Does it pay more to be green in family firms than in non-family firms?

Abstract

The contradictory empirical evidence about whether the effect of companies' environmental investments on financial results is positive, negative or not significant has been explained by the different conditions and contexts that facilitate or hinder the ability to generate a win–win situation. This explanation has gradually led the academic debate to consider the factors and conditions that moderate such a relationship. In this document, we analyse the relevant but scarcely studied moderating effect of the condition of being a family firm, by integrating the socioemotional wealth (SEW) perspective into the natural-resource-based view (NRBV). Based on the analysis of panel data from 2936 Spanish manufacturing firms, covering the period 2009–2016, we offer empirical evidence showing that the financial benefits derived from environmental investment are positive and significant in family firms, while this is not so in non-family firms. Furthermore, our results show that intrinsic characteristics such as the sector, size or age of the company also condition the financial results of environmental investments.

Relationship between green entrepreneurship orientation, integration of opportunity and resource capacities and sustainable competitive advantage

“…Traditionally, in developing countries, when enterprises transform products and services into profits, managers rarely care about the negative impact of their decisions and behaviors on the environment ( Shahzad et al, 2021 ). With the emergence of a large number of ecological and environmental problems, managers were increasingly forced to consider the impact of their organizations on the natural environment ( Garcés-Ayerbe et al, 2022 ). As a result, green management appeared.…”

“…By the 1990s, as ecological values gradually formed, the green market emerged, and economic profit created by the emerging green market linked the interests of entrepreneurship and the social environment, scholars found that being green did not place a burden on the enterprise. It was more likely to enable enterprises to have the opportunity to develop their advantageous resources and positive performance impact ( Garcés-Ayerbe et al, 2022 ). The view that entrepreneurs are not environmentally conscious or not concerned regarding the environment became outdated.…”

“…The contradiction between environment and economy development has become a difficult problem in theory and practice. Green entrepreneurship has gradually attracted the attention of scholars concerned about increasingly degraded natural environment ( Garcés-Ayerbe et al, 2022 ; Sun et al, 2022 ). More and more countries and governments regard green entrepreneurship as an important means to address environmental problems while achieving sustainable economic development ( Zhao et al, 2021 ; Suki et al, 2022 ).…”

Hi ha una vinculació entre les emissions de gasos amb efecte d'hivernacle i la rendibilitat de les empreses familiars?

“…L'evidència empírica contradictòria sobre si l'efecte de les inversions ambientals de les empreses sobre els resultats financers és positiu, negatiu o no significatiu, ha estat explicada per les diferents condicions i contextos que faciliten o dificulten la capacitat de generar una situació d'obtenir beneficis. Aquesta explicació ha portat de mica en mica el debat acadèmic a considerar els factors i condicions que moderen aquesta relació (Gárces-Ayerbe et al, 2021).…”

¿Existe una vinculación entre las emisiones de gases de efecto invernadero y la rentabilidad de las empresas familiares?

“…La evidencia empírica contradictoria sobre si el efecto de las inversiones ambientales de las empresas sobre los resultados financieros es positivo, negativo o no significativo ha sido explicada por las diferentes condiciones y contextos que facilitan o dificultan la capacidad de generar una situación de obtener beneficios. Esta explicación ha llevado paulatinamente al debate académico a considerar los factores y condiciones que moderan tal relación (Gárces-Ayerbe et al, 2021).…”