CRM 관련 마케팅 투자가 기업가치에 미치는 영향에 관한 연구

CRM (customer relationship management) has quickly become one of the most popular marketing methodologies, shortly after its concept was introduced to Korean companies. However, managers have recently been losing their interests in CRM partly because they had difficulties in calculating the return on CRM investment. That is, the difficulty of measuring the ROI (return on investment) for CRM investment becomes the primary reason why firms delay their CRM-related investments. Considering the size of the CRM investment and the corresponding financial risk, it is very important to predict the ROI for CRM investment in advance. However, there are few researches studying methods measuring the ROI for CRM investment. The objective of the paper is to measure the economic value of CRM investment employing the event study methodology. Event study is a methodology to estimate the change in market value of a firm due to the event or announcement when the event is made known to the public. By observing the change in stock value, one may quantify the economic value of an event. To do so, a benchmark model by which normal return is defined should be chosen. In this study, we have adopted the market model, one that is proven to perform successfully in various market situations. After the normal return is estimated based on one-year worth of daily stock data, we calculated whether return during the event period (which can be as much as 5 days before and after date of the event) is abnormal based on the results given by the benchmark model. Event day is defined to be the date when the new investment plan for CRM is announced in major newspapers. We have confined the subject to firms that are enlisted in KOSPI or KOSDAQ and those that recently made CRM investments. The results show that on the event day (0) and the day before (-1), the abnormal returns are statistically different from zero at the significant level of 0.05. The abnormal return on the event day is 0.304% and the day before, 0.884%. From this result, we concluded that the investment in CRM does positively affect the market value of the firm. If we follow the initial hypothesis that the event of CRM investment affects the market value of the firm from 5 days before the event (-5) through 5 days after the event (+5), the cumulative average abnormal return adds up to 1.91%. Based on the total average market value of the 40 companies on the day of the event, this abnormal return may mount up to 40 million dollars. Additional analysis revealed that independent variables such as the industry a firm belongs to, type of investment made, and the difference in total equity, gross profit or the type of market did not affect the size of the abnormal return. Two factors that significantly affected the abnormal return turned out to be the absolute time the announcement was made, and the number of employees. The earlier the announcement was made, bigger the abnormal return becomes. This may be explained by the fact that the market evaluates higher the effort by market leaders, and the leaders tend to readily venture new projects earlier in time. Besides, when a firm announces CRM investment later in time, there is higher possibility that a competitor may have adopted CRM system earlier, and the investors may conclude that doing what others have done already in the past may not increase firm value. The second factor, the number of employees, positively affects the market value most probably because it is a proxy of the size of the firm. In other words, bigger the firm gets, higher the abnormal return becomes. This may be due to the fact that investors tend to think firms that are larger have higher chance to successfully implement the CRM project. The significance of this study is that it is the first to apply event study in quantifying the CRM return on investment. However, it has room for improvement; most important of which is that the sample size is quite small. In the future, researchers may improve on the study by obtaining bigger sample. In addition, researchers may approach the same issue not by estimating the abnormal return but by analyzing the abnormal daily stock exchange amount. The amount may indicate how consistent the evaluations on the change of firm value among the investors are, thereby suggest the risk involved.