Does it pay more to be green in family firms than in non-family firms?

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 different conditions and contexts that facilitate hinder ability to generate a win–win situation. This explanation gradually led academic debate consider factors moderate such relationship. In this document, we analyse relevant but scarcely studied moderating condition being family firm, integrating socioemotional wealth (SEW) perspective into natural-resource-based view (NRBV). Based analysis panel data from 2936 Spanish manufacturing firms, covering period 2009–2016, offer showing benefits derived investment are positive in while so non-family firms. Furthermore, our show intrinsic characteristics as sector, size age company also investments.