Founding Generation's Ownership Retention and Family Firms'ESG Performance
Based on the perspective of socioemotional wealth and intergenerational preference differences,this paper investi-gates the impact of the founding generation's ownership retention on family firms'ESG performance by using a sample of Chinese A-share listed family firms in Shanghai and Shenzhen from 2013 to 2021.Empirical results show that the higher the degree of the founding generation's ownership retention(i.e.,the ratio of the ownership held by the founding genera-tion to that held by the family as a whole),the better the family firm's ESG performance,and the promotion effect is still significant even if the founding generation no longer holds management positions.The promotion effect is stronger when the kinship of the family members is close or the family firm is directly established by the founding generation.The founding generation's ownership retention enhances the family firm market value and reputation through the path of ESG perform-ance.
family ownershipESGkinshipfamilization stylefirm reputation
万方数据
维普
