This paper studies if a certified environmental management system leads to significant improvements of environmental performance and economic performance. The analysis is based on data collected from financial databases, corporate environmental reports and emission inventories for firms in the paper manufacturing and electricity generation industries in the Netherlands, Italy, Germany and the UK. Based on this data set, the paper reports how EMS certification influences the environmental and economic performance of firms. The paper finds that two hypotheses formulated about the link between environmental management system certification and environmental and economic performance, as well as the relationship of the latter two are rejected. Based on the data analysed, it can therefore not be concluded that there is a statistically significant link between certification of environmental management systems on one side and environmental and economic performance on the other. The implications of this finding, particularly for environmental policy making as well as implications for government policy are discussed.
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