The Family Business Center Presents New Research at the IFERA 2026 Conference

The conference brought together researchers and practitioners from Europe (Italy, Spain, the United Kingdom, France, Germany), Asia (Hong Kong, Japan), Australia, the United States, and Mexico. 

On this occasion, Dr. Cécile de Lisle, Executive Director of the Center, and Dr. Léa Wang presented Contribution Capital and the Social Perception of Family Shareholders – A Role-Based Identity Approach, a study conducted with Dr. Jung Park (ISG Paris) and Jonathan Chaignon (Family & co). The research asks: What types of contributions do owner-heirs make within family businesses, and how do perceptions of these contributions vary among family shareholders with different gender, generational, and operational profiles? 

Starting from the premise that contribution is both a burden and a privilege, the study introduces the notion of contribution capital: The socially recognized value attributed by the shareholder collective to the roles, activities, and functions through which family owners are perceived as contributing to the well-being and longevity of the family enterprise. This capital is relational (attributed by peers, not self-assessed), convertible (translates into voice, influence, credibility), and unequal (shaped by visibility and identity fit). 

From this follows what the authors call the paradox of illegitimate legitimacy: A shareholder may be legally legitimate (e.g. holding equity, bearing the family name) yet accumulate little contribution capital if their contribution is invisible, informal, or misaligned with dominant ownership prototypes. 

Beyond the academic exchanges, the Center was glad to connect with members of the IFERA community, including Josip Kotlar, President of IFERA, and Alfredo De Massis, and thanks the organizers for three rich days of discussion.

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