Abstract
This study identifies the factors and their associated motivations that can influence corporate environmental performance in U.S. voluntary environmental programs (VEPs). The effectiveness of the programs is discussed. We construct an ordered logit regression model to estimate the voluntary environmental performance of 330 firms that participated in the Green Lights/Energy Star for Buildings (GL/ESBs) program between 1995 and 2000. Our analysis suggests that corporate participants with motives that are aligned with market interests are more likely to complete their environmental pledges to a higher level than those whose primary intent is to relieve institutional and regulatory pressures. It also provides strong evidence of corporate opportunism in the program.
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