Study Sample
Environmental
management variables
Environmental
performance variables
Financial performance
variables Main analysis Major findings
Gilley et al. (2000) 71 announcements of
corporate
environmental
initiatives
Two types of
environmental
initiatives: 39
process-driven and 32
product-driven
Anticipated firm
performance (stock
returns)
Event study No significant effects of
greening on
performance
Different types of
environmental
initiatives have unique
implications
Karagozoglu and
Lindell (2000)
83 US companies
representing a mixture
of high-technology and
traditional
manufacturing sectors
Environmental
strategy and
environmental
competitive advantage
(perceptual measures)
Profit margin, market
share and overall
financial performance
(perceptual measures)
Regression
analysis
There is a positive
relationship between
environmental
competitive advantage
and financial
performance
A ´
lvarez-Gil et al.
(2001)
262 Spanish hotels Environmental
strategy (perceptual
measures)
Occupation, profits
(perceptual measures)
Groups,
ANOVA
Groups with a more
consolidated proactive
environmental strategy
have higher occupancy
levels and higher
profits
de Burgos and
Ce´spedes (2001)
Data by Judge and
Douglas (1998)
Data by Judge and
Douglas (1998)
Data by Judge and
Douglas (1998)
Data by Judge and
Douglas (1998)
Data by Judge
and Douglas
(1998)
Positive but not
significant impact of
environmental issue
integration on financial
performance. Positive
and significative
impact of
environmental
performance on
financial performance
(continued)