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Is sustainable entrepreneurship profitable? ESG disclosure and the financial performance of SMEs

Author

Listed:
  • Paul P. Momtaz

    (Technical University of Munich, TUM School of Management
    Syracuse University
    CESifo, Center for Economic Studies
    University College London, Computer Science, Center for Blockchain Technologies)

  • Isabel M. Parra

    (Financiación e Investigación Comercial, Universidad Autónoma de Madrid (UAM))

Abstract

Sustainability practices have a positive effect on the financial performance of SMEs. We extract ESG-related information for a sample of Spanish SMEs over the period 2012–2022 using tools provided by the Internet Archive to estimate a staggered difference-in-differences model of how the release of new ESG-related information impacts the financial performance of SMEs. ESG-related information can be delivered as an endogenous signal or as an exogenous certification. We show that both types of ESG-related information have a positive effect on SMEs’ financial performance and that both are informational substitutes. We also show that institutional change in the form of the 2015 Paris Agreement on Climate Change moderated the sustainability–performance relation. Specifically, post-Paris, the value-creating impact of exogenous ESG certification increased, while endogenous ESG signals without external certification became ineffective or detrimental. Finally, in line with CSR-as-insurance theory, we show that SMEs with higher performance variability benefit more from sustainability orientation.

Suggested Citation

  • Paul P. Momtaz & Isabel M. Parra, 2025. "Is sustainable entrepreneurship profitable? ESG disclosure and the financial performance of SMEs," Small Business Economics, Springer, vol. 64(4), pages 1535-1564, April.
    • Handle: RePEc:kap:sbusec:v:64:y:2025:i:4:d:10.1007_s11187-024-00981-5
    DOI: 10.1007/s11187-024-00981-5
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    Keywords

    Sustainability; Environment; Social; and Governance (ESG) policy; Corporate social responsibility (CSR); Firm performance; SMEs; Sustainable entrepreneurship;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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