The management of the value of a firm requires the identification of important value drivers. The main objective of the paper is to find out whether value based management (e.g. shareholder value oriented management) has to take into account environmental aspects. In order to answer this question, the paper will determine whether there is an empirically proven relationship between the economic and environmental performance of companies. The paper is divided into three main parts: The development of a basic theory, the examination of existing empirical results and the concluding integration of theory with empirical results. Basic Theory: To build a basis, the paper first specifies the theoretical connection between economic and environmental performance of companies. Economic performance (e.g. definable by financial statement and/or capital market data) and environmental performance (e.g. definable by operational and strategic data) are linked in a model. Based on the model the influence of environmental aspects on corporate value is examined resulting in seven hypotheses for the relationship of environmental and economic performance. Empirical Results: In order to test the developed theoretical relation, empirical studies are identified and assessed, with regard to the relationship between economic and environmental performance. The research results in 122 studies from all over the world, which are subject to further investigation. The analyzing process includes different steps. First, the studies are divided and reviewed as far as their empirical method and soundness are concerned. Mainly they can be differentiated in regression, event and portfolio studies. Furthermore the study categorizes the environmental and economic variables used in the analyzed studies. Economic measures are divided into the following categories: market based measures (e.g. stock price), accounting based measures (e.g. RoA), accounting and market based measures (e.g. Tobins q), perceived performance measures (i.e. derived from questionnaires) and miscellaneous measures (e.g. shadow prices). Environmental measures on the other hand are divided into the seven categories: strategic environmental performance, operational environmental performance, questionnaires, rating/ranking, events, environmental disclosure and mutual funds. The next step identifies the empirical result of every study as well as important determinants (e.g. the distinguished environmental and economic categories) of the results. The objective is to show whether general patterns for the existence of different results can be defined. Overall it can be shown that about 40% of all studies report a significant positive relationship between economic and environmental performance, contrary to only 11% reporting significant negative results. Furthermore, in order to assess the special role of environmental aspects as value drivers 23 suitable studies are analyzed on the basis of Rappaport?s shareholder network. Results provide an even stronger evidence for the value creating role of environmental aspects. Conclusion: Finally we can detect statistically proven environmental value drivers combining theoretical and empirical research. At the same time, the empirical methods are also evaluated, especially with regard to there ability to provide useful support for the development and examination of the theoretical research. Overall it seems to the authors that the whole research on the topic runs parallel and is not combined. There are only a few studies who are built on already recognized relations or which try the confirm such relations. Based on these cornerstones, requirements for further empirical research are identified and specified.

For almost 40 years researchers have been trying to identify the relationship between corporate environmental and corporate economic performance. Neither theoretical debate nor empirical studies investigating the relationship show conclusive results. Within a field research seminar at Technische Universität Dresden, nine students conducted a meta-analysis of 124 studies to assess different aspects of the relationship between corporate economic and corporate environmental performance. In the first part of our paper, we analyze and present the theoretical background based on a review of literature. In the second part, we test for empirical evidence. At first, the conceptual frameworks and measurement methods for corporate economic and corporate environmental performance are discussed. We also look at the impact of environmental performance on shareholder value. Thereafter, we examine the influence of time, industries and publication bias. In conclusion, our research indicates that the quality of journals merits further examination to improve results.

