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Nowadays, senior managers face the pressure to allocate corporate resources, especially on the social environmental issues. A large number of empirical studies have investigated the relationship between corporate environmental performance (CEP) and corporate financial performance (CFP). However, due to inconsistent results achieved, there is not a clear answer for the debate that whether strategic managers should add invests on Corporate Social Responsibility or not. Methodological issues in these studies contribute to the mixed results. This study uses an improved methodology based on UK evidence, including better corporate environmental performance measure, to examine the relation between CEP and CFP. The results show that better prior financial performance leads to better environmental performance, which supports slack resources theory, while higher level of corporate environmental performance improves subsequent financial performance, which is consistent with good management theory. And accounting-based measures are found to be better than stock market-based measures to assess financial performance in this kind of research. Therefore, this dissertation gives useful directions for senior managers and further researches. Additional investment should be undertaken to achieve a higher level of financial performance.

Table of contents
1. Introduction…………………………………………………………………..…5-6
2. Literature Review
2.1 Samples Selection………………………………………………………….…...7-8
2.2 Different environmental performance measures………………………………9-11
2.3 Different corporate financial performance measures…………………..…….11-14
2.4 Different control variables……………………………………………………14-15
2.5 Applied different theories…………………………………………………….15-16
2.6 The direction of causality………………………………………………………...16
2.7 Different analysis methods……………………………………………………….17
2.8 Possible research errors……………………………………………………….17-18
3. Theoretical Framework
3.1 Slack Resources Theory …………………………………………………………26
3.2 Good Management Theory …………………………………………………..26-27
3.3 Hypothesis…………………………………………………………………….27-28
4. Methodology
4.1 Sample……………………………………………………………………………29
4.2 Corporate environmental reputation measure………………………………...29-30
4.3 Corporate financial performance measures…………………………………..31-32
4.4 Control variables ……………………………………………………………..32-34
4.5 Model specification…………………………………………………………...35-36
5. Analysis of Findings
5.1 Data Analysis…….…………………………………………………………........37
5.2 Results Analysis ….……………………………………………….……........38-45
5.3 Implications for Management…………………………………….…….........45-47
5.4 Limitations …….………………………………………………………….....48-51
5.5 Implications for further research…….………………………………………52-53
6. Conclusion……………………………………………………………………….54
7. Bibliography…………………………………………….………..………….55-59
Appendices
Appendix 1a………………………………………………………………………60-61
Appendix 1b………………………………………………………………………62-63
Appendix 2a………………………………………………………………………64-65
Appendix 2b………………………………………………………………………65-67
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