In collaboration with Banca March
Project leader: Cristina Cruz

This project analyzes and reviews four Spanish family businesses that are benchmarks for sustainability:  Actiu, Calvo, Enhol, and González Byass. The initiative features a multimedia case study and a video series that demonstrate how these businesses perceive and practice sustainability and how they’ve become leaders in Spain.

Link to the videos  (ESP)



In collaboration with EY Insights
Authors: Cristina Cruz and Juan Santaló

The study shows that the "family factor" acts as an innovation driver in companies, enhancing their innovation process.

Click here to find out more about the study.


In collaboration with Coca-Cola European Partners
Authors: Rocío Bonet

The research is based on data collected through a survey of 500 managers in companies with more than 200 employees in Spain in different sectors. The study debunks certain myths and reveals which organizational and management practices encourage innovation and intrapreneurship among managers in mature companies.

Download the report: link (ESP)

The Botín Center: Developing Social Creativity Through the Arts

In collaboration with Fundación Botín
Authors: Patricia Gabaldón y Laura Zimmerman

The study is a first step in continuing to promote the transfer of knowledge through initiatives related to the benefits of the arts. This research revealed that creativity is both cumulative and measurable. In the study, an indicator of individuals’ perception of social creativity was designed, based on seven dimensions relating to their perceptions of personal development, social cohesion, well-being, and image and identity.

Download the report:link (ESP)

Personal Philanthropy Profiles in Spain

In collaboration with Caixabank Banca Privada
Authors: Cristina Cruz and  Rachida Justo

Study based on a qualitative analysis of more than 50 hours of interviews with relevant philanthropists, experts and managers in foundations in Spain with the aim of bringing the figure of the great donor closer to society and highlighting their contribution.

Download the report:link (ESP)

White Paper - The social impact of Family businesses in Latin America

In collaboration with Credit Suisse
Authors: Cristina Cruz,  Laura Jimenez, Rachida Justo and Jeanne Roche

Based on a more of 100 surveyd family business and interviews with professionals in the field of philanthropy,  this White Paper reveals the features that distinct the social action of business families in LATAM

This publication can be downloaded from Credit Suisse's website.


White Paper - Latin American Entrepreneur Families: How to increase cross-generational potential?

In collaboration with Credit Suisse
Authors: Cristina Cruz, Laura Jimenez
Based on best Latin American practices, the publication identifies what makes families with transgenerational potential stand out.

This publication can be downloaded from Credit Suisse's website.

White Paper - Solutions for Entrepreneur Families: How to transfer wealth without killing ambition

In collaboration with Credit Suisse
Authors: Cristina Cruz, Laura Jimenez
Study based on surveys and interviews carried out with more than 200 members of families in business.

This publication can be downloaded from Credit Suisse's website.

Corporate Governance in Publicly Traded Family Firms

In collaboration with Banca March
Authors: Cristina Cruz, Lucía Garcés Galdeano
Comparison of Corporate Governance Practices of 1,200 Companies Quoted on European and US Markets.

Download the report

Download the executive overview

The “Family Premium” in Listed European Firms

Authors: Cristina Cruz, Laura Núñez Letamendia
Based on the higher profitability of family businesses (the so-called “family premium”), the study identifies the factors that contribute to the increase thereof.

Download the report

Download the executive overview

Value Creation in Listed European Family Firms

In collaboration with Banca March
Authors: Cristina Cruz, Laura Núñez Letamendia
Analysis of 2,423 companies listed on European stock markets.

Download the report

Download the executive overview


The Turnaround of Lego: Continued Growth under Family Ownership

Authors: Cristina Cruz y Caterina Moschieri

This case study analyses the evolution of Lego between 2000 and 2013, highlighting the role the family dimension of the company played and its influence on strategic decision-making. Three main aspects are addressed: the management of corporate strategy, implications of family ownership in the company’s growth and the role of a CEO that is not part of the family.

See the case study

Quirón Group. The Story of a Hospital Giant. The End of a Family Legacy?

Author: Cristina Cruz

History of the growth of the Quirón Group, from when its founder, Publio Cordón, created the first hospital until the total sale of the Group in 2015 by the second generation. The case study examines the pros and cons of the decisions made in each of the growth phases of the Group, from the perspective of both the family and the business.

See the case study


Gómez-Mejía, L. R., Haynes, K. T., Núñez-Nickel, M., Jacobson, K. J., & Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative science quarterly, 52(1), 106-137.

Berrone, P., Cruz, C., Gomez-Mejia, L. R., & Larraza-Kintana, M. (2010). Socioemotional Wealth and Corporate Responses to Institutional Pressures: Do Family-Controlled Firms Pollute Less?. Administrative Science Quarterly, 55(1), 82-113.

Gomez-Mejia, L. R., Cruz, C., Berrone, P., & De Castro, J. (2011). The Bind That Ties: Socioemotional Wealth Preservation in Family Firms. Academy of Management Annals, 5(1), 653-707.

Berrone, P., Cruz, C., & Gomez-Mejia, L. R. (2012). Socioemotional Wealth in Family Firms: Theoretical Dimensions, Assessment Approaches, and Agenda for Future Research. Family Business Review, 25(3), 258-279.

Gomez-Mejia, L., Cruz, C., & Imperatore, C. (2014). Financial Reporting and the Protection of Socioemotional Wealth in Family-Controlled Firms. European Accounting Review, 23(3), 387-402.

Cruz, C., Larraza–Kintana, M., Garcés–Galdeano, L., & Berrone, P. (2014). Are Family Firms Really More Socially Responsible?. Entrepreneurship Theory and Practice, 38(6), 1295-1316.

Firfiray, S., Cruz, C., Neacsu, I., & Gomez-Mejia, L. R. (2018). Is Nepotism So Bad for Family Firms? A Socioemotional Wealth Approach. Human Resource Management Review, 28(1), 83-97.

Cruz, C., Justo, R., Larraza-Kintana, M., & Garcés-Galdeano, L. (2018). When Do Women Make a Better Table? Examining the Influence of Women Directors on Family Firms’ Corporate Social Performance. Entrepreneurship Theory and Practice.