Bygg- och fastighetssektorn hör till de branscher som har störst påverkan på miljö och klimat. Med utgångspunkt i detta går det att argumentera för att branschen bör satsa på hållbarhetsområdet för att skona miljön. NCC är ett bygg- och fastighetsutvecklingsföretag som vill vara i framkant, inte enbart i fråga om hållbarhet utan även då det kommer till innovativa lösningar. NCC håller på att utveckla ett hållbarhetsverktyg, ABS – always, better, superior, med målet att konkretisera organisationens hållbarhetsarbete och påvisa mervärdet av hållbara affärer. Syftet med denna studie är att undersöka förutsättningarna för hur hållbarhetsverktyget ABS skulle kunna utgöra ett stöd i produktionsverksamheten. Vidare är syftet att undersöka hur verktyget ABS kan kopplas till ISO 14001 och därmed företagets möjlighet till ständig förbättring av sin miljöprestanda. För att undersöka den formulerade forskningsfrågan användes kvalitativa intervjuer som sedan analyserades med en tematisk analys. Samtliga intervjuer genomfördes på NCC:s huvudkontor i Solna och främst på avdelningen Bostad Stockholm. Resultatet påvisar bland annat att hållbarhetsarbetet i en organisation kan hindras i många led. Det kan dels vara en fråga om brister i kunskapsspridningen inom organisationen eller mot kund, ett internt motstånd mot nya koncept, kostnadsfokus eller brist på incitament att bedriva hållbarhetsarbete. Vidare hinder skulle kunna vara avsaknad av rätt resurser eller ledningsstöd. En åtgärd som föreslås är pedagogiska insatser, både internt och mot kund. Verktyget ABS bör vidare utformas som en checklista för att vara enkelt, tydligt och användbart. Resultat och diskussion visar vidare på att det är möjligt att harmonisera ABS med ISO 14001. Detta främst genom att göra vissa anpassningar av ABS-kriterierna efter de betydande miljöaspekterna som identifierades i samband med NCC:s ISO 14001-certifiering. Således kommer ABS vidare kunna utgöra ett stöd för att påvisa ökad miljöprestanda. / The construction and property business falls among the sectors that have the greatest impact on the environment and climate. Due to this it is possible to argue that the entire sector should invest in protecting the environment. NCC is a construction and property development company that aims to be on the forefront, not only in terms of sustainability but also when it comes to innovative solutions. NCC is currently developing a sustainability tool called ABS - always, better, superior. This in order to concretize the organization's sustainability goals but also to be able to exemplify added value of a sustainable business. Further, the purpose of this study is to investigate on what basis the sustainability tool ABS is perceived to be a support in production. The purpose of this study is also to examine how the tool ABS can be linked to ISO 14001 and thus the company's ability of continuous improvement in their environmental performance. The method used to investigate the research question was qualitative interview. The data was analyzed by using a thematic analysis. The result demonstrates that there are many obstacles for the sustainability work of the organization due to many levels. Gaps in the knowledge management, either within the organization or towards customers, internal resistance to new concepts, focus on costs or disincentives to engage in sustainability are some examples. Further obstacles could be lack of proper resources or in management support. This study recommends educational efforts, both internally and towards the customers. The ABS tool could work as a support in the organization's sustainability work, provided that it is user friendly. This to avoid that the tool is considered an administrative burden in the projects. It seems that the results and discussion indicate that it is possible to harmonize ABS with ISO 14001. This primarily by making some adjustments to the ABS criteria to incorporate significant environmental aspects identified in NCC's ISO 14001 certification. Thus, the ABS tool can also serve as a support for the detection of environmental performance.

