Handprints, Footprints, and Families: How Ownership Shapes Global Impact

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🔬研究者:家族企業のESG行動に関する理論的・実証的洞察。

🏢実務担当者:家族企業のサステナビリティ担当者は、測定不足と評判リスクに注意。

🏛政策担当者:規制当局は、家族企業の排出量測定のギャップに対処する政策を検討。

While theory casts family firms as long-term stewards, rising global demands for sustainability create a practical conflict: unique family goals often clash with formal institutional expectations, leaving the true nature of their corporate social responsibility disputed. This tension motivates this investigation into how family ownership shapes the strategic divergence between substantive and symbolic ESG performance. Analyzing over 4000 public companies across twenty-seven countries, I identify a unique reputational caution model of governance. Empirical results reveal a consistent management lag—family firms systematically underperform in social initiatives and ESG management quality compared to non-family counterparts. Robustness checks using instrumental variable and endogenous treatment models confirm a significant measurement deficit, showing that family firms are less likely to track scope 1 and 3 emissions. These findings reveal a strategic divergence: despite higher emissions under concentrated control, family firms avoid greenwashing and non-compliance. Socioemotional wealth acts as a reputational floor, where the high affective cost of scandal deters active deception. This pattern persists across legal origins and is pronounced in weak macro-governance environments. Ultimately, family-firm ESG behavior is driven by avoidance of negative signaling rather than proactive stewardship.

• semanticscholar https://doi.org/10.3390/su18115540first seen 2026-06-06 05:07:55 · last seen 2026-08-02 06:11:48