Investments in information technology (IT) do not always result in the expected tangible payoffs, and
the factors which influence the effect of IT investments on organizational performance are not well
understood. Stock market reaction is one approach to appraising IT investments. In this paper we
propose a conceptual model describing the factors that impact IT investments based on market
reaction findings of major event studies on IT implementation announcements. This preliminary model
may serve as a starting point to better understand the complex issue of stock movements related to IT
Roztocki, Narcyz and Weistroffer, H. Roland, "Requirements on IT business value measures for mobile-integrated business processes" (2009). ECIS 2009 Proceedings. 147.