Abstract
Considering internationally accepted voluntary standards of an environmental management system (EMS) as tools that can help businesses meet the agenda for sustainable development and environmental wellbeing, this study aims to examine selected firm characteristics and financial performance that are potentially related to decisions of business entities in the matter of voluntary EMS implementation. We conduct empirical research based on logistic regression to study Slovak firms that are or are not certified according to ISO 14001 and EMAS standards. Our results suggest that there are several factors potentially determining the positive company choice to adopt voluntary EMS. We have confirmed the positive effect of firm size and research and development, however, we were not able to confirm the effects of foreign ownership and profitability effects. In the case of indebtedness, we have found a stronger negative effect of long-term debt. Our results also suggest a positive effect of owning a website, where companies can share information about their certificates. On the other side, especially younger companies tend to be interested in voluntary EMS.
Highlights
Management Systems—The Case of Climate change has been recognized as a significant problem for our planet for a long period and its significance is continuously growing, so more appropriate measures have been emerging at all levels of society
This section is devoted to the description of the results of logistic regression used in this study to explain what factors increase the probability to implement Environmental Management System (EMS) by companies in Slovakia
We study the motivation of firms for the adoption of an environmental management system (EMS), namely certified ISO 14001 or Eco-Management and Audit Scheme (EMAS) environmental management systems
Summary
Management Systems—The Case of Climate change has been recognized as a significant problem for our planet for a long period and its significance is continuously growing, so more appropriate measures have been emerging at all levels of society. We can see a lot of challenges for businesses to meet the expectations of different types of stakeholders to continuously improve the environmental performance of firms (Simpson and Sroufe 2014; Roberts 1992). It seems to be a legitimate presumption that companies should proactively follow the increasing trend in addressing climate change in order to gain or keep their competitiveness, creditworthiness and to achieve or keep sustainability in their financial and business performance. Environmental management represents one of the single components of business environmental engagement, reflecting the level of a firm’s environmental responsibility. In this view, voluntary standards for an Environmental Management System (EMS), certification ISO 14001—Environmental Management
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