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Environmental management systems (EMS) seek to make companies simultaneously more competitive and environmentally responsible. Improved environmental performance can be sought from the adaptation of techniques that emphasize reduction of waste and process/product redesign in the quest of reducing environmental impact. However, EMS lacks a framework to quantify improvements and much of the evidence of EMS's impact on financial performance is anecdotal. This lack of theoretical development has served to diminish corporate support, thus reducing the likelihood of EMS implementation due to a perceived cost disadvantage. This paper proposes, and tests, a framework to quantify EMS improvements to determine the impact of EMS strategies on financial performance. Our findings suggest that implementation of an EMS strategy does not negatively impact a firm's financial performance.

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This paper is the culmination of efforts by a group of participants at the 32 nd Annual American Real Estate Society Conference in Denver who met to discuss the future of real estate education, and its authors represent the diversity and breadth reflective of the field itself. Previous literature, spanning more than 50 years, has consistently maintained that the issues related to the study of real estate are too complex to easily resolve, resulting in a lack of consensus regarding an accepted body of knowledge. This paper is unique in that it not only identifies issues and challenges inherent in today's academic climate, it also provides for a collection of options, both applied and aspirational, that build on existing and potential structures. Indeed, the authors do not believe that there is one best model for the future of real estate education, nor that we should expect there to be. Rather, this paper is an important addition to the existing body of literature for its identification of solutions that embrace the breadth of both practical and academic knowledge in the expansive and ever-evolving field of real estate.

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