CHAIR OF FAMILY-OWNED BUSINESSAnnual Report2023-24

Annual Report 2023-24

1.

LETTER FROM THE HOLDER

2.

THE YEAR AT A GLANCE

3.

CHAIR OF FAMILY-OWNED BUSINESS

4.

HIGH-IMPACT RESEARCH

5.

ACADEMIC PUBLICATIONS

6.

PUBLICATIONS IN MANAGEMENT JOURNALS7.

PARTICIPATION IN IESE PROGRAMS8.

LECTURES & SEMINARS

9.

ACADEMIC EVENTS

10.

CHAIR COMMUNICATIONS

11.

MEDIA COVERAGE & RECOGNITIONS

12.

CONTACT US

Annual Report · 2023-24

2

Annual Report 2023-24

1LETTER FROM THE HOLDER

The saying “The days are slow but the years are fast” perfectly captures my sentiments as
the Chair of Family-Owned Business wraps up another academic year.
Throughout 2023-24, we worked to build bridges and spread new knowledge in service of
the international family-business community. Our initiatives included significant researchand high-profile events for family business leaders, scholars and alumni, including the firstever Family Business Reflection Forum co-organized with the Instituto de la Empresa
Familiar.
Our efforts were further supported by our Spanish- and English-language blogs andmonthly newsletters, which kept our audience up to date and better informed thanks to theexpert insights of our team members.
In this regard, Alfonso Chiner examined the dynamics of successful family councils andgovernance systems; Jessenia Davila shed light on pension plans and socioemotional
wealth in family firms; Jeroen Neckebrouck analyzed effective ownership and decisionmaking structures; and Josep Tàpies assessed strategic alliances and the distinct
contributions of internal and external advisors.
For my part, I explored the need for trust and fluid communications across family, firm andownership spheres, stakeholder relationships and strategic alliances as drivers of long-term
growth. We sincerely hope these offerings have sparked new perspectives and ideas tohelp you lead and seize opportunities in your family business.
This letter also marks a personal milestone for me, as it will be my last as the holder of the
Chair of Family-Owned Business: the time has come to pass the baton! As of September
2024, Prof. Álvaro San Martín will assume the Chair’s leadership, while I will continue toserve on the academic team.
Before signing off, I want to express my deepest gratitude for your incredible support andencouragement over the past four years. Please join me in welcoming Álvaro, who I am
confident will lead the Chair to new heights. It has been an honor and a privilege to serveyou.

Marta Elvira
Holder of the Chair of IESE’s Family-Owned BusinessAnnual Report · 2023-24

3

Annual Report 2023-24

2THE YEAR AT A GLANCEPublications.
••••

2 articles in management journals
1 article in a general media outlet
7 working papers
1 white paper

Academic activities.
• 41 academic sessions in the MBA, MiM and Alumni Learning Program• New research presented at 5 international events

Online impact.
• 48,000 page views and 32,000 users on our blogs• 30 posts on Spanish- and English-language blogs in 5 core areas:
Business, Leadership, Family, Management and Ownership• 3 “In my experience” collaborations with family business leaders• 3 articles on IESE research• 1 guest contributor (IESE Business School)• 11 monthly newsletters sent from September 2023 to July 2024

Annual Report · 2023-24

4

Annual Report 2023-24

3CHAIR OF FAMILY-OWNED BUSINESSThe first of its kind in Europe, the IESE Chair of Family-Owned Business was created in
1987 to promote and support family business and business family initiatives around theworld. In line with our mission, the Chair generates relevant and rigorous research on theworld of family business, in addition to taking an active role in international conferences,
research summits, programs, and IESE programs and alumni initiatives.

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 ManagementJessenia Davila
Post-Doctoral Researcher

Annual Report · 2023-24

5

Annual Report 2023-24

Joan de Dou
Senior Lecturer of Strategic ManagementHeinrich Liechtenstein
Professor of Financial Management

Jeroen Neckebrouck
Assistant Professor of Entrepreneurship

Josep Tàpies
Professor Emeritus of Strategic Management

External collaborator.
Suzanne HogsethCommunications manager and editor

Annual Report · 2023-24

6

Annual Report 2023-24

4

HIGH-IMPACT RESEARCH

The IESE Chair of Family-Owned Business expands and enriches the body of knowledge
on family business through high-impact research, publications and academic activities. TheChair shares its findings at international conferences, research forums, alumni events,
educational initiatives, and events for leaders and owners of family firms.

