摘要：As scholars and policy makers pay more attention to the environmental impact of economicactivities, more focus has been placed on the corporate environmental responsibility (CER) of familyfirms, which accounts for the majority of businesses in both developed and developing countries.Using a sample of 4714 private enterprises across 23 provinces in China, the current study examinesthe effect of family ownership on CER investment, as well as the moderating effects of venture capitalinvestment and local institutional development. Results show that concentrated family ownershipleads to lower CER spending, however, when venture capital investment comes from developedmarkets, the negative relationship is reversed. In addition, the marketization level of the province inwhich a family firm is headquartered mitigates the negative relationship between family ownershipand CER investment.
