An Analysis on the Effect of Environmental Performance and the Implementation of Environmental Management System (ISO 14001) on the Issuer Financial Performance

  

Journal of Management Systems, 6 issues per year

Publisher: Romanian Society for Quality Assurance PDG: Dan Grigore Stoichiţoiu Editorial Board: Editor-in-Chief: Tudor-George Mărunţelu Senior editors: Florin Gheorghe Filip (Romanian Academy), Grigore Belostecinic (Academy of Science of Moldova), Ioan C. Bacivarov („Politehnica“ University, Bucharest, Romania) Editor:

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  ISSN 1582-2559 QUALITY Vol. 20, No. 168/ February 2019

QUALITY MANAGEMENT QUALITY MANAGEMENT

3 Alexandr GUGELEV, Anastasia GRISHNEVA,

  Yulita SETIAWANTA, The Capability of Risk as a Corporate Reputation Driver to increase Market Value

  21 Miriam ANDREJIOVA, Anna GRINCOVA,

ENVIRONMENTAL MANAGEMENT ENVIRONMENTAL MANAGEMENT

  Zuzana KIMAKOVA, Quality Assessment of the Rubber-Textile Conveyor Belts at the Dynamic Impact Loading

  28 Kirill Igorevich PORSEV, Marat Fatyhovich BULATOV,

  Method to improve Information Assurance Quality for Research and Development at Knowledge-based Enterprises

  33 Gabriela PASCU (POPESCU),

  Lavinia COSTAN (POPA), Preventive Financial Control in Public Entities

  38 Shrikant Krupasindhu PANIGRAHI,

  Hatem Mahmoud AL-NASHASH, Quality Work Ethics and Job Satisfaction: An Empirical Analysis

  41 Komal MALIK, Harsh VARDHAN, Vinitendra P. SINGH

  Evaluating the Affect of Harmony between Consumer Psyche and Brand on Customer Loyalty in the Insurance Sector

  48 Nila TRISTIARINI, St. Dwiarso UTOMO,

  Effects of Entrepreneurial Innovativeness on Firm Performance

  54 Egwu U. EGWU, Ama A. UDU, Livinus Okpara ONU,

  16 Tatyana ODINTSOVA, Nataliya KOCHERJAGINA,

FOOD SAFETY MANAGEMENT FOOD SAFETY MANAGEMENT

  62 Irina PCHELINTSEVA, Olga GORDASHNIKOVA,

  Anastasia VASINA, Methodologies and Tools of a Two-Phase Rating System for Innovation Project Value Assessment

  69 Jaahnavi KOLA, Praseeda CHALLAPALLI,

  A Study on Relationship between Emotional Intelligence, Ethical Ideology, Job Performance and Employee Engagement in Telangana Autonomous Engineering Colleges

  73 Isfenti SADALIA, Ira Erminda DAULAY,

  Lisa MARLINA, Iskandar MUDA, The Influence of Intellectual Capital towards Financial Performance with Brand Value as an Intervening Variable

OCCUPATIONAL HEALTH AND SAFETY OCCUPATIONAL HEALTH AND SAFETY MANAGEMENT MANAGEMENT

  79 Ika Nurul QAMARI, Julitta DEWAYANI,

  Augusty FERDINAND, Strategic Human Resources Roles and Knowledge Sharing: How do Enhancing Organizational Innovation?

  86 QUALITY

  Olga GORDASHNIKOVA, Olga RYZHOVA, Formation of Logistics Services Quality Management Model

  Vol. 20, No. 168/ February 2019

CONTENTS

CONTENTS

  

Vol. 20, No. 168 - February 2019

  Diana AQMALA, ANDRIYANSAH, How Green should Trust, Norm and Attitude be Colored? An Empirical Research in Asian Market Consumers

  Petr REHACEK,

  Risk Management as an Instrument of the Effectiveness of Quality Management System

  93 MASKUDI, Christantius DWIATMADJA,

  Ahyar YUNIAWAN, The Mediating Effect of Commitment Team Goals and Team Solidarity Capital in the Team Cohesiveness toward Team Performance: At Book Publishing Company in Central Java and Special Region of Yogyakarta, Indonesia

  97 Naqib DANESHJO, Erika DUDÁŠ PAJERSKÁ,

  Mirwajs DANISHJOO, Energy Industry and Risk Management

  103

  Daniela IVANOVA, Anelia HARADINOVA,

  Elka VASILEVA, Eco-Innovations in Bulgarian Companies with Pro-Environmental Policy

