Resilience of family businesses during turbulent times
- 30 June 2023
- •
- Tartu, Estonia
Baltic Family Firm Institute - ECGI
"Resilience of family businesses during turbulent times"
Hosted by Tartu University, Estonia
Conference:
Friday, 30 June 2023 | 10:30 - 21:00 CEST
Saturday, 01 July 2023 | 08:45 - 14:00 CEST
Location:
University of Tartu | Narva street 18, Tartu, Estonia
Registration Fees:
Early bird: EUR 150 / After April 30: EUR 200
There is no attendance for BFFI and ECGI members
Conference Dinner (applies to all) EUR 60
Supported by
ABOUT THE EVENT
As part of the Family Capitalism pillar of the ECGI’s Responsible Capitalism initiative, the conference will focus on how family-owned enterprises can harness their long-term vision and values to achieve stronger resilience during current challenges caused by inflation, geopolitical risks, supply chain crisis, and financial constraints. Family businesses often demonstrate higher flexibility during crisis, securing jobs and supporting their local communities. The discussion will revolve around the opportunities and challenges that lie ahead for the next generation of family business leaders, and practical guidance for family enterprises shaping the future.
The conference will also focus on family firm governance issues, as the governance of family businesses is more complicated than for non-family firms because of the complex family, business and ownership relationships.
This is an in-person event. Some sessions will be recorded and published afterwards.
CONFERENCE SCIENTIFIC COMMITTEE
- Morten Bennedsen (University of Copenhagen, INSEAD and ECGI)
- Janis Berzins (BI Norwegian Business School)
- Valdone Darskuviene (ISM University of Management and Economics)
- Krista Jaakson (University of Tartu)
- Valerija Kozlova (RISEBA University of Applied Sciences)
- Anete Pajuste (Stockholm School of Economics in Riga and ECGI)
- Yupana Wiwattanakantang (National University of Singapore and ECGI)
- Alminas Zaldokas (Hong Kong University of Science and Technology)
Organisers
- Morten Bennedsen, INSEAD and ECGI
- Krista Jaakson, Tartu University
- Anete Pajuste, Stockholm School of Economics (Riga) and ECGI
- Yupana Wiwattanakantang, National University of Singapore and ECGI
Registration Fees:
Conference Fee (early bird, until April 30) EUR 150
Conference Fee (after April 30) EUR 200
Conference participation is free for BFFI and ECGI members
Conference Dinner EUR 60
Know more: https://bffi.global/
Register here: https://www.eventbrite.com/e/593550163517
CONTACT
Programme queries should be directed to Anete Pajuste (anete.pajuste@sseriga.edu)
Practical queries should be directed to Naureen Khan (naureen.khan@ecgi.org)
Note: It is intended to convene this meeting physically. However, in the event that it becomes unviable, it will take place online.
This event is part of the ECGI Responsible Capitalism Initiative
Learn more
Information

FRIDAY, JUNE 30 2023 | 10:30 CEST
Introduction and Welcome
Speakers:
Keynote: Family Assets as Foundation for Family Business Strategies
Speakers:
Keynote: The Art of the Pivot: What Differentiates Resilient Families?
Speakers:
Keynote: Family businesses in times of ‘polycrisis’: Some important challenges
Speakers:
Panel discussion: “Family Enterprises Shaping the Future"
Moderator:
Panelists:
Academic track: Moderated by
Speakers:
Family Firms in the Covid Crisis: Employment, Operational Leverage and Financial Constraints
Speakers:
Discussant:
I Am The Firm! Eponymous Firms and Rose-Coloured Forecasts
Speakers:
General Discussion
Practitioner track
Family dynamics of family businesses
Speakers:
Corporate and Family Governance - the two disciplines that carry family businesses across generations
Speakers:
Balancing the Old with the New: Why Different Approaches to Innovation Matter
Speakers:
General Discussion, Conclusion and Summing Up
Conference Dinner
SATURDAY, JULY 01 2023 | 08:45 CEST
Coffee break, networking
Practitioner Track Day 2
Tailoring Corporate and Family Governance to fit the circumstances of a family business
Speakers:
Tailoring Corporate and Family Governance to fit the circumstances of a family business
This workshop will provide the participants an opportunity to consider and discuss the design and implementation of Corporate and Family Governance in family businesses at different stages of evolution and ownership.
Speakers
Hospitality Break
Family Business Leadership
Speakers:
Family Business Leadership
Ambidextrous leadership is setting the context by which leaders tend to the needs of both the family owners and the family business. It is leading with the head as well as the heart, even more critical now as enterprising families face multiple challenges (inflation, geopolitical and health risks, etc.). This session will define and address the importance of Ambidextrous leadership, and how family business leaders can develop and utilize family business governance forums to develop a rising generation of leaders who know how to tend to the needs of the family while simultaneously addressing those of the business, both of which are so critical to family business continuity.
Speakers
Hospitality Break
Good or Bad Seed? How to Prevent Bad Seeds from Taking Root in Your Family Business
Speakers:
Good or Bad Seed? How to Prevent Bad Seeds from Taking Root in Your Family Business
Everyone knows of a business with a family member who should not work there; perhaps they are not qualified for their job, or worse – they steal and betray their family. Inspired by the middle son from the famous Godfather movies, these family impediments are often referred to as a ‘Fredo.’ In this workshop, we will explore why such impediments are common in family businesses, determine if you could possibly be seen as a Fredo in your business, and discuss ways to prevent and deal with such troublesome family members.
