Firm's Market Value Trends after Information Security Management System(ISMS) Certification acquisition

정보보호 관리체계 인증 취득 후 기업가치의 변화에 관한 연구

  • Jo, Jung-Gi (Department of Information Security Management, Chungbuk National University) ;
  • Choi, Sang-Hyun (Department of Management Information Systems, Chungbuk National University)
  • 조중기 (충북대학교 정보보호경영학과) ;
  • 최상현 (충북대학교 경영정보학과)
  • Received : 2016.10.25
  • Accepted : 2016.12.20
  • Published : 2016.12.31


This study analyzed quantitative effects of ISMS certification. To measure the company value change the stock data was used and the methodology of event study was also applied. Event study methodology is a method of analyzing the effects of information or public announcement about certain events on the stock market through abnormal return of stock price. First, ISMS certification was acquired followed by the measurement of abnormal excess return of company. Based on the increase or decrease of abnormal excess return, the group was classified. There are 3 types of groups("Increase", "Reduce", "Maintain"). Next, the cluster analysis was performed for each group. Cluster analysis or clustering is the task of grouping a set of objects in such a way that objects in the same group (called a cluster) are more similar (in some sense or another) to each other than to those in other groups(clusters). The purpose of this study is to have a quantitative measurement of performance of ISMS certification. So, the result of this study will be promoted a company's ISMS certification acquisition. And it would further be beneficial to your company's information security activities.


Supported by : 정보통신기술진흥센터


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