Earticle

본 연구는 ISMS인증 취득 후 기업의 성과를 측정하여 기업에게 어떤 영향을 미치는지를 정량적으로 분 석하였다. 본 연구에서는 사건연구방법론을 사용하였으며, 기업성과 중에서 기업의 가치에 대한 변화를 측정하기 위해 주가 정보를 활용하여 특정한 사건이 기업의 가치에 미치는 영향에 대해 초과수익률을 통해 분석하였다. ISMS 인증을 취득한 기업을 대상으로 ISMS 인증 취득 후에 초과수익률이 발생한 정도에 대한 분석을 시도하였으 며, 나아가 초과수익률을 3가지 상태인 증가, 유지, 감소로 분류하였으며, 집단별로 군집분석을 하였다. 본 연구의 결과는 ISMS 인증 성과에 대한 정량적 측정이 가능할 수 있고, 이를 통해 정보 보호에 대한 체계적인 활동을 요구 할 수 있으며, 나아가 기업의 정보보호 활동을 하는데 있어 도움이 될 것으로 기대한다.

This study analyzed quantitative effects of ISMS certification. To measure the company value change the stock data was used and the methodology of event study was also applied. Event study methodology is a method of analyzing the effects of information or public announcement about certain events on the stock market through abnormal return of stock price. First, ISMS certification was acquired followed by the measurement of abnormal excess return of company. Based on the increase or decrease of abnormal excess return, the group was classified. There are 3 types of groups("Increase", "Reduce", "Maintain"). Next, the cluster analysis was performed for each group. Cluster analysis or clustering is the task of grouping a set of objects in such a way that objects in the same group (called a cluster) are more similar (in some sense or another) to each other than to those in other groups(clusters). The purpose of this study is to have a quantitative measurement of performance of ISMS certification. So, the result of this study will be promoted a company's ISMS certification acquisition. And it would further be beneficial to your company's information security activities.

최근 인터넷의 급속한 발전과 기업의 정보 인프라 의존도가 높아지면서 정보 유출과 탈취, 변조 등 침해사고의 위험성이 급속히 확산되고 있다. 우리나라의 인터넷 사용빈도는 세계 최상위 수준이지만 정보보안은 그에 미치지 못하는 실정이다. 우리나라의 많은 기업들이 정보보안 사고로 인해 금전적 손실, 기업 이미지 훼손, 매출액, 순이익 감소 등 직간접적 피해를 경험하고 있다. 그러나 정보보안 사고에 대한 피해 규모를 계량화한 자료가 없어 올바른 정보보안사고 방지를 위한 투자의사 결정을 하기 어렵고 투자의 효과를 평가하기도 어려운 실정이다. 본 연구의 목적은 정보보안 사고에 따른 기업의 손실과 보안 투자로 인한 수익을 기업 시장가치의 변화를 이용하여 정량적으로 측정하는 데 있다. 사건연구방법론을 통해 분석한 결과에 따르면, 기업의 정보보안 사고는 평균 0.86%의 기업 가치 감소(시가총액 기준으로 약 540억)를 가져온 것으로 나타났다. 반면 기업의 보안 관련투자는 기업가치에 아무런 영향을 주지 않는 것으로 나타났다. 추가적으로 본 연구와 해외 연구결과와 비교해 보면, 국내 기업의 정보보안 사고가 기업 가치에 미치는 영향력이 상대적으로 매우 작은 것을 알 수 있었다. 이는 사회 전반에 걸친 보안 의식 제고가 무엇보다 시급함을 시사하고 있다.

With the fast development of the Internet and the increasing dependence on information infrastructures, companies are faced with various information security threats such as information leakages, modifications, and information breaches. South Korea is one of the leading countries in the Internet usage, but is ranked relatively low when it comes to information security. In fact, many Korean firms have suffered financial losses and damaged corporate images from the information security breaches. However, because of the difficulties in quantifying the costs of the information security breaches, Korean companies tend to delay their investment decisions on information security. The purpose of this study is to measure the cost of information security breach and the economic value of security investment using the event study methodology. Our results show that the announcement of an information security breach negatively influenced the market value of the corresponding company. The effect was statistically significant at the significance level of p=0.05. The breached companies lose, on average, 0.86% of their market values on the day of the announcement - an average loss in market capitalization of $55 million. On the other hand, the investment on information security had no effect on the stock price or the market value of the firm.

Intellectual property portfolios are managed as a major investment method in firms as it provides strategic leverage on value creation to the firm. These potentially inimitable resources make Intellectual property management (IPM) issues strategically more attentive to firms in inspecting their portfolios for a better return on investment in technology and R&D. Taking market oriented view to these issues we investigate the firm value creation of IPM concentrating on cross licensing and patent exertion at occurrence of patent infringement lawsuit. We use event study methodology to assess the effects of the cross licensing and patent infringement on the stock market returns around the date of announcement. Results largely support our proposed hypotheses and shed new light on the factors associated with firm value creation of strategic intellectual property management. Our results provide the evidence that announcement of cross licensing make large effect on mutual parties engaged in a contract while the patent infringement announcements association with firm value shows insignificant statistical result demanding further investigation. The implications of the findings for research and practice are discussed.

본 연구의 목적은 효율적인 기계경비시스템 오경보 이벤트 분석을 위해 가장 적합한 데이터마이닝 기법을 도출하는데 있다. 이를 위해 기계경비시스템 오경보의 발생원인을 살펴보고, 오경보 시의 출동건수, 오경보율 그리고 오경보원인의 통계자료를 토대로한 데이터를 데이터마이닝 프로그램인 WEKA에 맞게 변환시켜 여러 알고리즘에 적용 및 분석하였다. 본 논문에서는 적합한 데이터마이닝 기법을 찾기 위해 Decision Tree, Naive Bayes, BayesNet Apriori, J48Tree 알고리즘을 활용하였고, 분석을 통해 생성된 가장 높은 값을 도출하여 해당 알고리즘의 적용 가능성을 확인하였다. 이와같은 연구를 통해 효율적으로 기계경비시스템의 오경보를 예측하고, 오경보에 대한 보다 효율적인 대처방안을 모색할 수 있음을 보여주었다.

The objective of this study is to achieve the most optimal data mining for effective analysis of false alarm event on mechanical security system. To perform this, this study searches the cause of false alarm and suggests the data conversion and analysis methods to apply to several algorithm of WEKA, which is a data mining program, based on statistical data for the number of case on movement by false alarm, false alarm rate and cause of false alarm. Analysis methods are used to estimate false alarm and set more effective reaction for false alarm by applying several algorithm. To use the suitable data for effective analysis of false alarm event on mechanical security analysis this study uses Decision Tree, Naive Bayes, BayesNet Apriori and J48Tree algorithm, and applies the algorithm by deducting the highest value.

Recently, most of the information system use environment is changing to GUI environment based on windows and web. Most of the development tools for building such a GUI-based information system support object-oriented and event-driven programming concepts. However, there is still a lack of a development methodology that systematically supports event-based information system construction. From a business perspective, an information system is one that supports business processes efficiently and effectively to improve business performance. These business processes are composed of business activities which involve a series of business events. A business event is executed according to a business scenario. Therefore, it is necessary to grasp these events in the requirements analysis stage and to apply it on the system development methodology. However, information systems development methodology which systematically reflect the event processing concept still is insufficient. From this viewpoint, this paper proposes an event-driven scenario-based development methodology that can meet the recent development environment of information systems, and applies the proposed methodology to a small scale information system development case.

