Repercusión económica de la certificación medioambiental ISO 14001
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Publicado
18-09-2018
Joaquín Cañon de Francia
Concepción Garces Ayerbe
Resumen
Este trabajo contrasta empíricamente la influencia que tiene el anuncio de certificación ISO 14001 por parte de una empresa en su valor de mercado. El análisis se realiza sobre una muestra de 80 observaciones de certificación de calidad medioambiental de los sistemas o procesos de planta de grandes empresas españolas que cotizaron en el mercado continuo de la Bolsa de Madrid durante el periodo 1996-2002. Los resultados son obtenidos a través de la metodología de estudio de eventos y revelan que la certificación ISO 14001 no representa una señal de proactividad medioambiental lo suficientemente clara como para generar en el mercado de capitales expectativas de eficiencia y rentabilidad a largo plazo.
Cómo citar
Cañon de Francia, J., & Garces Ayerbe, C. (2018). Repercusión económica de la certificación medioambiental ISO 14001. Cuadernos De Gestión, 6(1), 45–62. https://doi.org/10.5295/cdg.19151jc
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Keywords
Sistema de Gestión Medioambiental, Proactividad Medioambiental, Certificación ISO 14001, Valor de mercado, Teoría de Recursos y Capacidades
References
ARAGÓN-CORREA, A. (1998): «Strategic Proactivity and Firm Approach to the Natural Environment», Academy of Management Journal, Vol. 41, No. 5, pp. 556-567.
ARAGÓN-CORREA and SHARMA (2003): «A Contingent Resource-Based View of Proactive Corporate Environmental Strategy», Academy of Management Review, Vol. 28, No. 1, pp. 71-88.
BANSAL, P. (1999): «Taking stock of ISO 14001 certifications», Final report. Washington D.C.: Environmental Protection Agency.
BANSAL, P. and BOGNER, W. (2002): «Deciding on ISO 14001: Economics, Institutions, and Context», Long Range Planning, Vol. 35, pp. 269-290.
BANSAL, P. and CLELLAND, I. (2000): «The market risk of corporate environmental illegitimacy», Academy of Management Meeting. Best paper proceedings.
BARNEY, J. (1991): «Firm resources and sustained competitive advantage», Journal of Management, Vol. 17, No. 1, pp. 99-120.
BOIRAL, O. (2001): «ISO 14001 Certification in Multinational Firms: The Paradoxes of Integration», Global Focus, Vol. 13, No. 1, pp. 79-94.
BOZEMAN, B. (1987): «All organizations are public», San Francisco, Jossey-Bass.
BREALEY, R and MYERS, S. (1991): «Principles of corporate finance», McGraw-Hill.
CAMPBELL. C. and WASLEY, C. (1993): «Measuring security price performance using daily
NASDAQ returns», Journal of financial economics, Vol. 33 No.1, pp. 73-92.
CASCIO. J. (1996): «ISO 14000 guide: The new international environmental management standards», New York, McGraw-Hill.
CHAPPLE, W.; COOKE, A.; GALT, V. and PATON, D. (2001): «The characteristics and attributes of UK firms obtaining accreditation to ISO 14001», Business Strategy and the Environment, Vol. 10, pp. 238-244.
CHIN, K. and PUN, K. (1999): «Factors influencing ISO 14000 implementation in printed circuit board manufacturing industry in Hong Kong», Journal of Environmental Planning and Management, Vol. 42 No. 1, pp. 123-134.
CHRISTMANN, P. (2000): «Effects of best practices of environmental management on cost competitiveness: the role of complementary assets», Academy of Management Journal, Vol. 43, No. 4, pp. 663-680.
CHRISTAINSEN, G.B. and HAVEMAN, R.H. (1981): «The contribution of environmental regulations to the slowdown in productivity growth», Journal of Environmental Economics and Management, Vol. 8, No. 4, pp. 381-390.
COHEN, M. FENN y NAIMON, J. (1995): «Environmental and financial performance: Are they related?», Working paper, Owen Graduate School of Management, Vanderbilt University, Nashville.
CORRADO, C. (1989): «A non parametric test for abnormal security price performance in evento studies», Journal of financial economics, Vol. 23, pp. 385-395.
COWAN, A. and SERGEANT, A. (1996): «Trading Frequency and Event Study Test Specification: Empirical Evidence», Journal of Banking and Finance, Vol. 20, No. 10, pp. 1.731-1.757.