Speakers
Academic Track
Speakers:
CEO Succession and Innovation in Family Firms
Speakers:
Discussant:
CEO Succession and Innovation in Family Firms
Speakers
Discussants
Are Sophisticated Traders Better Informed When Trading Family Firms
Speakers:
Discussant:
Are Sophisticated Traders Better Informed When Trading Family Firms
Speakers
Discussants
Hospitality Break
The Covid-19 Pandemic and Family Business Performance: International Evidence
Speakers:
Discussant:
The Covid-19 Pandemic and Family Business Performance: International Evidence
Speakers
Discussants
Carbon Emissions and Firm Financial Performance: A Comparison Between European Family and Non-family Firms
Speakers:
Discussant:
Carbon Emissions and Firm Financial Performance: A Comparison Between European Family and Non-family Firms
Speakers
Discussants
General Discussion
General Discussion
Lunch Break
Speakers
Presentations
Introduction and Welcome
Introduction and Welcome
Speakers
Keynote: Family Assets as Foundation for Family Business Strategies
Keynote: Family Assets as Foundation for Family Business Strategies
Speakers
Keynote: The Art of the Pivot: What Differentiates Resilient Families?
Keynote: The Art of the Pivot: What Differentiates Resilient Families?
Speakers
Keynote: Family businesses in times of ‘polycrisis’: Some important challenges
Keynote: Family businesses in times of ‘polycrisis’: Some important challenges
Speakers
Academic track: Moderated by
Academic track: Moderated by
Speakers
Placeholder CEOs
Placeholder CEOs
Speakers
Discussants
Family Firms in the Covid Crisis: Employment, Operational Leverage and Financial Constraints
Family Firms in the Covid Crisis: Employment, Operational Leverage and Financial Constraints
Speakers
Discussants
I Am The Firm! Eponymous Firms and Rose-Coloured Forecasts
I Am The Firm! Eponymous Firms and Rose-Coloured Forecasts
Authors:
Doron Kliger
University of Haifa
Yevgeny Mugerman
Bar Ilan University
Ruth Rooz
Hebrew University
Abstract
We invoke the famous Louis XIV quote “L'État, c'est moi,” applying it to the corporate world, and introduce the novel idea that a self-serving bias, which we define as “I Am The Firm,” is infused within the culture of certain companies. We hypothesize that the owners of eponymous firms – firms that bear the names of their owners – experience enhanced self-identification with their firms, and thus tend to inject their own subjective beliefs and desires into the realistic objective prospects of the firms. The “I am the firm” effect is a form of a self-serving bias, which arises from the blurring of boundaries between the owner and the corporate eponymy entity that carries the same name. Employing a unique corporate setting in Israel, we demonstrate that eponymous firms disclose unduly optimistic biased forecasts relative to their non-eponymous counterparts, which cannot be validated or justified solely by rational explanations.
Speakers
Conference Documents
Entrepreneurs’ Diversification and Labor Income Risk
Entrepreneurs’ Diversification and Labor Income Risk
Speakers
Discussants
General Discussion
General Discussion
Speakers
Practitioner track
Practitioner track
Speakers
Family dynamics of family businesses
Family dynamics of family businesses
Family dynamics of family businesses is a session that addresses the important role of family and its evolution over time in the family enterprise. How does your family communicate? How do individuals view conflict and move through difficult conversations? We will discuss family culture, and how to pass on family values to the next generation. Join to understand how family can impact the family business - and how to better embrace your family’s past while celebrating the present, and its evolution into the future.
Speakers
Corporate and Family Governance - the two disciplines that carry family businesses across generations
Corporate and Family Governance - the two disciplines that carry family businesses across generations
This session will outline the key elements of Corporate and Family Governance, highlight how and why these two disciplines promote resilience of family businesses and identify important choices entrepreneurs need to make in both. It will also present practical governance tools from a legal perspective (for example, family foundations, differential voting rights, and family offices).
Speakers
Balancing the Old with the New: Why Different Approaches to Innovation Matter
Balancing the Old with the New: Why Different Approaches to Innovation Matter
When it comes to innovation, what is your personal style? In this interactive workshop you’ll discover your personal approach to creativity and then learn how you can better harness your style to benefit your family business. You’ll also learn to appreciate other approaches towards innovation, and why it is important for your family business to embrace both exploitative and explorative innovation strategies.
Speakers
General Discussion, Conclusion and Summing Up
General Discussion, Conclusion and Summing Up
Speakers
Conference Dinner
Conference Dinner
Speakers
Practitioner Track Day 2
Practitioner Track Day 2
Speakers
Tailoring Corporate and Family Governance to fit the circumstances of a family business
Tailoring Corporate and Family Governance to fit the circumstances of a family business
This workshop will provide the participants an opportunity to consider and discuss the design and implementation of Corporate and Family Governance in family businesses at different stages of evolution and ownership.
Speakers
Family Business Leadership
Family Business Leadership
Ambidextrous leadership is setting the context by which leaders tend to the needs of both the family owners and the family business. It is leading with the head as well as the heart, even more critical now as enterprising families face multiple challenges (inflation, geopolitical and health risks, etc.). This session will define and address the importance of Ambidextrous leadership, and how family business leaders can develop and utilize family business governance forums to develop a rising generation of leaders who know how to tend to the needs of the family while simultaneously addressing those of the business, both of which are so critical to family business continuity.
Speakers
Good or Bad Seed? How to Prevent Bad Seeds from Taking Root in Your Family Business
Good or Bad Seed? How to Prevent Bad Seeds from Taking Root in Your Family Business
Everyone knows of a business with a family member who should not work there; perhaps they are not qualified for their job, or worse – they steal and betray their family. Inspired by the middle son from the famous Godfather movies, these family impediments are often referred to as a ‘Fredo.’ In this workshop, we will explore why such impediments are common in family businesses, determine if you could possibly be seen as a Fredo in your business, and discuss ways to prevent and deal with such troublesome family members.