scholarly journals Maintaining stability while boosting growth? The long-term impact of environmental accreditations on firms' financial risk and sales growth

2020 ◽  
Vol 40 (12) ◽  
pp. 1829-1856
Author(s):  
Yuxiao Ye ◽  
Andy C.L. Yeung ◽  
Baofeng Huo
Keyword(s):  
Environmental Management ◽  
Financial Risk ◽  
Iso 14001 ◽  
Management Systems ◽  
Sales Growth ◽  
Trade Off ◽  
Content Type ◽  
Standard Management ◽  
Over Time

PurposeIn this research, we examine the impact of ISO 14001, an international environmental management accreditation, on the long-term financial risk and sales growth of firms.Design/methodology/approachWe employ a quasi-experimental design and construct 682 treated and control firms that are matched using propensity score matching. We then test our hypotheses using the difference in difference model.FindingsWe find that, although ISO 14001 leads to lower financial risk, standard management systems such as ISO 14001 actually hinder the sales growth of firms, an unanticipated outcome. In particular, this trade-off worsens over time, becoming particularly more severe among firms that adopt ISO 14001 early and operate in less-polluting industries.Research limitations/implicationsWe present a hidden side of environmental accreditations, indicating a potential trade-off in the long-term efficacy of environmental standard management systems.Practical implicationsFirms must be cautious about adopting environmental management systems. Over time, a focus on environmental certification could potentially hinder firms' long-term growth. Firms should also be aware of certification timing and levels of industry pollution to resolve the tension in the trade-off.Originality/valueThis research is one of the first studies demonstrating that environmental accreditations result in a trade-off between reducing financial risk and improving sales growth.

The impact of national culture on the adoption of environmental management standards

2019 ◽  
Vol 26 (4) ◽  
pp. 546-566
Author(s):  
Raquel Orcos ◽  
Sergio Palomas
Keyword(s):  
Environmental Management ◽  
National Culture ◽  
Cultural Dimensions ◽  
Iso 14001 ◽  
Content Type ◽  
Performance Orientation ◽  
Management Standards ◽  
The World ◽  
The Impact ◽  
Over Time

Purpose The purpose of this paper is to explore how national cultures contribute to explain the uneven diffusion of ISO 14001 across countries. The paper focuses on two of the cultural dimensions developed by the global leadership and organizational behavior effectiveness (GLOBE) project, namely, performance orientation and institutional collectivism. Design/methodology/approach A database containing information about the diffusion of ISO 14001 in 52 countries during the period 1999–2016 was built to carry out this research. The countries considered in this study represent about 90 percent of worldwide ISO 14001 certifications. The information was gathered from publicly available data sources: the ISO Survey, published every year by the International Organization for Standardization, the world development indicators of the World Bank, the cultural dimensions of the GLOBE project and the Index of Economic Freedom provided by The Heritage Foundation. Findings This research finds that both performance orientation and institutional collectivism influence the diffusion of ISO 14001. Whereas performance orientation slows down the diffusion of ISO 14001, institutional collectivism speeds it up. Additionally, this research shows that the slowing effect of performance orientation decreases in strength over time, while the accelerating effect of institutional collectivism becomes stronger. Originality/value The study adds to the understanding of the influence of national culture on the diffusion of environmental management standards, with an emphasis on ISO 14001. A key contribution of this research is that it explores how the influence of cultural dimensions change over time as a result of the development and maturation of ISO 14001.

Improving the quality of environmental management: impact on shareholder value

2015 ◽  
Vol 32 (1) ◽  
pp. 53-80 ◽  
Author(s):  
Rose Sebastianelli ◽  
Nabil Tamimi ◽  
Kathleen Iacocca
Keyword(s):  
Environmental Management ◽  
Environmental Performance ◽  
Investment Portfolio ◽  
Publicly Traded ◽  
Socially Responsible ◽  
Market Reactions ◽  
Content Type ◽  
Iso 14000 ◽  
Over Time