  107 Iskandar MUDA, Elisa WAHYUNI,

  An Analysis on the Effect of Environmental Performance and the Implementation of Environmental Management System (ISO 14001) on the Issuer Financial Performance

  113 Amie KUSUMAWARDHANI, Kardison Lumban BATU,

  118 Leila BAKTASH, Muzalwana Abdul TALIB,

  Determining the Importance of Customer Requirements in QFD – A New Approach based on Kano Model and its Comparison with other Methods

  Enrica Donia, Selenia Piampiano, Green Marketing Strategies: Exploring Intrinsic and Extrinsic Factors towards Green Customers’ Loyalty

  127 Doina I. POPESCU, Social Responsibility and Business Ethics.

  IX. Green Management and Sustainable Development of the Firm

  135

  Erica VARESE, Alessandro BONADONNA,

  Food Wastage Management: The “Una Buona Occasione - A Good Opportunity” Contribution

  139 Maurizio LANFRANCHI, Agata ZIRILLI, Salvatore

  ALFANO, Francesco SARDINA SPIRIDIONE, Angela ALIBRANDI, Carlo GIANNETTO, The Carob as a Substitute for Cocoa in the Production of Chocolate: Sensory Analysis with Bivariate Association

  148

  Zahra POURSAFAR, Sriram K.V.,

  Lewlyn L.R. RODRIGUES, Nandineni Rama DEVI Evaluation of Psychological Influences of Colour, Lighting and Form in Office Buildings for Enhancing Productivity

  154

  Peter MADZÍK, Ľudmila LYSÁ, Pavol BUDAJ,

  Anzhelika SEMCHENKO, Margarita LUKYANENKO, Modern Methods of Quality Control in Educational Services based on ТQM

ENVIRONMENTAL MANAGEMENT

  Iskandar MUDA 1* , Elisa WAHYUNI

• Corresponding author: Iskandar Muda; E-mail: iskandar1@usu.ac.id

  

Keywords: standardization; earning per share, environmental performance; PROPER, ISO 14001; financial

performance.

  

Abstract

This study aims to examine and analyze the impact of Environmental Performance as measured by the result of

PROPER (Pollution Control Evaluation and Rating) assessment and the implementation of ISO 14001 environmental

management system (EMS) to the financial performance, based on the value of Earning Per Share in manufacturing

companies which are listed in Indonesia Stock Exchange and being PROPER participants from 2012 to 2016. The

results of this study indicated that simultaneously environmental performance and the Implementation of

Environmental Management System (ISO 14001) has no significant effect on the financial performance. The

Environment Performance partially has significant effect on the financial performance while the Implementation of

Environmental Management System (ISO 14001) partially has no significant effect on the financial performance.

  Universitas Sumatera Utara, Jl. Prof. TM Hanafiah No.12 USU Campus, Medan, 20155, North Sumatera, Indonesia

  2 1,2

1. Introduction

  al

  In September 2015, the United Nations officially introduced the SDG (Sustainable Development Goals), after a grand meeting in the United Nations headquarters in New York, USA, attended by the representatives of 193 countries. Sustainable Development Goals (SDG) is a continuation of the Millennium Development Goals (MDG) project that has been conducted since 2005 until the end of 2015. SDG has 5 (five) main foundations: human, planet, welfare, peace and partnership, to achieve three main objectives including ending poverty, achieving equality, and addressing climate change, which is expected to be realized in 2030 (Demirel et al., 2018; Castika and Balzarova, 2018 and Wiengarten et al., 2018). Currently, the leaders of the nation are encouraging their society to care and contribute to the implementation of SDG, especially in de- veloped countries. They continuously develop the latest innovations for a better world realization by 2030. In July 2016, the United Nations announced 3 (three) countries with the best index of SDG realization. They are Sweden, Denmark and Norway. Not only the governments and communities, but also the companies, especially the multinational companies, are required to participate in the realization of SDG. The World Bank states that at least nearly 50% of the world’s waste is produced by corporations, not including the amount of pollution, and other destructive factors. It is only natural for the corporation to participate in the handling. Environmental performance is the companies’ activity which is directly related to the natural environment (Albertini et al., 2001; Hui et al., 2001; Watson et

