二代涉入影响家族企业ESG表现吗

Does Second-Generation Involvement Affect the ESG Performance of Family Businesses?

ESG不仅与“双碳”目标及绿色发展理念高度一致,更是攸关家族企业长期价值创造和高质量发展的重要议题。本文利用进入代际传承期的家族上市公司2018-2022年相关数据,实证检验二代涉入对家族企业ESG表现的影响。研究表明:二代涉入可以提升企业ESG表现,环境规制和冗余资源会影响二代涉入的ESG提升作用。异质性分析显示,当企业政商关系“既亲且清”、行业竞争度高、二代具有海外经历背景、二代涉入时企业处于生命周期中的成长期和成熟期时,二代涉入对ESG表现的促进作用更为凸显。进一步分析发现,相比于环境(E)维度,二代涉入对社会责任(S)维度、公司治理(G)维度的提升作用更为明显。研究还发现,E、S、G各子维度对企业价值的提升存在不同程度的差异性。研究为赋能家族企业高质量发展、助力“双碳”目标实现提供对策借鉴。

ESG is not only highly consistent with the“carbon peaking and carbon neutrality goals”goal and the concept of green development,it is also an important issue related to the long-term value creation and high-quality development of family businesses.This article uses relevant data from 2018 to 2022 for family listed companies that have entered the intergenerational inheritance period to empirically test the impact of second-generation involvement on the ESG performance of family companies.The research shows that second-generation involvement can improve corporate ESG performance,environmental regulation and redundancy.Resources will affect the ESG-enhancing effect of second-generation involvement.Heterogeneity analysis shows that when the company’s political and business relations are close,industry competition is high,the company is in the growth and maturity stages of the life cycle when the second generation is involved,and the second generation has overseas experience,the second generation’s involvement will have an impact on ESG performance.The promotion effect is more prominent.Further analysis found that compared to environment(E),second-generation involvement has a more obvious effect on improving social responsibility(S)and corporate governance(G).Research also shows that there are certain differences in the improvement of corporate value across ESG dimensions.The research provides countermeasures and reference for empowering family businesses to develop high-quality and help achieve the“carbon peaking and carbon neutrality goals”goal.