Purpose – The purpose of this paper is to build upon the conceptual model developed by Feldman et al. (1997) that demonstrated a link between improved environmental performance and increased market value for publicly traded corporations. ISO 14000 standards, not yet established at the time of their study, provide the framework for a strategic approach to environmental management with an emphasis on continuous quality improvement. Consequently, ISO 14000 certification is used as the basis for creating an investment portfolio of publicly traded companies. While previous research has examined short-term stock market reactions to ISO 14000 certification, this study evaluates the longer term impact on shareholder value by comparing the ISO portfolio’s performance against other funds. It adds to the existing literature on the “pay to be green” question. Design/methodology/approach – The successful attainment of ISO 14000 certification is used as the basis for developing a portfolio that is followed over time in order to examine its value to shareholders. The portfolio consists of companies certified between 1996 and 2006, each added to the portfolio the month after its announced ISO 14000 certification date. The study covers the period from October 1996 through April 2011. Average monthly returns and standard deviations for a buy-and-hold strategy over various rolling periods (three, five, seven and ten year) are used to compare the ISO 14000 portfolio against the S&P 500 Index. In addition, the growth of an initial investment of $100,000 is tracked to compare the ISO 14000 portfolio against the S&P 500 Index and three other funds that are socially responsible and/or green (Domini Social Equity Fund (DSEFX), Winslow Green Growth Investment, and iShares KLD 400 Social Index). Findings – The ISO 14000 portfolio outperformed the S&P 500 Index as well as selected socially responsible and/or green funds in the growth of an initial investment over time. It also consistently provided higher average monthly returns (along with higher standard deviations) than the S&P 500 Index when using a buy-and-hold investment strategy over all rolling periods considered. Moreover, monthly returns for the ISO 14000 portfolio were found to be significantly higher, at the 0.05 level, than for those of the S&P 500 Index and the DSEFX. Research limitations/implications – Companies that attained ISO 14000 certification after 2006 were not included in the portfolio due to the inability to obtain a complete listing after that time. Furthermore, causality cannot be established by analyzing fund performance. Nonetheless, ISO 14000 certification as the basis for creating an investment portfolio appears to be a strategy that pays off in the long term. Originality/value – This paper fills a gap in the literature by examining longer term market reactions to ISO 14000 certification. The methodology employed has not been used in this context, although it has been used to examine the impact of ISO 9000 certification on stock prices. The findings support the argument that improved environmental performance is valued by the market and may provide long-term value for shareholders.

The adoption of ISO 14001 environmental management systems in Macao SAR, China

2014 ◽  
Vol 25 (2) ◽  
pp. 244-256 ◽  
Author(s):  
W.M. To ◽  
Margaret N.F. Tang
Keyword(s):  
Environmental Management ◽  
Growth Pattern ◽  
Environmental Awareness ◽  
Regulatory Compliance ◽  
Iso 14001 ◽  
Management Systems ◽  
Environmental Management Systems ◽  
Motivating Factors ◽  
Perceived Benefits ◽  
Content Type

Purpose – The purpose of this paper is to investigate the adoption of ISO 14001 environmental management systems in Macao SAR, China. Design/methodology/approach – Using the data from the latest ISO Survey of Certifications, the study identified the growth pattern of ISO 14001 certifications in Macao SAR by nonlinear regression. The study also examined the motivations for Macao's organizations to adopt ISO 14001 and the perceived benefits of implementing ISO 14001 using a quantitative survey instrument, and follow-up interviews with environmental management representatives. Findings – The trend analysis revealed that the adoption of ISO 14001 follows a logistic function. The survey results showed that the top motivating factors included promoting environmental awareness among employees, better managing environmental regulatory compliance, and improving efficiency while the greatest perceived benefit of implementing ISO 14001 was in enhancing employees’ awareness on pertinent environmental regulations, followed by enhancing employees’ environmental awareness, enhancing organizational image, and assisting management to deal with environmental issues. Research limitations/implications – Macao is a special administration region and is the only China's city with legalized casino gaming. Hence, the findings of the study cannot be generalized to other parts of China. Practical implications – Understanding what motivate organizations to adopt ISO 14001 and how organizations perceive the benefits of implementing ISO 14001 are crucial to the promotion of environmental management and sustainable development. The findings of the study revealed the key motivating factors and perceived benefits. Originality/value – The study contributes to the environmental management literature by exploring the growth pattern of ISO 14001 in Macao SAR, and the motivations for, perceived benefits, and difficulties of implementing ISO 14001 in organizational settings.