  Q U A LI T Y Vol. 20, No. 168/ February 2019

An Analysis on the Effect of Environmental Performance and the

Implementation of Environmental Management System (ISO 14001)

on the Issuer Financial Performance

  The ISO 14001 Environmental Management System (ISO 14001 EMS) was published by the International Organization for Standardization (ISO) in 1996 in Geneva, Switzerland. This system is believed to help create an integrated mechanism for continuous improvement of environmental performance that is applied to everyday production activities (Kumar et al., 2017 and Thayer et al., 2017). The problem is that not all companies are willing and able to implement the ISO 14001 EMS. In addition to being voluntary, some studies reveal that the certification of ISO 14001 EMS requires a large cost depending on the characteristics and facilities of each company that includes investment costs and routine audit fees (Ionașcu et al., 2017; Testa and D’Amato, 2017; Qian et al., 2018 and Wiengarten, et

  Control Evaluation and Rating or PROPER is one of the alternative means of compliance instruments employed by the government since 1995. In this case, the Ministry of Environ- ment encourages the compliance and concern of the companies for environmental management through the performance level information of corporate compliance dissemination to the public and stakeholders. Thus, it is expected that the community and stakeholders can respond to the environmental management performance of the companies which are participants of PROPER in accordance with its capacity. The company per- formance assessment is derived from the serial monitoring data analysis that is required in the regulation of environmental pollution control. To facilitate the communication with the stake- holders in addressing the performance results of each company’s structuring, the company’s performance rating is grouped into five colors: gold, green, blue, red, and black.

  ., 2007; Gonzales and Diaz, 2009; Iraldo et al., 2009; and San et al., 2016). One of the environmental performance measuring instruments in Indonesia is PROPER. The Pollution

  et al

  ., 2004; Zutshi and Sohal, 2004; Watson et al., 2004; Darnall and Edwards, 2006; Eng and Wahid, 2006; Lozano and Valles

  al

  ., 2018). In 2015, more than 300.000 companies worldwide were certified ISO 14001 EMS. The high participation in the implementation of ISO 14001 EMS is because the ISO 14001

ENVIRONMENTAL MANAGEMENT

  EMS provides benefits such as: providing cost and resource efficiency, expanding market opportunities, increasing reputation and profitability, reducing the government’s coercive, avoiding conflict and increasing stakeholder satisfaction. Company performance is often associated with the financial condition of the company. Financial performance is a general measure of a company’s overall financial health at a given time or subjective measurement of how well a company can use or manage its assets from the main operational activities of its business in accordance with the policies made by the management to be the income of the company itself at a certain time. The company financial performance can be measured by evaluating and analyzing the financial statements. Company financial performance can be measured by analyzing and eva- luating the financial statements. There are several categories of company financial performance measurement according to Lu,

  Q U A L I T Y Vol. 20, No. 168/ February 2019 R-squared 0.053418 Mean dependent var 64.13814 Adjusted R-squared 0.033901 S.D. dependent var 219.1842 S.E. of regression 215.4370 Sum squared resid 4502069.

  H

  a

  : There is an influence of environmental performance and environmental disclosure variables simultaneously on the financial performance

  Based on the F-test criteria, it is concluded that: If Prob (F-Statistics) < 0.05 thus H is rejected (Muda et al., 2018), and

  If Prob (F-Statistics) > 0.05 thus H is accepted. The result of Prob (F-Statistics) is 0.069771 > 0.05. Therefore, it can be concluded that H is accepted. It shows that simultaneously both independent variables, namely environmen- tal performance and ISO 14001 Environmental Management System Implementation, have no influence on the dependent variable, namely financial performance (EPS).

  3.1.4. Partial Significance Test (T-Test)

  The t-test was performed to evaluate the effect of the two independent variables on the dependent variable separately. The t-test result shows that the environmental performance variable has a t-statistic value of 2.162842 and p-value of

  0.0330. This probability result is smaller than the level of α = 5% or in other words partially independent variable of environmental performance has a significant impact on the financial per-

  F-statistic 2.736970 Durbin-Watson stat 0.959285 Prob(F-statistic) 0.069771 Correlated Random Effects – Hausman Test Equation: Untitled Test cross-section random effects Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob.

  et al

  Cross-section random 0.644138 1 0.4222 Table 1

  . Hausmann Test

  Source

  : Eviews Result Test (2017)

