Market Reaction to IT Security Investment Announcements

기업의 정보보호 공시가 기업가치에 미치는 영향

  • 박재영 (연세대학교 정보대학원) ;
  • 정우진 (연세대학교 정보대학원 바른ICT연구소)
  • Received : 2019.08.28
  • Accepted : 2019.12.01
  • Published : 2019.12.31


Although Firms have been increasing their information security significantly to handle increased security risks, the effects of information security were not well understood. This study aims to investigate the market value of information security by employing the event study methodology. Our research also explores how market responses vary depending on the type of information security announcements. We collected 177 firm-level information security announcements between 2001 and 2017 in South Korea. For all samples, our results indicate that the stock market positively reacts to information security announcements. We also conducted subsample analysis and found that while information security certification announcement has a positive impact on the stock market, information security activities (e.g. award, information security system) announcement had no impact on the stock market. Our study adopted a novel approach (i.e. event study) for investigating the effects of information security and found that information security investment positively affects firm value. Our results allow managers to measure the effects of information security investment and help them make right decisions on information security investment.


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