Abstract: . . .  the corresponding sample; AP indicates the median abnormal performance, and p reports the p -value according to the one-sided Wilcoxon signed rank test. Italics denote significance at the 10% level, bold italics at the 5% level, and shaded fields at the 1% level. Table 3: Abnormal ROA for 2-digit SIC code 28 ALL multiple certs. single cert. early late N AP p N AP p N AP p N AP p N AP p -2 to -1 64 -0.01 0.278 48 -0.04 0.439 16 0.05 0.204 30 -0.11 0.633 34 0.07 0.082 -1 to 0 68 0.20 0.074 49 0.22 . . .
. . .  6.522 COGS/SALES 167 60.253 63.119 14.199 24.215 87.156 SIC 36 SALES/ASSETS 167 121.709 116.374 45.976 21.310 283.987 Note: the statistics are those for year t of the population of all certified firms in the sample after removing firms with insufficient financial information and after trimming; i.e., corresponding to column —b“ in Table 1. Total assets and sales are in million US dollars; ROA, COGS/SALES and SALES/ASSETS are expressed as percentages; Tobin‘s Q is a dimensionless measure. 2 - Table 2: . . .
. . .  may also help firms to reduce price pressure. In both cases, the value of sales would increase. This effect could occur after certification, though the improved procedures implemented as part of the certification process could also already positively impact sales. To capture such an increase in the value of sales while correcting for possible changes in the underlying asset base of the firm, we used asset turnover (SALES/ASSETS) as our external performance measure, following Hendricks and Singhal . . .
. . .  the corresponding 2-digit SIC code in each year; column b indicates the number of those firms with sufficient financial information to be included in the sample, after trimming the data; column c is the number of those firms that had received multiple ISO 9000 certifications by 1997, and column d is the number of those firms (from column b ) that had received only one certification by 1997. The —total“ counts in the headings represent the total number of firms listed in Compustat in each two-digit . . .
. . .  corresponding 2-digit SIC code in each year; column b indicates the number of those firms with sufficient financial information to be included in the sample, after trimming the data; column c is the number of those firms that had received multiple ISO 9000 certifications by 1997, and column d is the number of those firms (from column b ) that had received only one certification by 1997. The —total“ counts in the headings represent the total number of firms listed in Compustat in each two-digit SIC . . .
. . .  62-75. Terlaak, A. and A.A. King. 2001. Contrasting Institutional and Game theoretic models to explain the Adoption Process of an industry Standard. Manuscript. Terziovski, M., D. Samson and D. Dow. 1997. The business value of quality management systems certification: Evidence from Australia and New Zealand. Journal of Operations Management 15 1-18. Terziovski, M., D. Power and A.S. Sohal. 2002. The Longitudinal Effects of the ISO 9000 Certification Process on Business Performance. European Journal of . . .
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