Finansiering utgör en viktig del i att möjliggöra omställning mot miljövänligare företag. Möjligheten att anskaffa kapital och övergå till ett miljövänligare företag är samtidigt emellanåt bristfälligt. Det gäller även för industriföretag där branschen är inne i en omställning mot Industri 4.0, vilket förväntas bidra till miljövänligare företag. I den här studien undersöks sambandet mellan miljöprestation i västerländska industriföretags och företagens finansiering. Utifrån tidigare forskning om finansiering med anknytning till finansieringsbeslut, samt hur hållbarhetsmått kan ha inverkan vid finansiering, har industriföretagen analyserats. Studien utgår från en kvantitativ metod, där sekundärdata har hämtats från Thomson Reuters Refinitiv Eikon. Med insamlad data analyseras industriföretags kapitalstruktur gentemot deras miljöprestation genom en multivariat regressionsanalys. Studiens resultat påvisar inget statistiskt signifikant samband mellan industriföretags kapitalstruktur och deras miljöbetyg. Av den anledningen konstateras det att miljöprestation inte har något statistiskt signifikant samband med företagens tillvägagångssätt vid finansiering. Därtill konstateras det även utifrån studiens analys att informationsasymmetrin är densamma oberoende på miljöprestation. Studien bidrar med ökad förståelse beträffande sambandet mellan industriföretags miljöprestation och hur de finansierar sig. / Financial opportunities are an important part of the transition towards environmentally friendly companies. The ability to raise capital for this transition in companies is at the same time, to some extent, inadequate. These inadequacies also affect industrial companies, a sector in transition towards “Industry 4.0”, which is expected to lower the environmental impact in the industry. This study examines the relation between environmental performance of industrial companies in western countries and their financing decisions. The industrial companies have been analyzed with regard to previous studies related to financial decisions and the effect of sustainable measures on financial opportunities. The study applies a quantitative method and uses secondary data collected from Thomson Reuters Refinitiv Eikon. With the gathered data the capital structure of the industrial companies have been analyzed compared to their environmental performance, by using a multivariate regression analysis. The findings of the study shows that environmental performance has no significant correlation with industrial companies capital structure. The findings also implies that information asymmetry, risk and uncertainties are not affected by the company's environmental performance. This study contributes to an extended understanding about the relation between environmental performance and industrial companies financing.

Embedded in the economic competition, public procurement has amajor role to play in being a driving force for the promotion of a globallypositive competition that prides the best sustainable products and services,rather than only the more economically efficient ones. Responsible for ahuge part of the human pressure on natural resources, and having a largeshare in the public funding, the built environment sector provides animportant venue for the use of sustainable public procurement as a tool toenhance the sustainability of societies.Selecting the best sustainable offer is a challenging task requiringenvironmental and social assessments that can only be based on complexlife cycle thinking analysis. Through the development of the “ExhaustiveSustainable public procurement clauses Manual”, this paper analyses publicprocurement issues and their potential solutions, with a focus on theenvironmental performance in buildings procurement.

The thesis provides an assessment of Cleaner Production (CP) implementation in Ugandan industries, using Sugar Corporation Of Uganda Limited (SCOUL) as a case study. The thesis covers the time the CP programme was implemented in 2004 to date. The study is primarily concerned with the sustainability of CP in Ugandan industries. Using the local Uganda Cleaner Production Centre (UCPC) Assessment Approach, both qualitative and quantitative research methods are used to explore the trend (progress) of environmental and economic performance of CP in SCOUL. Several indicators are used to gain better understanding of the raw materials, products and waste in SCOUL. The thesis sets out to assess the environmental and economic performance of CP in Uganda, identify barriers to CP and make recommendations for Sustainable CP in Uganda. The findings show that both the environmental and economic performance of SCOUL continues to improve, in line with raw material, products and wastereduction. This improvement can be attributed to the different CP optionswhich were implemented. These options include reduction, reuse and recycling. From the findings, it can also be argued that CP is a practical way towards sustainable industrial development as demonstrated in the progress made by SCOUL and that CP has good potential for application in other industries in Uganda. This is because CP is simple to implement and yet it has both economical and environmental performance benefits. As such, it can be argued that CP will lead to sustainable industrial development in Uganda. The long term aim of this study is to contribute towards promotion of sustainable industrial development in Uganda by showing that the implementation of Cleaner Production is simple and yet it has both financial and environmental benefits. / www.ima.kth.se

