Post by Università Bocconi

On April 27, Bocconi hosted the Inaugural Lecture of the AIDAF-EY Chair in Strategic Management in Family Business in memory of Alberto Falck, bringing #FamilyBusiness back to the center of economic and managerial debate. This Lectio Magistralis presented the results of two decades of population-level research on Italian family firms, systematically compared with non-family firms. It challenged the view of family businesses as inherently fragile by documenting their superior long-term performance, resilience during economic turmoil, and distinctive governance and leadership models.   The event opened with remarks by Rector Francesco Billari and Cristina Bombassei (President of AIDAF - Italian Family Business) setting the stage for a broader reflection on the role of family businesses in today’s economic landscape. This will be followed by the keynote lecture by Carlo Salvato, holder of the Chair. At the heart of his presentation will be the distinctive contribution of family businesses in terms of resilience, long-term performance, and governance models. “Family businesses play a central role in the Italian and global economy. Over the past two decades, they have demonstrated remarkable resilience and long-term performance,” says Salvato. “This resilience is not accidental, but is rooted in what I call the ‘power of family,’ a form of strategic capital that enables value creation across generations.” It examined strategy, ownership structures, succession processes, and the profiles of next-generation leaders, showing that well-structured generational transitions significantly enhanced performance. Ultimately, it argued that family involvement constituted a unique form of strategic capital that enabled firms not only to withstand shocks but to endure over time.   A panel discussion, moderated by Massimo Meloni, brought together perspectives from academia and business, with Lucia Bianchi Maiocchi, Nicola Drago, Daniela Montemerlo and Salvatore Tomaselli. The exchange emphasized how family firms can combine continuity and change, preserving identity while adapting to evolving competitive and social contexts.   As Carlo Salvato underlined, the strength of family businesses lies not only in ownership structures but in their ability to integrate long-term vision with adaptability. This makes them key actors in areas such as #Innovation, #Sustainability and international development. The programme also included the announcement of the Dissertation Award in memory of Guido Corbetta, offered by the Corbetta Family and presented by Mariacristina and Chiara Corbetta. The event concluded with closing remarks by President Andrea Sironi who reflected on the enduring relevance of family firms and their contribution to economic resilience and long-term value creation. The discussion confirmed a central point: in a changing environment, the ability to combine continuity, responsibility and strategic direction is what allows organizations to endure and grow.