The interrelationships among environmental strategy, environmental performance and financial performance have become a subject of ongoing debate. This study investigates the association between environmental strategies and environmental performance by utilizing the generalized method of moments technique to analyze a dataset of listed firms from 2007 to 2018. From a neo-institutional theory perspective, the findings are four-fold. First, environmental strategies are negatively correlated with financial performance. Second, the environmental performance has inversed relationship with financial performance. Third, there is a significant and positive association between the adoption of environmental management practice and environmental performance. Finally, the environmental expenditure-environmental management practice nexus is positively moderated by environmental audits.