Achieving environmental-economic sustainability through corporate environmental strategies: Empirical evidence on environmental shareholder value

Abstract

This paper discusses the relationship between environmental and economic performance, and the influence of different positions on corporate environmental strategy. After formulating a theoretical model, results are reported for two empirical analyses: of the European paper manufacturing industry, and of a set of British and German manufacturing firms, respectively. It is found that the potential for different industries to realize a win-win relationship between environmental and economic performance differs, but that a pollution prevention-oriented approach as supported by the Environmental Shareholder Value concept, for example, enables a type of integrated management which enables firms to move closer towards environmental-economic sustainability.