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在二十世纪的“企业社会责任”（CSR）已经提出。如今，企业社会责任在企业管理中有重要作用。这是战略管理者必须决定如何分配资源以实现利润最大化。因此，企业对稀缺资源分配的管理者所面临的压力是很大的。（Waddock和Graves，1997）普拉哈拉德和哈默（1994）指出，资源分配的压力往往来自社会的管理问题，而不是传统的战略管理。
The concept ‘corporate social responsibility’ (CSR) has been raised in the twentieth century. Nowadays, corporate social responsibility pays an important role in corporate management. It is essential for strategic managers to decide how to allocate the resources in order to maximise the profit. Therefore, managers face consistent pressure on scarce corporate resources allocation. (Waddock and Graves, 1997) Prahalad and Hamel (1994) pointed out that the pressure of resources allocation tends to come from the social issues of management rather than traditional strategic management. This means strategic decisions for resources allocation become more complex, because managers should consider both financial and social environmental outcome when making a decision. (Waddock and Graves, 1997) Mcwilliams and Siegel (2000) asserted that key stakeholders, including ‘customers, employees, suppliers, community groups, governments, and some shareholders’, encourage firms to invest more on programs related to corporate social responsibility. On the contrast, some studies (eg. Aupperle, Carroll and Hatfield, 1985; Ullmann, 1985) argued that CSR investment would incur a significant cost, which could reduce the profit.
有大量的文献调查企业环境绩效与财务绩效之间的关系，在过去的四十年（Orlitzky，施密特和Rynes的，2003年）之间的关系存在讨论的争议。然而，结果是不一致的，例如，萨拉马（2005）建议CEP和CFP有一个显着的正相关关系;，英格拉姆和弗雷泽（1983）断言CEP呈负相关CFP Barnett和所罗门（2006）认为应该有一个曲线的关系; Surroca，摩擦和Waddock（2010）的发现CEP和CFP之间的直接联系。https://www.51lunwen.org/ukthesis/
There are a large number of literatures investigated the relation between corporate environmental performance and financial performance in the last forty years (Orlitzky, Schmidt and Rynes, 2003), due to the controversy discussed above. However, the results are inconsistent, for example, Salama (2005) suggested there was a significant positive relationship between CEP and CFP; Ingram and Frazier (1983) asserted CEP is negatively related to CFP; Barnett and Salomon (2006) argued there should be a curvilinear relationship; and Surroca, Tribo and Waddock (2010) found on direct link between CEP and CFP. Several reasons might contribute to mixed results, such as different samples, different CEP and CFP measures, and different control variables. Thus, it is difficult for senior managers to decision whether additional investment should be undertaken on CSR or not, and how much should be invested, due to mixed results in this research area.

Therefore, it is meaningful and worthy to further examine the relation between corporate environmental performance and financial performance with more reasonable methodology, in order to achieve more valuable results. The key research question of this study is that whether there is a relationship between corporate environmental reputation (CER) and corporate financial performance (CFP), if so, in what direction the causation runs.

This study investigates the CER-CFP link based on UK evidence. Thus, 163 British companies are selected as the sample, while MAC survey is chosen as the CER measure. MAC survey is the ‘Community and Environmental Responsibility’ ratings of 239 British companies. (Salama, 2005) MAC survey is a valid proxy for CER, as it reflects different aspects of CER. In order to compare accounting-based measures and stock market-based measur