Current research lines.
•••
•
•
•
•
•

Governance in family-owned firms
Interpersonal relationships and family dynamics
Succession processes
Compensation systems
Ethics and corporate social responsibility
Sustainability and growth in the family firm
Innovation and intrapreneurship
ESG and stakeholder management

Research grants in 2023-24.
In 2023-24, the Chair’s research was generously supported by Caser-Grupo Helvetia,
Social Trends Institute and Fundación Jesús Serra-Catalana Occidente.

Participation in research forums.
The Chair of Family-Owned Business aspires to serve the global business community by
developing and disseminating practitioner-focused research that provides fresh insights forthe leaders of family businesses around the world.
Madrid Work and Organizations WorkshopMadrid, Spain · Universidad Carlos III de Madrid · May 23-24, 2024
“Examining Executive Compensation and Governance Strategies in Family-Owned
Enterprises: A Sustainable ESG Approach” by Jessenia Davila, Marta Elvira, Igor
Kadach and Gaizka Ormazabal.
Baltic Family Firm Institute-ECGI Conference
Vilnius, Lithuania · June 12-13, 2024
Theme: The Role of Family Firms in Long-Term Sustainability“Reputation at Risk: The Influence of Stakeholder Mobilization for Family Firms” by Jeroen
Neckebrouck and Christine Scheef.

Annual Report · 2023-24

7

Annual Report 2023-24

IFERA (International Family Enterprise Research Academy) Conference
Lisbon, Portugal · Nova School of Business and Economics · June 18-21, 2024
“Examining Executive Compensation and Governance Strategies in Family-Owned
Enterprises: A Sustainable ESG Approach” by Jessenia Davila, Marta Elvira, Igor Kadachand Gaizka Ormazábal.
Academy of Management Conference
Chicago, Illinois USA · August 9-13, 2024
“Reputation at Risk: The Influence of Stakeholder Mobilization for Family Firms” by Jeroen
Neckebrouck and Christine Scheef.

Annual Report · 2023-24

8

Annual Report 2023-24

5

ACADEMIC PUBLICATIONSMembers of the Chair of Family-Owned Business work continuously to generate relevant,practitioner-oriented research, which is disseminated widely on diverse publication
platforms.

Working papers.
DAVILA, J., ELVIRA, M., KADACH I. and ORMAZABAL G. (2024). Examining Executive
Compensation and Governance Strategies in Family-Owned Enterprises: A Sustainable
ESG Approach.
ELVIRA M., SABANCI H. and KAYA-SABANCI, I. (2024). The Gendered Impact of Job
Insecurity on Entrepreneurship: Evidence from Spain.
NECKEBROUCK, J. and ZELLWEGER, T. (2024). Effective Decision-Making Structures
for Balancing Economic and Noneconomic Goals in Entrepreneurial Teams. Resubmitted
after first revise and resubmit round.
NECKEBROUCK J., ALMANDOZ J. PITTINO D. and CHIRICO F. (2024) Family Firm
Density and Job Stability in a Local Community.
NECKEBROUCK J., SCHEEF C. and ZELLWEGER T. (2024). Lucrative Conservatism:
The Ambivalent Role of Family Control For Profit Margin and Asset Turnover.
FLANKOVA S. and NECKEBROUCK J. (2024). Irresponsible Families: Analysis ofGreenwashing in Family Firms. Academy of Management, 2023, No. 1.
NECKEBROUCK J., SCHEEF C. and ELVIRA M. (2024). Reputation at Risk: The
Influence of Stakeholder Mobilization for Family Firms. Conference paper accepted forparticipation in the 44th Annual Conference of the Strategic Management Society inIstanbul in October 2024.