DARNALL, N. (2001): «Adopting ISO 14001: Why some firms mandate certification while others encourage it», Paper for presentation at the twenty-third annual research conference for the Association for Public Policy Analysis and management fall conference: «Public policy análisis and public policy: making the connection». November 1-3, Washington DC.
DARNALL, N. (2003): «Why U.S. Firms Certify to ISO 14001: An Institutional and Resource-based View», in Best Paper Proceedings of the 2003 Academy of Management Conference, Seattle, Washington.
DASGUPTA, S.; HETTIGE, H. and WHEELER, D. (2000): «What improves environmental compliance? Evidence from Mexican industry», Journal of Environmental Economics and Management, Vol. 39, No. 1, pp. 39-66.
DE BACKER, P. (1999): «L’impact économique et l’efficacité environnementale de la certification ISO 14001/EMAS des entreprises industrielles», Paris, ADEME.
DEL BRÍO, J. and JUNQUERA, B. (2001): «Motivations for adopting the ISO 14001 standard: A study of Spanish Industrial companies», Environmental Quality Management, Vol. 10, No. 4, pp. 13-28.
DELMAS, M. (2001): «Stakeholders and competitive advantage: the case of ISO 14001», Production and Operations Management, Vol. 10, No. 3, pp. 343-358.
DIERICX, I. and COOL, K. (1989): «Asset Stock Accumulation and sustainability of Competitive Advantage», Management Science, Vol. 35, pp. 1.504-1.511.
DOWELL, G.; HART, S. and YEUNG, B. (2000): «Do corporate global environmental standards create or destroy market value?», Management Science, Vol. 46, No. 8, pp. 1.059-1.074.
FAMA, E. (1970): «Efficient capital markets: A review of theory and empirical work», Journal of finance, Vol. 25, pp. 383-417.
FELDMAN, S.J.; SOYKA, P. and AMEER, P. (1997): «Does improving a firm’s environmental management system and environmental performance result in a Higher stock price?», Journal of investing, Vol. 6, No. 4, pp. 87-97.
FREEMAN, R.E. (1984): «Strategic Management: A stakeholder Approach», Boston: Pitman/Ballinger.
GRANT, R. (1991): «The resource based theory of competitive advantage: implications for strategy formulation», California Management Review, Vol. 33, No. 3, pp. 114-135.
GHEMAWAT, P. (1986): «Sustainable advantage», Harvard Business Review, Vol. 64 (september), pp. 53-58.
GILLEY, M.; WORRELL, D.L.; DAVIDSON, W.N. and EL-JELLY, A. (2000): «Corporate environmental initiatives and anticipated firm performance: the differential effects of process driven versus product driven greening initiatives», Journal of management, Vol. 26, pp. 1.199-1.216.
HAMILTON, J.T. (1995): «Pollution as News: Media and stock market reactions to the toxics release inventory data», Journal of Environmental Economic and Management, Vol. 28, pp. 98-113.
HART, S. (1995): «A natural-resource based view of the firm», Academy of Management Review, Vol. 20, No. 4, pp. 986-1.014.
HART, S. and AHUJA, G. (1996): «Does it pay to be green? An empirical examination of the relationship between emission reduction and firm performance», Business strategy and the environment, Vol. 5, pp. 30-37.
HENRIQUES, I. and SADORSKY, P. (1999): «The relationship between environmental commitment and managerial perceptions of stakeholder importance», Academy of Management Journal, Vol. 42, No. 1, pp. 87-99.
JACKSON, S. (1997): «ISO 14000, What you need to know», Occupational Hazards, pp. 127-132.
JAFFE, A.; PETERSON, S.; PORTNEY, P. and STAVINS, R. (1995): «Environmental regulation and the competitiveness of U.S. manufacturing: What does the evidence tell us?», Journal of Economic Literature, Vol. 33, No. 1, pp. 132-163.
JUDGE, W. and DOUGLAS, T. (1998): «Performance implications of incorporating natural environmental issues into the strategic planning process: an empirical assessment», Journal of Management Studies, Vol. 35, No. 2, pp. 241-262.
KING. A and LENOX, M. (2001): «Who adopts management standards early? An examination of ISO 14001 certifications», Best Paper Proceeding of the Academy of Management Annual Conference. ONE: A1-A6.
KLASSEN, T. and MCLAUGHLIN, C. (1996): «The impact of environmental management on firm performance», Management Science, Vol. 42, No. 8, pp. 1.199-1.214.
