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The purpose of this article is to investigate the impact of total quality management (TQM) practices adopted by small and medium enterprises (SMEs) on their financial performance in a period where economic and social crisis conditions are recognised. A questionnaire was distributed to 400 recipients and a total of 392 questionnaires have been fully and accurately completed resulting in a response rate equal to 98%. Those primary data collected were statistically processed conducting a scoring analysis and a multivariate (MANOVA) analysis. The scoring analysis showed the level of quality elements implemented and the MANOVA analysis presented the effect they had on the financial performance of the quality-oriented SMEs. The analysis revealed that all quality-oriented SMEs presented an improved performance in the two financial measures such as solvency and efficiency compared to the profitability and liquidity measures. The TQM SMEs (the quality-oriented SMEs that have continued their quality journey reaching the TQM level) were the ones that have shown further improvement in their financial performance and of those, the micro-SMEs were the most financially sustainable companies. In addition, the quality-oriented SMEs have continued their quality journey towards TQM, presenting an increased rate of transition to higher quality levels, using their Altman  Z -score as the criterion.

The impact of quality management systems on financial performance under crisis conditions: evidence from SMEs