Recall, which is a key factor in determining corporate identity and brand reputation, is also an important factor and a big concern for customers. Depending on the result of the company’s response to the recall, it may occur whether the business is maintained or not due to large-scale departure, including loyal customers. On the other hand, if you proceed with measures that are quick and can win the customer’s mind, there will be a loss due to recall (discontinued if necessary), but customer maintenance and brand management are possible. In recent years, when a structural defect occurs in a product, a company announces recall of the product voluntarily and responds. However, in the changed situation of the market, there are few analyses of negative or positive effects that the product recall or service failure has on the performance of the company. In this study, the Event Study methodology has been used to demonstrate the relationship between the recall and the value of the company that has performed the recall, how the occurrence of the recall affects the stock value of the company, and how the scale or time of recall makes differences in the impact on the stock value of the company. The study analyzes the impact of smartphone recall in North American markets of Samsung Electronics and Apple, the major players in the mobile phone market, on the company’s share price. In conclusion, an abnormal return occurred on the Event Day (recall) of Galaxy Note 7, which was recalled and discontinued for about two months after its release and did not occur on the Event Day of iPhone 6. The recall of the Galaxy Note 7 was the most anticipated product in 2016, so it could affect consumers and investors. It is difficult to determine whether only the battery issue of the Galaxy Note 7 affected Samsung Electronic’ corporate value in Event Day, but there were effects such as recall, special action, refund. On the other side, Samsung Electronics minimized the loss of customer maintenance and brand reputation by making quick decisions such as discontinuation even though abnormal returns.

As the logistics industry in Northeast Asia grows rapidly, there is a need to grow domestic logistics companies with international competitiveness. The government introduced the comprehensive logistics company certification system in 2006 to revamp the structure of the domestic logistics market and further develop a comprehensive logistics company with international competitiveness. In spite of the difficult authentication procedures and the benefits of certification, the question of the effectiveness of the logistics company certification has been raised. The purpose of this study is to verify the validity of the certification of comprehensive logistics company. In this study, we examined the short-term, mid-term and long-term effects of acquisition and cancellation of a comprehensive logistics company 's corporate value on long-term event research methodology. In conclusion, the acquisition of a comprehensive logistics company affects the corporate value negatively in the medium-and long-term but has a positive impact in the long-term. The cancellation of the general logistics company affects the short-term negative impact but not the other.

기업의 동시기적(contemporaneous) 환위험노출을 분석하기 위해 기존의 논문들이 대표적으로 사용하는 Adler & Dumas (1984) 실증모형은 통계적으로 유의한 추정결과를 제시하는데 한계를 가지고 있다. 따라서 본 논문은 기존의 전통적인 방법론과는 달리 Event study 방법론을 사용하여 2008년 글로벌 금융위기 시 발생하였던 급격한 환율변동이 비수도권에 위치한 주요 4대 지역의 중소기업 수익률에 미친 효과를 분석하였다. 실증 결과로서 전체 기업의 약 51%가 환율변동에 유의하게 노출되는 것으로 발견되었는데, 이는 기존의 10% 내외의 성공률과 비교할 경우 매우 개선된 결과이다. 또한, 높은 수출비중과 많은 단기차입금을 가지고 있는 기업일수록 더 높은 노출정도를 보인 것으로 발견되었는데, 특히 단기차입금과 관련된 결과는 기존의 연구에서 다루어지지 않았다는 점에서 의미가 있다.

Existing literature using the standard empirical model of Adler & Dumas (1984) for estimating exchange -rate exposure of firms have difficulty in providing statistically significant results. Responding such difficulty, this paper first attempts to find the impact of the sizable exchange rate changes on returns of Korean "small and medium enterprises (SME)" located in 4 major regions out of the capital area for the 2008 global credit crisis period using the event study method. The primary finding is that about 51% of the total sample SMEs are significantly exposed to exchange rate fluctuations, which is an astonishing result compared to about 10% by most of prior studies. In addition, it is found that the significantly exposed SMEs have higher ratio of export to total sales and greater short-term debt, on average, rather than insignificantly exposed SMEs.

Although cloud computing is considered a paradigm shift of IT service design and delivery and intrigues large amounts of interest from business entities, few studies have examined the business performance of this new IT practice. To better understand the value-creating feature of cloud computing, this study aims to investigate economic payoff from cloud computing investment. Employing the event study methodology, we analyze 219 firm-level announcements regarding cloud computing initiative. The results indicate that cloud computing adoption announcements can increase the market value of announcing firms in terms of abnormal stock return. In addition, we identified differences in the effect of cloud computing adoption on market returns according to contextual factors such as strategic adoption intention, firm size, and industry sector. These results can be used as useful references for firms' decision-making about whether to adopt cloud computing to maximize their business values.