[pt] A consciência de que os recursos são finitos e de que é necessária a sua preservação é uma nova forma de se relacionar com a natureza. E um grande impacto no meio ambiente é o lançamento de efluentes nos corpos hídricos. Na Marinha do Brasil, modernizar o sistema de esgoto tem sido um grande desafio, o que abrange desde a destinação dos recursos orçamentários e gestão dos projetos até a execução das obras e manutenção das Organizações Militares de Terra e os licenciamentos ambientais. Neste contexto, diversas questões relevantes foram identificadas como a deficiência dos recursos orçamentários, a interferência que gera erros na execução advindas dos projetos de engenharia, a necessidade de substituição do sistema de tratamento de esgoto atual de fossa séptica e filtro anaeróbio de fluxo ascendente e de interligar o máximo de construções terrestres ao sistema público, superando-se os desafios encontrados nos casos concretos analisados e implementar ações que enquadrem os casos de preparo e emprego da força na dispensa legal de licenciamento ambiental. Diante dos desafios dessas questões, sugere-se a otimização da gestão dos recursos públicos, inclusão da fase de compatibilização dos projetos de engenharia, emprego de estações compactas de tratamento de esgoto em substituição ao sistema fossa séptica-filtro anaeróbio de fluxo ascendente, interligar o máximo de construções possíveis aos sistemas públicos e definir quais são as atividades de preparo e emprego das forças que se enquadram na norma. Todos os procedimentos apresentados são acompanhados de indicação de rotinas e ações que pretendem colaborar com a melhoria do desempenho ambiental do sistema de esgoto da Marinha do Brasil. / [en] There is no doubt about the importance of water to life. All kind of life in this planet needs water to born and survive in a healthy way. So, it is a fact that if the water becomes poisoned, we are poisoned, if it is not potable, we will be sick. That is why we must take care about our water resources and we must do something immediately or life in Earth will be exterminated. It is not a single screaming. United Nations Climate Change conference has been talking about it for many years and each case scenario is getting worse year by year. The oceans, rivers and lagoons have got to be protected. And have many standards to prevent them from destruction but usually it is not successful. Specially at urban cities because there are many different interferences that achieve people s health. One of it is sewer. It goes into oceans, rivers and even into sources that are underground and sometimes without any kind of sewage treatment. It is very important to understand that sanitary sewers are composed of almost 90 percent of water; and that is the reason why if it is disposed back into sources without an effective cleaning process, it will contaminate all kind of water sources that exists until they reach unsupportable limits to life. And, when life finds too many difficulties to exist in a certain river or other source, it means that they are dead or useless. Sanitary sewer is composed of many things such as organic, metallic and nonmetallic elements and it is not right if someone thinks that contributes just with organic elements. When someone put away batteries, paints, deodorant, antiperspirantor electronics is cooperating to spoil environment. These things are poison to water, each one in different terms of cooperation, but equally danger to water and life itself.And how many of us are not worried about it? Not much. Human beings throw these things off frequently without even thinking about their act. But it is fact that each one of us isresponsiblefor providing environment protection.

The road transport sector is heavily dependent on fossil-fuel based technologies, and as a result, contribute a significant share towards climate change and other environmental problems. If the transport sector is to reduce its adverse impacts on climate change, then it requires a global shift towards low-carbon technologies. However, deploying these new technologies brings uncertainties regarding their environmental profile, hence, the need for applying a life cycle approach in evaluating their potential environmental impacts. This thesis aim to evaluate the potential life-cycle environmental impacts associated with travelling 1 km in a battery electric cars (BEV) and plug-in hybrid electric cars (PHEV) operated in the EU at present-day, and in the future up till 2050. The study applied the life cycle assessment (LCA) and ReCiPe Midpoint (H) methodologies to assess and calculate the potential life cycle environmental impacts of all vehicle scenarios. The datasets of the vehicles have been modelled with a modular approach by linking together various vehicle components. The future time perspective based on two future scenarios; the Mod-RES, representing the reference future scenario and the High-RES representing a future ambitious policy scenario.   The EU28 electricity production based on Fichtner, et al. was used to model the use phase all vehicle scenarios. The result showed BEV performed best in indicators for global warming (GWP), ozone depletion and fossil resource scarcity. The thesis best estimate for GWP is 5.61E-2 kgCO2 eq resulting from the BEV_High-RES scenario; representing a decrease in GWP of around 80% and 69% when compared to the ICEV and the baseline BEV respectively. On the other hand, the baseline BEV performed worst in impact categories related to human toxicity and damage to ecosystems; the conventional gasoline car showed the lowest estimate for indicators on human toxicity, acidification and eutrophication as defined in the baseline scenario. Nonetheless, the future scenarios showed promising results for all technologies; as projections for stringent environmental regulations, ‘cleaner’ energy systems and continuous advancement in vehicle technologies offered a significant reduction in all impact categories. Notably, the BEV reduced its impact on toxicity categories to around 38% of the initial values for the baseline scanario. Results are strongly dependent on assumptions regarding the vehicle and battery lifetime, the use phase electricity source and the vehicle consumption.  