• 한국융합학회논문지
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• 제9권2호
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• pp.207-215
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• 2018

본 연구는 유가증권 및 코스닥상장기업을 대상으로 기업의 비정상 투자가 재무분석가의 이익예측과 어떠한 관계가 있는지 실증적으로 분석하였다. 본 연구의 분석기간은 관심변수를 기준으로 2003년부터 2015년까지(종속변수는 2004년부터 2016년까지)이며 재무분석가가 주당이익예측치를 발표한 기업 중 연구조건을 만족하는 최종표본 4,917개 기업/년 자료를 분석대상으로 선정하여 연구를 진행하였다. 실증분석결과는 다음과 같다. 첫째, 비정상 총투자, 비정상 R&D, 비정상 CAPEX 투자가 많을수록 재무분석가의 이익예측정확성은 유의하게 향상되었다. 둘째, 비정상 총투자, 비정상 R&D, 비정상 CAPEX 투자가 많을수록 재무분석가의 이익예측은 비관적인 성향을 갖는 것으로 나타났다. 추가분석을 통해 이러한 결과는 과소투자 집단보다는 주로 과잉투자 집단에 의해 발생되는 결과임이 입증되었다. 본 연구결과는 재무분석가의 이익예측 결정요인으로 비정상투자가 고려된다는 점에서 기존 연구에 추가적인 공헌점이 있을 것으로 기대된다.

• 유통과학연구
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• 제13권9호
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• pp.5-11
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• 2015

Purpose - The purpose of this research is to provide insights that can be used for deliberate decision making around challenging big data investments by measuring the economic value of such big data implementations. Research design, data, and methodology - We perform empirical research through an event study. To this end, we measure actual abnormal returns of companies that are triggered by their investment announcements in big data, or firm size information, during the three-year research period. The research period targets a timeframe after the introduction of big data at Korean firms listed on the Korea stock markets. Results - Our empirical findings discover that on the event day and the day after, the abnormal returns are significantly positive. In addition, our further examination of firm size impacts on the abnormal returns does not show any evidence of an effect. Conclusions - Our research suggests that an event study can be useful as an alternative means to measure the return on investment (ROI) for big data in order to lessen the difficulties or decision making around big data investments.

• 한국IT서비스학회지
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• 제17권1호
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• pp.33-45
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• 2018

Recently, many South Korean firms have suffered financial losses and damaged corporate images from the data breaches. Accordingly, a firm should manage their IT assets securely through an information security investment. However, the difficulty of measuring the return on an information security investment is one of the critical obstacles for firms in making such investment decisions. There have been a number of studies on the effect of IT investment so far, but there are few researches on information security investment. In this paper, based on a sample of 76 investment announcements of firms whose stocks are publicly traded in the South Korea's stock market between 2001 and 2017, we examines the market reaction to information security investment by using event study methodology. The results of the main effects indicate that self-developed is significantly related to cumulative average abnormal returns (CAARs), while no significant effect was observed for discloser, investment characteristics and firm characteristics. In addition, we find that the market reacts more favorably to the news announced by the subject of investment than the vendor, in case of investments with commercial exploitation. One of main contributions in our study is that it has revealed the factors affecting the market reaction to announcement of information security investment. It is also expected that, in practice, corporate executives will be able to help make an information security investment decision.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.135-143
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• 2021

Information has an essential role in decision-making for investors who will invest in financial markets, especially regarding the policies on the condition of COVID-19. The purpose of this study is to determine the market reaction to the information published by the government regarding the policy changes to the provisions of Trading Halt on the IDX in an emergency using the event study method. The population in this study was companies listed on the Indonesia Stock Exchange in March 2020; the sample selection technique was purposive sampling. Data analysis used a normality test and one sample T-test. The results of the study found that there were significant abnormal returns on the announcement date, negative abnormal returns around the announcement date, and significant trading volume activity occurring three days after the announcement. The existence of a significant positive abnormal return on the announcement date indicates that the market responds quickly to information published by the government. The practical implication of this research can be taken into consideration for investors in making investment decisions to analyze and determine the right investment options so that investors can minimize the risk of their investment and maximize the profits they want to achieve.

