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This paper aims to explain the rules recently adopted by the Securities and Exchange Commission under the provisions of the Dodd‐Frank Wall Street Reform and Consumer Protection Act relating to the increased asset threshold for federal registration as an investment adviser, the new exemptions from investment adviser registration (including the exclusion of “family offices” from the definition of an investment adviser), the enhanced reporting obligations imposed on registered and certain exempt advisers, and the definition of a “qualified client” for purposes of applying the performance fee rule under the Investment Advisers Act.

This paper summarizes the principal content of the Rules and explains their application to investment advisers, focusing in particular on analyzing the impact of the Rules on US and non‐US advisers to private funds.

The Rules clarify important aspects of the Dodd‐Frank amendments to the Investment Advisers Act and expand the scope of certain registration exemptions as they relate to foreign advisers. The Rules also expand significantly the family office exclusion from investment adviser status.

The paper provides expert guidance from experienced financial services lawyers.

The purpose of this paper is to investigate the process of family equity creation and its role for transgenerational entrepreneurship.

This paper combines a systematic literature review on family equity with conceptual theory building, resulting in a model of family equity creation.

The proposed model contains three phases of equity creation that ulitmately leads to transgenerational entrepreneurship: harvesting, institutionalization (via a single family office) and reinvestment.

This paper conceptually introduces the family equity creation model, which may serve as integrative framework for future research on transgenerational value creation by entrepreneurial families. The presented findings are of relevance for family entrepreneurship scholars, entrepreneurial families, as well as for practitioners.

The purpose of this monograph is to present the first English translation of a unique French colonial report on women living under colonial rule in West Africa.

The issue begins with a discussion of the contribution this report makes to the history of social development policy in Africa, and how it serves the on‐going critique of colonisation. This is followed by the English translation of the original report held in the National Archives of Senegal. The translation is accompanied by explanatory notes, translator’s comments, a glossary of African and technical terms, and a bibliography.

The discussion highlights contemporary social development policies and practices which featured in identical or similar forms in French colonial social policy.

As the report demonstrates, access to basic education and improving maternal/infant health care have dominated the social development agenda for women in sub‐Saharan Africa for over a century, and will continue to do so in the foreseeable future in the Millennium Development Goals which define the international community’s agenda for social development to 2015. The parallels between colonial and post‐colonial social policies in Africa raise questions about the philosophical and cultural foundations of contemporary social development policy in Africa and the direction policy is following in the 21st century.

Though the discussion adopts a consciously postcolonial perspective, the report that follows presents a consciously colonial view of the “Other”. Given the parallels identified here between contemporary and colonial policy‐making, this can only add to the value of the document in exploring the values that underpin contemporary social development practice.

Family offices are growth-promoting organizations that support multigenerational business families to preserve and grow their wealth. Women inclusion in leadership positions of family firms is increasing, but females are still under-represented, especially in the family office activities.

The purpose of the chapter is to explore trust building in the context of Finnish single-family offices (SFOs). Trust building means both trust development and trust repair. We focus on how seven experienced Finnish female business owners who are actively involved in their SFOs, went through the process of trust building in the SFO activities.

Our findings indicate that social interaction connected with stewardship attitudes and behavior (i.e., being altruistic, collectivistic and pro-organizational) helps to build emotional and cognitive trust in the SFO activities. We also realize that the development of trust skills requires the need for specific family values, circumstances, and processes (doing, learning, experiencing and influencing). A conceptual model describing the trust building process in SFO activities is suggested for forthcoming studies. To conclude, practical recommendations and insights are offered for business families and their SFO executives.

In mid-2013, the Lee family, which owned the Hong Kong based food and health product giant Lee Kum Kee (LKK), struggled with how best to increase involvement of the fifth generation (G5), the children of the company's current fourth-generation (G4) senior executives and governance leaders. Only two of the fourteen G5 members had joined the company, and few had expressed interest in further involvement, including in the multiple learning and development programs the business offered, such as a mentoring program. Many of the G5 cousins had expressed little interest in business careers in general, and none of them currently was serving as an LKK intern. G4 members observed that their children were busy with family obligations, hobbies, and emerging careers outside the business. G5's lack of interest in business and governance roles was part of a growing pattern of low family engagement in general, exhibited by the cancellation of recent family retreats (once an annual tradition) because of apathy and some underlying conflict. A history of splits among past generations of the Lee family regarding business leadership made the engagement issue even more meaningful and critical.

