Abstract
Purpose – Certification information published by a company will be responded by the market. Therefore, the
purpose of this study is to examine the impact of ISO 9001 certification on the stock market reaction as
indicated by stock returns reaction of companies in Indonesia.
Design/methodology/approach – This study used event study method with the period of 13 days.
It consists of 6 days before and after ISO 9001 certification announcement and 1 day at the time of the event.
It analyzed by using pair sample t-test and one sample t-test. The stock return data is obtained from companies
that are ISO 9001 certified and it tested for their stock reactions before and after the certification.
Findings – The results of empirical research showed that the average and companies cumulative abnormal
returns in Indonesia react quickly and positively on the first day after ISO 9001 certification announcement.
This study proved the differences between abnormal returns before and after the ISO 9001 certification
announcement period.
Research limitations/implications – The company’s success in implementing ISO 9001 will have an
impact on investment in the capital market with a positive response from stock market players. The implication
of this study is the further research can examine directly the impact of ISO 9001 implementation on investor
behavior in the capital market.
Originality/value – Based on the development of the literature review, this is the first study which examined
the impact of ISO 9001 certification announcement on investor reactions in the short term. Therefore,
companies in Indonesia need to implement a quality management system for investors in Indonesia.
Keywords Certification, ISO 9001, Abnormal return, Stock price, Composite index
Kategori : Jurnal Internasional
Nama Jurnal : International Journal of Quality & Reliability Management
ISSN : 0265-671X
Volume : 39
Nomor : 2
Halaman : 1 s/d 18
Tahun : 0000
Peneliti : Kiryanto,, Indri Kartika,, Zaenuddin,,
Diunggah Tanggal : Rabu,
2022-04-20