Stringency of family firms and owner-managers in the transition to low-carbon emissions
研究了2010-2020年西欧435家上市公司，发现家族企业尤其是家族CEO领导的企业，因投资者对其碳转型管理信心不足，面临更高的碳风险溢价和估值折价，尤其在2015年巴黎协定后更明显。
This study examines the relationship between carbon emissions and stock returns, with a focus on the role of family ownership and management. Using a sample of 435 publicly listed firms from 14 Western European countries over the period 2010–2020, we explore whether financial markets perceive family-controlled firms, particularly those led by family-member CEOs, differently in terms of their commitment to sustainable practices. Consistent with prior research, our results indicate that firms with higher emissions earn higher stock returns while simultaneously experiencing lower market valuations, consistent with the presence of a carbon risk premium driven by elevated carbon transition risk. Crucially, we find that family firms led by family CEOs experience significantly greater carbon risk premiums and more pronounced valuation discounts compared to non-family firms and family firms led by professional CEOs. This differential is particularly pronounced in the period following the 2015 Paris Agreement, which heightened investor awareness of climate-related risks. This evidence is consistent with investors exhibiting lower confidence in the effectiveness of carbon transition risk management in family firms led by family CEOs. We attribute these findings to weaker governance, lower institutional oversight, and control-driven decision-making. This study advances the literature on ownership structure by elucidating how family control influences corporate responses to environmental pressures and by highlighting the financial implications of delayed climate action in family-controlled businesses.