The impact of ISO registration on New Zealand firms' performance: a financial perspective

The impact of ISO registration on New Zealand firms' performance: a financial perspective The question that this study addresses is whether the shareholders of New Zealand firms benefit from the process of gaining ISO registration. Three major questions with regard to ISO registration within the New Zealand business context are raised. First, how do New Zealand public firms’ stock prices react to the announcement of ISO registration? Secondly, do ISO registered firms perform any differently to the New Zealand market on average? And finally, does the choice of certifying authority (organisation that awards ISO registration) have an influence on the subsequent performance of the ISO registered firms’ performance? This study is conducted from a financial perspective. The New Zealand market is found to have no reaction to ISO registration announcements; supporting the existence of semi‐strong market efficiency. ISO registered firms are found to perform below average when compared to the New Zealand capital market and the choice of certifying authority does hold influence on subsequent firm performance. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The TQM Magazine Emerald Publishing

The impact of ISO registration on New Zealand firms' performance: a financial perspective

The TQM Magazine, Volume 13 (3): 12 – Jun 1, 2001

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Publisher
Emerald Publishing
Copyright
Copyright © 2001 MCB UP Ltd. All rights reserved.
ISSN
0954-478X
DOI
10.1108/09544780110384871
Publisher site
See Article on Publisher Site

Abstract

The question that this study addresses is whether the shareholders of New Zealand firms benefit from the process of gaining ISO registration. Three major questions with regard to ISO registration within the New Zealand business context are raised. First, how do New Zealand public firms’ stock prices react to the announcement of ISO registration? Secondly, do ISO registered firms perform any differently to the New Zealand market on average? And finally, does the choice of certifying authority (organisation that awards ISO registration) have an influence on the subsequent performance of the ISO registered firms’ performance? This study is conducted from a financial perspective. The New Zealand market is found to have no reaction to ISO registration announcements; supporting the existence of semi‐strong market efficiency. ISO registered firms are found to perform below average when compared to the New Zealand capital market and the choice of certifying authority does hold influence on subsequent firm performance.

Journal

The TQM MagazineEmerald Publishing

Published: Jun 1, 2001

Keywords: New Zealand; ISO 9000; Financial performance

References

  • Market interpretation of ISO 9000 registration
    Docking, D.; Dowen, R.
  • Efficient capital markets II
    Fama, E.F.
  • The cross‐section of expected stock returns
    Fama, E.F.; French, K.R.

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