Nowadays the corporate social responsibility (CSR) concept is becoming more and more popular globally. The focus of responsible business also includes environmentally sustainable business practices and the effective implementation of environmental management strategies. Therefore, companies are willing to present valid evidence of being environmentally responsible by obtaining relevant certificates.

The aim of the present research was to find out whether company financial performance (CFP) indicators have an impact on the implementation of eco–management systems. The presence of the international standard ISO14001 and the European Union (EU) Eco–Management and Audit Scheme (EMAS) certificate was considered as a criterion of the implementation of such a system. The main research method used by the authors was regression analysis. The sample included data from the TOP 100 Estonian companies for the year 2015 as ranked by the leading Estonian business newspaper Äripäev. The results of the study confirmed the linkage between CFP and implementation of the eco–management system. In general, the CFP indicators like return on equity (ROE), return on assets (ROA), and return on revenue (ROR) have a reverse impact on the presence of the certificate. The more successful the financial performance of the company is, the lower the probability that it would be ISO14001 or EMAS certified. In the authors opinion that may be partly explained by the time and money consuming the certification process making it seem not that attractive. However, the marketing aspect may be influencing the decisions of the companies to pass the certification process. Therefore, it may be that companies with less successful financial performance are more interested in attracting new clients by any means including the ISO14001 or EMAS certification. In general, it can be concluded that while companies do associate various non-financial benefits with certification and use it as a vital tool to become competitive in the market, more promotion and support from the state side would be attracted. Certification improves not only the image of the company but also adds value to sustainability and long-term prosperity.