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Byline: Jiangning Zhao, D. Steven White This study employs a quasi-experimental design to examine the function of dynamic capabilities (early adoption and path-dependent learning experience) in the process of implementing ISO 14001. Approximately 97 pairs of companies (N = 194) were collected from the Standard & Poor's (S&P) database, all of whom had at least one International Organisation for Standardisation (ISO) certificate and for whom five years of financial data were available. The initial differences were controlled using Analysis of Covariance (ANCOVA) to compare ISO companies with their matched comparison companies on the effect of ISO 14001 registration (independent variable) and on financial performance (two dependent variables): Return on Revenue (ROR) and Return on Assets (ROA). The results indicate that ISO 14001 registration has led to a reduced ROR in the two-year period and no change in the third year. ROA was not associated with ISO 14001 registration. Early adoption, the length of ISO registration and the size of the company did not affect the relationship between ISO registration and financial performance. Furthermore, the results illustrate that many companies have not yet gained the capability to ruminate and digest the dynamic nature of ISO 14001. An opportunity exists for future researchers to establish and examine the function of dynamic capabilities and their impact on the quality of ISO implementation.

Byline: Patricia J. Abreu, M. Helena G.A.G. Nadais Purpose: To examine two Environmental Management Systems (EMS) implemented in a Shopping Mall (SM) and an Industrial Plant (IP), and study the influence of the organisational structure upon the development of the EMS. Design/methodology/approach: Each organisation, stakeholders and their respective interests were analised for their influence upon the EMSs. Findings: The EMS for the IP should be directed towards environmental aspects and operational control; for the SM, the strategy should be directed to educational and divulging activities. Originality/value: The specifics of implementing an EMS in a non-industrial organisation vs. an industrial organisation, and the influence of the organisation structure upon the design of its EMS.

Byline: Rajesh Kumar Singh, H.R. Murty, S.K. Gupta, A.K. Dikshit Environmental issues in steel industry are so numerous, complex and interconnected that an ad hoc approach to problem solving is no longer considered effective. The growing pressure from all stakeholders forces steel companies to incorporate the environmental responsibility in all activities. Consequent to evolution of various environment management tools for supporting and improving environmental performance of the industry, steel companies have focused their attention towards integration of environmental strategy in their overall management system. This paper deals with an Integrated Approach to Environmental Management of the steel industry, which shall ensure a continuous improvement in environmental performance in order to increase competitiveness in the future steel market. In this paper, a business model is being suggested for integration of environment in overall management system. Based on the above model, a framework has been designed for implementation of Integrated Environmental Management Systems (IEMS) in steel industry. IEMS aims at 'the Greening of the industry' which shall integrate Pollution Prevention (P2), Life Cycle Assessment (LCA), Environment Management Information System (EMIS), green supply chain, environment performance evaluation, environmental accounting and other environmental management tools to EMS according to ISO 14001 requirements. This approach shall allow the steel companies to find and implement profitable and powerful measures that avoid waste generation; reduce environmental pollution; improve consumption of natural resources and go beyond legal compliance.

Byline: Tine Herreborg Jorgensen The aim of this paper is to discuss a number of issues related to ISO 14001:2004, the international standard for Environmental Management Systems (EMS) with the purpose of improving the next edition in order to recognise and reflect new recognitions in approaches to pollution prevention. A case study is presented and shows lack of life cycle thinking in product development. This paper suggests changes of ISO 14001:2004 in order to include a more product-oriented approach and a stronger focus on stakeholders. It also suggests to formulate clearer demands for targets and environmental improvements and to include a demand for publication of an environmental report to promote a constructive dialogue with relevant stakeholders.

Byline: Olaf Weber Do investors, such as environmentally responsible funds, influence firms' decisions to implement environmental management practices? We present the results of a survey analysing the implementation standards of environmental management practices subject to the influence of environmentally responsible investment funds. Results indicate that firms listed in environmentally responsible funds perform better in their environmental management practices. However, this good performance does not seem to be influenced by the desire of a firm to be listed in an environmentally responsible fund but by other reasons, i.e. a certified environmental management system.