| Empirical research on the characteristics of environmentally responsive companies has focussed almost exclusively on US and Japanese firms. For Europe, which is commonly considered as the greenest of the three major developed economic markets, similar research is lacking. This paper seeks to fill this gap by empirically investigating the business and financial characteristics, stakeholder pressure and public policies distinguishing companies that have implemented the European Eco-Management and Audit System (EMAS) and those that have not using a unique firm-level dataset of European publicly quoted companies. The contribution of this paper is twofold. First of all, the decision to implement EMAS has not been widely analysed. Secondly, we focus on European... |
