Abstract :
Keywords: Environmental investment; Financial performance; Win--win situation; Ownership structure; Family firm; Moderating effect Abstract 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. Author Affiliation: (1) Institute on Employment, Digital Society and Sustainability (IEDIS), University of Zaragoza, C/Gran Vía, 2, 50006, Zaragoza, Spain (2) Faculty of Economic and Business Sicences, University of Alcalá, Pza. San Diego, s/n, 28801, Alcalá de Henares (MADRID), Spain (a) cgarces@unizar.es Article History: Registration Date: 05/18/2021 Received Date: 06/11/2020 Accepted Date: 05/18/2021 Online Date: 07/14/2021 Byline: