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Companies constantly thrive to enhance their performance in order to achieve their environmental, social, and economic goals. One way to achieve these goals is to integrate some effective management tools, such as an environmental management system (EMS), that can support sustainable development and value creation. Based on the literature, in this study some EMS integration dimensions were identified that can be used to assess its influence on business performance. The study was conducted on SMEs listed on the AeRO-Bucharest Stock Exchange that voluntary apply the ISO 14001 EMS, using a quantitative approach. To assess the EMS integration score, principal component analysis was used. Using logistic regression analysis, business performance probability (quantified by return on assets) was estimated for each company included in the final sample. Fuzzy logic was further used for modelling the influence of EMS integration on business performance probability. The research results showed that EMS integration has different effects on business performance probability, considering the influence of activity field and environmental management experience. This research assertion could be extended for all the listed Romanian companies or for major companies at the EU level.

No abstract

Sustainable development of the companies could be enhanced by the inclusion of the environmental information in annual financial statements in order to support the investors' decisions, with direct impact on the companies' market value and implicitly on their global performance. Environmental information describes the activities carried out by companies, their impact on the environment, as well as the measures taken to protect the environment and they can guarantee the sustainable development and the continuity of the companies' activity. This study proposes the analysis and the assessment of the impact of the information regarding the environment, presented by the Romanian listed companies, in the specific context of financial reporting, on the investors' decisions on the stock exchange, with direct effect on the global and stock performance. The assessment of the investors' decisions can be made on the variation of the share price of the listed companies. In the analysis of the impact of the environmental information on the investors' decisions, we considered the individual influence and the cumulated effect of this information with the one of the financial information. The study was carried out on a sample of 65 Romanian companies, listed on the Bucharest Stock Exchange (BSE) in 2011 and 2013. The main results obtained in the study reveal the existence of some global performance profiles of the Romanian BSE listed companies, ranked on their reported environmental information and also the significant influence of the environmental information on the global performance of the Romanian listed companies.