新兴IT投资与企业绩效:数字化选项的视角

IF 1.9 4区 管理学 Q3 MANAGEMENT
Jie Sun, Hao Jiao
{"title":"新兴IT投资与企业绩效:数字化选项的视角","authors":"Jie Sun, Hao Jiao","doi":"10.1108/cms-09-2022-0335","DOIUrl":null,"url":null,"abstract":"\nPurpose\nThis study aims to explore the mediating effect of digital options on the relationship between emerging information technology investments (ITIs) and firm performance (FP). In particular, it analyses the performance impacts of investments in five emerging technologies of IT or non-IT firms.\n\n\nDesign/methodology/approach\nSecondary data are collected from Chinese A-share listed companies from 2010 to 2018. The authors propose an econometric model focusing on the impact of ITIs on a firm’s market value and profit. A propensity score matching model is applied to control endogeneity.\n\n\nFindings\nThe ITIs’ effect on FP is found to be completely mediated by digital options, and the reach of digital options plays a more positive role in the relationship between ITIs and Tobin’s Q, whereas the richness of digital options is stronger between ITIs and return on net assets (ROE). The group study shows that the impact of process technologies such as cloud computing and the Internet of Things has a more profound impact on Tobin’s Q, and the knowledge technologies represented by artificial intelligence, blockchain and big data strongly affect ROE. In addition, the positive relationship between ITIs and FP is unrelated to IT/non-IT firms.\n\n\nResearch limitations/implications\nFirst, the data are based on 219 publicly announced emerging ITIs in China and thus may not be generalizable to other cultural/national contexts. Second, there is a lack of a large sample data set of emerging ITI information in China, and the duration of this study is constrained to the relatively short rise of emerging technologies.\n\n\nPractical implications\nThis study provides firm decision-makers with practical implications. The results imply that the effect of ITIs on FP depends on digital options, so both IT firms (e.g., Big Tech giants) and non-IT firms (e.g., incumbents) should discover how to balance firm value and profit in their management of emerging technology investment projects with digital options thinking.\n\n\nOriginality/value\nTo the best of the authors’ knowledge, this is the first empirical study to investigate the relationship between ITIs and FP from the perspective of digital options, exploring five emerging technologies and considering firm life, size, and state ownership in a sample of Chinese listed firms.\n","PeriodicalId":51675,"journal":{"name":"Chinese Management Studies","volume":" ","pages":""},"PeriodicalIF":1.9000,"publicationDate":"2023-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Emerging IT investments and firm performance: a perspective of the digital options\",\"authors\":\"Jie Sun, Hao Jiao\",\"doi\":\"10.1108/cms-09-2022-0335\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"\\nPurpose\\nThis study aims to explore the mediating effect of digital options on the relationship between emerging information technology investments (ITIs) and firm performance (FP). In particular, it analyses the performance impacts of investments in five emerging technologies of IT or non-IT firms.\\n\\n\\nDesign/methodology/approach\\nSecondary data are collected from Chinese A-share listed companies from 2010 to 2018. The authors propose an econometric model focusing on the impact of ITIs on a firm’s market value and profit. A propensity score matching model is applied to control endogeneity.\\n\\n\\nFindings\\nThe ITIs’ effect on FP is found to be completely mediated by digital options, and the reach of digital options plays a more positive role in the relationship between ITIs and Tobin’s Q, whereas the richness of digital options is stronger between ITIs and return on net assets (ROE). The group study shows that the impact of process technologies such as cloud computing and the Internet of Things has a more profound impact on Tobin’s Q, and the knowledge technologies represented by artificial intelligence, blockchain and big data strongly affect ROE. In addition, the positive relationship between ITIs and FP is unrelated to IT/non-IT firms.\\n\\n\\nResearch limitations/implications\\nFirst, the data are based on 219 publicly announced emerging ITIs in China and thus may not be generalizable to other cultural/national contexts. Second, there is a lack of a large sample data set of emerging ITI information in China, and the duration of this study is constrained to the relatively short rise of emerging technologies.\\n\\n\\nPractical implications\\nThis study provides firm decision-makers with practical implications. The results imply that the effect of ITIs on FP depends on digital options, so both IT firms (e.g., Big Tech giants) and non-IT firms (e.g., incumbents) should discover how to balance firm value and profit in their management of emerging technology investment projects with digital options thinking.\\n\\n\\nOriginality/value\\nTo the best of the authors’ knowledge, this is the first empirical study to investigate the relationship between ITIs and FP from the perspective of digital options, exploring five emerging technologies and considering firm life, size, and state ownership in a sample of Chinese listed firms.\\n\",\"PeriodicalId\":51675,\"journal\":{\"name\":\"Chinese Management Studies\",\"volume\":\" \",\"pages\":\"\"},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2023-04-04\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Chinese Management Studies\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1108/cms-09-2022-0335\",\"RegionNum\":4,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"MANAGEMENT\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Chinese Management Studies","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1108/cms-09-2022-0335","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"MANAGEMENT","Score":null,"Total":0}
引用次数: 1

