The economic repercussions of ISO 14001 environmental certification
Joaquín Cañón de Francia / Concepción Garcés Ayerbe
Universidad de Zaragoza

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.


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


Cañón de Francia, J.; Garcés Ayerbe, C. (2006): "Repercusión económica de la certificación medioambiental ISO 14001"; Revista Cuadernos de Gestión, Vol.6; No.1, pp. 45-62.

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