KLASSEN, R. and WHYBARK, D. (1999) «The impact of environmental technologies on manufacturing performance», Academy of Management Journal, Vol. 42, No. 6, pp. 599-615.
LIEBERMAN, M. and MONTGOMERY, D. (1988): «First mover advantages», Strategic Management Journal, Vol. 9, pp. 41-58.
MCKINLAY, A. (1997): «Event Studies in Economics and Finance», Journal of Economic Literature, Vol. 35, pp. 13-39.
MELNYK, S.; SROUFE, R. and CALANTONE, R. (2002): «Assessing the impact of environmental management systems on corporate and environmental performance», Journal of Operations Management, Vol. 336, pp. 1-23.
MONTABON, F.; MELNYK, S.; SROOFE, R. and CALANTONE, R. (2000): «ISO 14000: Assessing its perceived impact on corporate purchasing performance», The Journal of Supply Chain Management, Vol. 36, No. 2, pp. 4-15.
NAKAMURA, M.; TAKAHASHI, T. and VERTINSKY, I. (2001): «Why Japanese firms choose to certify: A Study of Managerial Responses to Environmental Issues», Journal of Environmental Economics and Management, Vol. 42, No. 1, pp. 23-52.
NEHRT, C. (1996): «Timing and intensity effects of environmental investments», Strategic Management Journal, Vol. 17, pp. 535-547.
NEHRT, C. (1998): «Maintainability of first mover advantages when environmental regulations differ between countries», Academy of Management Review, Vol. 23, No. 1, pp. 77-97.
NIJKAMP, P.; RODENBURG, C. and VERHOEF, E. (1999): «The adoption and diffusion of environmentally friendly technologies among firms», International Journal of Technology Management, Vol. 17, No. 4, pp. 421-437.
NOCI, G. and VERGANTI, R. (1999): «Managing Green Product Innovation and Small Firms», R&D Management, Vol. 29, No. 1, pp. 3-15.
PALMER, K.; OATES, W. and PORTNEY, P. (1995): «Tightening environmental standards: the benefit-cost or the no-cost paradigm?», Journal of Economic Perspectives, Vol. 9, No. 4, pp. 119-132.
PORTER, M. (1991) «America’s green strategy», Scientific American, Vol. 264 No. 4, p. 168.
PORTER, M. and VAN DER LINDE, C. (1995): «Green and competitive: Ending the stalemate», Harvard Business Review, Vol. 73, No. 5, pp. 120-134.
RUGMAN, A. and VERBEKE, A. (1998): «Corporate strategies and environmental regulations: an organizing framework», Strategic Management Journal, Vol. 19, No. 4, pp. 363-375.
RUMELT, R. (1984): «Towards a strategic theory of the firm», in: R.B. LAMB (ed.): Competitive Strategic Management, Englewood Cliffs, NJ: Prentice-Hall, pp. 556-570.
RUSSO, M. and FOUTS, P. (1997): «A Resource-Based perspective on corporate environmental performance and profitability», Academy of Management Journal, Vol. 40, No. 3, pp. 534-559.
RUSSO, M. and HARRISON (2001): «An empirical study of the impact of ISO 14001 registration on emissions performance», Paper presented at the Ninth Greening of Industry Network annual conference, Bangkok, Thailand. http://lcb1.uoregon.edu/mrusso/Text-GINa.htm.
SARKIS, J. and KITAZAWA, S. (2000): «The relationship between ISO14001 and continuous source reduction programs», International Journal of Operations and Production Management, Vol. 20, No. 2, pp. 225-248.
SCHAARSMITH, J. (2000): «ISO 14001 Lowers Environmental Risks», Business Insurance, Vol. 34, No. 27, p. 12.
SELLS, W.A. and JANKOUSKY, A.L. (1994): «Striving for Lowest-cost continuous compliance», Journal of Environmental Regulation, Vol. 3, No. 3, pp. 301-307.
SHARMA, S. (2000): «Managerial Interpretations and Organizational Context as Predictors of Corporate Choice of Environmental Strategy», Academy of Management Journal, Vol. 43, No. 4, pp. 681-697.
SHARMA, S. and VREDENBURG, H. (1998): «Proactive corporate environmental strategy and the development of competitively valuable organizational capabilities», Strategic Management Journal, Vol. 19, pp. 729-754.
