@article{ART003403122},
author={Song Myung-Kyu},
title={A Study on Cyber IR and Business Valuation},
journal={Industry Promotion Research},
issn={2466-1139},
year={2026},
volume={11},
number={4},
pages={369-377},
doi={10.21186/IPR.2026.11.4.369}
TY - JOUR
AU - Song Myung-Kyu
TI - A Study on Cyber IR and Business Valuation
JO - Industry Promotion Research
PY - 2026
VL - 11
IS - 4
PB - Industrial Promotion Institute
SP - 369
EP - 377
SN - 2466-1139
AB - This study verifies the impact of cyber IR activities currently conducted in the KOSDAQ market on the stock market, with the aim of examining whether the increasing trend in cyber IR can serve as an effectiv e management strategy to address information asymmetry. We divided the sample into two groups—general (non-KOSDAQ) companies and KOSDAQ-listed companies—and conducted a group-by-group analysis of cumulative abnormal returns (CARs). The analysis window was defined as cyber IR event (−30 to +30 days). Summary o f the results. First, since information about exchange-listed firms is already widely disseminated, the pre-announ cement information effect is not large for typical exchange-listed companies, whereas for KOSDAQ firms inform ation asymmetry is greater, leading to a larger pre-IR information effect. Second, CARs are higher for firms wit h lower ownership by large shareholders (blockholders). Third, the IR effect is larger for ventures that center on new technologies. Overall, the study suggests that the use of cyber IR by KOSDAQ venture firms could contrib ute to the diffusion of technology-value and the construction of valuation models appropriate for venture firms.
KW - Cyber IR;CAAR;KOSDAQ;venture firms;technology value evaluation
DO - 10.21186/IPR.2026.11.4.369
ER -
Song Myung-Kyu. (2026). A Study on Cyber IR and Business Valuation. Industry Promotion Research, 11(4), 369-377.
Song Myung-Kyu. 2026, "A Study on Cyber IR and Business Valuation", Industry Promotion Research, vol.11, no.4 pp.369-377. Available from: doi:10.21186/IPR.2026.11.4.369
Song Myung-Kyu "A Study on Cyber IR and Business Valuation" Industry Promotion Research 11.4 pp.369-377 (2026) : 369.
Song Myung-Kyu. A Study on Cyber IR and Business Valuation. 2026; 11(4), 369-377. Available from: doi:10.21186/IPR.2026.11.4.369
Song Myung-Kyu. "A Study on Cyber IR and Business Valuation" Industry Promotion Research 11, no.4 (2026) : 369-377.doi: 10.21186/IPR.2026.11.4.369
Song Myung-Kyu. A Study on Cyber IR and Business Valuation. Industry Promotion Research, 11(4), 369-377. doi: 10.21186/IPR.2026.11.4.369
Song Myung-Kyu. A Study on Cyber IR and Business Valuation. Industry Promotion Research. 2026; 11(4) 369-377. doi: 10.21186/IPR.2026.11.4.369
Song Myung-Kyu. A Study on Cyber IR and Business Valuation. 2026; 11(4), 369-377. Available from: doi:10.21186/IPR.2026.11.4.369
Song Myung-Kyu. "A Study on Cyber IR and Business Valuation" Industry Promotion Research 11, no.4 (2026) : 369-377.doi: 10.21186/IPR.2026.11.4.369
