For almost 40 years, the relationship between corporate environmental performance (CEP) and corporate financial performance (CFP) has been analyzed in hundreds of empirical studies without yielding conclusive results. A major reason for this unsatisfying situation is the use of different measurement and theoretical approaches. Our article provides a literature review of existing measurement approaches for CEP and CFP as well as an examination of available theories and factors regarding the causal relation, direction, and potential moderators and mediators of the CEP-CFP relationship. In essence, we provide a synopsis by mapping not only the varying measurement approaches, but also the limited perspectives of the theories and factors about the relationship. With this synopsis, we aim to enhance the design of future studies through a metamodel that merges the limited perspectives of the theories and the factors on the CEP-CFP link.