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The Informational Role of Voluntary Certification: Evidence from the Mexican Clean Industry Program

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  • Andrew D. Foster
  • Emilio Gutierrez

Abstract

In the presence of imperfect information, voluntary certification can provide an important complement to mandatory inspections as a basis for environmental regulation in low income countries. Using data from Mexico's Clean Industry Program, we show that patterns of compliance and certification by sector are consistent with a model in which selection into the voluntary program permits more efficient targeting of regulator effort. As expected given the informational role played by certification in the model, we also find evidence, for a sample of publicly traded firms, of positive stock price deviations linked to the announcement of certification.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.103.3.303
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File URL: http://www.aeaweb.org/aer/ds/may2013/P2013_4361_ds.zip
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Bibliographic Info

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 103 (2013)
Issue (Month): 3 (May)
Pages: 303-08

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Handle: RePEc:aea:aecrev:v:103:y:2013:i:3:p:303-08

Note: DOI: 10.1257/aer.103.3.303
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  1. Anton, W.R.Q.Wilma Rose Q. & Deltas, George & Khanna, Madhu, 2004. "Incentives for environmental self-regulation and implications for environmental performance," Journal of Environmental Economics and Management, Elsevier, vol. 48(1), pages 632-654, July.
  2. Dasgupta, Susmita & Laplante, Benoit & Mamingi, Nlandu, 2001. "Pollution and Capital Markets in Developing Countries," Journal of Environmental Economics and Management, Elsevier, vol. 42(3), pages 310-335, November.
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