The economic repercussions of ISO 14001 environmental certification
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Published
18-09-2018
Joaquín Cañon de Francia
Concepción Garces Ayerbe
Abstract
This study is an empirical contrast on the effect that the announcement of the gaining of ISO 14001 certification by a firm has on its market value. The analysis is based on a sample of 80 observations of environmental quality certification of the shop-floor systems or processes of large Spanish companies listed on the continuous trading market of the Madrid Stock Exchange in the period from 1996-2002. Results were obtained by use of Event Study methodology and they showed that ISO 14001 certification does not represent a sufficiently clear sign of environmental proactivity to generate expectations of long-term efficiency and profits in the capital market.
How to Cite
Cañon de Francia, J., & Garces Ayerbe, C. (2018). The economic repercussions of ISO 14001 environmental certification. Cuadernos De Gestión, 6(1), 45–62. https://doi.org/10.5295/cdg.19151jc
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Keywords
Environmental Management System, Environmental Proactiveness, ISO 14001 certification, Market Value, Resource-based View, Event Study Methodology
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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