Prior research suggests that family firms are more likely to engage in environment-friendly practices. However, the source of this difference is less clear. This study investigates how environmental innovations and stakeholder pressure tradeoffs (specifically from competitors and government) are simultaneously evaluated within family and nonfamily firms. An experimental rating-based conjoint methodology was used to capture and analyze 1936 firm environmental innovation investment decisions. The results indicate that firms were significantly more likely to invest in an environmental innovation that helped reduce regulatory oversight, and less likely to do so when it leads to a negative reputation among their industry peers. The findings also suggest that while firms will make an environmental innovation investment decisions to keep the government close, they are much more likely to avoid these investments if doing so will negatively impact their reputation among their peers—thus keeping their competitors closer. However, the results also demonstrated that family firms who were highly engaged with their peers were significantly less influenced by the possibility of negative peer reputation repercussions when making investment decisions compared with other firms. This research contributes to the development of a more comprehensive theoretical synthesis among the fields of corporate social responsibility (CSR), family business, and stakeholder theory.

中文翻译：

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家族企业的环境投资决策——竞争对手与政府影响力分析

先前的研究表明，家族企业更有可能从事环保实践。但是，这种差异的来源尚不清楚。本研究调查了如何在家族企业和非家族企业内同时评估环境创新和利益相关者压力权衡（特别是来自竞争对手和政府）。一种基于实验评级的联合方法被用来捕捉和分析 1936 年公司的环境创新投资决策。结果表明，公司更有可能投资于有助于减少监管监督的环境创新，而当它在同行中导致负面声誉时，则不太可能这样做。调查结果还表明，虽然公司将做出环境创新投资决策以与政府保持密切联系，但如果这样做会对他们在同行中的声誉产生负面影响，他们更有可能避免这些投资——从而拉近与竞争对手的距离。然而，结果还表明，与其他公司相比，与同行高度互动的家族企业在做出投资决策时受到同行声誉负面影响的影响要小得多。这项研究有助于在企业社会责任（CSR）、家族企业和利益相关者理论领域之间建立更全面的理论综合。如果这样做会对他们在同行中的声誉产生负面影响，那么他们更有可能避免这些投资——从而拉近他们的竞争对手。然而，结果还表明，与其他公司相比，与同行高度互动的家族企业在做出投资决策时受到同行声誉负面影响的影响要小得多。这项研究有助于在企业社会责任（CSR）、家族企业和利益相关者理论领域之间建立更全面的理论综合。如果这样做会对他们在同行中的声誉产生负面影响，那么他们更有可能避免这些投资——从而拉近他们的竞争对手。然而，结果还表明，与其他公司相比，与同行高度互动的家族企业在做出投资决策时受到同行声誉负面影响的影响要小得多。这项研究有助于在企业社会责任（CSR）、家族企业和利益相关者理论领域之间建立更全面的理论综合。结果还表明，与其他公司相比，与同行高度互动的家族企业在做出投资决策时受到同行声誉负面影响的影响要小得多。这项研究有助于在企业社会责任（CSR）、家族企业和利益相关者理论领域之间建立更全面的理论综合。结果还表明，与其他公司相比，与同行高度互动的家族企业在做出投资决策时受到同行声誉负面影响的影响要小得多。这项研究有助于在企业社会责任（CSR）、家族企业和利益相关者理论领域之间建立更全面的理论综合。