标题：Meio Ambiente e Desempenho Econômico-Financeiro: Benefícios dos Sistemas de Gestão Ambiental (SGAs) e o Impacto da ISO 14001 nas Empresas Brasileiras
出版社：Associação Nacional de Pós-Graduação e Pesquisa em Administração
摘要：Economic and strategic benefits from an Environmental Management System (EMS) implementation by firms may result in market gains and cost reduction. However, studies concerning the relationship between economic-financial and environmental performances are contradictory, and some of them inconsistent. This research investigates whether the implementation of an EMS and further certification of ISO 14001:96 in a sample of Brazilian firms with stocks traded in Bovespa, has a positive impact on the firms’ economic and financial performance. Economic and financial measures such as: Price to Earnings (P/E), Price to Book Value (P/BV), Return on Sales (ROS), Return on Assets (ROA), and Return on Equity (ROE) are analyzed. Data on environmental certification, from 1996 to 2002, were collected from ‘Revista Meio Ambiente Industrial’, ‘INMETRO’, firm’s reports, and auditing firms. Financial data, from January 1993 to March 2003, were collected from Economática database. The results suggest that profitability measures (ROA, ROE and ROS) increased after the certification announcement date, however not all of them presented statistical significance. On the other hand, economic and financial measures based on market price (P/E and P/BV) presented a significant decrease after the certification announcement date.
关键词：environmental management system ; ISO 14001 ; financial performance.
