Whether Family Business Improves ESG Performance?

Ushering in the vigorous construction period of China’s ESG system,various national policies have taken the lead and guided,and relevant institutions have gradually followed up the implementation and implementation,making the ESG performance of enterprises much attention from all walks of life.In this environment,listed companies disclose relevant information based on ESG connotations in accordance with corresponding standards,and then each rating agency will score them based on ESG-related corporate information collected through different channels.The factors that determine the quality of a company and its impact on the process of corporate financing are becoming more and more important.In order to comply with the trend of the times and ensure the development of enterprises,it has become a consensus for enterprises to improve their ESG performance.Based on the above background,this paper studies the relationship between different organizational forms of Chinese listed companies(family business and non-family business)and ESG performance,and explores whether family businesses can improve ESG performance.The impact of the relationship between family firms and ESG performance.Based on past research standards,this paper combines the current status of my country’s ESG system construction and related theoretical foundations,takes my country’s A-share listed companies from 2016 to 2020 as the main sample,and uses the ESG rating results of Syn Tao Green Finance in the Wind database to measure the ESG performance of companies,the analysis data of the enterprise comes from the CSMAR database.On this basis,the regression model of the balanced panel is constructed,and then the multiple linear regression method is used for empirical analysis.Finally,the robustness of the model is tested.The software used for data processing in this paper is Stata.15.1.The empirical results obtained from the above research:(1)Family businesses have a negative relationship with ESG performance,and the longer the family lasts,the worse its ESG performance;(2)Taking executive equity incentives as a moderating variable,the number of executives’ shareholdings has a negative moderating effect on the relationship between family firms and ESG performance.The main significance of this paper is as follows:(1)The study of the impact of ESG performance on corporate value,financial performance and investment performance is the focus of previous research,and there are few studies that analyze ESG performance based on different corporate organizational forms.This paper can supplement the research on family business and ESG to a certain extent;(2)The research on ESG performance has not yet reached a unified conclusion.This paper uses executive equity incentives as a moderator variable to make up for the failure of previous research.The factors considered may have an impact on ESG performance,so as to enrich ESG related research;(3)The results of this paper can provide stakeholders with some suggestions on the actions of family enterprises to improve ESG performance to a certain extent.Motivation,on the other hand,can also help family businesses raise their awareness of the importance of implementing ESG concepts and promote a more healthy and stable development of family businesses;(4)to explore how the relationship between family businesses and ESG performance is affected by executive equity incentives,It can provide a certain reference for family business corporate governance and other aspects,and promote the actions of corporate executives in ESG performance.