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Management systems standards and shareholder wealth: unveiling the role of multiple certifications

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Názov: Management systems standards and shareholder wealth: unveiling the role of multiple certifications
Autori: Ronalter, Louis Maximilian, Hernández Vivanco, Alfonso Antonio, Bernardo Vilamitjana, Mercè, Romaní Fernández, Javier, 1969
Zdroj: Articles publicats en revistes (Econometria, Estadística i Economia Aplicada)
Informácie o vydavateľovi: Taylor & Francis, 2025.
Rok vydania: 2025
Predmety: Stockholders, Conjunts de dades, Finançament, Data sets, Funding, Accionistes
Popis: Grounded on the shareholder theory, this study aims to relate the effects of management systems standards (MSSs) ISO 9001, ISO 14001, and/or ISO 45001 on firm financial performance (FFP) in terms of return on equity (ROE) and dividend per share yield (DY). With a balanced data sample between 2010 and 2019 composed of more than 10,000 observations, this paper performs a two-step system generalised-method-of-moments model to find a causal relationship between single, double and triple certifications, and ROE and DY. The results find no impact of single certifications on FFP. However, double certifications that include ISO 9001 promote ROE. Furthermore, all multiple certifications are found to promote DY. It is then argued that operating with multiple MSSs promotes shareholder wealth. Thus, this research adds to the continuing academic discourse on the connection between MSS certifications and FFP by presenting findings from a worldwide longitudinal dataset. Additionally, it adopts a shareholder-focused perspective and introduces DY as a relevant FFP metric in this line of research.
Druh dokumentu: Article
Popis súboru: application/pdf
Jazyk: English
Prístupová URL adresa: https://hdl.handle.net/2445/218732
Prístupové číslo: edsair.od.......963..2344847b77a80f8540a1e6cc10913a4e
Databáza: OpenAIRE
Popis
Abstrakt:Grounded on the shareholder theory, this study aims to relate the effects of management systems standards (MSSs) ISO 9001, ISO 14001, and/or ISO 45001 on firm financial performance (FFP) in terms of return on equity (ROE) and dividend per share yield (DY). With a balanced data sample between 2010 and 2019 composed of more than 10,000 observations, this paper performs a two-step system generalised-method-of-moments model to find a causal relationship between single, double and triple certifications, and ROE and DY. The results find no impact of single certifications on FFP. However, double certifications that include ISO 9001 promote ROE. Furthermore, all multiple certifications are found to promote DY. It is then argued that operating with multiple MSSs promotes shareholder wealth. Thus, this research adds to the continuing academic discourse on the connection between MSS certifications and FFP by presenting findings from a worldwide longitudinal dataset. Additionally, it adopts a shareholder-focused perspective and introduces DY as a relevant FFP metric in this line of research.