Environmental management is a important matter on corporate strategy, increasing stringent environmental regulation and stakeholder pressures. But manager don''t invest in environmental management activities without the assurance of environmental investment on financial performance. Then, earlier studies have examined the relationship between corporate environmental management activities and financial performance, have focused on the effect of environmental performance on financial performance. But this study examined the effect of both direction on the relationship between corporate environmental performance and productivity as financial performance. The result of this study provides empirical evidence that there is a significant positive relation between the environmental performance and productivity in both direction. These results may prove helpful for the formulation of environmental policies for corporate and government institutions, the extent of debate concerning environmental issues.