Before drawing any conclusions (or panicing for no reason), the authors conclusions (based on the study results) probably need to be disected at greater detail.
First, according to the synopsis I saw on the Barnes and Noble website, the study does NOT say that either IT or managment programs DON'T contribute at all to the success of a company, but rather that they don't contribute significantly (or as significantly as their adherents claim, or as significantly as other business practices). There is a difference. There is also a difference between saying that a process doesn't contribute significantly to success and saying it really isn't of any use. Did the authors make any distinction between: successful companies that also have very strong IT organizations, those companies that are successful despite having very weak or ineffective IT organizations, and those companies that don't use IT to any great extent?
Next, what type of companies participated in the study? What types of industries were these companies in? What was the distribution of companies among the various industries? Is it statistically vailid to say that because certain business practices weren't significant contibutors to success in several industry categories, that this would hold true for all busineesses? If all 150 (160) companies had been in one of the technology industries, the conclusions could have been very different. There are in fact a large number of companies in many industries where while IT and management programs might contribute significantly to efficiency, efficiency in and of itself is not a primary determinant of the success or failure of that company.