Environmental policy and firm financial performance

In my PhD thesis I investigate the relationship between corporates' financial and environmental performances. The concept of quantitative environmental performance measures was introduced to enable to compare and analyse environmental impacts of different socio­economic units e.g. companies, countries, regions. In my dissertation, I use environmental performance measures to examine their effect on the financial performance of different companies. In the first chapter, I apply a meta­analysis to examine the results of the previous studies which investigate the impact of firms' environmental performance on their financial performance. The outcomes propose that it is important to account for the omitted variable bias such as unobserved firm heterogeneity. The results suggest that it takes time for the environmental regulation to materialize into the financial performance, too. In the subsequent two chapters I study Czech firms over 2004­2008. First I study the intertemporal effects of corporates' environmental performance on financial ..