
How environmental certification can affect the value of organizations? The case of Forest Stewardship Council certification
Forest certification appeared in the 1990's as a way to deal with forest deterioration. Currently, however, public opposition can limit its effectiveness. Business policy makers should analyze how Forest Stewardship Council (FSC) certification can affect the value of companies. Yet,
the relation between financial performance and forest certification systems is a subject which has not been explored to a great extent, and the measures used for evaluating financial performance in published studies are not based on business valuation. In this study, Spanish companies with
FSC certification are valuated under the premises of implementation and non-implementation of FSC certification. Given the uncertainty inherent in the second option, the use of fuzzy mathematics has been considered a suitable tool. According to the results obtained, it can be concluded that
regardless of size or business sector, FSC certification is effective in increasing the value of companies. The pap er offers economic arguments for managers to become more environmentally responsible.
Keywords: BUSINESS VALUATION; ENVIRONMENTAL CERTIFICATION; ENVIRONMENTAL PERFORMANCE; FINANCIAL PERFORMANCE; FOREST STEWARDSHIP COUNCIL
Document Type: Research Article
Publication date: December 1, 2020
- The International Forestry Review is a peer-reviewed scholarly journal that publishes original research and review papers on all aspects of forest policy and science, with an emphasis on issues of transnational significance. It is published four times per year, in March, June, September and December. Theme editions are a regular feature and attract a wide audience.
The IFR is part of The Global Forest Information Service - GFIS
International Forestry Review has an Impact Factor of 1.705 - Editorial Board
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