Working under a view of social ethics, implies that the firms must behave like a responsible citizen. This entails rights as obligations to the community. In this perspective, the company is now responsible for negative consequences produced by its activities. The company well knows, to minimize risk by controlling the environmental costs incurred by society. Although these costs represent a threat to some companies for performance, others consider them a competitive factor.Throughout this work, we will demonstrate, through a case study, the environmental costs, despite the ambiguities related to calculation, can be identified and recorded in the financial reports of the company. To do this, the researchers will proceed as follows. A first section will present the theoretical framework of this research by discussing the concepts of environmental costs. The second section will be reserving for environmental costs. In the last section, the researchers present calculations of the various environmental costs and bookings in the financial reports of the company.

The environment changes with the development of human activity, which directly threatens human life because of the effects accompanying the development of polluting industries. In response to stakeholder pressures, many companies have taken several actions to reduce the negative impacts of their activities on the environment. Based on the theory of the importance of integrating environment in the strategy of industrial companies, and that any awareness in this field is reflected in actions for the environment, the researchers wonder through this research about the effectiveness of environmental policies adopted by the Tunisian industrial companies.To evaluate the effectiveness of environmental policies in the industrial sector in Tunisia, the researchers conducted an exploratory study with a sample of Tunisian industrial companies. Thus, the paper was divided into three parts. The first one will discuss the theoretical concepts related to the environmental awareness and the strategic actions witch can be taken for environmental protection. In the second part, we will present the exploratory study conducted within a sample of industrial firms to evaluate their environmental policies. The last part will focus on the analysis and the interpretations of the emerging results.

Undertake in a vision of social ethics, implies that the company must behave like a responsible citizen. For this propose, the company is now responsible for negative effects of its activities. That mean, the company must actively contribute to minimizing the risks by engaging the environmental projects. While these investments are a threat to performance for some companies, others consider them a competitive factor and a source of value creation.Through this study, the authors will demonstrate, through a case study, that socially responsible investing can be, contrary to what most entrepreneurs think, a lever of value creation for the company. Thus, the first part will discuss the concepts of socially responsible investments and the related objectives. The second part will present the calculations related to the environmental investments and determine the added value of environmental protection while discussing the results emerging from the case study of the Company of Phosphate of Gafsa.