家族企业与风险承担：ESG实践的整合重要吗？

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-09-01 DOI:10.1016/j.ememar.2025.101359

Karren Lee-Hwei Khaw , Yi Wei , Shiyue Ma

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引用次数: 0

摘要

本研究考察了家族企业风险承担行为的演变，以及ESG整合在缓解过度风险承担中的作用。传统上被视为厌恶风险的家族企业，正越来越多地承担更高的风险，以提高竞争力和维持长期增长。我们发现，采用ESG可以通过提高内部控制质量、治理透明度和减少财务约束，从而显著降低家族企业的风险承担，从而增强企业的整体弹性。稳健性测试证实了这些发现，而异质性分析揭示了企业生命周期、所有权结构和行业背景之间的差异。总体而言，ESG是一种至关重要的治理机制，在家族企业的战略风险承担与长期可持续性之间取得平衡。

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Family firms and risk taking: Does the integration of ESG practices matter?

This study examines the evolving risk-taking behavior of family firms and the role of ESG integration in mitigating excessive risk-taking. Traditionally viewed as risk-averse, family firms are increasingly engaging in higher risk-taking to enhance competitiveness and sustain long-term growth. We find that ESG adoption significantly reduces risk-taking in family firms by improving internal control quality, governance transparency, and reducing financial constraint, thereby strengthening overall corporate resilience. Robustness tests confirm these findings, while heterogeneity analysis reveals variations across firm life cycles, ownership structures, and industry contexts. Overall, ESG serves as a crucial governance mechanism, balancing strategic risk-taking with long-term sustainability in family firms.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.