Study Sample
Environmental
management variables
Environmental
performance variables
Financial performance
variables Main analysis Major findings
Wagner et al.
(2002)
37 firms in the
European paper
industry (Germany,
Italy, UK and Holland)
Environmental index
integrating SO2
emissions, NOx
emissions and COD
emissions
ROS, ROE and ROCE Simultaneous
equation
system
Negative and
significant effect of
environmental
performance on ROCE
No evidence of
significant impact of
any economic
performance variable
on environmental
performance
Melnyk et al.
(2003)
1,222 manufacturing
firm managers
State of the
environmental
management system
(EMS): no formal EMS,
formal EMS and formal
certified EMS. 17
environmental options
Corporate performance
perceptual measures
Regression
analysis
Positive and significant
impact of the EMS
state on all corporate
performance measures
Positive and significant
impact of the EMS
state on environmental
options
Al-Tuwaijri et al.
(2004)
198 firms included in
the IRRC
Environmental Profiles
Directory
Ratio of toxic waste
recycled to total toxic
waste generated
Stock price Simultaneous
equation
model
Significantly positive
relation between
environmental
performance and
economic performance
Good environmental
performers disclose
more pollution-related
environmental
information than poor
performers