Environmental and Financial Performance: Review of Selected Studies

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Slavica Stevanović
Olivera Jovanović
Aida Hanić


The main objective of this paper is to examine selected literature on the relationship between environmental performance and financial performance on firm-level. Specific objectives are defined in accordance with the observed group of environmental performance measures. We decided to investigate environmental performance measured that refer to pollutant emissions, waste, and environmental disclosures. Examined studies cover different periods, regions, and companies. In observed literature, we found mixed results. The results depend on many factors such as the used environmental measures, the financial performance measure, the control variables, the industry type, and the characteristics of companies.

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