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Firm value, ownership structure, and strategic approaches to ESG activities

Author

Listed:
  • Hyun-Jung Nam

    (Pusan National University)

  • Mehmet Huseyin Bilgin

    (Istanbul Medeniyet University)

  • Doojin Ryu

    (Sungkyunkwan University)

Abstract

The strategic role of environmental, social, and governance (ESG) activities in firm performance has recently drawn increasing attention. In particular, the dynamics of ESG management in family-owned firms have become a crucial factor in increasing firm value. Using novel data from Korea, a suitable context for our analysis, we focus on the interplay between ESG investment and family ownership. Our results reveal that ESG activities can mitigate the agency problems inherent in family ownership, but their careful management is essential for maximizing firm value. We introduce the concept of the marginal effect of ESG, decompose its factors, and identify a critical threshold of family ownership that is instrumental for increasing firm value through ESG activities. Depending on a firm’s position relative to this threshold, we recommend strategies to increase or reduce ESG investment, showing that the timing of such investment or disinvestment in ESG activities emerges as a key strategic consideration. Our findings provide practical insights for family-owned firms to make informed decisions on ESG investment, thereby contributing not only to their own sustainability but also the long-term vitality of ESG activities.

Suggested Citation

  • Hyun-Jung Nam & Mehmet Huseyin Bilgin & Doojin Ryu, 2024. "Firm value, ownership structure, and strategic approaches to ESG activities," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 14(1), pages 187-226, March.
    • Handle: RePEc:spr:eurasi:v:14:y:2024:i:1:d:10.1007_s40821-024-00252-z
    DOI: 10.1007/s40821-024-00252-z
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    More about this item

    Keywords

    Environmental; social; and governance (ESG) investing; Family ownership; Firm value; Strategic development;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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