Impact of ICT Investments on Performance of Companies in Transition Economies: Evidence from Czech Republic, Hungary and Slovakia
Article Sidebar
-
ICT, stock market performance, transition economy, Visegrad
Abstract
This study investigates stock market reactions to ICT investment announcements in three transition economies: Czech Republic, Hungary and Slovakia and compare them to results obtained for Poland within thestudy by Dobija et al. (2012) in order to find some similarities and differences among countries forming ‘Visegrad’ region. Our results indicate that the biggest difference in stock reaction is between Slovakia and Hungary, and on a contrary we found many similarities between Czech Republic and Slovakia. Within all tested hypotheses, only the market condition showed significance in all three transition economies. On the other hand, no significant reaction related to the status of ICT investment was found.
Full text article
References
Becchetti, L. and Ciciretti, L., 2011. Stock Market Reaction to the Global Financial Crisis: testing for the Lehman Brothers'Event. Giornale degli Economisti, 2011, 70(2), pp. 3-58.
Brynjolfsson, E. and Yang, S.,1996. Information Technology and Productivity: A Review of the Literature. Advances inComputers, Academic Press, 43, pp. 179-214.
Delina, R., Packová, M., Roztocki, N. and Weistroffer, H.R., 2013. Information Technology Investments and Stock Market Reaction: Evidence from Czech Republic, Hungary and Slovakia. Proceedings of the Second International
Conference on ICT (ICTM 2013). Wroclaw, Poland, 16-17 September, 2013, pp. 98-105. ISBN 978-83-64-389-00-9.
Delina, R. and Tkac, M., 2010. The Impacts of Specific ICT Solutions on Productivity. IDIMT-2010 Information Technology – Human Values, Innovation and Economy. Linz: Trauner, 2010, ISBN 978-3-85499-760-3.
Dobija, D., Klimczak, K.M., Roztocki, N. and Weistroffer, H.R., 2012. Information technology investment announcements and market value in transition economies: Evidence from Warsaw Stock Exchange, The Journal of Strategic Information Systems, 21 (4), pp. 308-319.
Donnorummo, B., 2006. The Political and Economic Complexities of Transition. Keynotes Address, Zagreb International Review of Economics and Business,
Special Conference Issue, pp. 13-27.
Dor?ák, P. and Delina, R., 2011. Impact of Emarketing Services on Economic Performance. Journal of Economics. Vol. 59, No. 1 (2011), pp. 44-58. ISSN 0013-3035.
Ferencikova, S., 1997. East West Join Ventures in a Transitional Economy: Case of Slovakia. The William Davidson Institute, Michigan. Available at: http://deepblue.lib.umich.edu/bitstream/handle/2027.42/39417/wp27.pdf?sequence=3 [Accessed 25 October 2013].
Gavurová, B., 2012. Source Identification of Potential Malfunction of Balanced Scorecard System and Its Influence on System Function, Ekonomie a management,15(3), pp. 76-90. ISSN 1212-3609.
Gavurová, B., 2011. Systém Balanced Scorecard v podnikovom riadení. Ekonomický ?asopis, 59 (2), pp. 163-177. ISSN 0013-3035.
Harder, S., 2008. The Efficient Market Hypothesis and its Application to Stock Markets, GRIN Verlag, ISBN 978-3-640-74376-6.
Hellström, K., 2009. Financial Accounting Quality in a European Transition Economy: The Case of the Czech Republic. Stockholm School of Economics, ISBN 978-91-7258-780-9.
Henderson, J. and Glenn, V., 1990. Problems and solutions in conducting event studies. The Journal of Risk and Insurance, 57 (2), pp. 282–306.
Janke, F. and Prídavok, M., 2012. B2B network performance: practical aspects of network supply adequacy. IDIMT-2012: ICTSupport for Complex Systems : 20th
Interdisciplinary Information ManagementTalks: Jindřichův Hradec, Sept. 12-14, 2012, Czech Republic, Linz: Trauner Verlag, 2012, pp. 337-346. ISBN 978-3-99033-022-7.
Koyame-Marsh, R.O., 2011. The Complexities of Economic Transition: Lessons from the Czech Republic and Slovakia. International Journal of Business and Social Science, 2 (19), pp.71-85.
Mrak, M., 2000. Globalization: Trends, Challenges and Opporturnites for Countries in Transtition, UNIDO, Vienna 2000. Available at: http://www.unido.org/fileadmin/import/userfiles/puffk/mrak.pdf [Accessed 2 November 2013].
OECD, 2003. ICT and Economic Growth: Evidence from OECD Countries, Industries and Firms. ISBN 92-64-10128-4.
Peterson, P.P., 1989. Event Studies: A Review of Issues and Methodology, Quarterly Journal of Business and Economics, 28, pp. 36-66.
Roztocki, N. and Weistroffer, H.R., 2009. Stock Market Reaction to Information Technology Investments: Towards an Explanatory Model, 17th European Conference on Information Systems (ECIS 2009), Verona, Italy.
Roztocki, N. and Weistroffer, H.R., 2008. Stock Price Reaction to Investments in EAI and ERP: A Comparative Event Study, 41th Hawaii International Conference on System Sciences (HICSS 2008). Big Island, Hawaii, USA.
Senbet, L.W. and Gande, A., 2009. Financial Crisis and Stock Markets: Issues, Impact, and Policies. Dubai Economic Council “Financial Crisis, Its Causes, Implications, and Policy Responses”, Dubai, October 2009.
Schreyer, P., 2000. The Contribution of Information and Communication Technology to Output Growth: A Study of the G7 Countries, OECD Publishing.
Van Reenen, J., Bloom, N., Draca, M., Kretschmer,T., Sadun,R., Overman, H. and Schankerman, M., 2010. The Economic Impact of ICT, Final Report, Centre for Economic Performance, London School of Economics, London.
Authors
This is an open access journal which means that all content is freely available without charge to the user or his/her institution. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission from the publisher or the author. This is in accordance with the BOAI definition of open access. This journal is licensed under a Creative Commons Attribution 4.0 License - http://creativecommons.org/licenses/by/4.0.
Authors who publish with the Quality Innovation Prosperity agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.