Affiliation:
1. IESE Business School
2. Instituto de Empresa Business School
3. Texas A&M University
4. Universidad Pública de Navarra
Abstract
This paper compares the environmental performance of family and nonfamily public corporations between 1998 and 2002, using a sample of 194 U.S. firms required to report their emissions. We found that family-controlled public firms protect their socioemotional wealth by having a better environmental performance than their nonfamily counterparts, particularly at the local level, and that for the nonfamily firms, stock ownership by the chief executive officer (CEO) has a negative environmental impact. We also found that the positive effect of family ownership on environmental performance persists independently of whether the CEO is a family member or serves both as CEO and board chair.
Subject
Public Administration,Sociology and Political Science,Arts and Humanities (miscellaneous)
Cited by
1195 articles.
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