DOES CEOS’ PRIOR EXPERIENCE IN GLOBAL JOURNAL OF FAMILY CRISES MATTER FOR FAMILY FIRMS IN THEIR NEXT CRISIS? EMOTIONAL AND RATIONAL ADVANTAGES ACROSS CULTURAL CONTEXTS

María Iborra, University of Valencia José Fernando López-Muñoz, ESIC Business & Marketing School Vicente Safón, University of Valencia & Ivie Members of the STEER research group (Strategy, Top Executi- ves, ESG and Resiliency) and collaborators of the Chair of Family-Owned Business (CEFUV)

This research note analyses why some family businesses manage to adapt better during global crises. The proposition is clear: having a CEO who has successfully dealt with a previous crisis, such as the one in 2008, can improve the company's performance in new situations of uncertainty, such as COVID-19. Two types of advantages are identified: a rational one, related to a greater ability to drive digital transformation and align strategy with the changing environment, and an emotional one, based on reinforcing the family's identification with the company thanks to that previous experience. Moreover, the impact of the CEO varies according to the cultural context: it is stronger in countries...

This research note analyses why some family businesses manage to adapt better during global crises. The proposition is clear: having a CEO who has successfully dealt with a previous crisis, such as the one in 2008, can improve the company's performance in new situations of uncertainty, such as COVID-19. Two types of advantages are identified: a rational one, related to a greater ability to drive digital transformation and align strategy with the changing environment, and an emotional one, based on reinforcing the family's identification with the company thanks to that previous experience. Moreover, the impact of the CEO varies according to the cultural context: it is stronger in countries with individualistic cultures, where individual leadership has greater weight.

Working Paper 2/2025: ‘Risk management for good governance of family businesses’.

Eugenia Cusí (Independent Director/Corporate Governance) Sara Giménez (Independent Director/Executive Coach) Good Corporate Governance

It addresses how strategic risk management can strengthen the sustainability, resilience and continuity of family businesses. The booklet provides practical tools for identifying, ranking and prioritising business risks. It details five broad categories of risk (governance, strategic, financial, operational and people-related), the steps to build an effective risk map, and discusses both internal risk management and possible outsourcing. In addition, the specific risks faced by family businesses, such as the lack of succession planning or family conflicts, are examined in depth. All of this from an ethical perspective that reinforces responsible decision-making and commitment to the family...

It addresses how strategic risk management can strengthen the sustainability, resilience and continuity of family businesses. The booklet provides practical tools for identifying, ranking and prioritising business risks. It details five broad categories of risk (governance, strategic, financial, operational and people-related), the steps to build an effective risk map, and discusses both internal risk management and possible outsourcing. In addition, the specific risks faced by family businesses, such as the lack of succession planning or family conflicts, are examined in depth. All of this from an ethical perspective that reinforces responsible decision-making and commitment to the family legacy.

Working Paper 1/2025: “The Context of Family Businesses Regarding Corporate Social Irresponsibility”

Marta Riera Esteve (Department of Business Management: "Juan José Renau Piqueras"; Research Group STEER – CEFUV. Universitat de València).

This study analyzes the phenomenon of Corporate Social Irresponsibility (CSI) in family businesses, exploring its causes, manifestations, and consequences. Unlike Corporate Social Responsibility (CSR), CSI involves practices that negatively impact the company, its employees, customers, and society as a whole.

CEFUV Report 2024

2024

Chair of Family Business at the University of Valencia (2024). Report of activities of the Chair of Family Business of the University of Valencia during 2024.

HOW CAN COMPLACENCY INFLUENCE MANAGEMENT DECISIONS? THE ROLE OF PERCEPTIONS IN STRATEGIC DECISION-MAKING

Jorge Villagrasa, EDEM Business School Colin Donaldson, EDEM Business School Alejandro Escribá-Esteve, Universitat de València & Ivie Members of the STEER research group (Strategy, Top Executives, ESG and Resiliency) and collaborators of the Chair of Family Business (CEFUV)

The concept of complacency (leaders' excessive satisfaction with business performance) and its effects on the willingness to make strategic changes, even when actual results are not favourable. Factors such as functional diversity decrease complacency, while seniority increases it. Encouraging diverse teams, challenging satisfaction with current performance and encouraging leaders to remain open to change are recommended to drive organisational adaptability.

THE FINANCIAL SOUNDNESS OF FAMILY FIRMS DURING CRISES: DOES ‘FAMILIARITY’ MATTER?

Jorge Villagrasa; Colin Donaldson, EDEM Business School Alejandro Escribá-Esteve, Universitat de València & Ivie Esther Sánchez-Peinado, Universitat de València Members of the STEER research group (Strategy, Top Executives, ESG and Resiliency) and collaborators of the Chair of Family Business (CEFUV)

The study analyses whether family firms have greater financial strength than non-family firms during economic crises, such as the 2008-2009 crisis and the COVID-19 pandemic. Based on an analysis of 137 Spanish SMEs, it concludes that family businesses stand out for their resilience due to their long-term focus, cautious risk-taking and the goal of preserving their legacy. Neither internationalisation nor diversification significantly alter this strength. Moreover, the education and age of management teams in family firms reinforce their financial stability.

Workbook 1/2024: "Keys to brand management in family businesses".

Emilio Llopis Sancho (PhD in Branding, Professor at EDEM Escuela de Empresarios and Partner of GLR Partners)

In a highly competitive business environment, branding becomes a crucial strategic asset for family businesses. These companies, with their rich heritage and values passed down through the generations, find in family branding a powerful tool to communicate their unique identity and differentiate themselves from large corporations. This type of branding not only connects with customers looking for authenticity and quality, but also strengthens the emotional bond with the brand, which is vital for attracting and retaining talent, as well as creating a strong corporate culture. In addition, a well-managed brand can increase market value and ensure long-term economic sustainability.

The importance of management teams and family ownership in ambidextrousness: surviving a crisis as an SME

Consuelo Dolz, María Iborra and Vicente Safón (Members of the STEER research group (Strategy, Top Executives, ESG and Resiliency) and collaborators of the Family Business Chair (CEFUV).

Find out how Small and Medium Enterprises (SMEs) can successfully face and overcome economic crises. Our research highlights the vital role of organisational ambidestry, diverse top management teams and the influence of family ownership in this process. Explore more about our findings and their impact on business survival here.

EVOLUCIÓN DE LOS NIVELES DE COMPETITIVIDAD EN LAS EMPRESAS DE LA COMUNITAT VALENCIANA (2014-2021).

Carlos Albert (Ivie y Universitat de València) Alejandro Escribá (Ivie y Universitat de València)