The extant literature on family-controlled firms in the U.S. presents a mixed picture on how family control affects opacity and value creation. In this study, we show that the mixed results arise from the differences among family firms with regard to the presence of founders and the extent of...

This paper extends the literature on the determinants of environment, social and governance (ESG) dimensions of sustainability investment by examining whether low growth firms with the agency problems of high free cash flows (FCF) (Jensen, 1986) have more incentives to invest in ESG...