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首页> 外文期刊>Environmental & Resource Economics >ISO 14001 Environmental Certification: A Sign Valued by the Market?
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ISO 14001 Environmental Certification: A Sign Valued by the Market?

机译：ISO 14001环境认证：市场看重的标志？

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摘要

The main purpose of this work is to analyse whether ISO 14001 certification is interpreted by the capital market as a sign of environmental responsibility, modifying long-term efficiency expectations and the profitability of firms. Under competing assumptions that ISO 14001 certification is adopted by firms either proactively or reactively, we test competing hypotheses about how this certification affects the market value of firms. The analysis is based on a sample of 80 environmental certifications of the plant systems or processes of large Spanish firms which traded on the continuous market of the Madrid Stock Exchange from 1996 to 2002. Using event study methodology, we found that ISO 14001 certification has a negative effect on the market value of certain firms. Specifically, the results obtained seem to show that the market negatively views the allocation of resources to ISO 14001 certification in the case of less polluting and less internationalised firms. On the other hand, the results obtained do not suggest clear evidence that the economic impact of ISO 14001 certification is negative for more polluting and more internationalised firms.
机译：这项工作的主要目的是分析资本市场是否将ISO 14001认证解释为环境责任的标志，从而修改了长期效率预期和企业的盈利能力。在竞争性假设（企业主动或被动地采用ISO 14001认证）的情况下，我们测试了有关该认证如何影响企业市场价值的竞争性假设。该分析基于1996年至2002年在马德里证券交易所连续市场上交易的西班牙大型公司的工厂系统或过程的80个环境认证样本。使用事件研究方法，我们发现ISO 14001认证具有对某些公司的市值产生负面影响。具体而言，所获得的结果似乎表明，在污染较少且国际化程度较低的公司的情况下，市场对ISO 14001认证的资源分配持负面看法。另一方面，获得的结果并不能提供明确的证据，证明ISO 14001认证的经济影响对更多的污染和更国际化的公司不利。

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