The information content of information technology investment announcements : the case of Hong Kong

Pao Yue-kong Library Electronic Theses Database

The information content of information technology investment announcements : the case of Hong Kong

 

Author: Chan, Siu-yeung
Title: The information content of information technology investment announcements : the case of Hong Kong
Degree: M.Sc.
Year: 1998
Subject: Hong Kong Polytechnic University -- Dissertations
Department: Dept. of Computing
Pages: viii, 112 p. ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b1439180
URI: http://theses.lib.polyu.edu.hk/handle/200/4442
Abstract: The aim of this dissertation is to investigate the research problem of how information technology (IT) investments affect a firm's value. This research problem is considered important because evaluating performance of IT investments has been ranked as one key information systems (IS) issue in the 1990s by IS researchers. It is also an interesting research topic because conflicting findings on this issue have been reported in the literature. This dissertation used IT investment announcements reported in one Hong Kong economic newspaper as signals to determine how the investing public reacted to them. The event study methodologies commonly adopted by accounting and finance researchers were used to investigate the behaviour of the investing public. The results from analysing the collected data suggested that the announcements of IT investments did not affect immediate and long-term firm values. Nonetheless, industry type and firm size were found to moderate the effect of IT investments on long-term firm value. Specifically, firms in the finance and the utility industries, when having made IT investments, had a more significantly positive impact on their long-term value. In addition, it was weakly supported that IT investments made by larger firms had a more significantly positive impact on their long-term value than those made by smaller firms. The implications for these results were discussed in the dissertation.

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