The Impact of Forest Certification on Firm Financial Performance in Canada
and the U.S. |
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Authors: | Kais Bouslah Bouchra M’Zali Marie-France Turcotte Maher Kooli |
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Institution: | 1.école des sciences de la gestion, Université du Québec à Montréal,Montreal,Canada |
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Abstract: | The purpose of this article is to examine empirically the impact of environmental certification on firm financial performance
(FP). The main question is whether there is a “green premium” for certified firms, and, if so, for what kind of certification.
We analyze the short-run and the long-run stock price performance using an event-study methodology on a sample of Canadian
and U.S. firms. The results of short-run event abnormal returns indicate that forest certification does not have any significant
impact on firm FP regardless of the certification system carried out by firms. Unlike the short-run results, the long-run
post-event abnormal returns suggest that forest certification has, on average, a negative impact on firm FP. However, the
impact of forest certification on firm FP depends on who grants the certification, since only industry-led certification (Sustainable
Forestry Initiative, Canadian Standards Association and ISO14001) are penalized by financial markets, whereas non-governmental
organizations–led Forest Stewardship Council certification is not. |
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Keywords: | |
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