Dissertation: Corporate Finance and Climate Efforts in Family Firms: European Evidence
Niklas Bergmann completed his doctorate from 2021 to 2025 while working full-time as part of the cooperative doctoral programme at the Ingeborg Gross Graduate Centre of HSBA and Leuphana University Lüneburg.
As part of his doctoral studies, he focused in particular on family business research in the context of financial issues. In addition to the considerable economic significance of family businesses in general, the field offers various exciting starting points in close proximity to entrepreneurial practice in family businesses. Niklas Bergmann was supervised by Prof. Dr. Stefan Prigge (HSBA) and Prof. Dr. Patrick Velte (Leuphana University Lüneburg).
On 1 December, he successfully defended his dissertation. We spoke with him about his research area and the key findings of his work.
How did you become interested in your field of research?
I first developed an interest in research in general during my Master’s. Some of these early ideas were even published, before I was thinking of a PhD. My specific interest in research concerning family firms and their finance as well as sustainability behaviour was then sparked by joint discussions with my supervisors.
What is the focus of your PhD?
In my PhD dissertation entitled "Corporate finance and climate efforts in family firms: European evidence", I have investigated several distinct questions concerning European family businesses at the intersection of their finance and sustainability policies.
What are the main findings of your PhD and who are your results aimed at?
First, my research shows that family firms are a very heterogeneous group of firms. On average, they tend to lag behind on climate matters compared to non-family firms. Furthermore, my research also addresses the subsequent question whether firms may benefit financially from their climate efforts (e.g., through the use of sustainable finance instruments).
Are there any results or discoveries you are particularly surprised of?
While there are many interesting findings across the individual projects, two findings directly come to my mind:
On the one hand, we have found positive implications of a higher number of female directors in family firms, showing that more equal representation at leadership level may instill more pro-environmental thinking. On the other hand, we have found that firms with more ambitious climate objectives tend to benefit more financially, which can be understood as an encouraging sign for firms interested in reducing their climate impact.
How relevant is your work for your further professional development?
Besides teaching me a lot of fundamental skills, my research has already been valuable in very practical terms. It has helped me transition into a new professional role. As a Sustainability Accounting Manager I now work on several issues closely related to my research interests where I can directly apply my newly gained knowledge.