T he relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) has intrigued scholars for decades, and some have specifically focused on whether environmental corporate social responsibility (ECSR) positively or negatively affects CFP (e.g, Brulhart and Gherra, 2015; Margolis and Walsh, 2003; Orlitzky et al., 2003). Given today's worldwide concerns for the environment, corporate managers, stockholders, and stakeholders would undoubtedly benefit from a deeper understanding of how ECSR and CFP are linked. Freeman (1984) notably remarked that corporations need to satisfy the needs of a broad range of stakeholders, even though their primary duty is to increase shareholder value. Carrol (1979) elaborated Freeman's (1984) approach and defined CSR (including ECSR) as a set of obligations toward society: economic (to maximize profit, to create value and quality products), legal (to respect the laws and regulations), ethical (to act according to moral principles shared within the company) and philanthropic (to be charitable). The model of Carrol is considered to be the foundation of theoretical approaches. Many stakeholders are increasingly concerned about how companies impact environmental spheres and therefore they may push these companies to redefine their responsibilities to the greater community. From this perspective, ECSR is a response to environmental issues through corporate strategies and methods of control, monitoring, evaluation and reporting, and many of these strategies and methods incorporate new approaches to financial performance (Laguir et al., 2015). The studies to date have shown considerable discrepancies on how effective this response is. Some have shown that enhanced environmental investing will strengthen stakeholder relationships and thus