Developing countries are trying to create attractive opportunities for new investments with the aim of faster economic growth. In such countries where the primary goal is economic growth, environmental factors may remain in the background compared to developed countries. Some of developing countries become pollution haven for pollution intense industries due to relatively flexible environmental policies compared to developed countries. In this study, the validity of the pollution haven hypothesis was investigated for Brazil, Russia, India, China (BRIC) and Mexico, Indonesia, South Korea, Turkey (MIST). The relationship between per capita carbon dioxide emissions, exports, foreign direct investment inflows, per capita GDP and Environmental Policy Stringency Index for the period 1990-2015 was investigated using generalized methods of moments. This paper includes two models for investigating the pollution effect of variables; According to the findings of the first model, foreign direct investments and GDP per capita increase carbon dioxide emission in BRIC and MIST countries and there is an inverse relationship between the square of GDP per capita and carbon dioxide emission. According to the findings of the second model, the tightening of the environmental policy reduces the foreign direct investment inflows.