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This paper examines the relationships between the environmental performances and financial performances of large U.S. companies. The environmental performance is measured in pollution in pounds per sales revenue and financial performance in profit margins and stock market values. An analysis of more than 230 companies shows that lower pollution per sales revenue has a positive impact on the profit margins and stock market values. Pollution is also found to have a direct impact on environmental compliance, spills and various other legal infractions.
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Vasanthakumar N. Bhat (1999) studied this question.
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