Abstract
This paper examines the effectiveness of voluntary environmental programs (VEP) adopted by the firms in improving their environmental performance in an emerging economy like India by using data from steel, cement and power sectors. Environmental performance of a firm is represented by its environmental efficiency estimated using directional distance function approach. We estimate a truncated regression model with bootstrapped standard errors to investigate the effectiveness of VEP. We find that there is no significant relationship between the adoption of multiple VEP and the environmental performance of a firm. The results concur with such studies conducted in developed economy like the US and Japan wherein the presence of the prescriptive norms deter the firm to take any additional initiative other than complying to the regulatory requirement.
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