scholarly journals Integrated management systems diffusion models in South European countries

2018 ◽  
Vol 35 (10) ◽  
pp. 2289-2303 ◽  
Author(s):  
Mónica Cabecinhas ◽  
Pedro Domingues ◽  
Paulo Sampaio ◽  
Merce Bernardo ◽  
Fiorenzo Franceschini ◽  
...  
Keyword(s):  
Integrated Management ◽  
Early Years ◽  
Iso 14001 ◽  
European Countries ◽  
Saturation Level ◽  
Management Systems ◽  
The South ◽  
Cross Sectional ◽  
Data Set ◽  
Content Type

Purpose The purpose of this paper is to dissect the diffusion of the number of organizations that implemented multiple management systems (MSs), considering the International Organization for Standardization (ISO) 9001, ISO 14001 and OHSAS 18001 standards (quality, environment and safety) in the South European countries: Italy, Portugal and Spain. In addition, based on the data collected, forecasting models were developed to assess at which extent the multiple certifications are expected to occur in each studied country. Design/methodology/approach Data concerning the evolution of the amount of multiple MSs in Italy, Portugal and Spain were collected for the period between 1999 and 2015. The behavior of the evolution of the number of MSs over the years was studied adopting both the Gompertz and the Logistic models. The results obtained with these two models were compared and analyzed to provide a forecast for the next years. Findings The diffusion throughout the years of the number of MSs presents an S-shaped behavior. The evolution of the amount of MSs in countries with a lower saturation level are properly fitted by the Gompertz model whereas the Logistic model fits more accurately when considering countries with a larger saturation level. Research limitations/implications The data related to the early years are not available in some of the countries. To overcome this shortcoming missing data were extrapolated from the data set provided by the annual ISO survey. Additionally, the integration level attained by each company was not assessed and, on this regard and in the scope of this paper, an integrated management system is understood as implemented when organizations have multiple MSs implemented. Practical implications The results provide a cross-sectional portrayal of the diffusion of MSs certifications in the South European countries and enable a forecast for the trend in the next years. Originality/value This study aims for the first time, to the best of the authors’ knowledge, to analyze the diffusion of multiple MSs throughout the years.

scholarly journals Corporate Environmental Management Systems and Outcomes: A Case Study of ISO 14001 Implementation in a Cable Manufacturing Company in Tema, Ghana

2018 ◽  
Vol 14 (31) ◽  
pp. 320
Author(s):  
Nancy, Botchway ◽  
Shine Francis, Gbedemah
Keyword(s):  
Environmental Management ◽  
Energy Consumption ◽  
Sampling Technique ◽  
Iso 14001 ◽  
Management Systems ◽  
Environmental Management Systems ◽  
Annual Data ◽  
Manufacturing Firm ◽  
Corporate Environmental Management ◽  
Before And After

The potential for the firm to improve its resource use especially energy management by using Environmental Management Systems (EMS) like ISO 14001 has been shown to be possible. Yet, no in-depth research has been conducted to explore this possibility in Ghana. The implementation of EMS integrates the corporate environmental management strategies and management commitment to sustainable development but most of the organisations in developing countries of West Africa are slow to adopt the management system. The aim of this paper is to assess the drivers, the competitive advantages of ISO 14001 EMS certification and the environmental impact of ISO 14001 EMS certification, in terms of energy consumption. Before and after methods of evaluation were used to analyse the data collected. Purposive sampling technique was used to administer questionnaires and interview guides to employees of the cable manufacturing firm. A review was also made of annual data for electricity consumption before and after ISO 14001 EMS certification. The findings indicate that the main driver of the ISO 14001 EMS certification by the firm is to take advantage of certification to expand its market share. It was also found out that reduction in potential environmental liability risks is the main competitive advantage of ISO 14001 EMS certification. In terms of energy consumption, the findings show that the firm is saving a lot of energy thus cost. It is recommended that more efforts should be made by the energy commission of Ghana through the provision of funds to firms who want to implement environmental management systems.

