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

Author

Listed:
  • 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)

Abstract

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.

Suggested Citation

  • Bracke, Roeland & Verbeke, Tom & Dejonkheere, Veerle, 2008. "What Determines the Decision to Implement EMAS? A European Firm Level Study," Working Papers 2008/15, Hogeschool-Universiteit Brussel, Faculteit Economie en Management.
    • Handle: RePEc:hub:wpecon:200815
    DOI: 10.1007/s10640-008-9207-y
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    Citations

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    Cited by:

    1. Patrícia Tourais & Nuno Videira, 2016. "Why, How and What do Organizations Achieve with the Implementation of Environmental Management Systems?—Lessons from a Comprehensive Review on the Eco-Management and Audit Scheme," Sustainability, MDPI, vol. 8(3), pages 1-25, March.
    2. Kube, Roland & von Graevenitz, Kathrine & Löschel, Andreas & Massier, Philipp, 2019. "Do voluntary environmental programs reduce emissions? EMAS in the German manufacturing sector," Energy Economics, Elsevier, vol. 84(S1).
    3. Eva Horváthová, 2020. "Why Do Firms Voluntarily Adopt Environmental Management Systems? The Case of the Czech Republic," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 68(1), pages 157-168.
    4. Christin Seifert & Edeltraud Guenther, 2020. "Who cares?—Stakeholder relevance for voluntary environmental management in hospitals," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(4), pages 1786-1799, July.
    5. Stefan Borsky & Esther Blanco, 2014. "Setting one voluntary standard in a heterogeneous Europe - EMAS, corruption and stringency of environmental regulations," Working Papers 2014-29, Faculty of Economics and Statistics, Universität Innsbruck.
    6. Stefan Ambec & Paul Lanoie, 2009. "Performance environnementale et économique de l'entreprise," Economie & Prévision, La Documentation Française, vol. 0(4), pages 71-94.
    7. Alexandra Barón & Rudi de Castro & Gerusa Giménez, 2020. "Circular Economy Practices among Industrial EMAS-Registered SMEs in Spain," Sustainability, MDPI, vol. 12(21), pages 1-25, October.
    8. Marius Bulearca & Catalin Popescu, 2014. "Dimensions Of Sustainable Development In Extractive Industry," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 6, pages 165-170, December.
    9. Jan Stede, 2019. "Do Energy Efficiency Networks Save Energy? Evidence from German Plant-Level Data," Discussion Papers of DIW Berlin 1813, DIW Berlin, German Institute for Economic Research.
    10. Eduardo Ortas & Isabel Gallego‐Alvarez & Igor Álvarez Etxeberria, 2015. "Financial Factors Influencing the Quality of Corporate Social Responsibility and Environmental Management Disclosure: A Quantile Regression Approach," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 22(6), pages 362-380, November.
    11. Marius Bulearca & Cristian Sima, 2015. "IDENTIFYING THE ENVIRONMENTAL ISSUES IN EXTRACTIVE INDUSTRY (International Conference “EUROPEAN PERSPECTIVE OF LABOR MARKET - INOVATION, EXPERTNESS, PERFORMANCE”)," Institute for Economic Forecasting Conference Proceedings 141102, Institute for Economic Forecasting.
    12. Johan Graafland & Reyer Gerlagh, 2019. "Economic Freedom, Internal Motivation, and Corporate Environmental Responsibility of SMEs," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 74(3), pages 1101-1123, November.
    13. Martin Thomas Falk & Eva Hagsten, 2020. "Time for carbon neutrality and other emission reduction measures at European airports," Business Strategy and the Environment, Wiley Blackwell, vol. 29(3), pages 1448-1464, March.

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