Research on the Impact of Intergenerational Succession on ESG Performance
The practice of ESG by family firms can promote sustainable social and economic development,help realize China's"dual-carbon"goal,and promote the high-quality development of family firms.Using the 2009-2022 CSI ESG data and the data of listed family firms,the study investigates the impact of intergenerational inheritance on corporate ESG performance.The study finds that:intergenerational inheritance can enhance the ESG performance of family firms;the culture of merchant gangs can strengthen the promotion effect of intergenerational inheritance on ESG performance;intergenerational inheritance of family firms improves the quality of governance and the efficiency of capital allocation of the family firms,which in turn enhances the ESG performance;family firms that have experienced intergenerational in-heritance striving to improve ESG performance can to some extent help establish political connections and gain support from stakeholders;when the market is in the red,family firms can improve the quality of governance and the efficiency of capital allocation of family firms.stakeholders'support;when the degree of marketization is high and economic policy uncertainty is high,intergenerational inheritance enhances ESG performance more significantly;the political identity and political affiliation of the heirs can increase identity,which significantly enhances the ESG performance of the firms.Therefore,family firms should pay more attention to ESG performance in intergenerational inheritance;Local governments and industry associations should strengthen and fully utilize the culture of regional business associations;Policy makers should improve the institutional environment and reduce economic policy uncertainty;Grassroots party organizations,peo-ple's congresses,and political consultative conferences in various regions can attract family heirs with ideals and aspira-tions to join.
万方数据
维普
