IT 기업의 혁신활동 관련 공시 효과 분석

초록

This study is to verify a relationship between firm's innovation activities and its market value in IT industry. We applies the event-study method to analyze its relationship by collecting public announcements from 2000 to 2007, accounting 574 cases in 240 companies. This study identifies 5 different innovation activities (patent acquisition, R&D investment, new product/new service development, use of new technology, spin-off), and explores announcement effect of each innovation activity on the stock market. As a result, all innovation activities, except the use of new technology, have positive influence on firm's market values. In addition, this study investigates the differences of announcement effects of the innovation activities, depending on Kosdaq/Kospi and types of business in IT industry. The listed companies in Kosdaq and Kospi are positively influenced firm's value by their innovation activities. While the positive announcement effects are observed from telecommunication hardware manufacturers and software vendors/information service providers, they are not observed from telecommunication carriers. By analyzing announcement effects of innovation activities, this study investigates their business values.

키워드