Thesis (M.COM. (Accounting)) -- University of Limpopo, 2017 / Corporate environmental investments have traditionally been deemed to be an unnecessary cost to companies because of perceived or no significant return on investment. However, recent literature is highlighting financial benefits accruing from environmental investments. This study investigates the relationship between corporate environmental investment and shareholder value. The study uses the stakeholder and legitimacy theory to define the company‟s engagement with its external society and environment. From that perspective, the study examines the effect of corporate environmental investment on carbon emissions, hazardous solid waste disposal and company share price. Panel data multiple regression was used to investigate the relationship between the variables under study. Findings show a significant positive relationship between investment in carbon emissions and share price while there is an insignificant negative relationship between investment in hazardous solid waste and share price. The study contributes to the notion that reducing the environmental footprint generates positive shareholder gains by bringing new evidence from the South African mining industry. Further studies can be performed with company profitability as a measure of financial performance and further in a different sector such as manufacturing.