Between Strategy and Survival? How Agri‐Food <scp>SMEs</scp> Navigate Voluntary Sustainability Disclosure

ABSTRACT In a context of increasing regulatory pressure and ambiguity around sustainability reporting, this study analyses small and medium enterprises' (SMEs) motivations and challenges in relation to the voluntary adoption of such practices. Using a sector‐based approach, semi‐structured interviews were conducted with 26 agri‐business leaders from both companies that publish sustainability reports (reporting companies [RCs]) and those that do not (non‐reporting companies [NCRs]). Thematic content analysis revealed marked differences. Reporting SMEs were proactive, using sustainability disclosure to build legitimacy, stakeholder trust and competitive positioning. In contrast, non‐reporting SMEs were reactive, constrained by limited resources, short‐term logic and scepticism about the benefits. Despite recognising the growing relevance of sustainability practices, most non‐reporting SMEs cited regulatory complexity, weak domestic demand and a lack of tailored support or incentives as a key barriers. The interviewees also raised concerns about greenwashing and questioned the clarity and credibility of current certification schemes.