Purpose

This study aims to suggest that firms and stock market investors are more sensitive about inventory leanness when industry information technology (IT) usage is high. First, when industry IT usage is high, a firm's inventory leanness is more responsive to information inputs (cash holding and sales efficiency). Second, when industry IT usage is high, the price-to-earnings ratio (indicative of stock market investors' willingness to pay a premium) is more sensitive to the firm's inventory leanness.

Design/methodology/approach

This study highlights the contextual role of industry IT usage during the 1998–2009 lost decade (wherein the steepest falls in manufacturing jobs happened in the USA).

Findings

The results highlight the significant contextual role of industry IT usage. In manufacturing industry sectors with high IT usage, (1) inventory levels of firms are more responsive to information inputs and (2) stock market investors have greater appreciation for inventory leanness.

Originality/value

The lost decade, 1998–2009, was a difficult period for the manufacturing industry. Nonetheless, there was variation in stock market valuations of manufacturing firms, with many firms outperforming others. Stock market investors were sensitive to inventory leanness. Firms that positively impressed stock market investors were strategically positioned in high IT usage industry sectors and prioritized inventory leanness. Further, their inventories were sensitive to information inputs – their inventories were leaner in response to improved sales-efficiency and/or shortage in cash.

中文翻译：

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关于库存精益度的敏感性

目的

这项研究旨在表明，当行业信息技术（IT）使用率很高时，公司和股票市场投资者对库存精益度更为敏感。首先，当行业IT使用率很高时，公司的库存稀缺度对信息输入（现金持有量和销售效率）的响应会更高。其次，当行业IT使用率很高时，市盈率（表示股市投资者愿意支付溢价的价格）对公司的库存精益度更为敏感。

设计/方法/方法

这项研究强调了在1998年至2009年失去的十年（其中美国制造业就业人数下降幅度最大的时期）中，行业IT使用的背景作用。

发现

结果突出显示了行业IT使用的重要上下文角色。在具有较高IT使用率的制造业部门中，（1）公司的库存水平对信息输入更敏感，（2）股市投资者对库存精益度的评价更高。

创意/价值

1998-2009年是失去的十年，对制造业而言是艰难的时期。然而，制造业公司的股票市场估值存在差异，许多公司的表现要优于其他公司。股市投资者对库存精益度敏感。对股票市场投资者印象深刻的公司在战略上定位于IT使用率较高的行业，并优先考虑库存稀薄度。此外，他们的库存对信息输入很敏感–由于销售效率提高和/或现金短缺，他们的库存更加精简。