SMEs, Families and Capital Markets

SMEs, Families and Capital Markets

There is increasing evidence of the positive role played by family firms, including both publicly listed and privately owned entities. However, one of the main challenges for family businesses is succession. It is becoming more complex due to changes in family, management and governance systems. Sound governance reduces conflicts of interest, maintains family harmony, and creates value for all stakeholders.

Business transfer is a critical milestone in the life of many family businesses that with the ageing of the population of entrepreneurs becomes even more acute. Additionally, in the Central and Eastern European markets, the first generation of entrepreneurs is nearing retirement, which means that for many firms in these countries the transfer of family business stock happens for the first time.

To address these issues, one of the priorities mentioned in the Entrepreneurship 2020 Action Plan of the European Commission is “easing business transfers”, for example, through reducing cross-border inheritance tax obstacles, improving information and advice services, and other initiatives. Likewise, stock exchanges are attempting to ease obstacles for small and medium-sized enterprises (SMEs), which are predominantly family-owned, to raise capital through public markets. This conference examined these tendencies.


Prof. Marco Becht, Solvay Brussels School (Brussels) and ECGI

Prof. Anete Pajuste, Stockholm School of Economics (Riga) and ECGI


Queries should be directed to Anete Pajuste (

Supported by


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24 October 2019 – ECGI Annual Lecture

Date: 24 October 2019
Time: 16:00 
Location: IESE Business School, Barcelona

Event: ECGI Annual Lecture (open to the public – registration required)
Speaker: Professor Paola Sapienza
Topic: “The Economics of Firm Culture”

The 2019 ECGI Annual Lecture took place in IESE Business School, Barcelona on 24 October 2019. The lecture “The Economics of Firm Culture” was delivered by Prof. Paola Sapienza (Kellogg School of Management). The ECGI annual lecture is open to the public and is free of charge.

New Research on Executive Compensation and on Sustainability

New Research on Executive Compensation and on Sustainability

***This event was by invitation only***

Click here to download the programme


New Research on Executive Compensation and on Sustainability

16-17 December 2019: Bar-Ilan University, Ramat-Gan

Monday 16 December

Weisfeld Hall, Feldman building (301)

Tuesday 17 December

Economics and Business Administration Building (504), Auditorium 10, ground floor

Jointly organized by

European Corporate Governance Institute (ECGI)

Raymond Ackerman Family Chair in Israeli Corporate Governance, Bar-Ilan University

With financial support from

European Corporate Governance Research Foundation (ECGRF)

Raymond Ackerman Family Chair in Israeli Corporate Governance


For Whom is the Corporation Managed?

For Whom is the Corporation Managed

***This event was by invitation only***

***Click here to for event programme***

Hosted by:

Institute for Corporate Governance & Finance | NYU School of Law
 D’Agostino Hall, Martin Lipton Hall, 109 West 3rd Street, New York, NY 10012, USA


Edward Rock, NYU Law and ECGI


09:00: Breakfast

09:30: Welcome

09:45 – 11:00: Session 1

11:00 – 11:15: Coffee break

11:15 – 12:30: Session 2

12:30 – 13:30: Lunch

13:30 – 14:30: Session 3

14:30 – 14:45: Coffee break

14:45 – 16:00: Session 4


Programme queries should be directed to Edward Rock (

Practical queries should be directed to Ryan Gibson (