Study Sample
Environmental
management variables
Environmental
performance variables
Financial performance
variables Main analysis Major findings
Watson et al.
(2004)
Companies typifying
the Corporate
Self-Greenewal
approach with existing
EM system compared
with companies
without the EM
system. Different
industries
Environmental
management system
adoption
ROA, profit margin
and other measures
Wilcoxon
signed-rank
test
Results does not show
any significant
difference in financial
performance between
EMS adopters and
non-EMS adopters
Carmona-Moreno
et al. (2004)
268 Spanish hotels Environmental
management
(perceptual measures)
Profitability,
occupancy rate
(percpetual measure)
Groups Hotels with a low
environmental
management obtain a
significantly lower
performance
Gonza´lez-Benito
and
Gonza´lez-Benito
(2005)
186 Spanish firms in
the chemical sector
(63), the electronic and
electric equipment
sector (96) and the
furniture sector (27)
27 environmental
management practices:
planning and
organisational (7),
operational (4
product-related and 12
process-related), and
communicational (4)
ROA (objective) Regression
analysis
Environmental
management can bring
about competitive
opportunities for
companies, although
some environmental
practices produce
negative effects
Menguc and
Ozanne (2005)
140 Australian
manufacturing firms
Higher order construct
of natural environment
orientation (NEO):
entrepreneurship,
corporate social
responsibility and
commitment to the
natural environment
Market share; sales
growth over the last
two years and profit
after tax (objective
performance measures)
Path analysis NEO is positively and
significantly related to
profit after tax and
market share but is
negatively related to
sales growth