Environmental certification and the financial performance of passenger airlines. The mediating effect of image perception, asset management and employee behaviour

Passenger airlines is an important sector throughout the world. However, it has faced criticism and pressure due to its harmful effects on the planet, leading airlines to adopt measures to protect the environment. As environmental responsibility can be a source of competitive advantages resulting from an improvement in image and internal technical and operational efficiency, it could increase their financial performance. Therefore, the aim of this study is to analyse whether their financial performance increases as a result of the competitive advantages gained from the effect of their environmental attitude on the environmental image of passengers, sustainable asset management, and employee ecological behaviour. Using the panel data technique for the 2010–2019 period, a comparison is made of certified and non-certified passenger airlines, differentiated according to ownership, routes they operate, fares, belonging to an alliance and the airline's world region. On the whole, the evidence obtained shows that while the effect of certification on the environmental image of passengers and on sustainable asset management does not increase the financial performance of certified airlines, it does so partially with respect to employee ecological performance. It could be affirmed that the funds and efforts allocated to being more respectful towards the environment do not lead to competitive advantages that could have a greater impact on financial performance.