The findings establish the significance of carrying out a full LCA, including future time perspective and assessing impact categories beyond climate change. Also, it underlined the suggestion that production of electric cars raised more concern for EVs than conventional cars; thus, the tendency for environmental problem-shifting and the need for policy-makers to recognise existing trade-offs. / Vägtransportsektorn är starkt beroende av fossilbränslebaserad teknik och bidrar därmed till en betydande andel av klimatförändringen och andra miljöproblem. Om transportsektorn ska minska dess negativa inverkan på klimatförändringen, krävs det en global övergång till teknik med låga koldioxidutsläpp. Utnyttjandet av denna nya teknik medför dock osäkerhet om sin miljöprofil och därmed behovet av att tillämpa ett livscykelperspektiv vid utvärderingen av deras potentiella miljöpåverkan. Avhandlingen presenterar en livscykelanalys av nuvarande och framtida elfordon. Fokus ligger på batteri elbilar (BEV) och plug-in hybrid elbilar (PHEV) som drivs i EU. EU28-elproduktionen baserad på Fichtner, et al. användes för att beräkna de potentiella livscykelmiljöeffekterna av alla fordonsscenarier baserade på effektkategorier definierade i ReCiPe Midpoint (H) -metoden. Resultatet visade att BEV fungerade bäst i indikatorer för global uppvärmning (GWP), ozonförlust och fossila resurserbrist. Avhandlingens bästa uppskattning för GWP är 5,61E-2 kgCO2 ekv som härrör från BEV_High-RES-scenariot; vilket motsvarar en minskning av GWP på cirka 80% och 69% jämfört med ICEV respektive baseline BEV. Å andra sidan har baslinjens BEV den högsta andelen miljöindikatorer relaterade till human toxicitet och skador på ekosystemen. Den konventionella bensinbilen visade den lägsta uppskattningen av indikatorer för human toxicitet, försurning och eutrofiering enligt definitionen i baslinjen. De framtida scenarierna visade emellertid lovande resultat för all teknik, detta förutsätter strängre miljöregler, "renare" energisystem och kontinuerlig framsteg inom fordonsteknik som kommer att erbjuda en betydande minskning av alla påverkningskategorier. I synnerhet reducerade BEV: s påverkan på toxicitetskategorier till omkring 38% av de ursprungliga värdena för baslinjens scanario. Resultaten är starkt beroende av antaganden om fordonets och batteritiden, användningsfasens elkälla och fordonsförbrukningen. Resultaten visar betydelsen av att utföra en fullständig LCA, inklusive framtida tidsperspektiv och bedömning av påverkningskategorier utanför klimatförändringen. Det understryker också förslaget gällamde produktion av elbilar har en betydande ökade oro för elektriska motorer än konventionella bilar. Det finns en risk för miljöproblemförskjutning och ett behovet av att politiska beslutsfattare erkänner befintliga avvägningar. / REFLEX - Analysis of the European energy system under the aspects of flexibility and technological progress

M. Tech. (Department of Logistics Management, Faculty of Management Sciences), Vaal University of Technology. / In South Africa, the beverage industry is perceived to be a major contributor to the economy. Internal and external stakeholders in this industry are engaged in environmental collaboration with each other to achieve better environmental and supply chain performance. The aim of this study was to investigate the influence of green supply chain management practices on environmental performance and supply chain performance in the beverage industry of South Africa. It considers four of these practices, namely, internal environment management, investment recovery, eco-design and green purchasing. A quantitative approach was adopted, with the use of a survey questionnaire to collect information from 373 supply chain management professionals from beverage companies in South Africa. The study used a probability simple random sampling method. The data gathered was analysed using the Statistical Package for the Social Sciences (SPSS) version 25.0 and Analysis of a Moment Structures (AMOS) version 25.0. A Confirmatory Factor Analysis (CFA) was used to validate the measurement scales while Structural Equation Modelling (SEM) was applied to test the relations between constructs. The results revealed that internal environment management, investment recovery, eco-design and green purchasing positively and significantly influence environmental performance. Moreover, the results also revealed that environmental performance exerted a strong, significant and positive influence on supply chain performance. Recommendations and implications for further research were made based on these results. The study presents supply chain management professionals, internal and external stakeholders within the beverage industry with useful insights on key factors that ought to be addressed in order to improve their organisational strategies. Therefore, the study is essential to internal and external stakeholders in the beverage industry who wish to improve environmental and supply chain performance.

