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| Tekijä: | Bouslah, K. (et al.) |
| Otsikko: | The impact of forest certification on firm financial performance in Canada and the U.S. |
| Lehti: | Journal of Business Ethics
2010 : NOV I, VOL. 96:4, p. 551-572 |
| Asiasana: | financial performance companies North America forestry industry environment certification standards event studies |
| Vapaa asiasana: | abnormal returns |
| Kieli: | eng |
| Tiivistelmä: | This study aims to empirically explore the impact of environmental certification (herein as: cert.) on firm financial performance (FP). The key question is whether there is a 'green premium' for certified firms, and, if so, for what kind of cert. Using an event-study methodology on a sample of Canadian and U.S. firms, the short-run and the long-run stock price performance is analyzed. The results of short-run event abnormal returns indicate that forest cert. does not have any significant impact on firm FP despite the cert. system performed by firms. The long-run post-event abnormal returns suggest that, on average, forest cert. has a negative impact on firm FP. However, the impact of forest cert. on firm FP depends on who grants the cert., because only industry-led cert. are penalized by financial markets. |
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