B Corp certification and its impact on sustainable SMEs: a study on investment attraction and economic benefits
Résumé
In the pursuit of enhancing their credibility with investors and facilitating access to new financial resources, sustainable small and medium enterprises (SMEs) often undertake the process of obtaining certifications from reputable third-party entities. One such organization of significance is B Lab, renowned for its provision of the B Corp certification, which is awarded to enterprises that successfully meet the organization's rigorous environmental and social standards. This master’s dissertation studies the relationship between B Corp certification and the capacity of certified SMEs to attract new investments. To investigate the economic benefits of B Corp certification for SMEs and the role of social and environmental sustainability in driving economic interest, the study employs a complete theoretical framework, a literature assessment, and an intensive empirical analysis using the R program. The empirical models confirm that B Corp certification has a positive impact on the ability of certified SMEs to attract new investments, with higher funding levels and increased funding success, although the influence may vary across industry sectors, and additional factors beyond BIA ratings play a role in funding outcomes.
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