Is ISO 14001 Certification Effective? An Experimental Analysis of Firm Profitability
| Autor | Renato Tognere Ferron - Bruno Funchal - Valcemiro Nossa - Aridelmo José Campanharo Teixeira |
| Cargo | Fucape Business School, Vitória, ES, Brazil - Fucape Business School, Vitória, ES, Brazil - Fucape Business School, Vitória, ES, Brazil - Fucape Business School, Vitória, ES, Brazil |
Available online at
http://www.anpad.org.br/bar
BAR, Rio de Janeiro, v. 9, Special Issue,
art. 5, pp. 78-94, May 2012
Is ISO 14001 Certification Effective? An Experimental Analysis of
Firm Profitability
Renato Tognere Ferron *
E-mail address: renato@bandes.com.br
Fucape Business School
Vitória, ES, Brazil.
Bruno Funchal
E-mail address: bfunchal@fucape.br
Fucape Business School
Vitória, ES, Brazil.
Valcemiro Nossa
E-mail address: valcemiro@fucape.br
Fucape Business School
Vitória, ES, Brazil.
Aridelmo J. C. Teixeira
E-mail address: aridelmo@fucape.br
Fucape Business School
Vitória, ES, Brazil.
* Corresponding author: Renato Tognere Ferron
Av. Fernando Ferrari, 1358, Boa Vista, Vitória, ES, 29075-010 , Brazil.
Copyright © 2012 Brazilian Administration Review. All rights reserved, including rights for
translation. Parts of this work may be quoted without prior knowledge on the condition that
the source is identified.
Is ISO 14001 Certification Effective?
BAR, Rio de Janeiro, v. 9, Special Issue, art. 5, pp. 78-94, Ma y 2012 www.anpad.org.br/bar
79
Abstract
This paper exa mines the effect environmental management certification ( ISO 14001) has on publicl y traded
Brazilian companies profitabil ity. Signaling theory predicts that t he certification serves to signal to society good
environmental behavior; allowing people to screen the different types of firms, i mproving the financial-
economic performance of those firms that e ngage in this behavior. We performed difference-in-difference fixed
effect design comparing the financial performance of companies with and without certification of their
environmental management systems, using data on 552 companies over the period from 1996 to 2008. The
results indicate that firms with an environmental management system certified according to the NBR ISO
14001:2004 standard tended to be more profitable, on average, than fir ms without certification.
Key words: certification; profitability; NBR ISO 14001:2004.
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