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Dual transformation of family businesses under China's dual carbon goals: Exploring social impact and economic benefits

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  • Zhang, Tao
  • Tian, Jie

Abstract

China's dual carbon goals are a pivotal strategic measure to drive business transformation and promote the nation's sustainable development. This study focuses on micro-enterprises' sustainable development through the lens of green investment. Using data from family businesses listed on the Chinese A-share capital market from 2010 to 2023, this study empirically examines the impact of green investment on these businesses' sustainable development. The findings indicate that green investments by family businesses enhance resulting economic and social benefits, fostering sustainable development. Heterogeneity analysis reveals that the positive impact of green investment on sustainable development varies depending on corporate reputation and political connections. Specifically, in terms of economic benefits, green investment significantly enhances sustainable development for firms with low reputations and political connections. Regarding social benefits, green investment generally promotes overall sustainable development, with more pronounced effects on businesses with low reputations and political connections. This study broadens the scope of micro-level studies under China's dual carbon goals and provides empirical evidence and insights for advancing family businesses' sustainable development through green transformation.

Suggested Citation

  • Zhang, Tao & Tian, Jie, 2025. "Dual transformation of family businesses under China's dual carbon goals: Exploring social impact and economic benefits," International Review of Financial Analysis, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:finana:v:102:y:2025:i:c:s105752192500198x
    DOI: 10.1016/j.irfa.2025.104111
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