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題名 家族企業與非家族企業ESG績效與公司價值之關聯性
The Relationship Between ESG Performance and Firm Value in Family Firms and Non-Family Firms
作者 呂鈺瑄
Lu, Yu-Hsuan
貢獻者 戚務君
Chi, Wu-Chun
呂鈺瑄
Lu, Yu-Hsuan
關鍵詞 ESG
家族企業
公司價值
ESG
Family Firms
Firm Value
日期 2024
上傳時間 1-Jul-2024 12:07:11 (UTC+8)
摘要 本研究旨在探討ESG績效對公司價值的影響，針對家族企業和非家族企業進行區分，以瞭解它們在ESG績效與公司價值關聯性方面的差異。根據實證結果顯示，ESG績效與公司價值之間的正向關係，在家族企業中比非家族企業更為顯著。而本研究也進一步將環境、社會和公司治理構面三者分別分析，其中又以社會及公司治理構面的影響最為顯著，環境構面並無顯著差異。本研究提供在ESG影響下，家族企業和非家族企業於公司價值上是否存在差異，且進一步給予ESG發展相對較慢的企業可借鑑之方向。
The study explores the impact of Environmental, Social, and Governance (ESG) performance on firm value, with a focus on distinguishing between family firms and non-family firms to understand the differences in their association between ESG performance and firm value. The empirical results indicate the positive relationship between ESG performance and firm value is more significant in family firms than in non-family firms. Additionally, this study further analyzes the three dimensions of environmental, social, and governance separately, with the effect of social and governance dimensions being the most significant, while the environmental dimension shows no significant difference. This study provides insights into whether there are differences in firm value between family firms and non-family firms under the effect of ESG, and further offers directions for companies with relatively slower ESG development to emulate.
參考文獻 中文部分 黃素慧、黃劭彥、洪嘉聲與林萱霈，2011，公司治理是否能增加我國家族企業之企業價值，經營管理論叢，第7卷第2期：13-37。 郭翠菱與王志洋，2017，公司治理如何影響家族企業之績效？長期縱貫分析，會計評論，第64期： 61-111。 英文部分 Abeysekera, A. P., & Fernando, C. S. (2020). Corporate social responsibility versus corporate shareholder responsibility: A family firm perspective. Journal of Corporate Finance, 61, 101370. Albuquerque, R., Koskinen, Y., Yang, S., & Zhang, C. (2020). Resiliency of environmental and social stocks: An analysis of the exogenous COVID-19 market crash. The Review of Corporate Finance Studies, 9(3), 593-621. Amann, B., Jaussaud, J., & Martinez, I. (2012). Corporate social responsibility in Japan: Family and non-family business differences and determinants. Asian Business & Management, 11, 329-345. Aydoğmuş, M., GÜLAY, G., & ERGUN, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review. Block, J. H., & Wagner, M. (2014). The effect of family ownership on different dimensions of corporate social responsibility: Evidence from large US firms. Business Strategy and the Environment, 23(7), 475-492. Boldeanu, F. T., Clemente-Almendros, J. A., Tache, I., & Seguí-Amortegui, L. A. (2022). Is ESG relevant to electricity companies during pandemics? A case study on European firms during COVID-19. Sustainability, 14(2), 852. Broadstock, D. C., Chan, K., Cheng, L. T., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, 101716. Chambers, E., Chapple, W., Moon, J., & Sullivan, M. (2003). CSR in Asia: A seven country study of CSR website reporting. ICCSR Research Paper Series, 44(09), 1-43. Chen, R. C., & Lee, C. H. (2017). The influence of CSR on firm value: an application of panel smooth transition regression on Taiwan. Applied Economics, 49(34), 3422-3434. Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81-112. Cook, K. A., Romi, A. M., Sánchez, D., & Sánchez, J. M. (2019). The influence of corporate social responsibility on investment efficiency and innovation. Journal of Business Finance & Accounting, 46(3-4), 494-537. Cruz, C., Larraza–Kintana, M., Garcés–Galdeano, L., & Berrone, P. (2014). Are family firms really more socially responsible?. Entrepreneurship Theory and Practice, 38(6), 1295-1316. Dimson, E., Karakaş, O., & Li, X. (2015). Active ownership. The Review of Financial Studies, 28(12), 3225-3268. Ding, W., Levine, R., Lin, C., & Xie, W. (2021). Corporate immunity to the COVID-19 pandemic. Journal of Financial Economics, 141(2), 802-830. Duan, Y., Yang, F., & Xiong, L. (2023). Environmental, social, and governance (ESG) performance and firm value: Evidence from Chinese manufacturing firms. Sustainability, 15(17), 12858. Dyer Jr, W. G., & Whetten, D. A. (2006). Family firms and social responsibility: Preliminary evidence from the S&P 500. Entrepreneurship Theory and Practice, 30(6), 785-802. El Ghoul, S., Guedhami, O., Wang, H., & Kwok, C. C. (2016). Family control and corporate social responsibility. Journal of Banking & Finance, 73, 131-146. Elnahass, M., Salama, A., & Trinh, V. Q. (2022). Firm valuations and board compensation: Evidence from alternative banking models. Global Finance Journal, 51, 100553. Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64. Felix Ayadi, O., PhD, Dufrene, U. B., PhD, Pat Obi, C., & PhD. (1996). Firm performance measures: Temporal roadblocks to innovation?. Managerial Finance, 22(8), 18-32. Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge University Press. Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107-156. Han, Y. G., Huang, H. W., Liu, W. P., & Hsu, Y. L. (2023). Firm-value effects of carbon emissions and carbon disclosures: evidence from Taiwan. Accounting Horizons, 37(3), 171-191. Jannah, S. M., & Sartika, F. (2022). The effect of good corporate governance and company size on firm value: Financial performance as an intervening variable. International Journal of Research in Business and Social Science (2147-4478), 11(2), 241-251. Jensen, M. C. (2002). Value maximization, stakeholder theory, and the corporate objective function. Business Ethics Quarterly, 235-256. La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517. Larmou, S., & Vafeas, N. (2010). The relation between board size and firm performance in firms with a history of poor operating performance. Journal of Management & Governance, 14, 61-85. Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824. Lo, K. Y., & Kwan, C. L. (2017). The effect of environmental, social, governance and sustainability initiatives on stock value–Examining market response to initiatives undertaken by listed companies. Corporate Social Responsibility and Environmental Management, 24(6), 606-619. Matsumura, E. M., Prakash, R., & Vera-Munoz, S. C. (2014). Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review, 89(2), 695-724. Mazur, M., Dang, M., & Vega, M. (2021). COVID-19 and the march 2020 stock market crash. Evidence from S&P1500. Finance Research Letters, 38, 101690. Merello, P., Barberá, A., & De la Poza, E. (2022). Is the sustainability profile of FinTech companies a key driver of their value?. Technological Forecasting and Social Change, 174, 121290. Miller, D., Le Breton-Miller, I., Lester, R. H., & Cannella Jr, A. A. (2007). Are family firms really superior performers?. Journal of Corporate Finance, 13(5), 829-858. Morck, R., & Yeung, B. (2004). Family control and the rent–seeking society. Entrepreneurship Theory and Practice, 28(4), 391-409. Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11(2), 661-687. Ott, C., & Schiemann, F. (2023). The market value of decomposed carbon emissions. Journal of Business Finance & Accounting, 50(1-2), 3-30. Porter, M. E., & Kramer, M. R. (2006). The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78-92. Ramirez, A. G., Monsalve, J., González-Ruiz, J. D., Almonacid, P., & Peña, A. (2022). Relationship between the cost of capital and environmental, social, and governance scores: Evidence from latin america. Sustainability, 14(9), 5012. Shanaev, S., & Ghimire, B. (2022). When ESG meets AAA: The effect of ESG rating changes on stock returns. Finance Research Letters, 46, 102302. Sraer, D., & Thesmar, D. (2007). Performance and behavior of family firms: Evidence from the French stock market. Journal of the European Economic Association, 5(4), 709-751. Sutriono, S., Sari, E. N., & Rambe, M. F. (2021). Role of Debt To Equity Ratio Mediating Effect Return On Assets and Current Ratio Against Firm Value. International Journal of Business Economics, 3(1), 47-58. Tamayo-Torres, I., Gutierrez-Gutierrez, L., & Ruiz-Moreno, A. (2019). Boosting sustainability and financial performance: the role of supply chain controversies. International Journal of Production Research, 57(11), 3719-3734. Taylor, J., Vithayathil, J., & Yim, D. (2018). Are corporate social responsibility (CSR) initiatives such as sustainable development and environmental policies value enhancing or window dressing?. Corporate Social Responsibility and Environmental Management, 25(5), 971-980. Van den Berghe, L. A., & Levrau, A. (2003). Measuring the quality of corporate governance: in search of a tailormade approach?. Journal of General Management, 28(3), 71-86. Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169-178. Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value?. Journal of Financial Economics, 80(2), 385-417. Welch, K., & Yoon, A. (2022). Do high-ability managers choose ESG projects that create shareholder value? Evidence from employee opinions. Review of Accounting Studies, 1-28. Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 28(2), 286-300. Yazici, Ö., Mcwilliams, D., & Ercan, S. (2018). CSR comparison between family businesses and non-family business. Business & Management Studies: An International Journal, 6(1), 256-280. Yeh, Y. H., Lee, T. S., & Woidtke, T. (2001). Family control and corporate governance: Evidence from Taiwan. International Review of Finance, 2(1‐2), 21-48. Yu, E. P. Y., Guo, C. Q., & Luu, B. V. (2018). Environmental, social and governance transparency and firm value. Business Strategy and the Environment, 27(7), 987-1004. Yu, X., & Xiao, K. (2022). Does ESG performance affect firm value? Evidence from a new ESG-scoring approach for Chinese enterprises. Sustainability, 14(24), 16940. Zhao, X., & Murrell, A. J. (2016). Revisiting the corporate social performance‐financial performance link: A replication of Waddock and Graves. Strategic Management Journal, 37(11), 2378-2388.
描述 碩士
國立政治大學
會計學系
111353011
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111353011
資料類型 thesis
dc.contributor.advisor 戚務君zh_TW
dc.contributor.advisor Chi, Wu-Chunen_US
dc.contributor.author (Authors) 呂鈺瑄zh_TW
dc.contributor.author (Authors) Lu, Yu-Hsuanen_US
dc.creator (作者) 呂鈺瑄zh_TW
dc.creator (作者) Lu, Yu-Hsuanen_US
dc.date (日期) 2024en_US
dc.date.accessioned 1-Jul-2024 12:07:11 (UTC+8)-
dc.date.available 1-Jul-2024 12:07:11 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2024 12:07:11 (UTC+8)-
dc.identifier (Other Identifiers) G0111353011en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/151947-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 111353011zh_TW
dc.description.abstract (摘要) 本研究旨在探討ESG績效對公司價值的影響，針對家族企業和非家族企業進行區分，以瞭解它們在ESG績效與公司價值關聯性方面的差異。根據實證結果顯示，ESG績效與公司價值之間的正向關係，在家族企業中比非家族企業更為顯著。而本研究也進一步將環境、社會和公司治理構面三者分別分析，其中又以社會及公司治理構面的影響最為顯著，環境構面並無顯著差異。本研究提供在ESG影響下，家族企業和非家族企業於公司價值上是否存在差異，且進一步給予ESG發展相對較慢的企業可借鑑之方向。zh_TW
dc.description.abstract (摘要) The study explores the impact of Environmental, Social, and Governance (ESG) performance on firm value, with a focus on distinguishing between family firms and non-family firms to understand the differences in their association between ESG performance and firm value. The empirical results indicate the positive relationship between ESG performance and firm value is more significant in family firms than in non-family firms. Additionally, this study further analyzes the three dimensions of environmental, social, and governance separately, with the effect of social and governance dimensions being the most significant, while the environmental dimension shows no significant difference. This study provides insights into whether there are differences in firm value between family firms and non-family firms under the effect of ESG, and further offers directions for companies with relatively slower ESG development to emulate.en_US
dc.description.tableofcontents 第壹章　緒論 1 第一節　研究動機與目的 1 第二節　研究問題 3 第三節　研究架構 4 第貳章　文獻探討 6 第一節　ESG各構面之影響 6 第二節　公司價值 10 第三節　假說發展 12 第參章　研究方法 15 第一節　研究實證模型 15 第二節　變數定義與衡量 17 第三節　研究期間樣本與資料來源 21 第肆章　實證結果 23 第一節　敘述性統計分析 23 第二節　單變量分析 26 第三節　相關係數分析 27 第四節　迴歸結果分析 29 第五節　額外測試 34 第伍章　結論與建議 39 第一節　研究結論 39 第二節　研究限制及建議 41 附錄一 42 參考文獻 44zh_TW
dc.format.extent 631012 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111353011en_US
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) 家族企業zh_TW
dc.subject (關鍵詞) 公司價值zh_TW
dc.subject (關鍵詞) ESGen_US
dc.subject (關鍵詞) Family Firmsen_US
dc.subject (關鍵詞) Firm Valueen_US
dc.title (題名) 家族企業與非家族企業ESG績效與公司價值之關聯性zh_TW
