STOCK MARKET REACTION TO ICT IMPLEMENTATION: MODEL BASED ON COMPARISON OF DEVELOPED AND TRANSITION ECONOMIES

Companies are more productive, grow faster, invest more, and are more profitable when using Information and Communication Technology (ICT) more intensively. Several studies provided evidence that implementation of ICT into companies' processes contributes to economic growth both on companies' and macroeconomic level. In spite of wide range of studies in this area, only few studies focused on how the ICT implementation is perceived by investors at stock market and whether this information make movements in companies' shares prices. Hence, the purpose of this paper is to provide literature overview related to the area of the impact of ICT implementation on company's stock price, comparing results from developed (US) and transition economies (Czech Republic, Hungary, Poland and Slovakia) and using the results from relevant literature to provide a comparison of incidence of particular factors' influence on the impact of ICT implementation on company's stock prices. Based on the previous researches, a model describing factors that influence company's stock price movement after ICT solution implementation and announcement, has been