  Table 2

  . Coefficient of Determination Test

  Source

  : Eviews Result Test (2017)

  F-test is performed to evaluate the effect of independent variable to the dependent variable individually. Based on F-test results it can be seen that p-value is 0.069771. The hypothesis for the F-test is as follows: H : There is no influence of environmental performance and environmental disclosures variables simultaneously on the financial performance

  3.1.3. Simultaneous Significance Test (F-Test)

  ) is equal to 0.053418, or in other words, 5.34%. Variations or changes in Earning Per Share (EPS) can be explained by both variables namely environmental performance and ISO 14001 Environ- mental Management Implementation. Meanwhile, the rest of 94.6% is explained by other variables and factors not included in this study model.

  This study was conducted in 2012-2016. The samples were obtained from the PROPER database from Indonesian Ministry of Environment and Forestry and Indonesia Stock Exchange. There were as many as 20 companies with a total of 100 observations with criteria that the company experienced fluctuations in PROPER ratings and did not get black rating on PROPER during the study period. The method employed was Regression Generalized Least Square using E-Views Software.

  ., (2018); Finger et al., (2018); Wong et al., (2018) and Blasi

  et al

  ., (2018) they are:

  1. Earnings Measures: earning per share (EPS), return on assets (ROA), return on net assets, return on capital employment and return on equity,

  2. Cash flow Measures: free cash flow, cash flow return on gross investment, cash flow return on investment, total shareholder return and business return,

  3. Value Measures (economic value added (EVA), market value added (MVA), cash value added (CVA) and shareholder value (SHV). In this study, financial performance is measured using

  Earning Per Share (EPS), in which EPS shows the amount of money to be earned on every common share outstanding in the period. EPS or earnings per share is calculated by dividing the net income available to ordinary shareholders (residual net income) by the weighted average number of ordinary shares outstanding during the period (Muda, 2017 & Leyva et al., 2018). EPS is only shown for the calculation of common stock. The greater the net income of a company, the greater the EPS will be. As the EPS of a company increases, the greater the net income will be distributed in the form of cash dividend to the common shareholders.

  2. Research Methods

  3. Results and Discussion

  2

  Hausmann test was performed to decide the best regression model used in this study. The model is selected based on:

  1. If the p-value of Hausmann Test is less than 0.05, thus the approach model to be used is the Fixed Effect Model.

  2. If the p-value of Hausmann Test is more than 0.05, thus the approach model to be used is the Random Effect Model. The estimation result shows that p-value is 0.4222 or more than 0.05 which means the approach to be used is Random

  Effect Model (REM).

  3.1.2. Hypothesis testing

  3.1.2.1. Coefficient of Determination Test (R

  2 )

  Coefficient of determination test was done to see the proportion of Y dependent variable total variances which are explained by X independent variable.

  The regression result using Random Effect Model (REM) shows that the coefficient of determination (R

3.1. Result

3.1.1. Goodness of Fit (Hausmann Test)

ENVIRONMENTAL MANAGEMENT

ISO14001 -333.5370 314.9511 -1.059012 0.2922

  Q U A LI T Y Vol. 20, No. 168/ February 2019 Dependent Variable: EPS Method: Panel EGLS (Cross-section random effects) Sample: 2012 2016 Periods included: 5 Cross-sections included: 20 Total panel (balanced) observations: 100 Swamy and Arora estimator of component variances Variable Coefficient Std. Error t-Statistic Prob.

  : Eviews Result Test (2017)

  Source

  . T-Test

  Table 3

  C 353.4890 290.2348 1.217941 0.2262 PROPER 96.65838 44.69045 2.162842 0.0330

  formance and has a positive relationship. The t-test result also shows that the t-statistic value of Environmental Management System Implementation variable is -1.059012 and the p-value is 0.2922. The result of this probability is greater than the level of α = 5% or in other words partially ISO 14001 Environmental Management Implementation independent variable does not significantly affect the financial performance.

