公司所有权与ESG绩效

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2025-01-03 DOI:10.1016/j.jcorpfin.2024.102732

Belén Villalonga , Peter Tufano , Boya Wang

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引用次数: 0

摘要

我们以来自62个国家的3083家公司为样本，分析了公司物质所有者的结构和身份如何影响其环境、社会和治理（ESG）绩效。我们发现，创始家族或其他个人投资者作为所有者的公司表现不佳，除非家族成员担任首席执行官，当他们表现优于所有其他人时。在大多数分析中，非家族管理和政府实体的表现也明显更好。这些结果对于多个数据和方法压力测试是稳健的。我们的研究结果表明，所有权对ESG绩效很重要，并为我们提供了不同类型所有者对ESG偏好的指示。

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Corporate ownership and ESG performance

Using a sample of 3083 firms from 62 countries over 18 years, we analyze how the structure and identity of firms' material owners influence their Environmental, Social, and Governance (ESG) performance. We find that firms with founding families or other individual investors as owners underperform, unless family members serve as CEOs, when they outperform all others. Non-family management and government entities also perform significantly better in most analyses. These results are robust to multiple data and methodological stress tests. Our findings show that ownership matters for ESG performance and give us an indication of the preferences of different types of owners regarding ESG.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.