ESG Performance and Institutional Quality: Can Virtuous Institutional Leadership Lead to a More Sustainable Economic Environment? An Exploratory Study of the Most Capitalized European Family–Listed Companies

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🔬研究者:Provides a nuanced view of institutional complementarity and boundary conditions for ESG engagement, useful for scholars studying corporate sustainability in different governance contexts.

🏢実務担当者:For corporate sustainability teams in family firms, it suggests that regulatory compliance alone may not drive ESG; instead, differentiate strategic ESG even in strong institutional environments.

🏛政策担当者:For regulators, it indicates that stringent reporting rules might paradoxically reduce voluntary ESG efforts; complementary incentives may be needed.

国の制度は企業の持続可能性を促進すると広く想定されているが、ESGへの関与に対するその影響は、状況や企業タイプによって異なる可能性がある。我々は、制度理論と社会情緒的富（SEW）の視点に基づき、欧州の上場大規模同族企業におけるESGパフォーマンスと国の制度品質との関係を検討する。RefinitivのESGスコアとWorldwide Governance Indicatorsのガバナンス指標を用いたところ、政府の有効性、規制の質、法の支配が高いほどESGパフォーマンスが低いことと関連し、一方、発言力と説明責任、政治的安定性、汚職の抑制は有意な関係を示さないことが分かった。我々はこのパターンを代替メカニズムとして解釈する：制度が基準を信頼性をもって執行し、正当性を付与する場合、追加的な自発的ESG関与の戦略的価値の限界は低下する—特に自律性、支配権、評判の維持に敏感な同族企業において顕著である。本研究は、制度補完性に対する境界条件を特定することで制度理論に貢献し、異なる制度的構成の下でSEWと整合する優先事項がESGの戦略的意味をどのように形成するかを説明することで同族企業研究に貢献する。政策的観点からは、厳格な報告・コンプライアンス体制に加えて、欧州の同族企業におけるコンプライアンスを超えた積極的なESG戦略を維持するために、補完的なインセンティブベースの手段と的を絞った支援が必要となる可能性があることを示唆している。

AI 翻訳（deepseek-v4-flash）。 正確を期す場合は下の原文を参照してください。

National institutions are widely assumed to foster corporate sustainability, yet their effects on ESG engagement can vary across contexts and firm types. Drawing on institutional theory and the socioemotional wealth (SEW) perspective, we examine how national institutional quality relates to ESG performance among large listed European family firms. Using ESG scores from Refinitiv and governance indicators from the Worldwide Governance Indicators, we find that higher government effectiveness, regulatory quality, and rule of law are associated with lower ESG performance, while voice and accountability, political stability, and control of corruption show no significant relationship. We interpret this pattern as a substitution mechanism: when institutions credibly enforce baseline standards and confer legitimacy, the marginal strategic value of additional voluntary ESG engagement declines—especially for family firms attentive to autonomy, control, and reputational preservation. The study contributes to institutional theory by specifying a boundary condition to institutional complementarity and to family business research by explaining how SEW‐consistent priorities shape the strategic meaning of ESG under different institutional configurations. From a policy perspective, the findings suggest that, alongside stringent reporting and compliance regimes, complementary incentive‐based instruments and targeted support may be needed to sustain proactive ESG strategies beyond compliance among European family firms.

• semanticscholar https://doi.org/10.1002/bse.70739first seen 2026-05-15 18:58:10 · last seen 2026-06-08 05:14:32