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What Determines the Decision to Implement EMAS? A European Firm Level Study


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  • Bracke, Roeland

    (Centre for Environmental Economics and Management, Faculty of Economics and Business Administration, Ghent University, Ghent, Belgium)

  • Verbeke, Tom

    (Hogeschool-Universiteit Brussel (HUB), Belgium)

  • Dejonkheere, Veerle

    (Laboratory of Food Technology and Engineering, Ghent University, Ghent, Belgium)

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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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    Bibliographic Info

    Paper provided by Hogeschool-Universiteit Brussel, Faculteit Economie en Management in its series Working Papers with number 2008/15.

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    Length: 19 pages
    Date of creation: Mar 2008
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    Publication status: published in Environmental and Resource Economics, Vol. 41(4), pp. 499-518
    Handle: RePEc:hub:wpecon:200815

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    Keywords: Business and financial characteristics; EMAS participation; Logistic regression; Stakeholder pressures;


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    Cited by:
    1. Paul Lanoie & Stefan Ambec, 2009. "Performance environnementale et économique de l’entreprise," Économie et Prévision, Programme National Persée, vol. 190(4), pages 71-94.


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