원문정보
초록
영어
Because of recent security breaches such as firm’s personal information leakages and DDOS attacks, it is emphasized that firm’s effort to improve information security. However, there were not any studies about external effect of firm’s information security investment, which is significant to examine firm’s accurate security statements. Therefore, this study investigates the spillover value of investment in IT security, based on competitors’ market value changes regarding firm’s information security investment announcement. Using a sample of 80 announcements of IT security investment with 672 competitors whose stocks are traded in Korean stock market between 2008 and 2016, we find negative effects on competitive firms’ stock value which were examined by event study methodology. Interestingly, negative external effects on rival firms’ value tend to result in more significant than direct effect on stock value of company who invested. Another impressive factor, the effect of legislation, was also confirmed in this study.
목차
Introduction
2. Literature Review
Researches about impact of information security investment
Event studies to measure impact of information security investment on competitors’ stock market value
3. Method
Event Study Methodology
4. Theoretical underpinnings and Research Hypotheses
4.1 Information security investment announcement and abnormal returns of firm who invested.
4.2 Spillover effect on competitors’ abnormal returns.
4.3 Particular abnormal returns on IT market
4.4 Size of rival firm affected by information security investment announcement.
4.5 legislation in information security
5. Measure
5.1 Firm’s investment for information security improvement
5.2 Sample
5.3 Competitors
5.4 IT industry
5.5 Firm Size
5.6 The Personal Information Protection Act
5.7 Computation of cumulative abnormal returns (CAR)
6. Result
6.1 Investment for information security improvement.
6.2 External effect on competitors’ market value.
6.3 External effect on IT industry vs non-IT industry.
6.4 Large size firm vs small size firm.
6.5 Influence of Law
7. Conclusion
References