سرمایه گذاری های فن آوری اطلاعات و ارزش شرکت

Our objective in this paper is to develop a firm value model to assist IT managers and researchers in understanding the multiple effects that IT investments have on firm value. This firm value approach adds to the process-oriented approach through simultaneous evaluation of all of the factors that affect firm value. It is crucial for IT professionals to recognize the complex and diverse implications of IT investments on firm value. The implications of the firm value approach include forcing IT managers to think in terms of both industry and company-specific effects of IT investments, to consider both the magnitude and duration of competitive advantage due to IT investments, and the implications of the effect that IT investments have on risk and its relation to firm value. We demonstrate an application of the firm value framework by evaluating a major stream of research in MIS—event studies of IT investment announcements

The context for making IT investment decisions has been altered dramatically in the last few years. This change is primarily due to three factors. First, IT is no longer primarily confined to backroom operations. As Bob Martin, CEO of Wal-Mart's International Division says, “At Wal-Mart and at many other companies, technology has become integrated with every aspect of the business” [53, p. 37]. Second, the role of CIO has been elevated from the back office to the board room [85] and companies now emphasize the ability of CIOs to contribute beyond IT functionality [48]. In the words of Jonathan Newcomb, CEO of Simon and Schuster, “I expect my CIO to have a rock solid business view of technology” [53, p. 43]. Third, the use and misuse of IT has become fertile ground for an ever increasing number of opportunities to either gain a competitive advantage or fall into a position of competitive disadvantage [11], [13], [21], [22] and [64]. In light of these developments, it is apparent that managers involved in IT investment decisions must recognize the complex and diverse implications and trade-offs of IT investments.

The FVF demonstrates that the effect of IT investments on firm value is channeled through five – some times opposing – forces. It is important for both managers and researchers to understand the impact that IT investment decisions have on all variables that make up firm value. Trying to capture the effect of IT on firm value requires the ability to decode the impact of IT on IAE, FAE, n, re, and d. If managers make decisions thinking that they can impact one variable and do not consider the consequential effects on the other variables, they could be in for an unpleasant surprise. This was discussed as the model was introduced, but bears further discussion here.