Study Sample
Environmental
management variables
Environmental
performance variables
Financial performance
variables Main analysis Major findings
Judge and
Douglas (1998)
196 US firms (World
Environmental
Directory)
Integration of
environmental issues
into the strategic
planning process
(perceptual measures)
Environmental
performance
(perceptual measures)
ROI, earnings growth,
sales growth, market
share change
(perceptual measures)
Structural
equation
model
Positive and significant
impact of
environmental issue
integration on financial
performance
Sharma and
Vredenburg (1998)
99 Canadian firms (oil
and gas)
Proactive
environmental strategy
(perceptual measures)
Organisational benefits
(perceptual measures)
Regression
analysis
Positive and significant
influence of proactive
practices on
organisational
capabilities and of the
latter on organisational
benefits
Edwards (1998) 51 environmentally
proactive firms in eight
UK sectors
Environmental policy,
environmental
management system,
impacts monitoring,
supplier auditing
Greenhouse gas/ozone
depleting substances
emissions
Return on capital
employed (ROCE),
ROE
Groups In several comparisons,
environmentally
high-performing firms
perform better (not
always at a significant
level)
Khanna and
Damon (1999)
123 US firms in the
chemical industry
EPA’s Voluntary 33/50
Program
Emissions of toxic
chemicals
ROI Regression
analysis
Program participation
led to a statistically
significant decline in
toxic releases
The program had a
statistically significant
negative impact on the
current ROI, but its
impact on the expected
long run profitability
was positive and
statistically significant
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