摘要

目的本研究旨在探讨数字期权对新兴信息技术投资(ITIs)与企业绩效(FP)关系的中介作用。特别是,它分析了投资于it或非it公司的五种新兴技术对业绩的影响。设计/方法/方法二级数据收集自2010年至2018年中国A股上市公司。作者提出了一个经济计量模型,重点关注ITI对企业市值和利润的影响。采用倾向得分匹配模型来控制内生性。发现ITI对FP的影响完全由数字期权介导,数字期权的覆盖范围在ITI和Tobin Q之间的关系中起着更积极的作用,而数字期权的丰富性在ITI与净资产回报率之间更强。小组研究表明,云计算、物联网等过程技术对托宾Q的影响更为深远,以人工智能、区块链和大数据为代表的知识技术对ROE的影响更大。此外,ITI和FP之间的积极关系与IT/非IT公司无关。研究局限性/含义首先,这些数据基于中国219个公开宣布的新兴ITI,因此可能无法推广到其他文化/国家背景。其次,中国缺乏新兴ITI信息的大样本数据集,这项研究的持续时间受到新兴技术相对较短崛起的限制。实际含义本研究为企业决策者提供了实际含义。研究结果表明,ITI对FP的影响取决于数字期权,因此IT公司(例如大型科技巨头)和非IT公司(如在职公司)都应该发现如何利用数字期权思维在管理新兴技术投资项目时平衡公司价值和利润。原创性/价值据作者所知,这是第一次从数字期权的角度调查ITI和FP之间的关系的实证研究,探索了五种新兴技术,并在中国上市公司的样本中考虑了公司的寿命、规模和国家所有权。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Emerging IT investments and firm performance: a perspective of the digital options
Purpose This study aims to explore the mediating effect of digital options on the relationship between emerging information technology investments (ITIs) and firm performance (FP). In particular, it analyses the performance impacts of investments in five emerging technologies of IT or non-IT firms. Design/methodology/approach Secondary data are collected from Chinese A-share listed companies from 2010 to 2018. The authors propose an econometric model focusing on the impact of ITIs on a firm’s market value and profit. A propensity score matching model is applied to control endogeneity. Findings The ITIs’ effect on FP is found to be completely mediated by digital options, and the reach of digital options plays a more positive role in the relationship between ITIs and Tobin’s Q, whereas the richness of digital options is stronger between ITIs and return on net assets (ROE). The group study shows that the impact of process technologies such as cloud computing and the Internet of Things has a more profound impact on Tobin’s Q, and the knowledge technologies represented by artificial intelligence, blockchain and big data strongly affect ROE. In addition, the positive relationship between ITIs and FP is unrelated to IT/non-IT firms. Research limitations/implications First, the data are based on 219 publicly announced emerging ITIs in China and thus may not be generalizable to other cultural/national contexts. Second, there is a lack of a large sample data set of emerging ITI information in China, and the duration of this study is constrained to the relatively short rise of emerging technologies. Practical implications This study provides firm decision-makers with practical implications. The results imply that the effect of ITIs on FP depends on digital options, so both IT firms (e.g., Big Tech giants) and non-IT firms (e.g., incumbents) should discover how to balance firm value and profit in their management of emerging technology investment projects with digital options thinking. Originality/value To the best of the authors’ knowledge, this is the first empirical study to investigate the relationship between ITIs and FP from the perspective of digital options, exploring five emerging technologies and considering firm life, size, and state ownership in a sample of Chinese listed firms.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
3.90
自引率
13.60%
发文量
63
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信