Market reaction to the announcement of online sales channel investment in enterprises: Evidence from a relatively stable market environment

被引：0
作者：
Yang Lei
Qiang Zhou
Waiman Cheung
Xiling Cui
Ling Peng
机构：
[1] Southern University of Science and Technology,Department of Information Systems and Management Engineering
[2] Hong Kong Shue Yan University,Department of Accounting
[3] the Chinese University of Hong Kong,Department of Decision Sciences and Managerial Economics
[4] Hong Kong Shue Yan University,Department of Business Administration
[5] College of Information Management and Statistics,undefined
[6] Hubei University of Economics,undefined
来源：
Electronic Commerce Research | 2023年 / 23卷
关键词：
Online sales channel; Event study; Investment innovativeness; Business model; Goods type;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
Although relevant literature investigates the economic value of online sales channel (OSC) from the perspective of the stock market, knowledge on this topic remains insufficient or unclear because existing studies are conducted under an extremely turbulent market environment and have not considered different aspects. This study aims to examine the topic by focusing on the market reactions to OSC investment from three aspects (namely, the innovativeness, business model and goods types) in a relatively stable market environment to fill in the research gap. Empirical results, obtained using 69 firm-level OSC announcements from October 2002 to September 2007, show that the stock market reacts positively to OSC investment by firms. Additionally, the stock market reactions to OSC investment mainly depend on two key characteristics, namely investment innovativeness and business model applied.
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页码：973 / 1005
页数：32
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