Greenwashing the family name: Moderating effects of ownership on the relationship between ESG performance and firm performance
(2023) BUSN79 20231Department of Business Administration
- Abstract
- Title: Greenwashing the family name - Moderating effects of ownership on the relationship between ESG performance and firm performance
Course: BUSN79
Authors: Nils Larsson & John-John Teglund
Supervisor: Reda Moursli
Keywords: ESG, Family ownership, Concentrated ownership, Firm performance, Swedish ownership
Purpose: The purpose is to investigate the relationship between ESG performance and firm performance. And further to explore if and how ownership structure moderates this relationship.
Methodology: In the multivariate analysis, we deploy pooled OLS and random effects models and control for industry and year effects with robust standard errors clustered by firm. Further, we explore the individual ESG pillars, E, S and... (More) - Title: Greenwashing the family name - Moderating effects of ownership on the relationship between ESG performance and firm performance
Course: BUSN79
Authors: Nils Larsson & John-John Teglund
Supervisor: Reda Moursli
Keywords: ESG, Family ownership, Concentrated ownership, Firm performance, Swedish ownership
Purpose: The purpose is to investigate the relationship between ESG performance and firm performance. And further to explore if and how ownership structure moderates this relationship.
Methodology: In the multivariate analysis, we deploy pooled OLS and random effects models and control for industry and year effects with robust standard errors clustered by firm. Further, we explore the individual ESG pillars, E, S and G. We take an instrumental variable approach using the yearly industry average of ESG. Finally, we validate the robustness of our results with a propensity score matched subsample.
Theoretical perspective: The theoretical base used to develop our research questions are agency theory, stakeholder theory, resource-based view, organizational identity and socioemotional wealth theory.
Empirical foundation: The sample consists of 1046 firm years from 328 Swedish firms, listed on The Stockholm Stock Exchange and First North Sweden for the period 2016-2022.
Conclusions: First, we find a positive relationship between family ownership and firm performance. Second, family ownership and the social pillar negatively moderates the relationship between ESG performance and firm performance. Despite indications of a negative relationship, we cannot confidently establish a relationship between ESG performance and firm performance. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9125140
- author
- Larsson, Nils LU and Teglund, John-John LU
- supervisor
- organization
- course
- BUSN79 20231
- year
- 2023
- type
- H1 - Master's Degree (One Year)
- subject
- keywords
- ESG, Family ownership, Concentrated ownership, Firm performance, Swedish ownership
- language
- English
- id
- 9125140
- date added to LUP
- 2023-09-12 15:58:57
- date last changed
- 2023-09-12 15:58:57
@misc{9125140,
abstract = {{Title: Greenwashing the family name - Moderating effects of ownership on the relationship between ESG performance and firm performance
Course: BUSN79
Authors: Nils Larsson & John-John Teglund
Supervisor: Reda Moursli
Keywords: ESG, Family ownership, Concentrated ownership, Firm performance, Swedish ownership
Purpose: The purpose is to investigate the relationship between ESG performance and firm performance. And further to explore if and how ownership structure moderates this relationship.
Methodology: In the multivariate analysis, we deploy pooled OLS and random effects models and control for industry and year effects with robust standard errors clustered by firm. Further, we explore the individual ESG pillars, E, S and G. We take an instrumental variable approach using the yearly industry average of ESG. Finally, we validate the robustness of our results with a propensity score matched subsample.
Theoretical perspective: The theoretical base used to develop our research questions are agency theory, stakeholder theory, resource-based view, organizational identity and socioemotional wealth theory.
Empirical foundation: The sample consists of 1046 firm years from 328 Swedish firms, listed on The Stockholm Stock Exchange and First North Sweden for the period 2016-2022.
Conclusions: First, we find a positive relationship between family ownership and firm performance. Second, family ownership and the social pillar negatively moderates the relationship between ESG performance and firm performance. Despite indications of a negative relationship, we cannot confidently establish a relationship between ESG performance and firm performance.}},
author = {{Larsson, Nils and Teglund, John-John}},
language = {{eng}},
note = {{Student Paper}},
title = {{Greenwashing the family name: Moderating effects of ownership on the relationship between ESG performance and firm performance}},
year = {{2023}},
}