Resilience of family businesses during turbulent times

Baltic Family Firm Institute - ECGI Conference | June 30 – July 1, 2023

Resilience of family businesses during turbulent times

  • 30 June 2023
  • •
  • Tartu, Estonia

Baltic Family Firm Institute - ECGI

"Resilience of family businesses during turbulent times"

Was hosted by Tartu University, Estonia

Delta Centre, Narva str. 18

Conference:

Friday, 30 June 2023 | 10:30 - 21:00 EEST
Saturday, 01 July 2023 | 08:45 - 14:00 EEST
 

Location:
University of Tartu | Delta Centre, Narva str. 18

The main conference room was #1037.

(The academic track was room #1005 and practitioner track was room #1006).

The conference dinner was held in Restaurant Joyce

 

Registration
Fee: EUR 200
There is no attendance fee for BFFI and ECGI members
Conference Dinner (applies to all) EUR 60

 

With support from:

Event sponsor: Livonia Partners

Award sponsors: ViaClarus OÜ | Signet Bank | Sorainen

ABOUT THE EVENT

As part of the Family Capitalism pillar of the ECGI’s Responsible Capitalism initiative, the conference focused 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 revolved 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 also focused 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 was an in-person event. Some sessions were 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 EUR 200
Conference participation is free for BFFI and ECGI members
Conference Dinner EUR 60

Know more: https://bffi.global/
 

Location:

Conference: University of Tartu, Delta Centre, Narva str. 18
Dinner: Joyce, V SpaaHotell OÜ, Riia 2, Tartu, 51004

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) 

 

 

This event is part of the ECGI Responsible Capitalism Initiative
Learn more

Information

Address:
University of Tartu, Delta Centre, Narva str. 18, Estonia
Contact:
Anete Pajuste
Stockholm School of Economics in Riga and ECGI
anete.pajuste@sseriga.edu

FRIDAY, JUNE 30 2023 | 10:30 EEST

10:45
- 11:00

Keynote: Family Assets as Foundation for Family Business Strategies

Speakers:
Back to full programme

Keynote: Family Assets as Foundation for Family Business Strategies

Time:
10:45h
- 11:00h

Speakers

11:05
- 11:20

Keynote: The Art of the Pivot: What Differentiates Resilient Families?

Speakers:
Back to full programme

Keynote: The Art of the Pivot: What Differentiates Resilient Families?

Time:
11:05h
- 11:20h

Speakers

11:25
- 11:40

Keynote: Family businesses in times of ‘polycrisis’: Some important challenges

Speakers:
Back to full programme

Keynote: Family businesses in times of ‘polycrisis’: Some important challenges

Time:
11:25h
- 11:40h

Speakers

11:45
- 12:00

Coffee Break

13:00
- 14:00

Lunch Break

Back to full programme

Placeholder CEOs

Time:
14:00h
- 14:40h

Speakers

Discussants

Back to full programme

Family Firms in the Covid Crisis: Employment, Operational Leverage and Financial Constraints

Time:
14:40h
- 15:20h

Speakers

Discussants

15:20
- 16:00

I Am The Firm! Eponymous Firms and Rose-Coloured Forecasts

Speakers:
Discussant:
Back to full programme

I Am The Firm! Eponymous Firms and Rose-Coloured Forecasts

Time:
15:20h
- 16:00h

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

Discussants

Conference Documents

16:00
- 16:15

Coffee Break

16:15
- 16:55

Entrepreneurs’ Diversification and Labor Income Risk

Speakers:
Discussant:
Back to full programme

Entrepreneurs’ Diversification and Labor Income Risk

Time:
16:15h
- 16:55h

Speakers

Discussants

16:55
- 17:15

General Discussion

Practitioner track

Back to full programme

Family dynamics of family businesses

Time:
14:00h
- 15:00h

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

Back to full programme

Corporate and Family Governance - the two disciplines that carry family businesses across generations

Time:
15:00h
- 16:00h

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

16:00
- 16:15

Coffee Break

Back to full programme

Balancing the Old with the New: Why Different Approaches to Innovation Matter

Time:
16:15h
- 17:15h

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

17:20
- 17:40

Baltic Family Firm Champions 2023 Awards

SATURDAY, JULY 01 2023 | 08:45 EEST

08:45
- 09:30

Coffee break, networking

Practitioner Track Day 2

Back to full programme

Tailoring Corporate and Family Governance to fit the circumstances of a family business