  Increased competition increasingly awaken the company for quality. The more critical the customer in responding to the quality of the product increasing the company need to improve the quality. ISO 14001 has become one of the requirements in world trade as one form of guarantee on the quality of products that consider the environmental aspects (McMillan et al., 2017; Tuczek et al., 2018; Albertini, 2018 and Salim et al., 2018). This requirement becomes an absolute requirement from customers of developed countries especially America, Europe and Japan. This is a challenge for companies in increasing customer sa- tisfaction. The market demand for the application of international standards is intended to provide good and safe goods or services to the wearer and to meet the requirements of security, safety and environmental sustainability as well as competitive prices to consumers of the goods or services purchased. Thus, the development and application of environmental manage- ment, occupational safety and health systems need to be given attention. The development of companies and industries today has caused an environmental and energy crisis. Impact of industrial development, organizations and industries are re- quired to increase accountability to the environment. Under these conditions, the demands of the world's rules on the accountability of organizations and industries in environmental management are increasing. Environmental conservation has become the demand of developed country customers who consciously see the importance of protecting the environment early on to minimize future environmental damage, according to international agreements in 1996 The International Organization for Standardization launched a standard for managing the envi- ronment professionally within the organization and industry, the standard is called the ISO 14001 Environmental Management System (Graafland, 2018; Albertini, 2018; Wiengarten et al., 2018; Murmura et al., 2018; Heras et al., 2018; Castka and Balzarova, 2018 and Salim et al., 2018). The business trans- formation process undertaken by the company has the potential to have an impact on the environment, both positive and ne- gative impacts. Environmental management system standards are not actually an international standard for environmental management systems as termed. This ISO in no way regulates the absolute requirements of environmental performance that an Organization must satisfy. This ISO Standard is more appro- priate if it is considered as a framework to assist the Organization in developing its own environmental management system, managing environmental aspects and improving its environmental performance. Organizations can integrate ISO 14001 standards with other management functions to achieve environmental goals or economic goals. The impacts that arise can be grouped into two parts, namely physical impact and social impact (Fura and Wang., 2017; Peršič et al., 2018; Weidema et al., 2018; Greenland et al., 2018 and Gauthier and Wooldridge, 2018). When the company implements ISO 14001, the company has committed to continually improve its environmental performance. ISO 14001 is a standard that com- bines and balances business interests with the environment. Efforts to improve performance are tailored to the resources in the form of human, technical, or financial resources. Financial factors in the form of return on Earning Per Share is a reflection of management's success in managing the value of the company as reflected in the share price of the company concerned and after being divided from the company's net profit in Capital Market and Financial Market. Improvement of environmental performance takes a short time due to limited capital and financial. Liquid waste that pollutes the environment around the company can be reduced if it already implements

  2. Company Environmental Performance measured from PROPER of Indonesian Ministry of Environment and Forestry rating partially has significant effect on the Earning Per Share.

  1. Environmental Performance and Environmental Mana- gement System Implementation (ISO 14001) do not simultaneously affect the Earning Per Share.

  4.1. Conclusions

  4. Conclusions and Suggestions

  ., 2018 and Zhou et al., 2018). The environmental policy should be documented and communicated to all employees and made available to the community, and includes a commitment to continuous improvement, pollution prevention, and compliance with regulations and a framework for goal setting and objectives (Demirel et al., 2018; Tuczek et al., 2018; Yuriev et al., 2018 & Latan et al., 2018). environmental aspects of the organization's activities, identification and access to regulatory requirements, the existence of objectives and targets that are documented and consistent with the policy, and the existence of programs to achieve the planned goals and objectives. In the documentation and communication phases of roles and responsibilities, adequate training, the assurance of internal and external co- mmunications, written documentation of the environmental ma- nagement system and good document control procedures, documented operational control procedures and documented procedures of emergency action are essential to the achieve- ment of the Environmental policy in the form of development of environmental commitment of an organization. This policy will be used as a framework for the preparation of environmental plans.

  et al

  ISO 14001. Financial Internal factor is the determining factor in managing its waste so as to reach the specified threshold. Sufficient sewage treatment facilities can be built within certain periods of time. If before the period is achieved then the company will never meet the environmental quality standards. However, if the company develops an environmental manage- ment system that meets the requirements of ISO, the company may obtain the ISO 14001 certificate. Another company, whose environmental performance meets the quality of raw materials but does not meet the requirements will not obtain ISO 14001 certificate. ISO 14001 is developed from the concept of Total Quality Management (TQM) based on Plan-Do-Check and Action activities (Maceno et al., 2018; Muñoz et al., 2018; Ayuso

3.2. Discussion

  3. Environmental Management System Implementation as measured by ISO 14001 certification ownership partially has no significant effect on the Earning Per Share.

