Family Involvement,Institution Situation And Corporate Environmental Performance

At present,environmental issues have received unprecedented attention.In the perspective of supervision,local environmental conditions have been included in the evaluation of local officials.Measures such as "Hezhang Institution" and "Huzhang Institution" as well as central environmental supervisiors related to the main responsible persons have been launched.In China,law enforcement of environmental pollution has also been further strengthened,which shows the determination to control pollution.Presently,most of the relevant researches on corporate environmental performance focus on its correlation with economic performance and environmental disclosure.Domestic literature,which includes impact of family involvement on corporate environmental performance,is still lacking.Family involvement is a common phenomenon in private enterprises.The family pursuit of socialemotional wealth will profoundly affect how enterprises operate,including environmental management methods and environmental performance.In order to deeply explore the relationship between family involvement of private enterprise and corporate environmental performance and the impact of China transitional policy,this paper first sorts out the literature on corporate environmental performance and family involvement,and then analyzes the different impacts on the corporate environmental performance from the two involvement dimensions of family--the proportion of family shareholdings and family control time.In the view of China macro-transformation policy,the authors explore the regulatory role of formal and informal institutions,and propose relevant assumptions.The data of the eleventh national private enterprise sample survey in 2014 was selected and tested using the Tobit model.It can be seen from the empirical results that the family holdings will make the family care more about the short-term economic losses and their reluctance in environmental governance.As the family control time increases,the family will improve environmental performance for the socialemotional wealth such as inheritance of children and the image in the community,etc.but the influence of family control time remarkably matters when the family is absolutely controlled.The formal institution has no significant impact on corporate environmental performance in general,but it has a negative effect on the negative relationship between family shareholding and corporate environmental performance in large and medium-sized enterprises.Generally,as an informal system reflecting the relationship between politician and enterprise.Political connection has a restraining effect on the negative relationship between family shareholding and corporate environmental performance,and is more prominent in non-family absolute holding enterprises.