The Effects of ERP Systems Investments on Market Value of Firms = ERP 시스템 투자의 기업의 시장가치에 대한 영향에 관한 연구

국문 초록 (Abstract)

본 연구의 목적은 기업의 ERP 시스템 투자에 대한 시장가치 영향을 파악하는 것이다. 조직통합이론과 기존 연구들을 바탕으로 이벤트 스터디를 통해 ERP 시스템 공시에 대한 시장가치를 파악하고, 나아가 세가지 ERP 상황변수의, 즉 구현방법(아웃소싱, 직접구현), 구현유형(최초 또는 업그레이드), 와 ERP 패키지(시장지배적 또는 소수), 시장가치에 대한 영향을 검증하였다. 2005년부터 2011까지의 미국 기업의 ERP 시스템 공시 샘플을 이용하여 연구한 결과, ERP 시스템 공시가 시장가치에 양의 영향을 미치는 것으로 나타났다. 또한 투자자들은 ERP 시스템을 직접 구현하는 것 보다 아웃소싱을 통해 구현하는 것에 대해 더 많은 시장가치를 두고 있었다. 아울러 ERP 시스템을 업그레이드 하는 공시가 최초 구현의 경우보다 더 많은 시장가치를 발생하였다. 더 나아가 SAP과 같은 시장 지배적 패키지를 사용하는 경우가 그렇지 못한 경우에 비해 더 많은 시장가치를 발생하였다. 이러한 결과들은 조직 통합이론과 맥락을 같이하며, IT 자원이 충분하지 않은 기업의 경영자들에게 아웃소싱과 시장지배적 ERP 패키지를 사용하여 시장가치를 증가시킬 수 있다는 것을 시사해준다.

다국어 초록 (Multilingual Abstract)

The objective of this study is to investigate the effects of ERP systems investments on market value of firms. Drawing upon organizational integration theory and prior empirical studies, we test the market value of ERP systems announcements with an event study, and further investigate three ERP contingent variables including outsourcing, implementation, and popular packages. Based on a sample of 46 ERP systems announcements in U.S. firms over 2005 to 2011 year, we find that announcements of ERP systems investments result in positive market value. We also find that investors reward more outsourcing deployment of ERP systems than direct deployment of them. Upgrading ERP systems increases more market value than adopting ERP systems from the outset. Furthermore, we find that popular ERP packages such as SAP produce higher market value than unpopular packages. These findings support for organizational integration theory and provide implications for managers whose firms have not enough IT resources to rely on outsourcing ERP systems and popular ERP packages., Chonbuk National University

목차 (Table of Contents)

• Abstract
• 국문초록
• Ⅰ. Introduction
• Ⅱ. Literature Review
• Ⅲ. Development of Hypotheses
• Ⅳ. Methods
• Ⅴ. Analysis and Results
• Ⅵ. Discussion and Conclusion
• References

참고문헌 (Reference)

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