ISO Certification and Abnormal Return of Stock Price — The Study of the Taiwan Stock Market

Jo-Hui Chen
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Jo-Hui Chen: Department of Business Administration, Chung Yuan Christian University, Chung Li, Taiwan, R.O.C

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2001, vol. 04, issue 02, 109-126

Abstract: This paper extends ISO certification research by investigating whether a stock value is influenced by the announcement of its ISO registration with respect to the firm size, industry, and ISO standard series on the Taiwan Stock Exchange. The results show that receiving ISO registration influences abnormal returns. The market reacts favorably to both small and large firms but has no reaction to medium firms in terms of a firm's capital. We also observe significant positive market reaction for Plastics and Textiles. A beneficial implication is that investors may benefit more from their investment endeavors if they can properly examine the specific effects.

Keywords: ISO; Abnormal Return; Taiwan Stock Market (search for similar items in EconPapers)
JEL-codes: G1 G2 G3 (search for similar items in EconPapers)
Date: 2001
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DOI: 10.1142/S021909150100036X

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