• 해운물류연구
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• 제27권4호
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• pp.719-746
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• 2011

본 논문은 일반투자자들의 선박투자회사에 대한 투자성과를 초과수익률과 누적초과수익률로 측정하였으며, 선박금융 운용회사간, 투자대상선박의 신조 여부간, 그리고 투자대상선박의 컨테이너선 여부간 초과수익률과 누적초과수익률의 차이를 분석하였다. 그 결과, 선박금융 운용회사간에는 최초공모주의 초과수익률, 초기 30일 누적 초과수익률, 장기 누적초과수익률에서 유의적인 차이가 나타나지 않았고, 투자대상선박이 신조인 선박투자회사와 중고인 선박투자회사간에는 최초공모주의 초과수익률, 장기 누적초과수익률에서 유의적인 차이가 존재하지 않았지만, 초기 30일 누적초과수익률에서는 유의적인 차이가 존재하는 것으로 나타났다. 반면, 컨테이너선박에 투자한 선박투자회사와 컨테이너선외의 선박에 투자한 선박투자회사간에는 초기 30일 누적초과수익률, 장기 누적초과수익률에서 유의적인 차이가 존재하는 것으로 나타났다. 한편, 3개월별 누적수익률 추세에서 신조 선박에 투자한 선박투자회사가 중고선박에 투자한 선박투자회사 보다, 그리고 컨테이너선박에 투자한 선박투자회사가 컨테이너 선외의 선박에 투자한 선박투자회사 보다 더 안정적인 추세를 보였다.

• 유통과학연구
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• 제16권10호
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• pp.65-76
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• 2018

Purpose - This paper investigates how the market value of the firms are impacted by distribution information technology investment in Korea over time and across markets, industries and project characteristics. This is the first empirical study on the market payoffs from the RFID investment in Korea. The purpose of this study is to provide a appropriate guideline for investors and practitioners with respect to the announcement representing RFID adoption in Korea. This reaction guideline will stimulate the practitioners to monitor and evaluate the benefits and costs of the innovative RFID technology. Research design, data, and methodology - This paper employs event study methodology to analyze the payoffs from distribution information technology investment announcements over a fifteen-year period from 2003 to 2017. Event study method is based on the assumptions such as market efficiency, unanticipated RFID invest announcements and no confounding effects in the data. This study collected the information on RFID investment announcements by using a full text search engine Bigkinds provided by Korea Press Foundation over a fifteen-year period from January 2003 through December 2017. This paper selected 88 announcements representing RFID adoption by 46 firms. This paper estimated the payoffs from RFID investment announcement through events windows by using the market model of Mcwilliams and Siegel (1997) and calculated the Z-values. Using this test statistics we could infer if RFID adoption make large differences in abnormal returns across various classifications of the firms. Results - There is significant positive market returns from the announcement representing distribution information technology investment in the pre-2009 time period, the significances of payoffs disappear in the post-2009 time period. For this reason investors or practitioners can understand the importance of market entry time and the fact that the greater rewards may belong to early innovators while late imitators cannot reap such a rewards. This paper also find that there is a large differences in the payoffs from the announcement across markets, industries and project characteristics. Conclusions - Analysing the selected sample of 88 announcements representing RFID Adoption over fifteen-year period from 2003 to 2017, this study find that there is not only significant abnormal excess returns from RFID investment announcements but also there is great differences in the abnormal returns over time and across firm sizes or affiliated markets, industries, and project characteristics. This means that there are considerable values for the investors across various firm classifications. The findings of this paper provide useful implications for the practitioners to make judicious decisions whether to adopt the innovative technologies in general or not considering the various concrete circumstances in Korea.

