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Family firms and carbon emissions

Author

Listed:
  • Marcin Borsuk

    (Institute of Economics, Polish Academy of Sciences, University of Oxford)

  • Nicolas Eugster

    (UQ [All campuses : Brisbane, Dutton Park Gatton, Herston, St Lucia and other locations] - The University of Queensland)

  • Paul-Olivier Klein

    (Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon)

  • Oskar Kowalewski

    (Institute of Economics, Polish Academy of Sciences, LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique, IÉSEG School Of Management [Puteaux])

Abstract

This study examines the relationship between family firms and carbon emissions using a large cross-country dataset of 6600 non-financial firms over the period 2010–2019. We find that family firms emit less carbon than non-family firms, especially after the Paris Agreement. Several factors contribute to this outcome, including governance structure, the degree of family control, R&D spending, and the issuance of green patents. Our study also shows that despite lower carbon emissions, family firms have lower environmental scores, primarily due to their reduced public commitment to emission reduction. Both environmental scores and carbon emissions increase when non-family CEOs are appointed and when family ownership decreases, indicating that agency conflicts may influence these outcomes.

Suggested Citation

  • Marcin Borsuk & Nicolas Eugster & Paul-Olivier Klein & Oskar Kowalewski, 2024. "Family firms and carbon emissions," Post-Print hal-04710120, HAL.
    • Handle: RePEc:hal:journl:hal-04710120
    DOI: 10.1016/j.jcorpfin.2024.102672
    Note: View the original document on HAL open archive server: https://univ-lyon3.hal.science/hal-04710120v1
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    Keywords

    Carbon emission; ESG Governance; Family firms; Greenwashing; Climate change;
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