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With the increasing demands from society towards sustainable and social responsible business practices, management for sustainable development has become a cornerstone to understand the success of many firms in the current competitive context. This article investigates corporate social responsibility (CSR) and examines the links between CSR practices and business outcomes – both financial and non‐financial (i.e. image and corporate reputation) – for small‐to‐medium sized enterprises (SMEs). In addition, we also attempt to determine whether the impact of such relationships is moderated by firm size.To this end, we carry out a quantitative study using PLS techniques to analyze a sample of SME owners and managers, with a view to test the proposed model in the light of social capital theory. In this sense, our study is pioneering in that it aims to determine – from a quantitative viewpoint – the degree to which firm size has a moderating impact on a series of relevant CSR‐driven outcomes. The data suggest that, in SME contexts, CSR impacts corporate reputation, brand image and financial value of the company. Importantly, we find that the larger the firm, the greater the intensity of the relationships linking CSR and business outcomes. Hence, our findings have important implications for CSR implementation in SME contexts. Finally, we provide a series of guidelines aimed at maximizing the effectiveness of CSR‐based business practices. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment

Society is demanding more sustainable and socially responsible business models. Therefore, the concept of sustainability has become a cornerstone to help understand the success of many firms in the current competitive context. However, the context of SMEs has received little attention thus far. In order to solve this gap this article analyses the links between sustainability practices and business outcomes—both financial and non-financial (i.e., image and reputation)—for small and medium-size enterprises (SMEs). In addition, the study strives to analyze the potential differences between family firms and non-family firms. To this end, a quantitative study is carried out using PLS techniques to analyze a sample of SME owners and managers with a view to testing the proposed model based on the Stewardship Theory and Socioemotional Wealth Theory. In this sense, our study is pioneering in that it aims to assess—from a quantitative viewpoint—the moderator role of family firms on a series of relevant sustainability-driven outcomes. The data suggest that, in SME contexts, sustainability influences the corporate reputation, brand image, and financial value of the company. Importantly, we find that the profile (family vs. non-family) of the firm moderates the links between sustainability and business outcomes. Hence, our findings have important implications for sustainability implementation in SME contexts. Finally, we provide a series of guidelines aimed at maximizing the effectiveness of sustainability-based business practices.

This study aims to analyze whether specific corporate social responsibility +CSR) training in sustainable development can boost the potential impact of CSR on shareholder value (i.e., corporate reputation, brand image, and financial value) for small and medium enterprises (SMEs). We also aim to determine the main implications from an educational point of view and in terms of training program and curriculum design related to sustainable development. We carry out a quantitative study using partial least squares (PLS) techniques to analyze a sample of SME owners and managers. Results suggest that specific CSR training matters, making this type of training a valuable resource for business management and for society. Therefore, it is possible to promote business management models in which sustainability and profit can coexist. However, there are still sizeable education/training gaps, especially in the field of SMEs. Our results provide a foundation for solid arguments in defense of more widespread, in‐depth implementation of sustainability education – not only at universities and business schools, but at all levels of education. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment

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