109390 20230519145446.0 doi 10.1007/s11846-021-00475-8 sideral 125187 ART-2021-125187 eng Garcés-Ayerbe, Concepción Universidad de Zaragoza (orcid)0000-0003-4045-5918 Does it pay more to be green in family firms than in non-family firms? 2021 Access copy available to the general public Unrestricted The contradictory empirical evidence about whether the effect of companies' environmental investments on financial results is positive, negative or not significant has been explained by the different conditions and contexts that facilitate or hinder the ability to generate a win–win situation. This explanation has gradually led the academic debate to consider the factors and conditions that moderate such a relationship. In this document, we analyse the relevant but scarcely studied moderating effect of the condition of being a family firm, by integrating the socioemotional wealth (SEW) perspective into the natural-resource-based view (NRBV). Based on the analysis of panel data from 2936 Spanish manufacturing firms, covering the period 2009–2016, we offer empirical evidence showing that the financial benefits derived from environmental investment are positive and significant in family firms, while this is not so in non-family firms. Furthermore, our results show that intrinsic characteristics such as the sector, size or age of the company also condition the financial results of environmental investments. info:eu-repo/semantics/openAccess by http://creativecommons.org/licenses/by/3.0/es/ 5.435 2021 MANAGEMENT 93 / 228 = 0.408 2021 Q2 T2 1.435 2021 Business, Management and Accounting (miscellaneous) 2021 Q1 8.0 2021 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Rivera-Torres, Pilar Universidad de Zaragoza (orcid)0000-0001-9319-5895 Murillo-Luna, Josefina L. Universidad de Zaragoza (orcid)0000-0002-6865-9915 Suárez-Gálvez, Cristina 4012 650 Universidad de Zaragoza Dpto. Direcc.Organiza.Empresas Área Organización de Empresas 4011 095 Universidad de Zaragoza Dpto. Direc.Mark.Inves.Mercad. Área Comerci.Investig.Mercados 16 (2021), 1365–1386 REVIEW OF MANAGERIAL SCIENCE REVIEW OF MANAGERIAL SCIENCE 1863-6683 679569 http://zaguan.unizar.es/record/109390/files/texto_completo.pdf Versión publicada 1203831 http://zaguan.unizar.es/record/109390/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:109390 articulos driver 2023-05-18-14:38:31 ARTICLE