Energy management systems and market value: Is there a link?

Thi Hong Hanh Pham

Economic Modelling, 2015, vol. 46, issue C, 70-78

Abstract: This paper aims to advance in the knowledge of the economic impacts of ISO 50001 certification on firms' performance. Our main research hypothesis is that ISO 50001 is associated with improvements in market value of firms. To test this hypothesis, we employ an event study methodology for a sample of 120 companies listed on different stock exchanges, and use market reaction to the announcement of ISO 50001 as a proxy for changes in firm performance. We reveal that market reaction to the adoption of ISO 50001 is negative but statistically insignificant. This result is not suggesting that getting ISO 50001 is a bad investment, but rather that inflated expectations of financial performance improvement due to the adoption of ISO 50001 are still unfounded.

Keywords: Energy management systems; ISO 50001; Market value; Event study (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0264999314005124
Full text for ScienceDirect subscribers only

Related works:
Working Paper: Energy management systems and market value: Is there a link? (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:ecmode:v:46:y:2015:i:c:p:70-78

DOI: 10.1016/j.econmod.2014.12.038

Access Statistics for this article

Economic Modelling is currently edited by S. Hall and P. Pauly

More articles in Economic Modelling from Elsevier
Bibliographic data for series maintained by Catherine Liu ().