Journal
ENVIRONMENTAL & RESOURCE ECONOMICS
Volume 41, Issue 4, Pages 499-518Publisher
SPRINGER
DOI: 10.1007/s10640-008-9207-y
Keywords
Business and financial characteristics; EMAS participation; Logistic regression; Stakeholder pressures
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Empirical research on the characteristics of environmentally responsive companies has focussed on US and Japanese companies. For Europe, which is commonly considered as the greenest of the three major markets, similar research is lacking. This paper seeks to fill this gap by empirically investigating business and financial characteristics, stakeholder pressures and public policies to distinguish companies that have implemented the European Eco-Management and Audit System (EMAS) from a unique firm-level dataset of European publicly quoted companies. We find that the EMAS participation decision is positively influenced by the solvency ratio, the share of non-current liabilities, the average labour cost and the absolute company size as well as the relative size of a company compared to its sector average. The profit margin exerts a negative influence. We further find that companies whose headquarters is located in a country that actively encourages EMAS have a higher probability of participation. Finally, this paper suggests that rather than attracting other kinds of companies, a favourable institutional context succeeds in convincing more of the same kind of companies to participate.
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