THE IMPACT OF ISO 9001 STANDARD ON FINANCIAL PERFORMANCE

Eighth International Scientific Conference Contemporary Issues in Economics, Business and Management [EBM 2024], [pp. 395-404]

AUTHOR(S) / AUTOR(I): Ivana Vuković

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DOI: 10.46793/EBM24.395V

ABSTRACT / SAŽETAK:

In modern business conditions, characterized by complexity, dynamism, and interactivity, constant changes and adaptations to new conditions occur as a normal sequence of events. Companies are increasingly realizing the importance of quality management. As a result, the number of companies implementing the ISO 9001 standard in their operations is growing. The subject of this research is the relationship between the ISO 9001 standard and financial performance. The goal is to determine the effects of implementing the standard on financial performance, i.e. to identify differences in financial performance between companies that have implemented the ISO 9001 standard and those that have not. The empirical research was conducted on a sample of 55 companies in the Republic of Serbia which according to the Accounting law are required to disclose non- financial information. The research is based on statistical data analysis using descriptive statistics, correlation analysis, and the non-parametric Mann-Whitney U test. The results of the research indicated that companies that have implemented the ISO 9001 standard have better financial performance, as measured by liquidity, compared to companies that have not implemented the standard. The main contribution of this paper is to provide insight into the current situation faced by companies in Serbia regarding the implementation of the ISO 9001 standard, given that there are few studies on this subject in Republic of Serbia.

KEYWORDS / KLJUČNE REČI:

ISO 9001 standard, quality management, financial performance

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