The impact of ISO 45001 on firms' performance: An empirical analysis

Abstract

The aim of this study is to shed light on the relationship between ISO 45001 adoption and firm performance. To explore the issue, we conduct an event study and a weighted least squares regression on a dataset of 157 publicly listed companies – operating in various countries and sectors – that have given public announcement of the attainment of the ISO 45001 certification. The results show that, when compared to non‐adopters, ISO 45001‐certified companies display better performance in terms of productivity and profitability, while no significant differences emerge for sales. The effects of ISO 45001 adoption are significantly influenced by industry‐ and company‐related contextual factors. The study contributes to the academic literature by developing the first large‐scale empirical investigation on the performance implications of ISO 45001. Furthermore, it informs managers that by ensuring healthy and safe workplaces companies can also achieve higher financial performance.