SHARPE, W. (1964): «Capital asset prices: A theory of market equilibrium under conditions of risk», Journal of Finance, Vol. 19, No. 3, pp. 425-442.
VERNON, R. (1971): «Sovereignty at Bay: The multinational spread of US enterprises», Basic Books, New York.
WHITE, M.A. (1995): «Corporate Environment Performance and Shareholder Value», University of Virginia Online Scholarship initiative Alderman Library, University of Virginia Charlottesville, VA. http://www.etext.lib.Virginia.edu/osi.
XEPAPADEAS, A. and ZEEUW, A. (1999): «Environmental policy and competitiveness: The Porter Hypothesis and the composition of Capital», Journal of Environmental Economics and Management, Vol. 37, No. 2, pp. 165-182.
ARAGÓN-CORREA and SHARMA (2003): «A Contingent Resource-Based View of Proactive Corporate Environmental Strategy», Academy of Management Review, Vol. 28, No. 1, pp. 71-88.
BANSAL, P. (1999): «Taking stock of ISO 14001 certifications», Final report. Washington D.C.: Environmental Protection Agency.
BANSAL, P. and BOGNER, W. (2002): «Deciding on ISO 14001: Economics, Institutions, and Context», Long Range Planning, Vol. 35, pp. 269-290.
BANSAL, P. and CLELLAND, I. (2000): «The market risk of corporate environmental illegitimacy», Academy of Management Meeting. Best paper proceedings.
BARNEY, J. (1991): «Firm resources and sustained competitive advantage», Journal of Management, Vol. 17, No. 1, pp. 99-120.
BOIRAL, O. (2001): «ISO 14001 Certification in Multinational Firms: The Paradoxes of Integration», Global Focus, Vol. 13, No. 1, pp. 79-94.
BOZEMAN, B. (1987): «All organizations are public», San Francisco, Jossey-Bass.
BREALEY, R and MYERS, S. (1991): «Principles of corporate finance», McGraw-Hill.
CAMPBELL. C. and WASLEY, C. (1993): «Measuring security price performance using daily
NASDAQ returns», Journal of financial economics, Vol. 33 No.1, pp. 73-92.
CASCIO. J. (1996): «ISO 14000 guide: The new international environmental management standards», New York, McGraw-Hill.
CHAPPLE, W.; COOKE, A.; GALT, V. and PATON, D. (2001): «The characteristics and attributes of UK firms obtaining accreditation to ISO 14001», Business Strategy and the Environment, Vol. 10, pp. 238-244.
CHIN, K. and PUN, K. (1999): «Factors influencing ISO 14000 implementation in printed circuit board manufacturing industry in Hong Kong», Journal of Environmental Planning and Management, Vol. 42 No. 1, pp. 123-134.
CHRISTMANN, P. (2000): «Effects of best practices of environmental management on cost competitiveness: the role of complementary assets», Academy of Management Journal, Vol. 43, No. 4, pp. 663-680.
CHRISTAINSEN, G.B. and HAVEMAN, R.H. (1981): «The contribution of environmental regulations to the slowdown in productivity growth», Journal of Environmental Economics and Management, Vol. 8, No. 4, pp. 381-390.
COHEN, M. FENN y NAIMON, J. (1995): «Environmental and financial performance: Are they related?», Working paper, Owen Graduate School of Management, Vanderbilt University, Nashville.
CORRADO, C. (1989): «A non parametric test for abnormal security price performance in evento studies», Journal of financial economics, Vol. 23, pp. 385-395.
COWAN, A. and SERGEANT, A. (1996): «Trading Frequency and Event Study Test Specification: Empirical Evidence», Journal of Banking and Finance, Vol. 20, No. 10, pp. 1.731-1.757.
DARNALL, N. (2001): «Adopting ISO 14001: Why some firms mandate certification while others encourage it», Paper for presentation at the twenty-third annual research conference for the Association for Public Policy Analysis and management fall conference: «Public policy análisis and public policy: making the connection». November 1-3, Washington DC.
DARNALL, N. (2003): «Why U.S. Firms Certify to ISO 14001: An Institutional and Resource-based View», in Best Paper Proceedings of the 2003 Academy of Management Conference, Seattle, Washington.
DASGUPTA, S.; HETTIGE, H. and WHEELER, D. (2000): «What improves environmental compliance? Evidence from Mexican industry», Journal of Environmental Economics and Management, Vol. 39, No. 1, pp. 39-66.