ENVIRONMENTAL MANAGEMENT

4.2. Suggestions

  [18] Kumar, A., Cantor, D.E., Grimm, C.M., & Hofer, C. (2017).

  Q U A L I T Y Vol. 20, No. 168/ February 2019

  Evaluation of Italian Companies' Perception About ISO 14001 and Eco Management and Audit Scheme III: Motivations, Benefits and Barriers. Journal of Cleaner Production, 174, 691-700. [30] Peršič, A., Markič, M., & Peršič, M. (2018). The impact of socially responsible management standards on the business success of an organisation. Total Quality Management & Business Excellence, 29(1-2), 225-237. [31] Qian, W., Hörisch, J., & Schaltegger, S. (2018). Environmental management accounting and its effects on carbon management and disclosure quality. Journal of Cleaner Production, 174, 1608- 1619.

  (2018). Manufacturing and environmental practices in the Spanish context. Journal of Cleaner Production, 178, 268-275. [29] Murmura, F., Liberatore, L., Bravi, L., & Casolani, N. (2018).

  Efforts on the Revenue of Regional Government: The Case of Indonesia. European Research Studies Journal. XX(4B). 244-259. [28] Muñoz-Villamizar, A., Santos, J., Viles, E., & Ormazábal, M.

  012080 doi: 10.1088/1757-899X/288/1/012080. [27] Muda, Iskandar (2018). The Effect of Allocation of Dividend of the Regional Government-Owned Enterprises and the Empowerment

  Cooperative Cooperation with Using Balanced Scorecard. IOP Conference Series: Materials Science and Engineering 2017 . 288. 012081 doi: 012081 doi:10.1088/1757-899X/288/1/012081 [26] Muda, I., H.S. Siregar, S.A. Sembiring, Ramli, H. Manurung and Z. Zein (2018). Economic Value of Palm Plantation in North Sumatera and Contribution to Product Domestic Regional Bruto. IOP Conference Series : Materials Science and Engineering 2017 . 288.

  Environmental Management’s Impact on Market Value: Rewards and Punishments. Corporate Reputation Review, 20(1), 105-122. [25] Muda, I, F. Roosmawati, H.S. Siregar, Ramli, H Manurung and T Banuas. 2018. Performance Measurement Analysis of Palm

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  (2018). Environmental performance evaluation – A proposed analytical tool for an industrial process application. Journal of Cleaner Production , 172, 1452-1464.

  (2018). Do Firms’ Slack Resources Influence the Relationship Between Focused Environmental Innovations and Financial Performance? More is Not Always Better. Journal of Business Ethics , 1-13. [21] Lozano, M., & Vallés, J. (2007). An analysis of the implementation of an environmental management system in a local public administration. Journal of environmental management, 82(4), 495- 511. [22] Lu, L.W., & Taylor, M.E. (2018). A study of the relationships among environmental performance, environmental disclosure, and financial performance. Asian Review of Accounting, 26(1), 107- 130. [23] Maceno, M.M.C., Pawlowsky, U., Machado, K.S., & Seleme, R.

  Environmental management rivalry and firm performance. Journal of Strategy and Management , 10(2), 227-247. [19] Latan, H., Jabbour, C.J.C., de Sousa Jabbour, A.B.L., Wamba, S.F., & Shahbaz, M. (2018). Effects of environmental strategy, environmental uncertainty and top management's commitment on corporate environmental performance: The role of environmental management accounting. Journal of Cleaner Production, 180, 297- 306. [20] Leyva-de la Hiz, D.I., Ferron-Vilchez, V., & Aragon-Correa, J. A.

  1. Companies are suggested to increase the environment awareness inside and outside the company so that it will give a positive impact for the surrounding that will affect the investor in investing.

  2. It is suggested for further researches to add other variables especially related to the environment that has influence on financial performance, either EPS or other variables such as ROA and ROI.

  [16] Ionascu, M., Ionascu, I., Sacarin, M., & Minu, M. (2017). Exploring the Impact of ISO 9001, ISO 14001 and OHSAS 18001 Certification on Financial Performance: The Case of Companies listed on the Bucharest Stock Exchange. Amfiteatru Economic Journal , 19(44), 166-180.

  Journal of Cleaner Production , 9(3), 269-276.

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  Q U A LI T Y Vol. 20, No. 168/ February 2019