ESG Performance and Institutional Quality: Can Virtuous Institutional Leadership Lead to a More Sustainable Economic Environment? An Exploratory Study of the Most Capitalized European Family–Listed Companies
ESGパフォーマンスと制度の質：高潔な制度的リーダーシップはより持続可能な経済環境をもたらすか？ヨーロッパの時価総額上位上場ファミリー企業の探索的研究 (AI 翻訳)
Carlotta Benedetti, G. Bifulco, Vittoria Magrelli, Francesco Paolone
🤖 gxceed AI 要約
日本語
本研究は、上場ヨーロッパのファミリー企業を対象に、制度の質がESGパフォーマンスに与える影響を分析。政府の有効性や規制の質が高いほどESGスコアが低くなるという逆の関係を発見。これは強固な制度が企業の自主的なESG活動の戦略的価値を低下させる代替効果によるものと解釈。政策面では、報告義務に加えて自主的なESG戦略を促進するインセンティブが必要と示唆。
English
This study examines how national institutional quality affects ESG performance in large European family firms. It finds that higher government effectiveness, regulatory quality, and rule of law are associated with lower ESG scores, interpreted as a substitution effect: strong institutions reduce the strategic value of voluntary ESG engagement. The results suggest that beyond mandatory reporting, incentive-based instruments are needed to sustain proactive ESG strategies in family firms.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本は制度の質が高く、中小企業を含めファミリー企業が多い。本稿の代替効果は、日本の強固な規制環境下でも自主的ESG活動の促進にはインセンティブ設計が重要であることを示唆する。欧州ファミリー企業を対象とした知見が、日本企業のESG戦略にも示唆を与える。
In the global GX context
This paper challenges the assumption that strong institutions uniformly foster ESG engagement. It highlights a substitution mechanism relevant for jurisdictions with high regulatory quality (e.g., EU, US) and for family-owned businesses. It contributes to the debate on mandatory vs. voluntary sustainability disclosure and the role of institutional design.
👥 読者別の含意
🔬研究者:Provides a nuanced view of institutional complementarity and boundary conditions for ESG engagement, useful for scholars studying corporate sustainability in different governance contexts.
🏢実務担当者:For corporate sustainability teams in family firms, it suggests that regulatory compliance alone may not drive ESG; instead, differentiate strategic ESG even in strong institutional environments.
🏛政策担当者:For regulators, it indicates that stringent reporting rules might paradoxically reduce voluntary ESG efforts; complementary incentives may be needed.
📄 Abstract（原文）
National institutions are widely assumed to foster corporate sustainability, yet their effects on ESG engagement can vary across contexts and firm types. Drawing on institutional theory and the socioemotional wealth (SEW) perspective, we examine how national institutional quality relates to ESG performance among large listed European family firms. Using ESG scores from Refinitiv and governance indicators from the Worldwide Governance Indicators, we find that higher government effectiveness, regulatory quality, and rule of law are associated with lower ESG performance, while voice and accountability, political stability, and control of corruption show no significant relationship. We interpret this pattern as a substitution mechanism: when institutions credibly enforce baseline standards and confer legitimacy, the marginal strategic value of additional voluntary ESG engagement declines—especially for family firms attentive to autonomy, control, and reputational preservation. The study contributes to institutional theory by specifying a boundary condition to institutional complementarity and to family business research by explaining how SEW‐consistent priorities shape the strategic meaning of ESG under different institutional configurations. From a policy perspective, the findings suggest that, alongside stringent reporting and compliance regimes, complementary incentive‐based instruments and targeted support may be needed to sustain proactive ESG strategies beyond compliance among European family firms.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/bse.70739first seen 2026-05-15 18:58:10
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