HIGHLIGHTS
The paper quantifies the value that FSC certification brings to a company.
Fuzzy logic has been introduced into the discounting cash flow method to obtain the value of FSC certification.
Fuzzy mathematics have been used in order to integrate both information about companies' size and information about the sector.
The companies analyzed with a valid certificate experienced an increase in their value because of FSC certification.
The implementation of the ANOVA fuzzy method shows that neither the business size nor the sector influence the relationship between FSC certification and a company's value.
SUMMARY
Forest certification appeared in the 1990's as a way to deal with forest deterioration. Currently, however, public opposition can limit its effectiveness. Business policy makers should analyze how Forest Stewardship Council (FSC) certification can affect the value of companies. Yet, the relation between financial performance and forest certification systems is a subject which has not been explored to a great extent, and the measures used for evaluating financial performance in published studies are not based on business valuation. In this study, Spanish companies with FSC certification are valuated under the premises of implementation and non-implementation of FSC certification. Given the uncertainty inherent in the second option, the use of fuzzy mathematics has been considered a suitable tool. According to the results obtained, it can be concluded that regardless of size or business sector, FSC certification is effective in increasing the value of companies. The paper offers economic arguments for managers to become more environmentally responsible.
