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Thispaper examines the incentivesof a Japanese publicly-held manufacturer toacquire an ISO14001 certificate and the effect of such anacquisition onthe market value ofa certified firm. Weshow that the firms witha largersize, largerexportratio, higher profitability and higher R&D expenditure have a greater incentive to acquire the ISO14001 certificate. Further, firms in the pharmaceutical, metals, transportation equipment, precision machinery, and other manufacturing industries have less incentive of the acquisition. In addition, after controlling for sample selection bias, we found that the introduction of the ISO14001 certification system contributes to a statistically significant increase in the market value of the firms in the manufacturing industry by 11% to 14%. Our results suggest thatthe stock marketgives publicly-held firmsthe incentiveto acquire the ISO14001 certificate.