بررسی تاثیر اعلامیه های استراتژی های مدیریت دانش بر ارزش شرکت بازار

Although there is much literature on the relationship between KM strategies and organizational performance, the benefit of KM strategies is not well understood. We addressed this issue by exploring how KM strategies influence a firm's market value using event study methodology. We evaluated the cumulative abnormal returns for KM strategies announced by U. S. firms from 1998 to 2003. Our findings supported the hypothesis that firms’ announcements about their KM strategies provoked positive reactions in the market. More specifically, strategies that focus on either (i) knowledge reusability through IT or (ii) knowledge sharing through informal discussions among employees contributed to higher performance than strategies that emphasized both. This outcome empirically supported our argument that the emphasis on either tacit or explicit knowledge results in a better market value of the firm. Furthermore, the market's reaction to the announcement is dependent on the firm's industry classification. The findings of this study offer insights that may help managers maximize the market impact of their KM strategies.

Organizations are increasingly undertaking KM initiatives and making significant investments in them. Furthermore, investors are paying more attention, when valuing a firm, to announcements concerning KM activities. For example, Lockheed Martin's announcement of their effort provided its employees with a centralized base that allows them to access the expertise of seasoned employees without constantly having to ask for help; this affected investors’ evaluation of the firm, resulting in a positive cumulative abnormal return (CAR) assessed at about 4%.

Although the findings of our study were interesting, they must be interpreted in the context of its limitations. • Our sample of announcements was relatively small (n = 79). In particular, the dynamic strategy in the financial industry had only one sample firm. The small sample size was due to its limited time period (1998–2003); this was necessary because KM had not been recognized as a usable business practice until 1998 and our initial empirical investigation was started in early 2004 (using data that became available in 2003).