This paper analyzes the effects of ownership structure on corporate environmental performance and examines the link from financial performance to environmental performance in a transition economy. In particular, it analyzes these ownership effects and this performance link using an unbalanced panel of Czech firms for the three years 1996 to 1998. It considers state ownership and various types of private ownership, while contrasting concentrated and diffuse forms of private ownership. Additionally, it examines whether or not successful financial performance begets or undermines good environmental performance.