Annual Report 
2021-22 
 
 
 
 
 
 
CHAIR OF FAMILY-OWNED BUSINESS

Annual Report 2021-22 
 
 
Annual Report · 2021-22 
 
 
1 
 
 
1. 
LETTER FROM THE HOLDER  
2. 
THE YEAR AT A GLANCE 
3. 
CHAIR OF FAMILY-OWNED BUSINESS  
4. 
HIGH-IMPACT RESEARCH 
5. 
PUBLICATIONS 
6. 
COMMUNICATIONS  
7. 
ACADEMIC ACTIVITIES 
8. 
CONFERENCES & SEMINARS 
9. 
MEDIA COVERAGE  
10. 
CONTACT US

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LETTER FROM THE HOLDER  
 
In the words of Aristotle, the whole is greater than the sum of its parts, and this is 
certainly true of IESE’s Chair of Family-Owned Business. Looking back on the 
academic year, I could not be prouder of the accomplishments and contributions of our 
team in advancing knowledge and practice in the realm of family business.  
 
Around the world, 2021-22 offered some breathing room and a space to slowly regain a 
sense of balance and normalcy after two challenging years. As the year progressed, 
we were happily offered greater opportunity for face-to-face interactions with students, 
alumni, scholars and family-business leaders.  
 
Through the distinct lens of family business, we leveraged our online communication 
platforms to showcase the team’s distinct areas of expertise: Pascual Berrone shed 
light on strategy and sustainability, Alfonso Chiner examined governance and family 
vision, Heinrich Liechtenstein shared insights on family purpose and philanthropy, 
Jeroen Neckebrouck explored entrepreneurship, investor strategy and diversity, and 
Josep Tàpies shone a spotlight globalization, succession and ownership strategy.  
 
For my part, social responsibility, stakeholder relations and corporate governance were 
the focus. Working together, we aimed to bring Aristotle’s words to life by interweaving 
these singular threads into a rich tapestry of knowledge on family business. 
 
As we look ahead, we will continue to address the evolving challenges and hot-button 
issues facing family-controlled firms, as well as emerging global trends – sustainability, 
ESG-focused leadership and ongoing digitalization, among them – and their specific 
impact on family business.  
 
In this regard, our sincere gratitude to Cegid-Meta4 – now a partner of IESE’s Chair of 
Family-Owned Business following 10 years of institutional support – and our heartfelt 
welcome to Caser, which recently joined to support research on the unique 
contributions of family-controlled firms to both their stakeholders and society at large. 
Lastly, our thanks to you, dear reader. We sincerely hope you will continue to 
accompany us on this journey.  
 
As always, we welcome your comments and feedback on how we can better serve you 
and others in the global community of family business. 
 
 
Marta Elvira 
Holder of the Chair of IESE’s Family-Owned Business

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THE YEAR AT A GLANCE 
 
 
Publications. 
 
• 2 news articles 
• 1 book chapter 
• 3 case studies/technical notes 
• 1 news mention in a top-tier media outlet 
 
 
Academic activities. 
 
• 40+ academic sessions in the MBA, MiM and Focused Programs   
• Development and delivery of the new Focused Program “Renovación de la  
Empresa Familiar”  
• Return to in-person Alumni Learning Series sessions 
• 18 Alumni sessions >> 9 sessions in Madrid and 9 in Barcelona  
•  New research unveiled at 14 international events 
 
 
Online impact. 
 
• 50,000 page views and 33,000 users on FOB blogs 
• 26 posts on Spanish- and English-language blogs in 5 core areas:  
Business, Leadership, Family, Management and Ownership 
• 6 “In my experience” collaborations  
• 6 articles on research initiatives  
• 2 video interviews 
• 11 monthly newsletters sent from September to July

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CHAIR OF FAMILY-OWNED BUSINESS 
 
IESE’s Chair of Family-Owned Business was created in 1987 to promote and support 
family business and business family initiatives around the world. The first of its kind in 
Europe, the Chair generates high-impact research and publications on the most critical 
facets of family-owned business. 
 
In addition to its research, the Chair play an active role in international conferences, 
research summits and ongoing educational initiatives, including regular sessions in the 
IESE Alumni Learning Program. 
 
 
Academic team. 
 
 
 
 
 
 
 
 
Marta Elvira 
Holder of the Chair of Family-Owned Business 
Professor of Strategic Management Managing People  
in Organizations 
 
 
 
 
 
 
 
 
 
Pascual Berrone  
Professor of Strategic Management 
 
 
 
 
 
 
 
Alfonso Chiner  
Lecturer of Strategic Management 
 
 
Joan de Dou 
Senior Lecturer of Strategic Management

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Heinrich Liechtenstein 
Professor of Financial Management 
 
Sumeet Malik 
Post-Doctoral Researcher 
Jeroen Neckebrouck 
Assistant Professor of Entrepreneurship 
María Rodríguez García 
Visiting Researcher 
Predoctoral Researcher and Lecturer, Universitat de València 
 
 
Josep Tàpies 
Professor Emeritus of Strategic Management 
 
 
 
External collaborator. 
 