Annual Report · 2023-24

9Annual Report 2023-24

Academic materials.
CHINER, A. · Workshop · Family Constitution
This exercise asks students to evaluate the needs of a real-world family business and offer
advice on how to develop a family constitution.
ELVIRA, M., LUDWIG, H. and MITCHEL J. · Case study · Thyssenkrupp: Reinventing theGerman Industrial Giant.
NECKEBROUCK, J. · Class exercise · Creating an Effective Family Firm
Content was updated and improved by leveraging AI (ChatGPT) to create more realistic
fictitious profiles of potential board candidates.
TÀPIES, J. · Case study · Ilunion: Sustainable and Responsible Corporate Growth (B)This case study was analyzed by IESE MBA students at the 2024 Roland Berger CaseCompetition.
TÀPIES, J. and SASTRE, I. · Case study · Areas: compitiendo en un mercado global en2023 (Areas: Competing in a Global Market in 2023), SM-1754, IESE Publishing.

Annual Report · 2023-24

10

Annual Report 2023-24

6

PUBLICATIONS IN MANAGEMENT JOURNALSBERRONE, P., GÓMEZ-MEJIA, L., and XU, K. (2023). The Role of Family Ownership in
Norm-Conforming Environmental Initiatives: Lessons from China. Entrepreneurship Theoryand Practice, 47 (5), 1915–1941.
NECKEBROUCK, J., and KRYSCYNSKI, D. (2024). Empirically Exploring the Veracity ofthe New Stakeholder Perspective in Strategy: Documenting Workforce Rents. Strategic
Management Journal, 2024-05-16, 1-30.
NECKEBROUCK, J , COLLEWAERT, V., VANACKER, T., T., BOURGOIS, D. andMANIGART, S. (2023). Same Owner, Different Impact: How Responses to Performance
Feedback Differ Across a Private Equity Investor’s Portfolio Firms. Strategic
Entrepreneurship Journal. doi:10.1002/sej.1487 (Online).

Annual Report · 2023-24

11Annual Report 2023-24

7

PARTICIPATION IN IESE PROGRAMS

Custom Program for Multiópticas.
Profs. Marta Elvira, Josep Tàpies and Alfonso Chiner led sessions on renovation strategies
in family-owned firms for senior leaders from Multiópticas, a leader in the optical industry
with over 600 stores and 2,000 employees.

Master in Management: Family Business Course.
Profs. Marta Elvira, Jeroen Neckebrouck and Alfonso Chiner once again delivered a highly
rated course on family business as part of the MiM’s elective courses. Similar to the IESE
MBA cohort, many MiM students come from family-business backgrounds.
In line with IESE’s foundational values and mission, the course places a strong emphasison the importance of family unity in long-term business success.

MBA LAND Course.
For another year running, Prof. Heinrich Liechtenstein successfully delivered the MBA
course LAND, shorthand for “Landing In Your Family Business: Setting Priorities andAligning With Your Family.” The elective is designed for MBA students who family-businessbackgrounds, regardless of whether they are actively involved in its operations.

Alumni Learning Program.
IESE’s Madrid campus welcomed roughly 100 Alumni Association members for thepresentation of the white paper “Vínculos profundos: un análisis riguroso sobre lasrelaciones entre las empresas familiares y sus stakeholders” (Deep Ties: A Rigorous
Analysis of the Relationship Between Family Firms and Their Stakeholders).
Led by Prof. Marta Elvira, the event also featured an introduction by Grupo Caser-Helvetia
CEO Ignacio Eyriès, followed by a panel discussion with two leaders of family-owned firms:
Javier Cottet, president of Cottet Óptica, and Victoria Plantamor, president of Crimidesa.

Annual Report · 2023-24

12

Annual Report 2023-24

7

LECTURES & SEMINARSALFONSO CHINER · October 5, 2023 · Video conference “Entrepreneurship in theBusiness and the Family” at the Autonomous University of the State of Mexico incelebration of International Family Business Day.
MARTA ELVIRA and JOSEP TÀPIES · February 14, 2024 · Family Business Reflection
Forum under the leadership of Prof. Elvira, including a panel discussion on financial
strategies for family firms guided by Prof. Tàpies.
JOSEP TÀPIES · April 18, 2024 · Panel-discussion moderation of the 2nd Financial Forumfor Family Businesses in collaboration with Dr. Patricio Ohle, founder of FBXperts. “CFO:Best Practices in the Family Firm” was the event’s overriding theme.

