Environmental Certifications as Strategic Assets? Evidence from Italian Chemical and Pharmaceutical Firms

Massimo Ruberti () and Stefano Calciolari
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Massimo Ruberti: Department of Economics, Management and Statistics, University of Milano-Bicocca, Piazza Ateneo Nuovo, 1, 20126 Milan, Italy
Stefano Calciolari: Department of Economics, Management and Statistics, University of Milano-Bicocca, Piazza Ateneo Nuovo, 1, 20126 Milan, Italy

JRFM, 2025, vol. 18, issue 10, 1-15

Abstract: Environmental sustainability reporting is increasingly adopted by firms, yet its actual impact on economic performance remains unclear, raising the question of whether such disclosures represent genuine strategic resources or merely symbolic practices. This study examines the relationship between environmental disclosure and economic performance, in the Italian chemical and pharmaceutical industries. Adopting the Resource-Based View (RBV), we evaluate the effectiveness of certified environmental practices as strategic assets that can enhance firm performance. We utilized an AI-based content analysis of financial reports from non-listed, non-SME Italian chemical and pharmaceutical companies between 2012 and 2020 to determine the level of firms’ generic environmental disclosures (without third-party verification) and on specific environmental certifications. We then examine the relationship between economic performance and the type of environmental disclosure observed. Using financial data at the firm level as moderators, we found that generic environmental disclosures have no significant impact on economic performance. In contrast, disclosures on environmental certifications are positively associated with higher economic performance in the chemical sector. Certifications may provide a competitive advantage in environmentally intensive sectors but appear to be less relevant in innovation-driven sectors such as the pharmaceutical industry. Our findings emphasize the strategic value of reliable, externally validated environmental practices, and highlight the limitations of symbolic disclosure.

Keywords: environmental disclosure; pharmaceutical industry; chemical industry; sustainability reporting; AI-based content analysis; environmental certifications (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2025
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