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

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  • Thi-Hong-Hanh Pham

    (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes)

Abstract

This paper aims to advance in the knowledge of the economic impacts of ISO 50001 certification on firms' performance. The study hypothesizes that ISO 50001 is associated with improvements in market value of firms. We employ, on one hand, event study methodology for a sample of 40 companies listed on different stock exchanges. On the other hand, we 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. However, 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 has still been unfounded.

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  • Thi-Hong-Hanh Pham, 2014. "Energy management systems and market value: Is there a link?," Working Papers hal-01012096, HAL.
    • Handle: RePEc:hal:wpaper:hal-01012096
    Note: View the original document on HAL open archive server: https://hal.science/hal-01012096
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    Cited by:

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    2. Kenjegaliev, Amangeldi & Duygun, Meryem & Mamedshakhova, Djamila, 2016. "Do rating grades convey important information: German evidence?," Economic Modelling, Elsevier, vol. 53(C), pages 334-344.
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    4. Păunescu Carmen & Blid Laura, 2016. "Effective energy planning for improving the enterprise’s energy performance," Management & Marketing, Sciendo, vol. 11(3), pages 512-531, September.
    5. Zubizarreta, Mikel & Arana-Landín, Germán & Wolff, Sarah & Egiluz, Ziortza, 2023. "Assessing the economic impacts of forest certification in Spain: A longitudinal study," Ecological Economics, Elsevier, vol. 204(PA).
    6. Izabela Simon Rampasso & Geraldo Pereira Melo Filho & Rosley Anholon & Robson Amarante de Araujo & Gilson Brito Alves Lima & Luis Perez Zotes & Walter Leal Filho, 2019. "Challenges Presented in the Implementation of Sustainable Energy Management via ISO 50001:2011," Sustainability, MDPI, vol. 11(22), pages 1-12, November.
    7. Rafael Uriarte-Romero & Margarita Gil-Samaniego & Edgar Valenzuela-Mondaca & Juan Ceballos-Corral, 2017. "Methodology for the Successful Integration of an Energy Management System to an Operational Environmental System," Sustainability, MDPI, vol. 9(8), pages 1-9, July.
    8. Vichan Nakthong & Kuskana Kubaha, 2019. "Development of a Sustainability Index for an Energy Management System in Thailand," Sustainability, MDPI, vol. 11(17), pages 1-24, August.
    9. Stamatis Chrysikopoulos & Panos Chountalas, 2018. "Integrating energy and environmental management systems to enable facilities to qualify for carbon funds," Energy & Environment, , vol. 29(6), pages 938-956, September.

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    Keywords

    Energy Management Systems; ISO 50001; Market value; Event study.; Event study;
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