Information and communication technology in the stockbroking industry: an evolutionary approach to the diffusion of innovation

Stockbroking firms have openly adopted information and communication technology to improve their competitiveness and responsiveness in market conditions. Changes in business practices have resulted from the widespread adoption and diffusion of information and communication technology. Changes experienced by a firm can be viewed as a process of individual adaptations running parallel to the evolution of the business environment. To examine the diffusion of information and communication technology an ecological approach is used. This paper therefore develops a conceptual framework to explore the ICT diffusion in the stockbroking industry in the context of environmental evolution and selection. It is argued that the acceptance of an innovation is affected as much by the complexity of the interactions between the stockbroking firms and technology. The proposed framework can be used to provide an ameliorated understanding about the way in which ICT-enabled innovation is diffused within a technology-oriented industry.