Market reaction to the announcement of an information technology investment: Evidence from Indonesia

被引：9

作者：

Wijayana, Singgih ^{[1
]}

Achjari, Didi ^{[1
]}

机构：

[1] Gadjah Mada Univ, Dept Accounting, Yogyakarta, Indonesia

来源：

INFORMATION & MANAGEMENT | 2020年 / 57卷 / 07期

关键词：

Event study; Adjusted Beta; Information technology investment; Market value; Post announcement drift; Indonesian Bank industry; RESEARCH-AND-DEVELOPMENT; COMPETITIVE ADVANTAGE; BOUNDED RATIONALITY; FIRM PERFORMANCE; TRADING VOLUME; STOCK-MARKET; EARNINGS; IMPACT; EVENT; DRIFT;

D O I：

10.1016/j.im.2019.103248

中图分类号：

TP [自动化技术、计算机技术];

学科分类号：

0812 ;

摘要：

This study examines the market's reaction around and subsequent to the announcement of an Information Technology Investment (ITI). The Scholes-Williams' and Dimson's betas, a more accurate, and longer time-window are employed to capture market reactions in an environment of thin trading on the Indonesian capital market from 2001 to 2016. The results show that Indonesian investors need time to recognise the signals of either an increase or decrease in value from an ITI. This study also finds that greater market reactions are characterised by firms in the banking industry, smaller sized firms, lower competitive position firms, first-time IT adopter firms, and enterprise resource planning investment firms.

引用

页数：14

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