This study aims to analyze whether specific corporate social responsibility +CSR) training in sustainable development can boost the potential impact of CSR on shareholder value (i.e., corporate reputation, brand image, and financial value) for small and medium enterprises (SMEs). We also aim to determine the main implications from an educational point of view and in terms of training program and curriculum design related to sustainable development. We carry out a quantitative study using partial least squares (PLS) techniques to analyze a sample of SME owners and managers. Results suggest that specific CSR training matters, making this type of training a valuable resource for business management and for society. Therefore, it is possible to promote business management models in which sustainability and profit can coexist. However, there are still sizeable education/training gaps, especially in the field of SMEs. Our results provide a foundation for solid arguments in defense of more widespread, in‐depth implementation of sustainability education – not only at universities and business schools, but at all levels of education. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment