In a context of a pressing need for more sustainable practices, the fishing industry still has doubts about whether the benefits resulting from adopting them outweigh the associated costs. With the aim of providing insights to answer that question, this study presents an analysis of the “it pays to be green” hypothesis by measuring the stock market reaction to the public announcements of compliance with voluntary environmental standards. To this end, an event study has been carried out to investigate whether the announcement that a seafood company has been certificated by the Marine Stewardship Council Chain of Custody Standard influences its shareholders’ decisions and, therefore, the company’s market value. Results show positive average abnormal returns following that event; these returns are greater in the case of those companies with larger size or lower profitability.

中文翻译：

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投资者如何评价企业获得生态标签的决定？捕鱼业的证据

在迫切需要更可持续的做法的背景下，捕鱼业仍然怀疑采用这些做法所产生的收益是否超过相关成本。为了提供洞察力来回答该问题，本研究通过测量股票市场对遵守自愿性环境标准的公开声明的反应，对“必须付出绿色”的假设进行了分析。为此，已经进行了一项事件研究，以调查有关海鲜公司已获得海洋管理委员会产销监管链标准认证的公告是否影响其股东的决定，从而影响公司的市场价值。结果表明，该事件发生后，平均异常收益为正。