Annual Report · 2023-24

13

Annual Report 2023-24

8

ACADEMIC EVENTSIESE-IEF Family Business Reflection ForumFebruary 14, 2024 · IESE Madrid campus
The 1st Family Business Reflection Forum was organized in collaboration with the Institutode Empresa Familiar under the leadership of Prof. Marta Elvira.
More than 150 owners and leaders of consolidated family firms convened on IESE’s Madridcampus during the daylong event, broadening their knowledge on strategic alliances,
growth strategies and corporate governance through panel discussions and academicpresentations. Plans are for a second edition are in the works following its high participationand positive participant feedback.

Deep Ties: Relations Between Family Firms and Their Stakeholders
February 22, 2024 in Barcelona and March 5, 2024 at IESE Madrid
Written by Prof. Marta Elvira and researchers Brenda Torres and María del Mar Revilla withthe support of Grupo Caser-Helvetia, the white paper “Vínculos profundos: un análisis
riguroso sobre las relaciones entre las empresas familiares y sus stakeholders” (Deep Ties:
A Rigorous Analysis of the Relationship Between Family Firms and Their Stakeholders)
was unveiled at two highly attended events.
Barcelona’s emblematic Círculo Ecuestre was the first stop, featuring Ignacio Eyriès, CEOof Grupo Caser-Helvetia and Javier Cottet, president of Cottet Óptica, as keynote speakers,
and a panel discussion with well-known family-business owners.
Two weeks later, the white paper was presented on IESE’s Madrid before members of theschool’s Alumni Association.

2nd Family Business Financial ForumApril 18, 2024 · IESE Madrid
The second edition of this forum drew more than 50 business leaders from a range ofsectors to IESE’s Madrid campus to explore alliances and growth strategies, including asession moderated by Prof. Josep Tàpies.

Annual Report · 2023-24

14

Annual Report 2023-24

10

CHAIR COMMUNICATIONS

Blogs in English and Spanish.
In 2023-24, the Chair’s bilingual blog featured more than 30 posts on five critical domains
for family-controlled companies–business, family, leadership, management and ownership–and three firsthand accounts of renowned family-business leaders.
Collectively these platforms received roughly 48,000 page views and 32,000 users. Traffic
from the Spanish-language version comes mainly from Spain, Ireland, Mexico, Peru andother Latin American countries, while Ireland, Spain, the U.S., India and the United
Kingdom account for most of the traffic to the English edition.

3 “In my experience” profiles.
• Javier Cottet
President of Cottet Óptica“Cottet Óptica, serving customers since 1902”• Constantin Conrad and Charlotte Conrad Palermo
CEO and Organizational Development Specialist of Leschaco, respectively“Bridging borders since 1979”• Judith Viader
General Manager of Frit Ravich“Frit Ravich, a business built on trust”

Chair webpage on the IESE site.
The Chair’s webpage features information on the academic team and research lines andlinks to its communications platforms, academic publications and corporate sponsors,
Fundació Jesús Serra and Grupo Caser-Helvetia.
In the “Resources” section, users can download annual reports, white papers andpublications including Family-Owned Business: 30 Years of Questions and Answers and100 Families That Changed the World, written by Prof. Josep Tàpies.

Annual Report · 2023-24

15

Annual Report 2023-24

Monthly newsletter.
The Chair’s monthly newsletter offers insights on the latest research, challenges and trends
in family business. In 2023-24, the publication recorded a 11% upswing in subscriptions
and outstanding interaction, with average engagement and reads of 86% and 66%,respectively.

Annual Report · 2023-24

16

Annual Report 2023-24

11MEDIA COVERAGE & RECOGNITIONS“Llegan tiempos de mudanza y oportunidad para la empresa familiar”(Times of change and opportunity are in store for family firms”, written by Prof. Marta Elvira,Expansión, May 10, 2024
Special mention at the ADEFAM (Family Business Association of Madrid) Award
Ceremony in recognition of IESE’s outstanding contributions to entrepreneurship, April 8,2024.

Annual Report · 2023-24

17

Annual Report 2023-24

12

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-OwnedBusiness/commercial/newsletter
Spanish edition:
https://prdt.iese.edu/esp/barcelona/research/empresa-familiar/commercial/newsletter

Emailcef@iese.edu

Phone+34 91 211 30 00

Annual Report · 2023-24

18