| Summary: | 碩士 === 東吳大學 === 國際經營與貿易學系 === 102 === The environmental issues are focused internationally, whatever they are the control of greenhouse gas, exploitation of scarce resources reduction or the control of waste materials…etc., the international certification is credibility viewed as a competitive advantage in the global market and covert the operational risk to green opportunities. A lot of countries which traded with Taiwan take ISO14001 one of green passports, dose ISO14001 really can be a competitive for enterprises? This study examines the performance of Taiwan’s listed companies first obtaining ISO14001 certification from 1996 to 2009. The study uses the event study to explore if there are any abnormal returns on event dates and also uses the difference and regression analysis to explore the difference between ISO14001 and none-ISO14001 enterprises after granted the certification of ISO14001. Furthermore, this study analyzes the performance of earlier and continued certified companies to understand if the can have the better performance?
The results shows there are no significant abnormal returns on event dates for Taiwan’s listed companies because of the leakage of information. The Tobin’s Q of the companies with ISO14001 certification is better than before, but ROA、ROE are poorer. It would be the cost of environmental management system hasn’t been covered during three years after obtaining ISO14001 certification. And there are no significant difference and correlation between ISO14001 and none-ISO14001 enterprises. Finally, the Tobin’s Q later adopters are better than those of early adopters, but ROA and ROE are no significant differences. The continued improvement indeed makes ROA better significantly, but not for ROE and Tobin’s Q.
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