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Environmental Management System and Performance in SMEs. Evidence from the Abruzzo Region

Abstract
The paper aims at investigating the potential effect on economic and financial
performance caused by the adoption of an environmental management system
ISO14001certification, by SMEs in Abruzzo region, which represent a significative
case study due to the environmental capital that characterizes the whole region.
From the Signaling Theory perspective, the adoption of such international
environmental management system certification “signals” to the firm’s stakeholders,
the engagement in adopting a sustainable management system, contributing to
reduce information asymmetry and consequently, positively influence economic
and financial performance.
Considering a panel dataset of a total sample of 490 SMEs located in Abruzzo
(observed from 2011 and 2019), constituted by 212 ISO14001 certified firms and a
control group of 278 firms, selected comparing size, age and geographical location
of the main group of analysis, the results show how economic and financial
performance are positively related to the adoption of an environmental management
system certification.

JEL classification numbers: O40, O44.
Keywords: ISO14001, SMEs, Environmental Management System, Signaling
Theory, Abruzzo.