The present paper analyses the factors associated with intensity in resource efficiency practices of European SMEs, considering four categories of firms according to their level of investment (very low, low, medium and high). Based on the stakeholder theory, we estimate a generalised ordinal logistic model which allows us to analyse the relationship between internal and external pressures, resources and capabilities and different categories of investments in resource efficiency. Results confirm that environmental organisational capabilities and financial resources are positively associated with the probability of achieving the highest investment intensity. The pressure of customers and providers and technical expertise increase the probability of firms' moving from low levels of investment to medium levels. On the other hand, regulation, managerial environmental and economic awareness and external pressures from competitors increase the probability to remain in the group of the low resource efficiency. Finally, technological and organisational capabilities moderate the effect of stakeholder pressures on resource efficiency investment.