Effects of information technology failures on the market value of firms

Anandhi Bharadwaj; Mark Keil; Magnus Maehring

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Effects of information technology failures on the market value of firms

机译：信息技术故障对企业市场价值的影响

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IT failures abound but little is known about the financial impact that these failures have on a firm's market value. Using the resource-based view of the firm and event study methodology, this study analyzes how firms are penalized by the market when they experience unforeseen operating or implementation-related IT failures. Our sample consists of 213 newspaper reports of IT failures by publicly traded firms, which occurred during a 10-year period. The findings show that IT failures result in a 2% average cumulative abnormal drop in stock prices over a 2-day event window. The results also reveal that the market responds more negatively to implementation failures affecting new systems than to operating failures involving current systems. Further, the study demonstrates that more severe IT failures result in a greater decline in firm value and that firms with a history of IT failures suffer a greater negative impact. The implications of these findings for research and practice are discussed.

机译：IT失败比比皆是，但是对于这些失败对公司市场价值的财务影响知之甚少。本研究使用企业的基于资源的观点和事件研究方法，分析了企业在遇到无法预料的与运营或实施相关的IT故障时如何受到市场的惩罚。我们的样本包含213家报纸报道的公开上市公司在10年内发生的IT故障。调查结果表明，IT故障导致在两天的事件窗口内，平均平均累计异常价格下跌2％。结果还表明，市场对影响新系统的实施故障的反应要比对涉及当前系统的操作故障的反应更消极。此外，研究表明，更严重的IT故障会导致公司价值更大的下降，而具有IT故障历史的公司会遭受更大的负面影响。讨论了这些发现对研究和实践的意义。

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来源
《The Journal of Strategic Information Systems》 |2009年第2期|66-79|共14页
作者
Anandhi Bharadwaj; Mark Keil; Magnus Maehring;
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作者单位

Goizueta Business School, Emory University, Atlanta, GA 30033, United States;

Department of Computer Information Systems, J. Mack Robinson College of Business, Georgia State University, P.O. Box 4015, Atlanta, GA 30302-4015, United States;

Department of Management and Organization, Stockholm School of Economics, P.O. Box 6501, SE-113 S3 Stockholm, Sweden Ecole de Management Strasbourg, 61 Avenue de la Foret Noire, 67085 Strasbourg, France;

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正文语种 eng
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关键词
IT failure; event study; resource-based view;

机译：IT故障;事件研究;基于资源的观点;

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Effects of information technology failures on the market value of firms

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