“…In this context, Bloom and Pierri (2018) even argues that cloud computing has 'democratized' computing, as now any company can use (almost) any IT solution it needs, to any extent, and at any time without making (large) upfront investments. The elimination of the need to make IT investments is considered as one of the important consequences and a major benefit of cloud computing, especially for smaller firms (OECD, 2014;Jin and McElheran, 2019;Gal et al, 2019;De Stefano et al, 2020;Bloom and Pierri, 2018). Empirical evidence for this assertion, however, remains scarce.…”