dc.title (題名) The Relationship Between ESG Performance and Firm Value in Family Firms and Non-Family Firmsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文部分 黃素慧、黃劭彥、洪嘉聲與林萱霈，2011，公司治理是否能增加我國家族企業之企業價值，經營管理論叢，第7卷第2期：13-37。 郭翠菱與王志洋，2017，公司治理如何影響家族企業之績效？長期縱貫分析，會計評論，第64期： 61-111。 英文部分 Abeysekera, A. P., & Fernando, C. S. (2020). Corporate social responsibility versus corporate shareholder responsibility: A family firm perspective. Journal of Corporate Finance, 61, 101370. Albuquerque, R., Koskinen, Y., Yang, S., & Zhang, C. (2020). Resiliency of environmental and social stocks: An analysis of the exogenous COVID-19 market crash. The Review of Corporate Finance Studies, 9(3), 593-621. Amann, B., Jaussaud, J., & Martinez, I. (2012). Corporate social responsibility in Japan: Family and non-family business differences and determinants. Asian Business & Management, 11, 329-345. Aydoğmuş, M., GÜLAY, G., & ERGUN, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review. Block, J. H., & Wagner, M. (2014). The effect of family ownership on different dimensions of corporate social responsibility: Evidence from large US firms. Business Strategy and the Environment, 23(7), 475-492. Boldeanu, F. T., Clemente-Almendros, J. A., Tache, I., & Seguí-Amortegui, L. A. (2022). Is ESG relevant to electricity companies during pandemics? A case study on European firms during COVID-19. Sustainability, 14(2), 852. Broadstock, D. C., Chan, K., Cheng, L. T., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, 101716. Chambers, E., Chapple, W., Moon, J., & Sullivan, M. (2003). CSR in Asia: A seven country study of CSR website reporting. ICCSR Research Paper Series, 44(09), 1-43. Chen, R. C., & Lee, C. H. (2017). The influence of CSR on firm value: an application of panel smooth transition regression on Taiwan. Applied Economics, 49(34), 3422-3434. Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81-112. Cook, K. A., Romi, A. M., Sánchez, D., & Sánchez, J. M. (2019). The influence of corporate social responsibility on investment efficiency and innovation. Journal of Business Finance & Accounting, 46(3-4), 494-537. Cruz, C., Larraza–Kintana, M., Garcés–Galdeano, L., & Berrone, P. (2014). Are family firms really more socially responsible?. Entrepreneurship Theory and Practice, 38(6), 1295-1316. Dimson, E., Karakaş, O., & Li, X. (2015). Active ownership. The Review of Financial Studies, 28(12), 3225-3268. Ding, W., Levine, R., Lin, C., & Xie, W. (2021). Corporate immunity to the COVID-19 pandemic. Journal of Financial Economics, 141(2), 802-830. Duan, Y., Yang, F., & Xiong, L. (2023). Environmental, social, and governance (ESG) performance and firm value: Evidence from Chinese manufacturing firms. Sustainability, 15(17), 12858. Dyer Jr, W. G., & Whetten, D. A. (2006). Family firms and social responsibility: Preliminary evidence from the S&P 500. Entrepreneurship Theory and Practice, 30(6), 785-802. El Ghoul, S., Guedhami, O., Wang, H., & Kwok, C. C. (2016). Family control and corporate social responsibility. Journal of Banking & Finance, 73, 131-146. Elnahass, M., Salama, A., & Trinh, V. Q. (2022). Firm valuations and board compensation: Evidence from alternative banking models. Global Finance Journal, 51, 100553. Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64. Felix Ayadi, O., PhD, Dufrene, U. B., PhD, Pat Obi, C., & PhD. (1996). Firm performance measures: Temporal roadblocks to innovation?. Managerial Finance, 22(8), 18-32. Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge University Press. Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107-156. Han, Y. G., Huang, H. W., Liu, W. P., & Hsu, Y. L. (2023). Firm-value effects of carbon emissions and carbon disclosures: evidence from Taiwan. Accounting Horizons, 37(3), 171-191. Jannah, S. M., & Sartika, F. (2022). The effect of good corporate governance and company size on firm value: Financial performance as an intervening variable. International Journal of Research in Business and Social Science (2147-4478), 11(2), 241-251. Jensen, M. C. (2002). Value maximization, stakeholder theory, and the corporate objective function. Business Ethics Quarterly, 235-256. La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517. Larmou, S., & Vafeas, N. (2010). The relation between board size and firm performance in firms with a history of poor operating performance. Journal of Management & Governance, 14, 61-85. Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824. Lo, K. Y., & Kwan, C. L. (2017). The effect of environmental, social, governance and sustainability initiatives on stock value–Examining market response to initiatives undertaken by listed companies. Corporate Social Responsibility and Environmental Management, 24(6), 606-619. Matsumura, E. M., Prakash, R., & Vera-Munoz, S. C. (2014). Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review, 89(2), 695-724. Mazur, M., Dang, M., & Vega, M. (2021). COVID-19 and the march 2020 stock market crash. Evidence from S&P1500. Finance Research Letters, 38, 101690. Merello, P., Barberá, A., & De la Poza, E. (2022). Is the sustainability profile of FinTech companies a key driver of their value?. Technological Forecasting and Social Change, 174, 121290. Miller, D., Le Breton-Miller, I., Lester, R. H., & Cannella Jr, A. A. (2007). Are family firms really superior performers?. Journal of Corporate Finance, 13(5), 829-858. Morck, R., & Yeung, B. (2004). Family control and the rent–seeking society. Entrepreneurship Theory and Practice, 28(4), 391-409. Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11(2), 661-687. Ott, C., & Schiemann, F. (2023). The market value of decomposed carbon emissions. Journal of Business Finance & Accounting, 50(1-2), 3-30. Porter, M. E., & Kramer, M. R. (2006). The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78-92. Ramirez, A. G., Monsalve, J., González-Ruiz, J. D., Almonacid, P., & Peña, A. (2022). Relationship between the cost of capital and environmental, social, and governance scores: Evidence from latin america. Sustainability, 14(9), 5012. Shanaev, S., & Ghimire, B. (2022). When ESG meets AAA: The effect of ESG rating changes on stock returns. Finance Research Letters, 46, 102302. Sraer, D., & Thesmar, D. (2007). Performance and behavior of family firms: Evidence from the French stock market. Journal of the European Economic Association, 5(4), 709-751. Sutriono, S., Sari, E. N., & Rambe, M. F. (2021). Role of Debt To Equity Ratio Mediating Effect Return On Assets and Current Ratio Against Firm Value. International Journal of Business Economics, 3(1), 47-58. Tamayo-Torres, I., Gutierrez-Gutierrez, L., & Ruiz-Moreno, A. (2019). Boosting sustainability and financial performance: the role of supply chain controversies. International Journal of Production Research, 57(11), 3719-3734. Taylor, J., Vithayathil, J., & Yim, D. (2018). Are corporate social responsibility (CSR) initiatives such as sustainable development and environmental policies value enhancing or window dressing?. Corporate Social Responsibility and Environmental Management, 25(5), 971-980. Van den Berghe, L. A., & Levrau, A. (2003). Measuring the quality of corporate governance: in search of a tailormade approach?. Journal of General Management, 28(3), 71-86. Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169-178. Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value?. Journal of Financial Economics, 80(2), 385-417. Welch, K., & Yoon, A. (2022). Do high-ability managers choose ESG projects that create shareholder value? Evidence from employee opinions. Review of Accounting Studies, 1-28. Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 28(2), 286-300. Yazici, Ö., Mcwilliams, D., & Ercan, S. (2018). CSR comparison between family businesses and non-family business. Business & Management Studies: An International Journal, 6(1), 256-280. Yeh, Y. H., Lee, T. S., & Woidtke, T. (2001). Family control and corporate governance: Evidence from Taiwan. International Review of Finance, 2(1‐2), 21-48. Yu, E. P. Y., Guo, C. Q., & Luu, B. V. (2018). Environmental, social and governance transparency and firm value. Business Strategy and the Environment, 27(7), 987-1004. Yu, X., & Xiao, K. (2022). Does ESG performance affect firm value? Evidence from a new ESG-scoring approach for Chinese enterprises. Sustainability, 14(24), 16940. Zhao, X., & Murrell, A. J. (2016). Revisiting the corporate social performance‐financial performance link: A replication of Waddock and Graves. 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