Does it pay more to be green in family firms than in non-family firms?

Concepción Garcés-Ayerbe (), Pilar Rivera-Torres (), Josefina L. Murillo-Luna () and Cristina Suarez
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Concepción Garcés-Ayerbe: University of Zaragoza
Pilar Rivera-Torres: University of Zaragoza
Josefina L. Murillo-Luna: University of Zaragoza

Review of Managerial Science, 2022, vol. 16, issue 5, No 4, 1365-1386

Abstract: Abstract The contradictory empirical evidence about whether the effect of companies' environmental investments on financial results is positive, negative or not significant has been explained by the different conditions and contexts that facilitate or hinder the ability to generate a win–win situation. This explanation has gradually led the academic debate to consider the factors and conditions that moderate such a relationship. In this document, we analyse the relevant but scarcely studied moderating effect of the condition of being a family firm, by integrating the socioemotional wealth (SEW) perspective into the natural-resource-based view (NRBV). Based on the analysis of panel data from 2936 Spanish manufacturing firms, covering the period 2009–2016, we offer empirical evidence showing that the financial benefits derived from environmental investment are positive and significant in family firms, while this is not so in non-family firms. Furthermore, our results show that intrinsic characteristics such as the sector, size or age of the company also condition the financial results of environmental investments.

Keywords: Environmental investment; Financial performance; Win–win situation; Ownership structure; Family firm; Moderating effect; 62J05, Linear regression; mixed models (search for similar items in EconPapers)
JEL-codes: C23 D22 M19 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s11846-021-00475-8

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