최근 기업의 사회적 책임은 글로벌 기업의 핵심 경영 주제로 부각되고 있다. 일부 국내 기업들도 기업의 사회적 책임을 실천하기 위해 금전적 기부, 사회봉사활동, 장애인 고용 등 사회공헌활동에 참여하기 시작했다. 그러나 국내 기업들은 사회적 공헌활동의 필요성에 대해 원론적으로 공감하면서 사회공헌활동에 대한 투자에는 아직 소극적인 것 같다. 그 이유는 사회공헌활동의 재무적 성과를 정확히 측정한 경험이 없고 대부분 기업은 사회공헌활동을 투자로 인식하기 보다는 비용으로 인식하는 경향이 지배적이기 때문이다. 본 연구의 목적은 기업의 사회공헌활동 및 관련 투자 효과를 정량적으로 측정하는 데 있다. 사건연구 방법론을 통해 2001년 1월 1일부터 2006년 11월 31일까지 사회공헌활동이 언론에 공개된 100개 국내 기업에 대해 분석한 결과에 따르면, 사회공헌활동 및 관련 투자는 사건당일과 사건 직전일의 비정상 수익률 합의 평균이 1.04%로 나타났다. 이는 시가총액 기준으로 약 1000억 원에 해당하며, 통계적으로 유의한 양(+)의 값임을 보여주었다. 또한 사회공헌활동이 기업가치를 상승 시키는 세부적인 요인을 검증한 결과, 자산규모가 작을수록 사회공헌활동 투자의 효율성이 오히려 큰 것으로 나타났다.

Recently, CSR (Corporate Social Responsibility) is becoming a key management issue among leading global companies. A few Korean firms are beginning to recognize the importance of CSR and participate in corporate social activities such as donation, community services, the employment of the disabled, and so on. However, a majority of Korean firms are still not very active in investing in corporate social activities, even though they acknowledge its theoretical necessity. The purpose of this study is to measure the economic value of corporate social performance and investment using the event study methodology. There have been various methods to evaluate corporate social investment in previous research. Each method has its advantages and disadvantages. Some indices in the balance sheets have more frequently been used. However, overcoming the problems in previous valuation methods, this study has employed event study method. The event study method assumes that the firm’s stock price is immediately changed if any information considered to affect the corporate future cash flow is announced to the public. That is, it is possible to value the event on corporate action or environment by measuring the abnormal change of the stock price at the time of the information announcement. The key advantage of the event study is the possibility of reducing the bias between the time of corporate investment in the middle of the year and the time of making the balance sheets out in the end of the year. In other words, we can control the other extraneous variables affecting the value of corporate investment since we measure the instantaneous change of the stock price due to the event. Furthermore, stock price is known to be the most objective measure to evaluate the economic value of the company since it is determined by a lot of smart investors in the market who takes all kinds of possible future cash flows into present value. The events that this study is interested in are the news announcement to public on corporate social investment from January 1, 2001 and November 13, 2006 identified by key word search on several websites. The events on corporate investment include monetary donation, welfare service, social justice and the environment protection. To measure the abnormal return of the stock price exactly, we excluded the events on companies which were not enlisted or enlisted for less than a year (e.g., the period required to estimate normal return) in the stock market. We also excluded the events on companies which made corporate investment two or more time in the measuring period (10 days), to measure the exact value of the corporate investment. Finally, we excluded the events if other information (e.g., events other than corporate investment) could affect the change of stock price in the measuring period. Total remaining number of data was 100. The date when the event is announced is set to be the day 0 and the day before announcement date to be the day -1. We measure the abnormal returns on the days before the announcement date since some people often know the event before it is known to the public via news media. Our results show that the abnormal returns on the day 0 and -1 are statistically significant at the significance level of p = 0.05. Through social investments, the companies gain, on average, 1.04% of their market values or an average gain in market capitalization of $110 million. We conclude that corporate social investments have positive economic value. In addition, we studied whether the abnormal returns are different across company sizes, industry types, the types of social investments, and the time of the investment to find specific causes of the abnormal return. Only the size of the company was statistically and negatively significant at the significance level of p = 0.05. As the size of the firm is getting smaller, its return on investment from corporate social investment is getting bigger. It suggested that the compani...

본 연구는 사건연구방법론을 사용하여 외식기업의 오픈효과 일명 오픈빨이 존재하는지를 밝히고자 하였다. 그리고 오픈빨이 존재한다면 그 기간이 어느 정도 인가를 증명하고자 하였다. 이를 위하여 경기도 소재 외식기업의 1686일 간의 일별데이터를 사용하였고, 기술통계분석을 통해 데이터를 정제한 다음 분석에 사용하였다. ‘외식기업의 개점’을 사건(event)으로 정의하였고, 사건기간은 ‘사건일 이후 31일 동안’, 추정기간은 사건기간이후 ‘9월1일부터 2014년 7월 31일’까지로 설정하였다. 실제수익률과 정상수익률 간의 차이를 계산하여 비정상수익률(AR)과 누적비정상수익률(CAR)을 계산하였다. t-검정을 실시하여 비정상수익률(AR)과 누적비정상수익률(CAR)이 통계적으로 유의하다는 것을 검정하였고, 이를 통해 오픈효과때문에 비정상수익률이 발생하고 있다는 것을 증명하였다.

This study attempted to find out whether there is an open effect of Restaurant (aka open Openppal), using Event Study methodology. And if there is an open effect, I tried to prove how long it is. Daily data of 1686 days of Restaurant located in Gyeonggi-do was used, and the data was purified through technical statistical analysis and then used for analysis. 'Restaurant opening' is defined as an event, the event period is 'for 31 days after the event date', and the expected period is set as 'September 1 to until 2014 July 31'. By calculating the difference between the actual return and the normal return, the abnormal return (AR) and the cumulative rate of abnormal return (CAR) were calculated. A t-test was conducted, and through this, it was proved that an abnormal return occurred due to the open effect.

오늘날 세계-국가-지역 질서들의 교차가 끊임없이 변주하면서 지역은 이전 근대국민국가의 외부로만 재현될 수 없다. 주체들의 교섭이나 관계망의 다양화 등으로 지역의 형상 역시 하나로 수렴될 수 없다. 이러한 지역의 변동은 지역문학 장의 변화와도 연결된다. 본 논문에서는 오늘날 지역에 대한 위치성에 주목하면서, 밀양 송전탑을 둘러싸고 갈등이 첨예하게 일어난 현장의 목소리들이 지역문학 장 안으로 들어오는 과정들을 고찰한다. 하여, 비문학과 문학의 경계가 부딪치는 이러한 자리에서 문학의 영역을 어떻게 확장시켜 나가갈 수 있는가에 대한 방법론적인 사유를 하고자 한다. 일반적으로 장소의 기원에서 시작되어 모사의 진위에 집중하는 지역문학의 클리셰는 오히려 그 지역의 전통적 방언성에 갇히게 된다. 지역문학의 새로운 지평은 지역 고유의 방언성에서 벗어나는 운동이 지속적으로 반복되는 데서 전망할 수 있다. 나아가 지역의 핵심현장에서, 이미 확고한 문학적 경계를 흔들면서 돌출하고 있는 글쓰기들이 제기하는 질문들을 사유하면서, 문학에 대한 재사유를 이끌어 내고자 한다.

As the crosses of the orders among the world, the nation, and the local are unceasingly changed, the locality cannot be represented only by the outside of the past modern nation states. The shapes of the local cannot also be converged into one due to the diversification of the main agents, the relationship network, etc. These locality changes cannot but be linked to the changes in the local literature field. This study takes notice of the process by which the voice of the field where conflicts acutely arose surrounding the transmission tower in MIlyang came into the local literature field, noticing the properties of today’s locality. The study aims to explore a methodological thinking over how the domain of the literature can be expanded in this place where the boundaries between non-literature and literature collide with each other. The cliche of the local literature that generally begins in the origin of the place and concentrates on the authenticity of the imitation is rather trapped in the property of the traditional vernacular. The new horizon of the local literature can be forecast in the consistent repetition of the motions escaping from the properties of the local inherent vernacular. In addition, this study intends to draw out the rethinking over the literature in the essential field of the local, thinking of the questions raised by the writings that stand out, shaking the already firmly established literal boundaries.

