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How Does the Restructuring Imprinting Influence Green Innovation in Family Firms? Evidence from China

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  • Yanyan Zhang

    (School of Economics and Management, Dongguan University of Technology, Dongguan 523808, China)

  • Wei Li

    (School of Management, Guangdong Ocean University, Zhanjiang 524088, China)

  • Fang Zhang

    (International College, Rattana Bundit University, Bangkok 10700, Thailand)

Abstract

In transforming emerging economies, the historical origins of family firms can be traced either to the restructuring of SOEs or to direct establishment. Drawing on imprinting theory and intergenerational family governance, this study investigates how restructuring imprints shape green innovation in family firms and under what conditions these effects vary. Based on data from Chinese A-share listed family firms (2007–2022), we find that restructuring imprints—manifested in risk aversion and path dependence—persist long after privatization. Consequently, restructured family firms demonstrate significantly weaker green innovation performance than entrepreneurial family firms. This negative effect is reinforced by founder control but mitigated by second-generation involvement. Overall, this study identifies a critical source of heterogeneity among family firms and contributes to the literature on green innovation within family business research.

Suggested Citation

  • Yanyan Zhang & Wei Li & Fang Zhang, 2025. "How Does the Restructuring Imprinting Influence Green Innovation in Family Firms? Evidence from China," Sustainability, MDPI, vol. 17(23), pages 1-20, December.
    • Handle: RePEc:gam:jsusta:v:17:y:2025:i:23:p:10879-:d:1810845
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