• 지식경영연구
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• 제20권4호
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• pp.119-129
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• 2019

This paper is aim to test how market orientation is related to the investment decision making. After controlling for firm-specific factors, this study finds a significantly positive relationship between market orientation and R&D expenditures, especially firms with high ratio of intangible assets and low ratio of abnormal inventory assets. Under conditions of low quality of earnings, the negative relation between market orientation and R&D expenditures is enhanced in electronic related industries. This indicates that the relation between market orientation and R&D expenditures may exhibit more reasonable patterns for investment decision of firms in technology driven business environment.

• 유통과학연구
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• 제17권3호
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• pp.69-83
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• 2019

Purpose - This paper investigates the long term impact of RFID investment on firm value in Korea. We wand to find out why the long term performance of some firm's RFID investment is better than others. To understand the dynamics of the long term returns from RFID investment announcements, we divide our events into groups for each of the independent firm characteristic variable such as investment time period, kind of markets, industries, solvency and growth potential. We composed portfolios based on the RFID investment announcement date for each group and evaluate the monthly abnormal excess returns. Research design, data, and methodology - Based on these calendar-time portfolios, we measure the long term returns from 86 RFID investment announcements of 46 firms from 2003 to 2017. We construct the calendar-time portfolio for 3, 6, 9, 12 months of holding periods. Using the weighted least squares method, we regress the raw monthly returns of the portfolios on the Fama-French model and Carhart(1997) model. As a result, we can get the estimated risk adjusted mean monthly abnormal excess return α_P for each of the calendar-time portfolio. Results - We found that early adopters, large firms, non-manufacturing firms have very significant excess returns. We also found modestly significant excess returns for financially stable firms and slow growing firms. Put together, top managers of the firms which plan to invest RFID should understand the strategic role of RFID adoption and the generalized business process of distribution information technology investment in Korea. Moreover, the findings of this paper provide useful trading strategies to the managers of large funds who are considering on investing in RFID adopting firms. Conclusions - Put together, the results of this paper give us a new insight into how the RFID and IT technology in general and other characteristic factors' interactions affect the long term performance of firms. Using the unbiased estimates of long term returns of the calendar-time portfolios, this paper extends the understandings on short term impact of RFID adoption of existing studies. This paper also extends the current understandings of firm characteristics that affect the long term performance of RFID adopting firms.

• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.153-158
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• 2021

Convergence is the process of gradual adoption of a certain accounting standard issued by different regulatory bodies. The aim is to achieve uniformity and standardization across borders to open opportunities for international investment and collaboration. The implementation of IFRS, in theory, encourages more transactions by presenting financial statements in a simple and understandable manner for all investors and other businesses interested in the company. Using event study methodology, this study investigates whether Malaysian companies' adoption of IFRS is recognized by the investment community. A total of 89 public listed companies in Bursa Malaysia are involved in this study. The results show that about 62.8 percent of the companies that adopted IFRS-based financial statements experienced an increase in their average abnormal return after the announcement. However, the paired sample test results show that only 5.6 percent out of 89 companies studied experience a significant difference in abnormal return before and after the announcement. The inexistence of the average abnormal return difference between before and after the announcement may indicate that IFRS-based financial statements do not have any new market informational content. This study found little evidence to show that convergence with IFRS affects the company's stock price in Malaysia.

• 아태비즈니스연구
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• 제11권3호
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• pp.95-106
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• 2020

Purpose - This study examines the information effect of the disclosure of new office investments on the Korean stock market and investigates determinant of performance of sample firms. Design/methodology/approach - The sample consists of companies listed on the Korean Exchange that announced investments in new office construction for eleven-years from January 2007 to December 2017. It analyzes excess return using event study methodology and studies the determinants of abnormal return with multiple regression analysis. Findings - We find that abnormal returns of the short and long window are positive on average and statistically significant. In particular, CAR of high growth subsample is a larger positive return than that of the low one both short and long window. Difference in abnormal returns by investment size is observed only in short time window. But there is not observed difference by cash holding level. Research implications or Originality - This finding is able to be added to the evidence of the theory of corporate value maximization academically. Moreover, it shows the possibility that building a new office can have a positive effect on corporate value. It is expected to help investors make decisions because it can provide useful information to market participants in practice.