scholarly journals Chromosomal Rearrangements in Salmonella enterica Serovar Typhi Strains Isolated from Asymptomatic Human Carriers

mBio ◽  
2011 ◽  
Vol 2 (3) ◽  
Author(s):  
T. David Matthews ◽  
Wolfgang Rabsch ◽  
Stanley Maloy
Keyword(s):  
Salmonella Enterica ◽  
Large Scale ◽  
Chromosomal Rearrangements ◽  
Growth Conditions ◽  
Genetic Changes ◽  
Content Type ◽  
Long Term Storage ◽  
Bacterial Chromosomes ◽  
Over Time

ABSTRACTHost-specific serovars ofSalmonella entericaoften have large-scale chromosomal rearrangements that occur by recombination betweenrrnoperons. Two hypotheses have been proposed to explain these rearrangements: (i) replichore imbalance from horizontal gene transfer drives the rearrangements to restore balance, or (ii) the rearrangements are a consequence of the host-specific lifestyle. Although recent evidence has refuted the replichore balance hypothesis, there has been no direct evidence for the lifestyle hypothesis. To test this hypothesis, we determined therrnarrangement type for 20Salmonella entericaserovar Typhi strains obtained from human carriers at periodic intervals over multiple years. These strains were also phage typed and analyzed for rearrangements that occurred over long-term storage versus routine culturing. Strains isolated from the same carrier at different time points often exhibited different arrangement types. Furthermore, colonies isolated directly from the Dorset egg slants used to store the strains also had different arrangement types. In contrast, colonies that were repeatedly cultured always had the same arrangement type. Estimated replichore balance of isolated strains did not improve over time, and some of the rearrangements resulted in decreased replicore balance. Our results support the hypothesis that the restricted lifestyle of host-specificSalmonellais responsible for the frequent chromosomal rearrangements in these serovars.IMPORTANCEAlthough it was previously thought that bacterial chromosomes were stable, comparative genomics has demonstrated that bacterial chromosomes are dynamic, undergoing rearrangements that change the order and expression of genes. While mostSalmonellastrains have a conserved chromosomal arrangement type, rearrangements are very common in host-specificSalmonellastrains. This study suggests that chromosome rearrangements in the host-specificSalmonella entericaserovar Typhi, the causal agent of typhoid fever, occur within the human host over time. The results also indicate that rearrangements can occur during long-term maintenance on laboratory medium. Although these genetic changes do not limit survival under slow-growth conditions, they may limit the survival ofSalmonellaTyphi in other environments, as predicted for the role of pseudogenes and genome reduction in niche-restricted bacteria.

Activity networks and the temporality of urban space: the case of a cul-de-sac square

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ahlam Ammar Sharif
Keyword(s):  
Urban Space ◽  
Actor Network Theory ◽  
Ethnographic Study ◽  
Urban Change ◽  
Content Type ◽  
Activity Networks ◽  
Nuanced Understanding ◽  
The Stability ◽  
Over Time

PurposeThis study draws on recent actor-network theory (ANT) literature to provide a nuanced understanding of the effect of time on activity networks in urban spaces. It investigates the role of time in multiplying these networks and producing urban change, which is limited in similar ANT-related research.Design/methodology/approachThis ethnographic study of a cul-de-sac square within a housing project in the suburb of Dahiyat Al-Hussein in Amman, Jordan, documents the changes in its activity networks when comparing the 1990s with 2019. Data were collected through interviews and site observations covering the two time periods to investigate the different activities that occurred constantly over time, which reflect the temporal network stabilisation within the square.FindingsThe findings demonstrate the profound effect time has on the stability of activity networks related to playing, observing, walking, vending and their interrelations. Their overlaps and conflicts with each other and with other networks in the space were observed. Unpacking the stability of activity networks and their interrelations demonstrates the change in their actor relations and temporalities over time. This is significant in understanding urban change.Originality/valueThe study investigates the importance of time in recognising and extending the multiplicity of urban activities, which suggests new ways of understanding urban change. This exploration highlights new possibilities for creating more adaptable spaces according to residents' long-term needs.

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