Does Environmental Strategy Improve Financial Performance ? A Meta-Analytical Review

International audienceThe relationship between corporate environmental and financial performance has received a high degree of attention in research literature and the results are still contradictory. Empirical research has revealed that companies have implemented different types of environmental strategies in order to improve their environmental performance and, as a result, their financial performance. We conducted a meta-analysis and a meta-regression of 52 prior studies which confirms a significant and positive relationship between pro-active environmental strategy and financial performance, and between environmental disclosure and financial performance. This meta-analysis answers the question: ?Does it pay to be green?? in the affirmative