Family-owned companies are way more secretive about their environmental footprint than regular corporations.
March 25, 2026
Original Paper
Legacy or Profit: Comparing Family and Non-Family Firms in Biodiversity Commitment
SSRN · 6463854
The Takeaway
Despite their reputation for a 'long-term legacy' mindset, family firms disclose less biodiversity data because they prioritize private control over public transparency. They only become more open when they face intense pressure from market analysts or are located in environmentally sensitive areas.
From the abstract
We draw on the Behavioral Agency Model (BAM) and socio-emotional wealth (SEW) to examine differences in biodiversity disclosure between family and non-family firms. Using a longitudinal global dataset of 49,169 firm-year observations across 53 countries (2007–2022), we find that family firms disclose significantly less biodiversity-related information. This negative association reflects their prioritisation of control and influence,a central SEW dimension,over transparency. Consistent with BAM,