期刊
EUROPEAN JOURNAL OF INFORMATION SYSTEMS
卷 22, 期 2, 页码 170-190出版社
TAYLOR & FRANCIS LTD
DOI: 10.1057/ejis.2012.54
关键词
event study; Capability Maturity Model (CMM); Total Quality Management (TQM); stock price; resource-based view (RBV); software process improvement (SPI)
This study investigates the differential effects of successfully completed capability maturity model (CMM) appraisals on a firm's short-term and long-term stock performance. Our results indicate a positive share price response on the days surrounding the appraisal date for the stocks of companies obtaining the CMM appraisal. Stocks of firms successfully completing CMM appraisals generally outperform the S&P 500 index over longer-holding periods, although they do not outperform a matched sample. We find support that firms from the information technology industry, firms that are larger, firms of higher CMM maturity levels, and firms completing multiple appraisals are more likely to experience both short-term and long-term benefits from their investing in the CMM. European Journal of Information Systems (2013) 22, 170-190. doi:10.1057/ejis.2012.54; published online 15 January 2013
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