守不住的“高”评级：代际传承下家族企业ESG理性降级与策略性承诺

Abstract

Chinese family firms are entering a peak period of intergenerational succession, which forces them to reconsider the foundations of long-term survival and development. At the same time, capital markets attach great emphasis on environmental, social, and governance (ESG) practices, and external pressures accelerate firms' transition from voluntary adoption to mandatory compliance. These dual challenges create conflicts between inherent governance features, long-term succession goals, and short-term ESG demands. This paper finds two contrasting strategies adopted by second-generation successors: rational downgrading versus strategic commitment. Using the SEW theory, this paper constructs a quasi-natural experiment with Chinese A-share listed family firms from 2015 to 2023 and identifies succession events to examine changes in ESG ratings, underlying mechanisms, and the role of external ESG pressures. Empirical results show that ESG ratings decline significantly after succession, especially when founders fully exit and second-generation heirs govern autonomously. However, successors have to maintain higher ESG ratings under great external ESG pressures. Further analysis reveals that the high ratings are mainly compliance-driven and from low-quality ESG disclosure, leading to R&D crowding-out and rising control-right risks.