Time:
09:30h
- 10:30h

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

10:30
- 10:40

Hospitality Break

Back to full programme

Family Business Leadership

Time:
10:40h
- 11:40h

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

11:40
- 11:50

Hospitality Break

Back to full programme

Good or Bad Seed? How to Prevent Bad Seeds from Taking Root in Your Family Business

Time:
11:50h
- 12:50h

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

Back to full programme

CEO Succession and Innovation in Family Firms

Time:
09:30h
- 10:10h

Speakers

Discussants

Back to full programme

Are Sophisticated Traders Better Informed When Trading Family Firms

Time:
10:10h
- 10:50h

Speakers

Discussants

10:50
- 11:00

Hospitality Break

Back to full programme

The Covid-19 Pandemic and Family Business Performance: International Evidence

Time:
11:00h
- 11:40h

Speakers

Discussants

11:40
- 12:20

Carbon Emissions and Firm Financial Performance: A Comparison Between European Family and Non-family Firms

Speakers:
Discussant:
Back to full programme

Carbon Emissions and Firm Financial Performance: A Comparison Between European Family and Non-family Firms

Time:
11:40h
- 12:20h

Speakers

Discussants

12:20
- 12:50

General Discussion

Back to full programme

General Discussion

Time:
12:20h
- 12:50h
13:00
- 14:00

Lunch Break

Speakers

Krista Jaakson
Paulius Vaicekauskas

Presentations

Back to all presentations

Introduction and Welcome

Time:
10:30h
- 10:45h

Speakers

Krista Jaakson
Back to all presentations

Keynote: Family Assets as Foundation for Family Business Strategies

Time:
10:45h
- 11:00h

Speakers

Back to all presentations

Keynote: The Art of the Pivot: What Differentiates Resilient Families?

Time:
11:05h
- 11:20h

Speakers

Keynote: Family businesses in times of ‘polycrisis’: Some important challenges

Back to all presentations

Keynote: Family businesses in times of ‘polycrisis’: Some important challenges

Time:
11:25h
- 11:40h

Speakers

Back to all presentations

Academic track: Moderated by

Time:
15:31h

Speakers

Back to all presentations

Placeholder CEOs

Time:
14:00h
- 14:40h

Speakers

Discussants

Back to all presentations

Family Firms in the Covid Crisis: Employment, Operational Leverage and Financial Constraints

Time:
14:40h
- 15:20h

Speakers

Discussants

I Am The Firm! Eponymous Firms and Rose-Coloured Forecasts

Back to all presentations

I Am The Firm! Eponymous Firms and Rose-Coloured Forecasts

Time:
15:20h
- 16:00h

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

Discussants

Conference Documents

Back to all presentations

Entrepreneurs’ Diversification and Labor Income Risk

Time:
16:15h
- 16:55h

Speakers

Discussants

General Discussion

Back to all presentations

General Discussion

Time:
16:55h
- 17:15h

Speakers

Practitioner track

Back to all presentations

Practitioner track

Time:
15:31h

Speakers

Back to all presentations

Family dynamics of family businesses

Time:
14:00h
- 15:00h

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

Back to all presentations

Corporate and Family Governance - the two disciplines that carry family businesses across generations

Time:
15:00h
- 16:00h

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

Back to all presentations

Balancing the Old with the New: Why Different Approaches to Innovation Matter

Time:
16:15h
- 17:15h

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

Baltic Family Firm Champions 2023 Awards

Back to all presentations

Baltic Family Firm Champions 2023 Awards

Time:
17:20h
- 17:40h

Speakers

Back to all presentations

Conference Dinner: Keynote

Time:
18:30h
- 21:00h

Speakers

Practitioner Track Day 2

Back to all presentations

Practitioner Track Day 2

Time:
15:31h

Speakers

Back to all presentations

Tailoring Corporate and Family Governance to fit the circumstances of a family business

Time:
09:30h
- 10:30h

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

Back to all presentations

Family Business Leadership

Time:
10:40h
- 11:40h

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

Back to all presentations

Good or Bad Seed? How to Prevent Bad Seeds from Taking Root in Your Family Business

Time:
11:50h
- 12:50h

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

Back to all presentations

CEO Succession and Innovation in Family Firms

Time:
09:30h
- 10:10h

Speakers

Discussants