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The economic repercussions of ISO 14001 environmental certification

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    Abstract

    This study is an empirical contrast on the effect that the announcement of the gaining of ISO 14001 certification by a firm has on its market value. The analysis is based on a sample of 80 observations of environmental quality certification of the shop-floor systems or processes of large Spanish companies listed on the continuous trading market of the Madrid Stock Exchange in the period from 1996-2002. Results were obtained by use of Event Study methodology and they showed that ISO 14001 certification does not represent a sufficiently clear sign of environmental proactivity to generate expectations of long-term efficiency and profits in the capital market.

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    Bibliographic Info

    Article provided by Universidad del País Vasco - Instituto de Economía Aplicada a la Empresa (IEAE) in its journal Cuadernos de Gestión.

    Volume (Year): 6 (2006)
    Issue (Month): 1 ()
    Pages: 45-63

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    Handle: RePEc:ehu:cuader:20060603

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    Postal: Instituto de Economía Aplicada a la Empresa, Revista Cuadernos de Gestión, Facultad de CC. Económicas y Empresariales, Universidad del País Vasco, Avda. Lehendakari Aguirre 83, 48015 Bilbao, Spain
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    Related research

    Keywords: Environmental Management System; Environmental Proactiveness; ISO 14001 certification; Market Value; Resource-based View; Event Study Methodology.;

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