 
 Suzanne Hogseth 
Project manager and editor

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HIGH-IMPACT RESEARCH 
 
The first of its kind in Europe, the Chair of Family-Owned Business aspires to broaden the 
body of knowledge on family business through high-impact, research, publications and 
academic activities. 
 
The Chair participates in conferences, research meetings and other educational initiatives 
throughout the year, in addition to organizing a specific cycle on family-owned businesses 
in the IESE Alumni Learning Program.  
 
Team members also collaborate on diverse IESE Masters and Executive 
education/Focused Programs concerning Family Business. 
 
 
Current research lines. 
 
• Governance in family-owned firms 
• Generational handovers  
• Interpersonal relationships in family-owned businesses 
• Purpose, ethics, corporate social responsibility and philanthropy 
• Sustainability of entrepreneurial initiative in family-owned businesses 
• Launching and financing new businesses 
• Growth management 
• Digital transformation 
• Sustainability 
• Stakeholder management  
 
 
Research grants in 2021-22.  
 
Last year, the Chair was fortunate to receive research funding from both private and 
public institutions. These included: 
 
• “Intelligent Management: The Impact of AI Adoption on Firm Performance and 
the Future of Work” research project, financed by Spain’s Ministry of Science, 
Innovation and Universities.  
Grant PID2020-118807RB-I00/ AEI / 10.13039/501100011033. 2021-2023. 
 
• “Family Business Governance vis-à-vis Employee and Environment 
Orientation” research project, financed by the Social Trends Institute,  
2021-2023.  
 
• “A White Paper on Stakeholder Management Practices by Family Business” 
research project, financed by the Caser Foundation, 2022.

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PUBLICATIONS 
 
The Chair of Family-Owned Business creates and disseminates relevant, practitioner-
focused research on a continuous basis. Frequently echoed in diverse publication 
platforms and formats, their knowledge generation is designed to help family-business 
leaders better manage their organizations.  
 
 
Book chapters. 
 
LIECHTENSTEIN, H., & EL SEHITY, T. (2021). If We (the Next Generation) Want to 
Sell the Family Business, How Do We Start this Process? In P. Jaskiewicz & S. B. Rau 
(Eds.), Enabling Next-Generation Legacies: 35 Questions That Next Generation 
Members in Enterprising Families Ask. Family Enterprise Knowledge Hub Publishing. 
 
 
Working papers. 
 
SUMEET, M., ELVIRA, M. and NECKEBROUCK, J. (2022). The Multiple Institutional 
Logics of Family Firms Toward Stakeholders.  
 
SUMEET, M., ELVIRA, M. and NECKEBROUCK, J.  and (2022) Justice at Last? 
Family Firms and Product Liability. 
 
 
Academic materials.  
 
ELVIRA, M., PROAÑO A., and SASTRE BOUQUET, I. (June 2022).  Bodegas 
Pradorey: Keys to the Future of a Family Business in the Winemaking Industry, IESE 
Publishing. 
 
ELVIRA, M., SAMPSA, S., and SASTRE BOQUET, I. (April 2022). Ferrer: IA y 
Transformación Digital en la Industria Farmacéutica (Ferrer: AI and Digital 
Transformation in the Pharmaceutical Industry), IESE Publishing.

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COMMUNICATIONS 
 
English- and Spanish-edition blogs. 
 
The IESE Chair of Family-Owned Business blog was created in 2010 under the 
leadership of the former chair holder, Prof. Josep Tàpies. In March 2021, It began 
offering key contents in English before launching a full English-language edition at  
the onset of the 2021-22 academic year. 
 
Last year, the blog published 26 posts in five core areas – business, family, leadership, 
management and ownership – and six “In my experience” profiles of renowned leaders 
of family-controlled firms.  
 
Collectively, the blogs received more than 30,000 visits and 50,000 page views. 
 
  
6 “In my experience” profiles. 
 
• Michael Rosenthal 
Chairman of the board, Baerlocher GmbH 
Baerlocher: Building on nearly 200 years of success 
 
• Carla Terry Osborne 
Head of Institutional Relations, Osborne Group 
Osborne Group: 8 generations of passion and drive 
 
• Fernando Rodríguez de Rivera  
General Manager, Bodegas Pradorey 
Bodegas Pradorey: where tradition meets innovation 
 
• Tomás Fuertes 
Founder and CEO, Grupo Fuertes 
ElPozo: from a local shop to a worldwide reference 
 
• Juan Miguel Albarracín Durán 
President and CEO, Grupo Durán 
Pedro Durán, the royal silversmith

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6 articles on IESE research. 
 
