This work contributes to the ongoing debate on the productivity paradox by considering CIOs’ perceptions of IT business value. Applying regression analysis to data from an international survey, we study how the adoption of certain types of enterprise software affects the CIOs’ perception of the impact of IT on the firm’s business activities and vice versa. Other potentially important factors such as country, sector and size of the firms are also taken into account. Our results indicate a more significant support for the impact of perceived IT benefits on adoption of enterprise software than vice versa. CIOs based in the US perceive IT benefits more strongly than their German counterparts. Furthermore, certain types of enterprise software seem to be more prevalent in the US.