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The effects of corporate environmental practices on financial performance of global companies

The purpose of this paper is to examine the relationship between companies' environmental management practices and their financial performance. We study a sample of the 500 largest public U.S. companies and we use Newsweek's Green Ranking index to predict future financial performance a year later. After controlling for size, industry concentration, firm's growth rate and risk, we are unable to find a significant effect. Therefore, we conclude that environmental practices have neither a positive nor a negative effect on financial performance. Further research could study a longer time horizon by taking longer time-lags into account.