DE BACKER, P. (1999): «L’impact économique et l’efficacité environnementale de la certification ISO 14001/EMAS des entreprises industrielles», Paris, ADEME.
DEL BRÍO, J. and JUNQUERA, B. (2001): «Motivations for adopting the ISO 14001 standard: A study of Spanish Industrial companies», Environmental Quality Management, Vol. 10, No. 4, pp. 13-28.
DELMAS, M. (2001): «Stakeholders and competitive advantage: the case of ISO 14001», Production and Operations Management, Vol. 10, No. 3, pp. 343-358.
DIERICX, I. and COOL, K. (1989): «Asset Stock Accumulation and sustainability of Competitive Advantage», Management Science, Vol. 35, pp. 1.504-1.511.
DOWELL, G.; HART, S. and YEUNG, B. (2000): «Do corporate global environmental standards create or destroy market value?», Management Science, Vol. 46, No. 8, pp. 1.059-1.074.
FAMA, E. (1970): «Efficient capital markets: A review of theory and empirical work», Journal of finance, Vol. 25, pp. 383-417.
FELDMAN, S.J.; SOYKA, P. and AMEER, P. (1997): «Does improving a firm’s environmental management system and environmental performance result in a Higher stock price?», Journal of investing, Vol. 6, No. 4, pp. 87-97.
FREEMAN, R.E. (1984): «Strategic Management: A stakeholder Approach», Boston: Pitman/Ballinger.
GRANT, R. (1991): «The resource based theory of competitive advantage: implications for strategy formulation», California Management Review, Vol. 33, No. 3, pp. 114-135.
GHEMAWAT, P. (1986): «Sustainable advantage», Harvard Business Review, Vol. 64 (september), pp. 53-58.
GILLEY, M.; WORRELL, D.L.; DAVIDSON, W.N. and EL-JELLY, A. (2000): «Corporate environmental initiatives and anticipated firm performance: the differential effects of process driven versus product driven greening initiatives», Journal of management, Vol. 26, pp. 1.199-1.216.
HAMILTON, J.T. (1995): «Pollution as News: Media and stock market reactions to the toxics release inventory data», Journal of Environmental Economic and Management, Vol. 28, pp. 98-113.
HART, S. (1995): «A natural-resource based view of the firm», Academy of Management Review, Vol. 20, No. 4, pp. 986-1.014.
HART, S. and AHUJA, G. (1996): «Does it pay to be green? An empirical examination of the relationship between emission reduction and firm performance», Business strategy and the environment, Vol. 5, pp. 30-37.
HENRIQUES, I. and SADORSKY, P. (1999): «The relationship between environmental commitment and managerial perceptions of stakeholder importance», Academy of Management Journal, Vol. 42, No. 1, pp. 87-99.
JACKSON, S. (1997): «ISO 14000, What you need to know», Occupational Hazards, pp. 127-132.
JAFFE, A.; PETERSON, S.; PORTNEY, P. and STAVINS, R. (1995): «Environmental regulation and the competitiveness of U.S. manufacturing: What does the evidence tell us?», Journal of Economic Literature, Vol. 33, No. 1, pp. 132-163.
JUDGE, W. and DOUGLAS, T. (1998): «Performance implications of incorporating natural environmental issues into the strategic planning process: an empirical assessment», Journal of Management Studies, Vol. 35, No. 2, pp. 241-262.
KING. A and LENOX, M. (2001): «Who adopts management standards early? An examination of ISO 14001 certifications», Best Paper Proceeding of the Academy of Management Annual Conference. ONE: A1-A6.
KLASSEN, T. and MCLAUGHLIN, C. (1996): «The impact of environmental management on firm performance», Management Science, Vol. 42, No. 8, pp. 1.199-1.214.
KLASSEN, R. and WHYBARK, D. (1999) «The impact of environmental technologies on manufacturing performance», Academy of Management Journal, Vol. 42, No. 6, pp. 599-615.
LIEBERMAN, M. and MONTGOMERY, D. (1988): «First mover advantages», Strategic Management Journal, Vol. 9, pp. 41-58.
MCKINLAY, A. (1997): «Event Studies in Economics and Finance», Journal of Economic Literature, Vol. 35, pp. 13-39.
MELNYK, S.; SROUFE, R. and CALANTONE, R. (2002): «Assessing the impact of environmental management systems on corporate and environmental performance», Journal of Operations Management, Vol. 336, pp. 1-23.
