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E-business has been rapidly growing in the retailing and service industries. As an innovative mode for selling and delivering products/services, e-business model involves both technological and strategic changes. It has been observed that firms in the same industry may adopt e-business model at different paces. Questions remain why some firms tend to actively implement e-business while others take cautious attitudes toward it. Scholars from different research fields have approached to the innovation adoption issue from various theoretical perspectives. Drawing upon the innovation adoption literature as well as institutional theory, market orientation theory, and strategic choice perspective, this study proposes a multi-level explanatory model about e -business adoption in the travel industry. We identified some important enviro nmental, organizational, and managerial variables that may affect e-business investment. Using survey data from a sample of travel agencies in Taiwan, we found that external competitive pressure, the firm’s innovation orientation, its IT human resource base, the CEO’s perception of e-business advantage, and CEO openness to experience were associated to e-business investment.