Family firm, financial constraint, and environmental preparedness: An international study

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2024-03-15 DOI:10.1016/j.intfin.2024.101979

Zulfiquer Haider , Yefeng Wang , Yuan Wang

引用次数: 0

Abstract

Using longitudinal data from 2013-2018 and a sample of 9,622 observations from 30 countries, we find that the relationship between family involvement and environmental preparedness is mediated by financial constraints, such that family firms are more likely to be environmentally prepared due to facing lower financial constraints. Furthermore, our findings suggest that the negative relationship between family involvement and financial constraint is strengthened by the quality of public governance while the negative relationship between financial constraint and environmental preparedness is weakened by the quality of the national environmental infrastructure. Our results hold for various robustness tests.

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家族企业、财务约束和环境准备：一项国际研究

利用 2013-2018 年的纵向数据和来自 30 个国家的 9622 个观察样本，我们发现，家族参与与环境准备之间的关系受财务约束的影响，即家族企业由于面临较低的财务约束而更有可能做好环境准备。此外，我们的研究结果表明，公共治理的质量加强了家族参与与财务约束之间的负相关关系，而国家环境基础设施的质量削弱了财务约束与环境准备之间的负相关关系。我们的结果在各种稳健性检验中都是成立的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.