The literature on corporate social responsibility (CSR) is packed with attempts to uncover the business case of CSR. However, the findings are often based on either case stories or overall analyses of the business case for CSR, thereby overlooking the heterogeneity of the business landscape and the wide variety of CSR initiatives. This article intentionally tries to fall between the two chairs. By focusing on a single aspect of the blurry CSR concept, the article examines how European organizations perceive the motives, costs and benefits associated with EMAS (Environmental Management and Audit Scheme) registration. The article is based on a case analysis of Copenhagen Zoo and a web survey of 162 EMAS‐registered organizations. One of the main conclusions is that the respondents often perceive EMAS as a success even though they believe that the monetary costs from adopting the system outweigh the benefits. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.