Green Strategies in Family Firms: How Governance Heterogeneity Shapes Environmental Management and Performance
研究利用中国上市公司面板数据，发现家族企业的环境管理效果取决于所有权结构，清洁生产在不同治理下对绩效的影响存在差异，为管理者和政策制定者提供参考。
ABSTRACT Family firms are central to sustainable development, yet the role of governance heterogeneity in shaping environmental outcomes remains insufficiently understood. Drawing on the natural resource‐based view and a governance perspective, this study examines how ownership structures condition the effectiveness of environmental protection management (EPM) and cleaner production in driving firm performance. Using panel data on Chinese listed firms (2011–2023) and system GMM estimation, we find that EPM constrains performance in some governance structures but enhances it in others. Controller ownership exerts heterogeneous effects, strengthening or weakening environmental engagement depending on incentive alignment. Moreover, cleaner production amplifies trade‐offs in certain firms while generating synergy between sustainability and financial performance in others. These findings demonstrate that environmental capabilities are governance‐contingent, advancing theory and offering actionable insights for managers and policymakers.