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After more than 40 years of opening the door to the outside world, Chinese family firms have developed rapidly, but also caused the problem of serious environmental pollution. The solution to the problem stems inevitably from the innovation in environmental protection technology. This means the environmental investment of family firms determines whether the enterprise can maintain sustainable development. However, Chinese family firms have been going through a critical period of intergenerational succession. This study aims to use the data of Chinese Shanghai and Shenzhen A-share listed family firms from 2013 to 2020 to study the relationship between intergenerational succession of family enterprises and environmental protection investment. We also examine the moderating role of the two different types of external environment – the government and the market. The regression results of the Tobit model of the full sample and subsample show that succession has a significant positive impact on family business environmental investment, and this impact is more significant in companies whose successors have overseas experience. Environmental regulation will strengthen the positive impact of succession on corporate environmental investment, while market competition will weaken it. Based on the findings, we also discuss policy recommendations. These findings are of great significance to the green and sustainable development of family firms. [ABSTRACT FROM AUTHOR]

This paper empirically tests the impact of the succession of family businesses on corporate innovation investments and examines the two different types of political resources, political connection and state ownership, in the moderating role of the relationship between succession and enterprise innovation investments. The results show succession hinders the innovation investment of family firms, and political connection has a negative moderating effect on the relationship, while state ownership has a positive moderating effect. Further research shows that in areas with poor institutional environment, the negative adjustment effect of political connections is more significant, and in areas with better institutional environment, the positive adjustment effect of state ownership is more significant. [ABSTRACT FROM AUTHOR]

We examine the impact of the lack of institutional environment on the succession of family businesses and explore the moderating role of state ownership in the relationship. The empirical results show that in areas with poor institutional environment, it is more difficult for family business to inherit from generation to generation. State ownership in a family business can be used as an informal system to mitigate the negative impact of an imperfect institutional environment on succession. We also find that when state ownership comes from the local government or participates in corporate governance, its moderating effect is more significant. [ABSTRACT FROM AUTHOR]

This paper explores the relationship between various forms of political capital and the private equity placement of publicly listed PSEs. The results show that the political capital of PSEs can significantly affect PEP in the processing time, approval results and scale of financing. Specifically, implicit political capital can significantly shorten the processing time, but cannot significantly affect the approval results; however, both partial state ownership and political participation can significantly increase the approval rating. Moreover, partial state ownership has the most powerful effect on the scale of financing. In addition, the analysis of the impact of different levels of entrepreneurs' political identity on PEP applications reveal that as the level of political identity increases, the PEP approval rate is higher. [ABSTRACT FROM AUTHOR]