Naveed Hayat, Ghulam Mustafa, Roshan K. Nayak, Bader Alhafi Alotaib
In the context of growing global concerns about food safety, sustainability, and corporate responsibility, voluntary food safety certifications (VFSC) such as ISO 22000, FSSC 22000, HACCP, and Halal play a critical role in shaping the performance of food processing companies. This study analyzes the impact of VFSC on the triple bottom line (TBL) performance, encompassing environmental, economic, and social aspects, of food processing companies in Pakistan. To accomplish this objective, the study utilizes panel data from 19 listed companies involved in food processing while fixed-effect regressions are employed for empirical estimations. The results indicate that the resource efficiency of ISO 22000-certified food processing companies is, on average, 0.17 points greater than that of non-certified companies. Likewise, the sales of the companies that implement ISO 22000 are, on average, 0.13 percentage points higher than those of companies with no ISO 22000. This suggests that implementing ISO 22000 has a significant impact on enhancing the environmental and economic performance of food processing companies. Furthermore, the sales of companies implementing FSSC 22000 are, on average, 0.17 percentage points higher, whereas the sales of companies implementing HACCP are, on average, 0.23 percentage points higher than those of non-certified companies. Finally, the social performance of companies implementing FSSC 22000 is, on average, 0.06 points higher, whereas the social performance of companies implementing HACCP is, on average, 0.05 points higher than that of non-certified companies. This implies that the implementation of FSSC 22000 and HACCP contributes positively to economic and social performance. These findings offer profound insights for managers, decision-makers, and relevant actors in the food sector, highlighting the importance of strategically implementing VFSC to achieve long-term sustainability and competitiveness.