• Are family firms really more socially responsible? 
Pascual Berrone   
 
• The voice of minority shareholders in family-owned firms 
Pascual Berrone  
 
• Family CEOs: aging and conservatism 
Pascual Berrone 
• Collaborative philanthropy: possibility or pipe dream? 
Heinrich Liechtenstein 
• 3 distinct approaches to collaborative philanthropy 
Heinrich Liechtenstein 
 
2 video interviews. 
 
• A chat with Nobel Laureate Amartya Sen  
Interviewer: Marta Elvira 
 
• Session with Nobel Laureate Bengt Holmström 
Moderator: Marta Elvira 
 
 
Monthly newsletter. 
 
The Chair publishes a monthly newsletter from September to July featuring the most 
recent posts and highlights on the latest research, shifts and challenges in the world of 
family business. The newsletter underwent a transformation in 2021-22 with a new 
design and the addition of an English-language edition.

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ACTIVITIES 
 
The IESE Chair of Family-Owned Business organizes and participates in academic 
conferences and practitioner gatherings.  
 
Among the year’s highlights was Prof. Elvira’s participation as a jury member of the 
2022 Family Business Council of the Gulf Awards, held to honor small- and medium-
sized family businesses and non-family executive employees. 
 
The Chair also took part in a broad range of academic activities, from alumni sessions  
and program modules to research workshops. Next is a selection of the most noteworthy. 
 
 
Alumni Learning Program. 
 
For another year running, the Chair imparted a special series for the IESE Alumni 
community on the fundamentals of family-owned business, this year grouped under the 
theme “Family Firms: Managing Complexity in 2022.” 
 
In addition to addressing new and highly relevant topics, the nine-session series also 
returned to its traditional in-person format, welcoming guests to the Madrid and 
Barcelona campuses in February and March. 
 
 
THE DYNAMICS OF THE FAMILY-BUSINESS-OWNERSHIP SYSTEM 
 
• The Purpose of Family Business · Marta Elvira 
• Ownership Management in the Family Firm · Alfonso Chiner 
• Interpersonal Relationships · Joan de Dou 
 
FAMILY FIRMS: UNIQUE CORPORATE GOVERNANCE STRUCTURES  
AND PROCESSES  
 
• Ownership and Business Decisions · Alfonso Chiner 
• The Dynamics of Corporate Boards of Family Firms · Josep Tàpies 
• Shareholders and Board Members in Family-Controlled Firms · Josep Tàpies  
 
 
THE BUSINESS FAMILY: GOVERNANCE SYSTEMS AND PROCESSES  
 
• Systems and Procedures: Family and Business · Alfonso Chiner 
• The Question of Succession · Marta Elvira 
• Governance in Business Families: Let’s Start with the Basics · Josep Tàpies

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Participation in IESE programs. 
 
Chair members imparted sessions in several IESE programs during the last academic 
year. Profs. Marta Elvira, Alfonso Chiner and Jeroen Neckebrouck co-taught the 
Master in Management Family Business course, while Prof. Heinrich Liechtenstein 
delivered a class aimed at MBA students interested in leading their own family firms.  
 
The Chair also worked to develop a new program for leaders of family-controlled 
businesses. Professors and Chair members Alfonso Chiner, Marta Elvira and Josep 
Tàpies, together with Profs. Júlia Prats and Javier Zamora, collaborated in the 
development of “Renovación en la Empresa Familiar” (Renewal in Family-Owned 
Firms), a two-day program held in November 2021 on IESE’s Madrid campus.  
 
Following its success, the program will launch a second edition in early November 
2022 in Barcelona.

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CONFERENCES & SEMINARS 
 
LIECHTENSTEIN, H., REPGEN, R., and EL SEHITY, T. (2021). Collaborative 
Philanthropy: Humility for the Common Good (1st Discussion of Emerging Results). 
IESE’s Study on Philanthropic Motivations of Family Business Owners/Mapping of 
Potential Co-Donors: Presentation of the Findings, IESE Business School, Barcelona. 
TÀPIES, J. (October 5, 2021). Cambio Generacional en la Empresa Familiar 
¿Sucesión o Convivencia? (Generational Handovers in the Family Business: 
Succession or Convenience?), Banc Sabadell webinar.  
TÀPIES, J. (October 7, 2021). ¿Tiene Mi Empresa Familiar los Accionistas 
Convenientes? (Does My Family Business Have the Right Shareholders), 
Confederacion de Cámaras Vascas webinar. 
TÀPIES, J. (October 20, 2021). Sistemas de Gobierno para la Familia Empresaria 
(Corporate Governance Systems for Business Families), ISE Brazil webinar. 
LIECHTENSTEIN, H., and BRONK, K. C. (October 18-22, 2021). The Cultivation of 
Family Purpose: A New Family Enterprise Trend, FFI Global Conference Proposal, 
London. https://www.ffi.org/conference/2021-ffi-global-conference-call-for-proposals 
MALIK, S., ELVIRA, M. and NECKEBROUCK, J. (November 2021). The Multiple 
Institutional Logics of Family Firms Towards Stakeholders, presented at Academy of 
Management Review paper development workshop. 
 
