Does ISO-14001 EMS contribute to financial performance? Providing an answer to this question could increase the direct motivation for companies to register. Providing an answer to this question has broad-reaching implications not only for companies who wish to be green, but also for the whole ecosystem as well. The academic significance of this approach is to fill a need in the existing literature for empirical evidence on the financial effects of ISO-14001 EMS. The practical value of this approach is based on the premise that if the registration of ISO-14001 EMS is related to corporate financial performance, then ISO- 14001 EMS will not only offer an environmental incentive, but also a financial incentive. However, the result of the present study is negative – ISO-14001 EMS does not pay! Several issues are being discussed, including but limited to: Reliability, Validity, Diluted Effect, Lagged Effect, and Overlapped Effect etc… Does ISO Certification Represent EMS? Does ISO Certification Qualify To Be a Tool of TBL? This study concludes that “The Quality of Implementation” is more critical than “Green-Wash-Formality of Registration”.