This study examines the relationship between corporate environmental management and corporate financial performance by analyzing the moderating effects of environmental impacts of the industry and the different approaches of the moderated regression analysis. The study shows that the environmental impacts of the industry have a significant moderating effect on the form of the relationship between the environmental management and the operating performance of the companies. In high-impact or polluting industries, such as oil and gas, metals and mining and pulp and paper, company-specific environmental management is costly and reduces the short-term operating performance of companies. In low-impact or clean industries, such as banking, software and insurance, the relationship between corporate environmental management and the market premium is stronger than in high-impact industries (strength ofrelationship). The long-term premium in market value is, on average, higher and more attuned to benefits to corporate environmental management in low-impact industries than in high-impact industries. The research provides consistent evidence of form and strength of moderating effects using the empirical approaches of the panel data moderated regression analysis, the plotting technique and the subsample analysis.