How Family Character Affect the Financing of Environmental Protection Strategies and Energy-Saving Measures
Family firms have been consolidating for years as a very important asset in most economies in the European Union. Developing from the influence of the family on the core objectives, these firms show specific features on how internal processes are developed. These differences may also be reflected...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Academy of Economic Studies of Bucharest
2023-05-01
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| Series: | Amfiteatru Economic |
| Subjects: | |
| Online Access: | https://www.amfiteatrueconomic.ro/temp/Article_3219.pdf |
| Summary: | Family firms have been consolidating for years as a very important asset in most economies
in the European Union. Developing from the influence of the family on the core objectives,
these firms show specific features on how internal processes are developed. These differences
may also be reflected in their attitude towards corporate social responsibility and
environmental policies. The present paper focusses on their behaviour on environmental
responsibility, specifically referring to the energy-saving issue. Empirical results, based on a
sample of 1,771 Spanish manufacturing firms, show that the family character has a positive
effect on the proactive environmental strategy. Moreover, different sources of finance may
alter this main effect in various ways. Unpredictably, self-financing weakens the positive
effect of family ownership on environmental protection and energy saving, whereas
indebtedness is not a barrier, and public support strengthens the positive relationship. Our
findings contribute to better understanding the involvement of family firms in responsible
behaviour and the impact of different financial sources to promote the challenge of energy
for the European Union. |
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| ISSN: | 1582-9146 2247-9104 |