The Effect of Digital Platform Strategies on Firm Value in the Banking Industry
通过对全球165家银行的事件研究，发现投资者对银行宣布数字平台战略总体反应积极，且新兴市场银行的正面效应强于发达市场银行，人工智能导向仅部分影响投资者看法。
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.