegel. 1997. Event studies in management research: Theoretical and empirical issues. Acad. Management J. 40(3) 626-657.
    • (1997) Acad. Management J. , vol.40 , Issue.3 , pp. 626-657
    • McWilliams, A.1    Siegel, D.2
  • 48
    • 0000986881 scopus 로고
    • Asymmetrical information in securities markets and trading volume
    • December
    • Morse, D. (December) 1980. Asymmetrical information in securities markets and trading volume. J. Financial and Quant. Anal. 15 1129-1148.
    • (1980) J. Financial and Quant. Anal. , vol.15 , pp. 1129-1148
    • Morse, D.1
  • 49
    • 0001592586 scopus 로고
    • Price and trading volume reaction surrounding earnings announcements: A closer examination
    • Autumn
    • _. (Autumn) 1981. Price and trading volume reaction surrounding earnings announcements: A closer examination. J. Accounting Res. 19 374-383.
    • (1981) J. Accounting Res. , vol.19 , pp. 374-383
  • 50
    • 0002475691 scopus 로고
    • Event studies: A review of issues and methodology
    • Peterson, P. P. 1989. Event studies: A review of issues and methodology. Quart. J. Bus. & Econom. 28 36-66.
    • (1989) Quart. J. Bus. & Econom. , vol.28 , pp. 36-66
    • Peterson, P.P.1
  • 51
    • 0000842614 scopus 로고
    • How information gives you competitive advantage
    • July-August
    • Porter, M. E., V. E. Millar. (July-August) 1985. How information gives you competitive advantage. Harvard Bus. Rev. 64(4) 149-160.
    • (1985) Harvard Bus. Rev. , vol.64 , Issue.4 , pp. 149-160
    • Porter, M.E.1    Millar, V.E.2
  • 52
    • 0033455089 scopus 로고    scopus 로고
    • A trading volume benchmark: Theory and evidence
    • Tkac, P. A. 1999. A trading volume benchmark: Theory and evidence. J. Financial and Quant. Anal. 34(1) 89-114.
    • (1999) J. Financial and Quant. Anal. , vol.34 , Issue.1 , pp. 89-114
    • Tkac, P.A.1
  • 53
    • 0000489706 scopus 로고
    • On the relationship between volume reaction and consensus of investors: Implications for interpreting tests of information content
    • Verrecchia, R. E. 1981. On the relationship between volume reaction and consensus of investors: Implications for interpreting tests of information content. J. Accounting Res. 19(1) 271-283.
    • (1981) J. Accounting Res. , vol.19 , Issue.1 , pp. 271-283
    • Verrecchia, R.E.1
  • 54
    • 84937302781 scopus 로고
    • A model of competitive stock trading volume
    • Wang, J. 1994. A model of competitive stock trading volume. J. Political Econom. 102(1) 127-168.
    • (1994) J. Political Econom. , vol.102 , Issue.1 , pp. 127-168
    • Wang, J.1
  • 56
    • 73549107428 scopus 로고
    • The relationship between investment in information technology and firm performance: A study of the value manufacturing sector
    • Weill, P. 1992. The relationship between investment in information technology and firm performance: A study of the value manufacturing sector. Inform. Systems Res. 3(4) 307-333.
    • (1992) Inform. Systems Res. , vol.3 , Issue.4 , pp. 307-333
    • Weill, P.1
  • 57
    • 0009936461 scopus 로고
    • Assessing the impact of information technology on organizational performance
    • R. Banker, R. Kauffman, M. A. Mahmood, eds. Idea Group, Harrisburg, PA
    • Wilson, D. 1993. Assessing the impact of information technology on organizational performance. R. Banker, R. Kauffman, M. A. Mahmood, eds. Strategic Information Technology Management. Idea Group, Harrisburg, PA.
    • (1993) Strategic Information Technology Management
    • Wilson, D.1
  • 58
    • 84984184481 scopus 로고
    • The choice of return-generating models and cross-sectional dependence in event studies
    • Xiang, B. 1993. The choice of return-generating models and cross-sectional dependence in event studies. Contemporary Accounting Res. 9(2) 365-394.
    • (1993) Contemporary Accounting Res. , vol.9 , Issue.2 , pp. 365-394
    • Xiang, B.1
  • 59
    • 0000292782 scopus 로고
    • The association between consensus of beliefs and trading activity surrounding earnings announcements
    • Ziebart, D. A. 1990. The association between consensus of beliefs and trading activity surrounding earnings announcements. Accounting Rev. 65 477-488.
    • (1990) Accounting Rev. , vol.65 , pp. 477-488
    • Ziebart, D.A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.