DOI QR코드

DOI QR Code

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

Abstract

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.

References

  1. 권영옥, 김병도 2007. "정보보안 사고와 사고 방지 관련 투자가 기업가치에 미치는 영향," Information Systems Review (9:1), pp. 105-120.
  2. 김광용, 주미진, 김진수 2016. "개인정보 유출이 기업의 주가에 미치는 영향," 인터넷전자상거래연구 (16:3), pp. 53-65.
  3. 김 보, 임종인 2014. "기업 보안평가 공시제도의 필요성 및 구현방안 (금융회사 중심으로)," 한국인터넷방송통신학회 논문지 (14:6), pp. 273-279.
  4. 김찬웅, 김경원 1997. "사건연구에서의 주식성과 측정," 한국증권학회지 (20:1), pp. 301-327.
  5. 강성민, 장강일 2005. "기업의 IT 투자 평가 효율화를 위한 지표 도출 및 투자관리체계에 관한 사례연구," Information Systems Review (7:1), pp. 219-239.
  6. 박재영, 정우진, 김범수 2016. "기업의 정보보호 인증이 기업가치에 미치는 영향," 한국IT서비스학회지 (15:3), pp. 51-69.
  7. 박현성, "기업의 환경경영이 기업가치에 미치는 영향 분석," 박사학위논문, 중앙대학교, 2010.
  8. 백종현, 권순범, 최병구 2012. "대기업-중소기업의 상생협력 정책이 기업가치에 미치는 영향: 이벤트 연구방법론을 기반으로," 지식경영연구 (13:5), pp. 139-160.
  9. 서영호, 이현수 1999. "국내 품질경영상 수상업체들의 주식시장에서의 성과에 관한 연구," 품질경영학회지 (7:3), pp. 51-66.
  10. 오병섭, 박지영, 정승환, 최강화 2010. "한국의 서비스 품질상 수상이 기업가치에 미치는 영향: 사건연구방법론적 접근," 경영과학 (27:3), pp. 161-196.
  11. 전효정, 김태성 2012. "정보보안 공시제도 도입을 위한 타당성 분석과 운영체계 제언," 정보보호학회논문지 (22:6), pp. 1393-1405.
  12. 최병구, 이재남 2015. "지식집중화 정도가 지식소싱 전략과 기업성과 간의 관계에 미치는 효과 분석," 지식경영연구 (16:1), pp. 1-19.
  13. 한완선 2004. "환경성과와 재무성과," 산업경제연구 (17:5), pp. 1877-1891.
  14. Binder, J. 1998. "The Event Study Methodology Since 1969," Review of Quantitative Finance and Accounting (11:2), pp. 111-137. https://doi.org/10.1023/A:1008295500105
  15. Bose, I., and Leung, A. C. M. 2013. "The Impact of Adoption of Identity Theft Countermeasures on Firm Value," Decision Support Systems (55:3), pp. 753-763. https://doi.org/10.1016/j.dss.2013.03.001
  16. Brown, S. J., and Warner, J. B. 1985. "Using Daily Stock Returns: The Case of Event Studies," Journal of Financial Economics (14:1), pp. 3-31. https://doi.org/10.1016/0304-405X(85)90042-X
  17. Chai, S., Kim, M., and Rao, H. R. 2011. "Firms' Information Security Investment Decisions: Stock Market Evidence of Investors' Behavior," Decision Support Systems (50:4), pp. 651-661. https://doi.org/10.1016/j.dss.2010.08.017
  18. Chatterjee, D., Richardson, V. J., and Zmud, R.W. 2001. "Examining the Shareholder Wealth Effects of Announcements of Newly Created CIO Positions," MIS Quarterly (25:1), pp. 43-70. https://doi.org/10.2307/3250958
  19. Dehning, B., Richardson, V. J., and Zmud, R.W. 2003. "The Value Relevance of Announcements of Transformational Information Technology Investments," MIS Quarterly (27:4), pp. 637-656. https://doi.org/10.2307/30036551
  20. Docking, D. S., and Dowen, R. 1999. "Market Interpretation of ISO 9000 Registration," Journal of Financial Research (22:2), pp. 147-160. https://doi.org/10.1111/j.1475-6803.1999.tb00720.x
  21. Fama, E. F. 1965. "The Behavior of Sock Market Price," Journal of Business (38:1), pp. 33-105.
  22. Fama, E.F., Fisher, L., Jensen M.C., and Roll, R. 1969. "The Adjustment of Stock Prices to New Information," International Economic Review (10:1), pp. 1-21. https://doi.org/10.2307/2525569
  23. Hendricks, K. B., and Singhal, V. R. 1997. ‟Does Implementing an Effective TQM Program Actually Improve Operating Performance?: Empirical Evidence from Firms that Have Won Quality," Management Science (43:9), pp. 1258-1274. https://doi.org/10.1287/mnsc.43.9.1258
  24. Im, K. S., Dow, K. E., and Grover, V. 2001. "A Reexamination of IT Investment and the Market Value of the Firm-An Event Study Methodology," Information Systems Research (12:1), pp. 103-117. https://doi.org/10.1287/isre.12.1.103.9718
  25. Oh, W., Kim, J. W., and Richardson, V. J. 2006. "The Moderating Effect of Context on the Market Reaction to IT Investments," Journal of Information Systems (20:1), pp. 19-44. https://doi.org/10.2308/jis.2006.20.1.19
  26. Roztocki, N., and Weistroffer, H. R. "Event Studies in Information Systems Research: A Review," Proceedings of the Fourteenth Americas Conference on Information Systems, 2008.
  27. Armitage, S. 1995. "Event Study Methods and Evidence on their Performance," Journal of Economic Surveys (9:1), pp. 25-52. https://doi.org/10.1111/j.1467-6419.1995.tb00109.x
  28. Zhang, T., Wang, W. Y. C., and Pauleen, D. J. 2017. "Big Data Investments in Knowledge and non-Knowledge Intensive Firms: What the Market Tells Us," Journal of Knowledge Management (21:3), pp. 623-639. https://doi.org/10.1108/JKM-12-2016-0522
  29. Choi, B., and Jong, A. M. 2010. "Assessing the Impact of Knowledge Management Strategies Announcements on the Market Value of Firms," Information & Management (47:1), pp. 42-52. https://doi.org/10.1016/j.im.2009.10.001