경계 기반 보안 관리체계는 보안 솔루션 배치가 쉽고, 그 운영 효율성이 높은 장점이 있다. 경계 기반 보안 관리체계는 외부에서 발생하는 보안 위협을 차단하기 적합하지만, 내부에서 발생하는 보안 위협을 차단하기에는 부적합하다. 안타깝게도 내부에서 발생하는 보안 위협은 갈수록 그 빈도가 증가하고 있다. 이러한 한계점을 극복하기 위하여 제로 트러스트 모델이 제안되었다. 제로 트러스트 모델에서는 다양한 정보 자원에 접근하는 주체의 행위를 분석하기 위하여, 실시간 모니터링 기능을 요구하고 있다. 그러나 시스템에 신뢰된 것으로 확인된 주체의 파일 접근을 실시간으로 모니터링 하는 것은 그 한계가 있다. 이에 따라 본 연구에서는 사용자의 파일 접근을 실시간으로 모니터링 할 수 있는 방법을 제안한다. 제안하는 모니터링 방법의 실효성을 검증하기 위하여 실증 구현 후 목표하는 기능을 검증하였다. 그 결과, 본 연구에서 제안하는 방법은 파일에 대한 접근을 실시간으로 모니터링 할 수 있다고 확인되었다.

The boundary-based security architecture has the advantage of easy deployment of security solutions and high operational efficiency. The boundary-based security architecture is easy to detect and block externally occurring security threats, but is inappropriate to block internally occurring security threats. Unfortunately, internal security threats are increasing in frequency. In order to solve this problem, a zero trust model has been proposed. The zero trust model requires a real-time monitoring function to analyze the behavior of a subject accessing various information resources. However, there is a limit to real-time monitoring of file access of a subject confirmed to be trusted in the system. Accordingly, this study proposes a method to monitor user's file access in real time. To verify the effectiveness of the proposed monitoring method, the target function was verified after the demonstration implementation. As a result, it was confirmed that the method proposed in this study can monitor access to files in real time.

대화력전이란 전장인식, 지휘통제 그리고 정밀무기에 의해 달성되어 질 수 있는 고 반응성 타격체계를 포함하는 복합체계로서 특성 되어 질 수 있다. 현재의 모델링 방법론은 복합체계를 위한 적절한 방법론을 제공하지 못하고 있으며, 시간 소모적이고 많은 비용을 요구하는 모델링 시뮬레이션 도구들을 이용하고 있다. 본 연구에서는 대화력전 효과분석을 위한 시뮬레이션 분석 방법론 및 도구 개발을 설명하고, 그를 통해 어떻게 시간과 노력의 낭비를 최소화하여 분석실험을 실시함으로서 의사 결정을 효율적으로 지원해 줄 것인가를 제시하고 있다. 개발된 대화력전 시뮬레이션 분석 도구는 Enemy 블럭, ISR 블럭, C2 블럭, Shooter 블럭으로 이루어져 있으며, 시뮬레이션 비전문가나 도메인 전문가의 사용 편의성을 위해서 모델이 가지고 있는 각 파라미터뿐만 아니라 알고리즘을 사용자에 의해서 쉽게 변경할 수 있는 환경으로 구성되어져 있다.

Counter Fire Operations can be characterized as having a system of systems that key features include situational awareness, command and control systems and highly responsive strike achieved by precision weapons. Current modeling methodology cannot provide an appropriate methodology for a system of systems and utilizes modeling and simulation tools to implement analytic options which can be time consuming and expensive. We explain developing methodology and tools for the effectiveness analysis of the counter fire operations under Network Centric Warfare Environment and suggest how to support a efficient decision making with the methodology and tools. Theater Counter Fire Operations tools consist of Enemy block, ISR block, C2 block and Shooter block. For the convenience of using by domain expert or non simulation expert, it is composed of the environments that each parameter and algorithm easily can be altered by user.