На сегодняшний день отрицательное влияние на окружающую среду ощущается наиболее остро и принимает мировой характер, что может послужить причиной экологического кризиса. Актуальность данного исследования обусловлена тем, что реализация программ корпоративной социальной ответственности компаний нефтегазовой отрасли оказывает ощутимое воздействие на устойчивое развитие общества в разных странах мира. Целью магистерской диссертации является оценка экологической ответственности предприятий нефтегазового сектора. В этой работе использованы следующие методы исследования: теоретический и эмпирический анализ, а также корреляционный анализ. Информационную базу исследования составили нефинансовая отчетность компании ПАО «Газпром-нефть» за 2015-2018 гг., которая опубликована на официальном сайте предприятия и статистические материалы ассоциации Российского союза промышленников и предпринимателей. В ходе написания магистерской диссертации была разработана методика оценки экологической ответственности предприятий, базирующаяся на использовании базовых индикаторов корпоративной социальной ответственности и отличающаяся введением индикаторов, учитывающих специфику деятельности нефтегазовых компаний в области охраны окружающей среды, что позволит разработать адекватную политику инвестирования в природоохранные объекты и обеспечить сопоставимость информации, как в российской, так и зарубежной практике нефинансовой отчетности. Такая информация может представлять существенный интерес и для потребителей продукции нефтегазовых компаний, и для инвесторов и кредитных организаций. Оценка экологической ответственности компаний нефтегазового сектора позволит оценить эффективность защиты окружающей среды, оценить эффективность ведения социально ответственного бизнеса в России и выявить наиболее важные экологические аспекты в деятельности компаний. Разработанная методика позволит получить объективную и сопоставимую информацию об уровне экологической ответственности компаний нефтегазового сектора, действующих в России, и масштаба воздействия их деятельности на окружающую среду. / Today, the negative impact on the environment is felt most acutely and takes on a global character, which may be the cause of the environmental crisis. The relevance of this study is due to the fact that the implementation of corporate social responsibility programs for companies in the oil and gas industry has a tangible impact on the sustainable development of society in different countries of the world. The purpose of the master's thesis is to assess the environmental responsibility of enterprises in the oil and gas sector. In this work, the following research methods were used: theoretical and empirical analysis, as well as correlation analysis. The information base of the study was compiled by non-financial reports of PJSC Gazprom Neft for 2015-2018, which is published on the official website of the company and statistical materials of the association of the Russian Union of Industrialists and Entrepreneurs. During the writing of the master's thesis, a methodology for assessing the environmental responsibility of enterprises was developed, based on the use of basic indicators of corporate social responsibility and characterized by the introduction of indicators that take into account the specifics of the activities of oil and gas companies in the field of environmental protection, which will develop an adequate policy for investing in environmental objects and ensure comparability of information as in the Russian and foreign practice non-financial reporting. Such information may be of significant interest to consumers of oil and gas companies, and investors and credit organizations. Assessing the environmental responsibility of companies in the oil and gas sector will assess the effectiveness of environmental protection, assess the effectiveness of conducting socially responsible business in Russia and identify the most important environmental aspects in the activities of companies. The developed methodology will provide objective and comparable information on the level of environmental responsibility of oil and gas companies operating in Russia and the scale of the impact of their activities on the environment.