The Role of B Corp Certification in Uncertain Times: An Empirical Investigation

This paper aims to examine whether B Corp certification enhances firms' ability to navigate uncertain times and how contingent factors affect its effectiveness. Building on Stakeholder Theory and the Resource-Based View, we formulated a set of research hypotheses and tested them with a long-term event study and an ordinary least squares regression performed on a sample of Italian B Corps during the COVID-19 pandemic. The results show that certified firms exhibit higher financial performance than their non-certified counterparts. Moreover, Born Bs and firms with prior certification experience obtain greater benefits from their status. The study deepens our understanding of the performance effects of B Corp certification and contributes to the broader debate on the role of standards during crises. Specifically, it enriches existing knowledge by demonstrating that investing in structured sustainability practices enhances firms' resilience to disruptions. From a practical point of view, the findings provide managers with valuable insights into how B Corp certification can help companies navigate shocks and volatility more effectively. Moreover, for policymakers and the certification body responsible for B Corp, the study presents compelling arguments to foster the diffusion of the standard.