This study examines the market’s reaction around and subsequent to the announcement of an Information Technology Investment (ITI). The Scholes-Williams’ and Dimson’s betas, a more accurate, and longer time-window are employed to capture market reactions in an environment of thin trading on the Indonesian capital market from 2001 to 2016. The results show that Indonesian investors need time to recognise the signals of either an increase or decrease in value from an ITI. This study also finds that greater market reactions are characterised by firms in the banking industry, smaller sized firms, lower competitive position firms, first-time IT adopter firms, and enterprise resource planning investment firms.

这项研究考察了在宣布信息技术投资（ITI）前后以及之后市场的反应。在2001年至2016年印尼资本市场交易清淡的情况下，采用了Scholes-Williams和Dimson的beta（更准确，时间更长的窗口）来捕捉市场反应。结果表明，印尼投资者需要时间来认识来自ITI的价值增加或减少的信号。这项研究还发现，更大的市场反应的特点是银行业的公司，规模较小的公司，竞争地位较低的公司，首次采用IT的公司和企业资源计划投资公司。