Exploration of the Factors that Influence the Implementation of Environmental Management Systems—The Case of Slovakia

Eva Petrová, Tomáš Štofa and Michal Šoltés
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Eva Petrová: Department of Banking and Investment, Faculty of Economics, Technical University of Košice, Němcovej 32, 040 01 Košice, Slovakia
Tomáš Štofa: Department of Banking and Investment, Faculty of Economics, Technical University of Košice, Němcovej 32, 040 01 Košice, Slovakia
Michal Šoltés: Department of Banking and Investment, Faculty of Economics, Technical University of Košice, Němcovej 32, 040 01 Košice, Slovakia

Economies, 2021, vol. 9, issue 2, 1-14

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.

Keywords: business management; voluntary EMS; ISO 14001; EMAS (search for similar items in EconPapers)
JEL-codes: E F I J O Q (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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