MONTABON, F.; MELNYK, S.; SROOFE, R. and CALANTONE, R. (2000): «ISO 14000: Assessing its perceived impact on corporate purchasing performance», The Journal of Supply Chain Management, Vol. 36, No. 2, pp. 4-15.
NAKAMURA, M.; TAKAHASHI, T. and VERTINSKY, I. (2001): «Why Japanese firms choose to certify: A Study of Managerial Responses to Environmental Issues», Journal of Environmental Economics and Management, Vol. 42, No. 1, pp. 23-52.
NEHRT, C. (1996): «Timing and intensity effects of environmental investments», Strategic Management Journal, Vol. 17, pp. 535-547.
NEHRT, C. (1998): «Maintainability of first mover advantages when environmental regulations differ between countries», Academy of Management Review, Vol. 23, No. 1, pp. 77-97.
NIJKAMP, P.; RODENBURG, C. and VERHOEF, E. (1999): «The adoption and diffusion of environmentally friendly technologies among firms», International Journal of Technology Management, Vol. 17, No. 4, pp. 421-437.
NOCI, G. and VERGANTI, R. (1999): «Managing Green Product Innovation and Small Firms», R&D Management, Vol. 29, No. 1, pp. 3-15.
PALMER, K.; OATES, W. and PORTNEY, P. (1995): «Tightening environmental standards: the benefit-cost or the no-cost paradigm?», Journal of Economic Perspectives, Vol. 9, No. 4, pp. 119-132.
PORTER, M. (1991) «America’s green strategy», Scientific American, Vol. 264 No. 4, p. 168.
PORTER, M. and VAN DER LINDE, C. (1995): «Green and competitive: Ending the stalemate», Harvard Business Review, Vol. 73, No. 5, pp. 120-134.
RUGMAN, A. and VERBEKE, A. (1998): «Corporate strategies and environmental regulations: an organizing framework», Strategic Management Journal, Vol. 19, No. 4, pp. 363-375.
RUMELT, R. (1984): «Towards a strategic theory of the firm», in: R.B. LAMB (ed.): Competitive Strategic Management, Englewood Cliffs, NJ: Prentice-Hall, pp. 556-570.
RUSSO, M. and FOUTS, P. (1997): «A Resource-Based perspective on corporate environmental performance and profitability», Academy of Management Journal, Vol. 40, No. 3, pp. 534-559.
RUSSO, M. and HARRISON (2001): «An empirical study of the impact of ISO 14001 registration on emissions performance», Paper presented at the Ninth Greening of Industry Network annual conference, Bangkok, Thailand. http://lcb1.uoregon.edu/mrusso/Text-GINa.htm.
SARKIS, J. and KITAZAWA, S. (2000): «The relationship between ISO14001 and continuous source reduction programs», International Journal of Operations and Production Management, Vol. 20, No. 2, pp. 225-248.
SCHAARSMITH, J. (2000): «ISO 14001 Lowers Environmental Risks», Business Insurance, Vol. 34, No. 27, p. 12.
SELLS, W.A. and JANKOUSKY, A.L. (1994): «Striving for Lowest-cost continuous compliance», Journal of Environmental Regulation, Vol. 3, No. 3, pp. 301-307.
SHARMA, S. (2000): «Managerial Interpretations and Organizational Context as Predictors of Corporate Choice of Environmental Strategy», Academy of Management Journal, Vol. 43, No. 4, pp. 681-697.
SHARMA, S. and VREDENBURG, H. (1998): «Proactive corporate environmental strategy and the development of competitively valuable organizational capabilities», Strategic Management Journal, Vol. 19, pp. 729-754.
SHARPE, W. (1964): «Capital asset prices: A theory of market equilibrium under conditions of risk», Journal of Finance, Vol. 19, No. 3, pp. 425-442.
VERNON, R. (1971): «Sovereignty at Bay: The multinational spread of US enterprises», Basic Books, New York.
WHITE, M.A. (1995): «Corporate Environment Performance and Shareholder Value», University of Virginia Online Scholarship initiative Alderman Library, University of Virginia Charlottesville, VA. http://www.etext.lib.Virginia.edu/osi.
XEPAPADEAS, A. and ZEEUW, A. (1999): «Environmental policy and competitiveness: The Porter Hypothesis and the composition of Capital», Journal of Environmental Economics and Management, Vol. 37, No. 2, pp. 165-182.
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