Effect of intelligent logistics transformation announcements on shareholder value: Evidence from Chinese listed firms

This study empirically examines the impact of the intelligent logistics transformation (ILT) announcement on companies' shareholder value. The market model is used to estimate abnormal return. ILT inspires a significantly positive average (median) market response on the announcement day. There is a strong relationship between the announcing firm features like industry features and abnormal returns. The announcement features like investment direction of ILT also affect the market response. In addition, an interesting finding is that firms with worse prior financial performance than the industry level will receive a more positive market response when they conduct ILT by establishing an information platform.