MARKET INTERPRETATION OF ISO 9000 REGISTRATION

Diane Scott Docking · Richard J. Dowen

107 citations0/0 files storedThe Journal of Financial Research

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Quality and Management Systems Financial Markets and Investment Strategies Auditing, Earnings Management, Governance

Abstract

Abstract Since 1990, many U.S. firms have registered under the provisions of the ISO 9000 standard. Meeting the qualifications of this registration requires considerable time and money. To this point, the justification has been put in terms of management commitment to quality, cost reduction, or opening new markets, particularly international markets. We contribute by examining the reaction of the firms' stock price to the announcement of ISO 9000 registration. We find that for the smallest firms, ISO 9000 registration is regarded as positive information by investors. We also find that the market reaction to ISO 9000 registration is sensitive to the signing of the Maastricht Treaty in 1992.

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1985Using daily stock returns 1992Measuring abnormal performance 1988Earnings information conveyed by dividend initiations and omissions 1995The Effect of Lender Identity on a Borrowing Firm's Equity Return 1984Qualified audit opinions and stock prices 1997Information and contagion effects of bank loan-loss reserve announcements

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2001The impact of ISO registration on New Zealand firms’ performance: a financial perspective 2007The financial impact of standard stringency: An event study of successive generations of the ISO 9000 standard 2012Impact of ISO 9000 certification on firm performance: evidence from Brazil 2003Effects of ISO 9000 certification on firms' performance: A vision from the market 2004A new forecasting model for the diffusion of ISO 9000 standard certifications in European countries 2015Product Design Awards and The Market Value of The Firm 2014The Influence of ISO 9000 Certification on Process Compliance

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