Impact of ISO 22000 Implementation on Organizational and Financial Performance: Evidence from Certified and Non-Certified Food Businesses ^†

Abstract

ISO 22000:2018 is an internationally recognized Food Safety Management System (FSMS) standard applicable to all food supply chain operators, regardless of size or complexity. This study examines the organizational, financial, and strategic effects of ISO 22000 certification on Small and Medium-sized Enterprises (SMEs) in Greece. In addition to exploring theoretical benefits and implementation challenges, the study employs empirical analysis of financial indicators across certified and non-certified firms. The results of this study confirmed that ISO 22000 certification enhances capital efficiency, profitability, and external market competitiveness.

1. Introduction

In recent years, food safety has become one of the most important issues facing the global food industry [1,2]. This is largely due to increasingly complex supply chains, increased consumer awareness, and stricter regulatory regimes. According to the WHO, unsafe food causes over 600 million cases of foodborne illness annually, highlighting the need for effective preventive systems across the food chain [3]. Internationally recognized standards like ISO 22000:2018 provide organizations with a structured framework to ensure food safety, while also supporting operational efficiency, competitiveness, and sustainability [4].

Organizations adopting ISO 22000 often experience a transformation that extends beyond technical compliance. A number of studies have demonstrated that certification improves internal processes, reduces production errors, and optimizes resource allocation, all of which reduces operating costs and improve profitability [5,6]. In addition, ISO 22000-certified companies consistently report better financial outcomes, including higher returns on investment and better liquidity ratios, compared to non-certified companies [7]. The findings are particularly relevant to export-driven markets, in which certification is often a prerequisite for trade with international clients [8].

Food safety is aligned with economic performance, sustainability, and responsibility through ISO 22000:2018. In an increasingly competitive global marketplace, food safety management is becoming increasingly important not only for protecting consumer health but also for ensuring organizational resilience and national competitiveness [2,6].

The purpose of this study is to examine the financial implications of ISO 22000:2018 implementation on Small- and Medium-Sized Food Businesses. To quantify the economic significance of certification, financial performance indicators are compared before and after ISO 22000:2018 adoption.

2. Methods

This study employed a comparative analysis of financial performance between ISO 22000-certified and non-certified food businesses. The sample consisted of 50 medium-sized food enterprises operating across Greece. Half of the firms (25) had implemented ISO 22000 certification, while the remaining 25 had not. All companies reported annual turnover ranging from EUR 35,000,000 to EUR 50,000, ensuring comparability in size and market scope.

Financial data were obtained from publicly available balance sheets and national business registries. Key performance indicators were calculated for each company, including Asset Turnover Ratio, Property Debt Ratio, Debt-to-Equity Ratio, Return on Assets (ROA), Total Asset Turnover, and Return on Capital Employed (ROCE). These indicators were selected for their relevance in assessing capital efficiency, profitability, and debt management.

The data analysis relied on descriptive statistical methods, using measures of central tendency (mean) and dispersion (standard deviation, minimum, and maximum values). The aim was to identify performance differentials between the two groups.

3. Results and Discussion

To evaluate the financial impact of ISO 22000:2018 implementation, a comparative analysis was conducted on key performance indicators between certified and non-certified food enterprises. The analysis is based on balance sheet data from a sample of 50 medium-sized companies operating in Greece, equally divided between those with ISO certification and those without. All firms reported annual turnover ranging from EUR 35,000,000 to EUR 50,000, ensuring sample comparability.

Table 1. Comparison of Key Financial Indicators Between ISO-Certified and Non-Certified Enterprises.

Indicator	Mean (ISO)	SD (ISO)	Min (ISO)	Max (ISO)	Mean (Non-ISO)	SD (Non-ISO)	Min (Non-ISO)	Max (Non-ISO)
Asset Turnover Ratio	1.02	0.29	0.70	1.50	0.53	0.11	0.40	0.70
Property Debt Ratio	0.054	0.03	0.02	0.10	0.146	0.046	0.08	0.20
Debt-to-Equity Ratio	0.092	0.038	0.05	0.15	0.196	0.034	0.14	0.25
Return on Assets (ROA)	0.084	0.025	0.05	0.12	−0.022	0.021	−0.05	0.01
Total Asset Turnover	2.48	0.37	2.20	3.00	1.64	0.18	1.30	1.70
Return on Capital Employed (ROCE)	8.66	1.75	5.10	10.20	−2.66	2.30	−4.50	1.10

presents the statistical results of this comparison, highlighting notable differences in asset turnover, debt ratios, return on assets, and capital efficiency.

At the financial level, the analysis revealed a statistically significant difference between businesses operating under ISO 22000 and those without certification. ISO-certified companies demonstrated superior capital efficiency, more effective asset management, and positive net profit margins. Additionally, they exhibited greater revenue stability, closely linked to the development of long-term relationships with consumers and business partners, and to increased access to demanding markets.

The findings of this study also indicate that ISO 22000 implementation is positively correlated with operational stability and organizational performance. Higher asset turnover and ROCE scores among certified firms suggest more efficient resource utilization and greater profitability. These results are consistent with prior studies highlighting the economic benefits of ISO certification in the agri-food sector.

Moreover, the lower variance in financial indicators among certified firms points to consistent performance outcomes, likely driven by systematic risk management, improved internal controls, and reduced process non-conformities. This stability enhances credibility with stakeholders, including investors and financial institutions, and strengthens positioning within competitive supply chains.

However, the advantages of ISO 22000 are not universally accessible. SMEs often face barriers such as limited financial resources, infrastructure deficiencies, and lack of technical expertise. These challenges hinder certification uptake despite the evident benefits. Public policy support, targeted training, and institutional partnerships are needed to address these disparities and promote broader adoption.

It is also important to acknowledge that this study’s cross-sectional design does not allow for definitive causal inference. While strong correlations were observed, it is possible that firms already operating efficiently are more likely to pursue certification. Future longitudinal studies could validate the directionality of these effects by tracking performance metrics over time.

In conclusion, ISO 22000 provides both operational and economic value to food enterprises, particularly when supported by leadership, infrastructure, and a proactive quality culture. As global supply chains face increasing regulatory demands, the standard represents a robust tool for improving resilience, efficiency, and market competitiveness.

4. Conclusions

This study confirms that ISO 22000:2018 certification contributes significantly to the organizational and financial performance of food sector enterprises. Certified companies demonstrated, on average, higher asset turnover (1.02 vs. 0.53), superior return on capital employed (8.66% vs. −2.66%), and lower debt ratios compared to non-certified firms. These differences highlight the economic and operational advantages associated with ISO 22000 implementation.

Beyond financial performance, certification also fostered greater revenue stability and reduced variance in turnover, suggesting improved predictability and trust in business operations. These outcomes are critical in the food industry, where consumer confidence and compliance with regulatory standards are central to market access and brand reputation.

For food businesses, particularly SMEs, ISO 22000 should be viewed not merely as a compliance tool, but as a strategic investment in long-term resilience and competitiveness. Enterprises are encouraged to evaluate certification as a means of aligning their operations with global food safety expectations, improving internal risk control systems, and enhancing their attractiveness to investors and international clients.