The use of big data analytics (BDA) and related technologies by firms can raise concerns regarding data privacy and security (DPS). In this study, with stock return and risk as indicators of firm performance, we investigate how DPS investment affects the financial performance of BDA firms (firms with BDA investment) and non-BDA firms (firms without BDA investment). We use a difference-in-differences approach and apply the propensity score matching to 1400 DPS announcements made by 228 US firms whose stocks are publicly traded on US stock markets from 2004 to 2018. The main findings are as follows: (1) On average, DPS investment significantly reduces firms' systematic risk. (2) The risk reduction effects are greater for non-BDA firms than for BDA firms. Our results indicate that DPS investment reduces firm risk and that the business value of specific information technology (IT) investment (e.g., DPS) is influenced by firms' other IT assets (e.g., BDA). The present findings advance the literature on the business value of IT and firms' IT portfolio management in digitized business environments.

公司使用大数据分析（BDA）和相关技术会引起对数据隐私和安全（DPS）的担忧。在本研究中，以股票收益率和风险作为公司绩效的指标，我们研究了DPS投资如何影响BDA公司（有BDA投资的公司）和非BDA公司（无BDA投资的公司）的财务绩效。我们使用差异法，将倾向评分与2004年至2018年间在美国股票市场公开交易的228家美国公司发布的1400 DPS公告相匹配。主要发现如下：（1）平均，DPS投资显着降低了公司的系统风险。（2）非BDA公司的风险降低效果大于BDA公司。我们的结果表明，DPS投资降低了公司风险，并且特定信息技术（IT）投资（例如DPS）的业务价值受到公司其他IT资产（例如BDA）的影响。本研究结果推动了有关数字化业务环境中IT的商业价值和公司的IT资产组合管理的文献研究。