20.500.12556/RUL-148070 Family ownership and control as drivers for environmental, social, and governance in family firms Sluggish market demand can deteriorate the financial situation of a company and affect a shareholder’s decision to adopt environmental, social, and governance criteria (ESG). According to the socioemotional wealth theory, family firms place significant emphasis on sustainable development and long-term orientation, but this emphasis can be either internally or externally driven according to the type of involvement chosen by the owning family. Therefore, this study uses listed family firms to explore the relationship between different types of family involvement (i.e., family ownership and control, the influence of market competition, and the institutionalisation level of the environment in which a firm decides to pursue ESG criteria). We performed a multivariate regression analysis on a sample of 1,151 Chinese companies to test these relationships and found that both family ownership and control are positively related to ESG scores. Market competition negatively moderates the influence of both family ownership and control on the adoption of ESG criteria. Moreover, the influence of family control is negatively moderated by the institutional environment. Thus, types of family involvement seem to be relevant for the firm’s engagement with ESG criteria. family business ownership management ESG criteria family involvement family ownership family control socioemotional wealth theory družinsko podjetje lastništvo management true false true Angleški jezik Slovenski jezik Članek v reviji 2023-07-26 13:12:30 2023-07-26 13:17:49 2024-04-03 03:48:57 0000-00-00 00:00:00 2024 0 0 Str. 1015–1046 iss. 4 Vol. 18 2024 0000-00-00 Zaloznikova Objavljeno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 005.3 1863-6683 10.1007/s11846-023-00631-2 144778243 s11846-023-00631-2.pdf s11846-023-00631-2.pdf 1 FE7F2FB404374D34DD8764F0B9643F21 a467a369695029b1b06bcc234b115b5f143c91dd83d5e030125442561bce1cad ffc7f9b8-f0f1-11ee-87d4-0050569b8976 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=182345 https://link.springer.com/article/10.1007/s11846-023-00631-2 0 f43eb2ee-2ba5-11ee-aeaf-00155dcfd717 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=172016 Ekonomska fakulteta 0 0 0