TÀPIES, J. (November 16, 2021). Estableciendo las Reglas del Juego en la Empresa 
Familiar (Family Firms: Establishing the Ground Rules), Banc Sabadell webinar.  
LIECHTENSTEIN, H. (January 19, 2022). Family Purpose and Values, organized by 
the Asociación de Empresas Familiares de Chile (Chilean Association of Family 
Business), online. 
TÀPIES, J. (March 4, 2022). El Relevo Generacional en las Empresas Familiares 
(Generational Change in Family-Owned Firms), organized by the Asociació de 
Promotors de Catalunya, Barcelona. 
 
NECKEBROUCK, J.  (March 11, 2022). Family Firm Density, Job Security and Firm 
Performance, Organizational Theory Group, Cambridge University, Judge Business 
School, online event. 
 
ELVIRA, M. (March 17, 2022). El Compromiso de las Empresas Familiares con Sus 
Stakeholders: Desde el Propósito y el Negocio. Asociación de Empresas Familiares de 
Canarias, Santa Cruz, Tenerife.

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NECKEBROUCK, J.  (June 14, 2022). The Institutional Effects of Family Firm Density 
in a Local Community: People or Profits in Times of Financial Crisis, University of St. 
Gallen Family Business Institute, St. Gallen, Switzerland. 
MALIK, S., RATHEE, C., JOURDAN, J. and GÓMEZ-MEJÍA, L. (June-August 2022). Heir 
Discount or Premium? Status and Cultural Capital of Bollywood Dynasties, to be presented at 
DRUID Annual Conference in Copenhagen, EGOS Annual Conference in Vienna and AOM 
Annual Conference.  
MALIK, S., ELVIRA, M., and NECKEBROUCK, J. (May and June 2022). Justice at 
Last? Family Firms and Product Liability,” presented at Academy of Management 
Journal paper development workshop and IFERA Conference 2022.  
 
 
 
 
 
 
 
 
 
 
 
 
 
From left to right: Sumeet Malik, Marta Elvira and Jeroen Neckebrouck, IFERA Conference,  
June 2022.

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MEDIA COVERAGE 
 
“What Can Business School Teach a Family Firm?” 
Financial Times, November 29, 2021 
 
This Financial Times article explores the 
value added by business schools like IESE 
to the realm of family business, including 
their programs and ongoing research on 
what sets them apart from non-family-
owned firms, such as a comparatively 
longer-term outlook, more pronounced 
aversion to risk and more loyal workforces. 
 
The article quotes both IESE Prof. Marta 
Elvira and MBA graduate Ramon Roqueta, 
CEO of Roqueta Origen.   
 
“Economist Amartya Sen on Growth in Human Terms” 
IESE Business School Insight, Vol. 60, October-December 2022 
 
Amartya Sen is a world-renowned Indian 
economist, philosopher, Nobel laureate and 
recipient of Spain's prestigious Princess of 
Asturias Award for Social Sciences. Over 
his distinguished career, his theories of 
human development, poverty and famine 
have inspired numerous policies at the 
United Nations, Oxfam and the World Bank 
in their global fight against injustice, 
inequality, disease and ignorance. 
On the occasion of his Princess of Asturias 
distinction, he was interviewed on his work 
and educational mission by Prof. Marta 
Elvira, who also serves as the Secretary of 
the Jury of the Princess of Asturias Social 
Sciences Award.

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CONTACT US 
 
 
Blogs  
 
English edition: 
https://blog.iese.edu/family-business/ 
 
Spanish edition: 
https://blog.iese.edu/empresafamiliar/ 
 
Newsletter registration  
English edition: 
https://prdt.iese.edu/eng/barcelona/research/Family-Owned-
Business/commercial/newsletter 
Spanish edition: 
https://prdt.iese.edu/esp/barcelona/research/empresa-familiar/commercial/newsletter 
 
Email  
 
cef@iese.edu 
 
 
Phone  
 
+34 91 211 30 00