IT산업에서 혁신활동이 기업의 가치에 미치는 영향

Abstract

This study is to verify a relationship between firm's innovation activities and its market value in IT industry. We applied event-study method to analyze its relationship by collecting public announcements from 2000 to 2007, accounting 715 cases in 421 companies. As a result, a variety of innovation activities had positive influence on firm's market value. Also the listed companies in KOSDAQ and KOSPI are positively influenced firm's value by their innovation activities, this result is consistent with Schumpeter's hypothesis. In this study we apply a variety of variable to measure innovation and have much implication for companies to make business decision.