The Effect of Digital Platform Strategies on Firm Value in the Banking Industry

• 成果类型: Article
• 署名作者: Schreieck, Maximilian; Huang, Yongli; Kupfer, Alexander; Krcmar, Helmut
• 署名单位: University of Innsbruck; Technical University of Munich
• 刊物名称: JOURNAL OF MANAGEMENT INFORMATION SYSTEMS
• ISSN/ISSBN: 0742-1222
• DOI: 10.1080/07421222.2024.2340825
• 发表日期: 2024
• 页码: 394-421
• 关键词: market value; VALUE CREATION; artificial-intelligence; developing-countries; IMPACT; event; INNOVATION; announcements; INVESTMENT; ecosystem

摘要

After digital platforms have become successful in the information technology (IT) industry, incumbents from traditional industries increasingly implement digital platform strategies. However, there is mixed evidence on whether these incumbents benefit from digital platform strategies. To provide systematic insights, we focus on the banking industry. With the emergence of open banking, banks have begun implementing digital platforms to unlock the innovative power of third-party developers. We conducted an event study based on the announcement of digital platform strategies in a global sample of 165 banks. We show that, on average, investors react positively to the announcements. Contrary to our expectations, this effect is more substantial for banks from emerging markets than those from developed markets. Prior artificial intelligence (AI) orientation only partly contributes to investors' favorable perception of a digital platform strategy. These results point to the complex interplay of AI orientation and digital platform strategies, yielding questions for future research.