Students will consider the challenge from the point of view of G4 family members David Lee, chairman of the family's Family Office, and his sister, Elizabeth Mok, who ran the Family Learning and Development Center. They and their three siblings saw engaging the next generation as a top priority, one related to key concepts including family-business continuity, generational engagement and empowerment, succession, emotional ownership, and intrinsic/extrinsic motivation.

The purpose of the paper is to discover the impact of restrictions connected with the coronavirus disease (COVID-19) pandemic on the work and life of international professional women with children.

A qualitative, explorative research was conducted with 12 international professional women, who were professional women with children under 12; semi-structured online interviews were used.

The radical decrease in international travel combined with an increase in online work and the increased demand of parenting resulted in work overflow, temporary re-traditionalisation of gender relations and a radical decrease in international mobility with respect to future prospects.

The relatively small and non-representative sample needs to be complemented with further investigation into the social and economic consequences of restrictions connected with the COVID-19 pandemic.

A large-scale crisis like the pandemic-related lockdown has had a tremendous effect on societies, including with regard to gender relations. Reflection will be needed in the aftermath of the crises and the gender equality achieved before the lockdown needs to be rebuilt.

The exceptional case of the COVID-19 pandemic generated the need to understand the new situation, especially in the life of mobile professionals and women with small children.

The purpose of this paper is to introduce the special issue on family firms in Iberoamerican countries. The special issue aims at enlarging our understanding of the uniqueness of family firms by providing new evidence from Iberoamerican countries about this widespread organizational type. The paper concludes by highlighting some areas in which the authors believe devoting more energy and resources, with new evidence from other samples, may be favourable to advancing the family business field.

The authors revise relevant literature on the subject and integrate with the content of the papers published in the special issue.

The paper introduces the articles in the special issue, places them in the current academic debate and highlights areas for future research.

Provides a view of research on family firms in Iberoamerica, with indications of relevant potential areas for future research.

The paper introduces four new articles on family firms in Iberoamerican countries and suggests areas for future research.

Whenever we speak of patrimonialism, the reference is to the rule of the pater. Weber theorizes this connection from a genetic perspective. The prototype of patrimonial governance is the household. The patrimonial ruler manages his realm as he would manage his household according to rules of traditional wisdom. This genetic and naturalist model makes patriarchy a constitutive dimension of patrimonial practices. In this conception, patrimony implies the dominion of fathers. Patrimonial officials are bound to be male.³ At least this is what we think. And we are all the more inclined to think so if we assume that the rule of the fathers is a fact of nature grounded in a biological necessity. Etymology comforts this bias: the reference to gender, being inscribed in the term, lends credence to a substantialist interpretation.

Family business.

Specialized undergraduate courses, Elective MBA courses.

This case study uncovers the remarkable story of the relentless growth and sporadic weakening of Nurul Ain (NA) Limited, a family business conglomerate with major operations in the Eastern region of Africa. The case provides an opportunity to follow the different stages of development of this family-owned organization through a sequence of strategic events and family dynamics that led to its recurrent success, decline and rejuvenation. Despite the numerous successes of NA Limited since its establishment in the early 1990s, the ambiguous relationship between family, ownership and management systems has caused a ripple effect of strategic, structural and governance challenges that threaten the sustainability of the family business. Nowadays, the founder faces the pressing challenge of ensuring his legacy remains intact and is passed over to his chosen successor, who, in turn, is confronted with the dilemma of joining the family business or pursing an independent career outside NA Limited. Shedding light on the complexity of today’s family-run organizations, the case allows examining the effectiveness of strategic decision-making in an emerging market context by applying a variety of family business principles, theories and frameworks.

Discuss the sources of competitive advantage and the typical challenges that family firms face in the context of emerging markets. Perform a comprehensive corporate diagnosis and examine the specificities of strategic management process in family businesses. Assess the succession management practices in family-run organizations and design a profile of successful successor. Discuss the effectiveness of various corporate governance mechanisms in the context of family-owned enterprises. Evaluate the strategic choices of the top management team and offer recommendations for securing the family business longevity.

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CSS 11: Strategy.