Firm ownership and ESG performance in European agri-food companies: The mediating effect of risk-taking and time horizon

IF 8.3 2区管理学 Q1 BUSINESS

Corporate Social Responsibility and Environmental Management Pub Date : 2024-10-16 DOI:10.1002/csr.3008

Megi Gega, Julia Höhler, Jos Bijman, Alfons Oude Lansink

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Abstract

The environmental, social, and corporate governance (ESG) performance of European agri-food companies is crucial amidst sustainability challenges. Employing property rights and agency theory, we investigate the influence of firm ownership structure on ESG performance, and the mediating role of risk-taking and time horizon. A recursive system of equations is employed to test the model using data from 936 European firms. The findings indicate that investor-owned firms (IOFs) outperform family firms and cooperatives in terms of ESG performance. Family firms demonstrate a longer time horizon, while IOFs exhibit greater risk-taking. Risk-taking and time horizon are positively and negatively associated with ESG performance, respectively. However, we find no evidence of a mediation effect. This paper contributes to the agency and property rights literature by exploring the implications of ownership structure for other firm characteristics and ESG performance, and outlines implications for policymakers and managers in the development of focused interventions towards sustainability.

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欧洲农业食品公司的公司所有权和ESG绩效：风险承担和时间跨度的中介效应

欧洲农业食品公司的环境、社会和公司治理（ESG）绩效在可持续发展挑战中至关重要。本文运用产权理论和代理理论，探讨了企业股权结构对ESG绩效的影响，以及风险承担和时间跨度的中介作用。一个递归方程组被用来测试模型，使用来自936家欧洲公司的数据。研究结果表明，投资者所有企业在ESG绩效方面优于家族企业和合作社。家族企业表现出更长的时间跨度，而IOFs则表现出更大的冒险精神。风险承担和时间跨度分别与ESG绩效呈正相关和负相关。然而，我们没有发现中介效应的证据。本文通过探讨所有权结构对其他公司特征和ESG绩效的影响，为代理和产权文献做出了贡献，并概述了政策制定者和管理者在制定重点干预措施以实现可持续性方面的影响。

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来源期刊

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.