First-generation family firms’ impact on ESG performance
| Full sample | Matched sample | |||||||
|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| Variable | ESG | ENV | CG | SOC | ESG | ENV | CG | SOC |
| 1st generation | −0.287 (−0.46) | −1.518 (−1.76) | −0.648 (−0.76) | 1.014 (1.34) | −7.401*** (−5.36) | −8.729*** (−4.56) | −5.460** (−3.12) | −9.603*** (−5.43) |
| AGE | 0.425*** (3.59) | 0.141 (0.86) | 0.950*** (5.90) | 0.0616 (0.43) | 7.807*** (10.60) | 8.423*** (8.25) | 4.866*** (5.22) | 9.043*** (9.59) |
| TA | 5.282*** (47.80) | 6.899*** (45.24) | 3.362*** (22.38) | 5.321*** (39.58) | 3.031*** (8.21) | 3.233*** (6.32) | 0.919* (1.97) | 4.208*** (8.91) |
| Equity | 2.786*** (24.78) | 3.180*** (20.50) | 2.153*** (14.09) | 3.085*** (22.56) | 2.760*** (6.39) | 4.576*** (7.64) | 1.916*** (3.50) | 1.787** (3.23) |
| Leverage | 6.891*** (11.84) | 4.522*** (5.63) | 8.770*** (11.09) | 6.981*** (9.86) | 4.224* (1.99) | 3.418 (1.16) | 5.827* (2.16) | 5.001 (1.84) |
| ROA | 0.00459 (0.20) | 0.0536 (1.69) | 0.00966 (0.31) | 0.0264 (0.95) | 8.020* (1.85) | 3.114 (0.52) | 4.930 (0.90) | 27.57*** (4.98) |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Country | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| _cons | −23.57*** (−28.77) | −40.44*** (−35.78) | −4.380*** (−3.93) | −24.47*** (−24.56) | −18.41*** (−4.41) | −38.26*** (−6.61) | 17.15** (3.24) | −25.53*** (−4.78) |
| N | 23,843 | 23,843 | 23,843 | 23,843 | 1,052 | 1,052 | 1,052 | 1,052 |
| R2 | 0.441 | 0.411 | 0.180 | 0.409 | 0.540 | 0.578 | 0.397 | 0.523 |
| adj. R2 | 0.440 | 0.410 | 0.179 | 0.408 | 0.526 | 0.565 | 0.378 | 0.508 |
| Full sample | Matched sample | |||||||
|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| Variable | ||||||||
| 1st generation | −0.287 (−0.46) | −1.518 (−1.76) | −0.648 (−0.76) | 1.014 (1.34) | −7.401 | −8.729 | −5.460 | −9.603 |
| 0.425 | 0.141 (0.86) | 0.950 | 0.0616 (0.43) | 7.807 | 8.423 | 4.866 | 9.043 | |
| 5.282 | 6.899 | 3.362 | 5.321 | 3.031 | 3.233 | 0.919 | 4.208 | |
| 2.786 | 3.180 | 2.153 | 3.085 | 2.760 | 4.576 | 1.916 | 1.787 | |
| 6.891 | 4.522 | 8.770 | 6.981 | 4.224 | 3.418 (1.16) | 5.827 | 5.001 (1.84) | |
| 0.00459 (0.20) | 0.0536 (1.69) | 0.00966 (0.31) | 0.0264 (0.95) | 8.020 | 3.114 (0.52) | 4.930 (0.90) | 27.57 | |
| Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
| −23.57 | −40.44 | −4.380 | −24.47 | −18.41 | −38.26 | 17.15 | −25.53 | |
| 23,843 | 23,843 | 23,843 | 23,843 | 1,052 | 1,052 | 1,052 | 1,052 | |
| 0.441 | 0.411 | 0.180 | 0.409 | 0.540 | 0.578 | 0.397 | 0.523 | |
| adj. | 0.440 | 0.410 | 0.179 | 0.408 | 0.526 | 0.565 | 0.378 | 0.508 |
This table presents the results of the regression analysis focusing on first-generation family firms within both the full sample and the matched sample. Columns (1)–(4) showcase the outcomes for the full sample, emphasizing the coefficients and t-statistics for environmental, social and governance (ESG) factors. Subsequently, columns (5)–(8) present the matched sample results, refining the analysis through propensity score matching. *, ** and *** Indicate statistical significance at the 10, 5 and 1% levels, respectively
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.