The economic repercussions of ISO 14001 environmental certification
AbstractThis 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 InfoArticle 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 ()
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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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