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

Lei, Yang1; Zhou, Qiang2; Cheung, Waiman3; Cui, Xiling4; Peng, Ling5

2021-08-01

10.1007/s10660-021-09500-0

Electronic Commerce Research   影响因子和分区

1389-5753

1572-9362

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.

Online sales channel Event study Investment innovativeness Business model Goods type

SSCI ; EI

英语

第一

Center of Cyber Logistics in The Chinese University of Hong Kong[72061127002]

Business & Economics

Business ; Management

WOS:000680327800001

SPRINGER

20231814045759

Web of Science

1.Southern Univ Sci & Technol, Dept Informat Syst & Management Engn, Shenzhen 518055, Guangdong, Peoples R China
2.Hong Kong Shue Yan Univ, Dept Accounting, Hong Kong, Peoples R China
3.Chinese Univ Hong Kong, Dept Decis Sci & Managerial Econ, Hong Kong, Peoples R China
4.Hong Kong Shue Yan Univ, Dept Business Adm, Hong Kong, Peoples R China
5.Hubei Univ Econ, Coll Informat Management & Stat, Wuhan, Hubei, Peoples R China

Lei, Yang,Zhou, Qiang,Cheung, Waiman,et al. Market reaction to the announcement of online sales channel investment in enterprises: Evidence from a relatively stable market environment[J]. Electronic Commerce Research,2021,23:973-1005.

Lei, Yang,Zhou, Qiang,Cheung, Waiman,Cui, Xiling,&Peng, Ling.(2021).Market reaction to the announcement of online sales channel investment in enterprises: Evidence from a relatively stable market environment.Electronic Commerce Research,23,973-1005.

Lei, Yang,et al."Market reaction to the announcement of online sales channel investment in enterprises: Evidence from a relatively stable market environment".Electronic Commerce Research 23(2021):973-1005.