报告题目：Shirtsleeves to Shirtsleeves? Intergenerational Succession and ESG Performance in Family Firms
报 告 人：詹峰
报告时间：2023年6月27日（周二）16：00—18：30
报告地点：问源阁419
主办单位：产业组织与企业组织研究中心
【报告人简介】
詹峰，加拿大西安大略大学（University of Western Ontario, DAN Dept Management and Organizational Studies）终身副教授，于2004年及2007年在加拿大曼尼托巴大学获得经济学和计算机科学双学士学位与经济学硕士学位，2014年获得加拿大约克大学金融博士学位。他的研究方向主要为市场结构、公司金融、公司治理、投资、法律与金融、国际金融与国际商务等。在Emerging Markets Review、International Journal of Managerial Finance、European Journal of Finance、Journal of Business Ethics、Journal of Banking & Finance、Journal of Corporate Finance、Journal of International Financial Markets, Institutions & Money等国际知名期刊发表了十余篇高水平论文。主持参与了英国政府科学办公室支持驾驶员评估项目以及环球银行金融电信协会(SWIFT) 的国际共同基金外包的范围项目。并担任Journal of Teaching in International Business主编，Emerging Markets Review和International Journal of Managerial Finance特邀编委。
【报告摘要】
As an important force in China’s private economy, family firms have entered the peak period for leadership succession. A smooth transition is one of the key factors that determine the firms’ long-term success. We find that intergenerational successions in family firms lead to worse performance. We further investigate the relationship between intergenerational succession and the environmental, social, and governance (ESG) performance using the propensity score matching (PSM) method with a sample of Chinese listed family firms from 2014 to 2020. The results suggest that family firms that have entered the succession period are given lower ESG ratings. In addition, the negative impact of intergenerational succession on ESG performance is more significant when the founder has more offspring, when the second-generation successor is female, and when the successor has a lower educational level, or has no foreign experience. Finally, we obtain evidence that the negative impact of intergenerational succession on ESG performance is due to the short-sighted behavior of second-generation leaders, who are unwilling to make long-term investments such as R&D investment but prefer short-term financial asset allocation instead.
撰稿：张路 审核：于左 单位：产业组织与企业组织研究中心
