投资者何时看到跨国公司国际环境管理认证的价值?《巴黎协定》后的ISO14001认证研究

IF 5.7 2区 管理学 Q1 BUSINESS Global Strategy Journal Pub Date : 2023-08-08 DOI:10.1002/gsj.1490
Irene Margaret, Frederiek Schoubben, Ernst Verwaal
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引用次数: 0

摘要

尽管国际标准化组织(ISO)14001认证是一项全球战略工具,但其作为价值创造工具的有效性一直存在疑问,尤其是对跨国公司而言。本研究利用制度理论来解释在一项具有强烈约束力的多边环境协议之后,国际环境管理认证的市场估值变化。我们认为,在具有强烈约束力的《巴黎协定》施加的制度压力下,ISO14001认证更有力地提高了跨国公司的市场价值。这种影响因原产国的制度影响和对环境法规严格的东道国的暴露而有所不同。我们通过对来自60个国家的3193家跨国公司的差异分析提供实证支持,这些跨国公司在《巴黎协定》中承诺减排。国际标准化组织(ISO)14001已被公认为实现可持续发展目标的关键。尽管如此,管理人员仍在寻求采用这一突出的全球标准的财务理由。我们的研究表明,随着全球标准向投资者保证企业与全球气候目标的一致性,ISO 14001在具有约束力的《巴黎协定》之后更有力地提高了跨国公司的市场价值。尽管ISO 14001对新兴经济体的跨国公司的财务影响似乎更大,但由于新兴经济体对机构质量的期望较低,投资者根据其在严格环境法规的东道国的敞口,纠正了对ISO认证跨国公司的(经济)评估。这些发现使管理者认识到将企业可持续性与地域多元化战略相结合的重要性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

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When do investors see value in international environmental management certification of multinational corporations? A study of ISO 14001 certification after the Paris Agreement

Research Summary

Despite the prominence of International Organization for Standardization (ISO) 14001 certification as a global strategy instrument, there is persistent doubt about its effectiveness as a value-generating tool, especially for multinational corporations (MNCs). This study draws on institutional theory to explain the varying market valuations of international environmental management certification following a strongly binding multilateral environmental agreement. We submit that ISO 14001 certification increases the market value of MNCs more strongly following the institutional pressures exerted by the strongly binding Paris Agreement. This effect varies due to institutional country-of-origin effects and exposure to host countries with stringent environmental regulations. We provide empirical support using a difference-in-differences analysis of 3193 MNCs from 60 countries with pledged commitments to emission reductions in the Paris Agreement.

Managerial Summary

International Organization for Standardization (ISO) 14001 has been recognized as pivotal for achieving sustainable development goals. Nevertheless, managers continue to seek financial justifications for adopting this prominent global standard. Our study shows that ISO 14001 increases the market value of multinational corporations (MNCs) more strongly following the binding Paris Agreement, as the global standard reassures investors about corporate alignment with global climate goals. Although the financial impact of ISO 14001 appears to be greater for MNCs from emerging economies, owing to the lower expectations associated with institutional quality in emerging economies, investors correct the (economic) evaluation of ISO-certified MNCs according to their exposure to host countries with stringent environmental regulations. These findings inform managers of the importance of aligning corporate sustainability with geographical diversification strategies.

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来源期刊
CiteScore
14.20
自引率
11.80%
发文量
46
期刊介绍: The Global Strategy Journal is a premier platform dedicated to publishing highly influential managerially-oriented global strategy research worldwide. Covering themes such as international and global strategy, assembling the global enterprise, and strategic management, GSJ plays a vital role in advancing our understanding of global business dynamics.
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