From research to practice… and back

• Associate professor of Strategy
• Formerly Assistant Professor of Management at the University of St. Gallen School of Management, founder of the St. Galler Owner Manager Forum and general manager of the St. Gallen Institute of Management in Asia
• Her research explores how corporate governance, boards of directors, and succession influence firm strategies, particularly in family businesses.
• Naturally curious, with a glass-half-full outlook on life. Loves travelling, cycling, hiking and running.

How does a firm’s ownership structure shape its strategy? What is the impact of board composition and structure on a firm’s performance? How can family businesses successfully navigate the complexities of succession? These are some of the questions that Christine explores in her research, which sits at the intersection of strategy, corporate governance and family business.

Keep it in the family

Succession in family businesses is a hot topic in both practice and research. “Many family firms around the world face the challenge of transferring ownership and management to the next generation,” she explains. “While there’s already a large body of research, we still don’t fully understand the process of succession. In large companies, intergenerational control transitions can take an average of 16 years. So, it’s not a single moment in time. Deciding when ownership and management should change hands, which roles should be transferred first, and how the family should organise itself along the way are all complex decisions. My research looks at these long-term processes and how they can be structured to help keep businesses in the family across generations, which is what most owners want.”

However, nowadays the next generation often has different interests and priorities. “The younger generation doesn’t always want to take over the business, which opens up new opportunities for research,” Christine says. “I’ve recently started studying succession from the next generation’s perspective, exploring how the family business can fit into their lives, and what structural or strategic changes may be needed to make intergenerational transfer attractive for the next generation. Traditionally, research has focused on the needs of the older generation or on the qualifications of successors. But understanding the aspirations of the next generation is equally important. There’s still much to explore, and research in this area can have real impact for both family business owners and their successors.”

Ownership matters

Her research on corporate governance offers a new perspective on the traditional one-sided view that assumes widely held, or publicly listed companies as the default. “In many ways, that’s how the whole field of corporate governance has developed,” she admits. “But what I’m trying to do in my research is bring more attention to ownership and take a more nuanced approach. What works for a widely held public company might not for a public family-controlled business. I want us to move away from this one-size-fits-all approach and focus instead on context and ownership to see what really works.”

One of her recent studies looked at CEO succession, pushing back against a common criticism. “The concern is that when a former CEO becomes board chair, they risk becoming a ‘shadow emperor’, always looking over the new CEO’s shoulder,” she explains. “That may be true in widely held public companies, but in public family-controlled firms it can be remarkably effective. For their competitive advantage, family businesses rely on tacit knowledge, such as informal agreements and relationships with employees, customers and suppliers, which is often lost when the CEO leaves. Keeping that person on the board helps to transfer this critical knowledge and ensure stakeholder support. It can even reduce conflicts with stakeholders after succession. Although keeping the former CEO as board chair is often criticised in the press, this study shows that it can be quite positive in a family firm context.”

Family offices on the rise

An emerging topic in her field is the role of family offices as a form of ownership. “Family offices are becoming more popular,” says Christine, “but we still know very little about them. Their structures and governance are opaque because privacy is important. However, we really need to study how family offices are governed and how they can be competent business owners.”

She continues: “After a liquidity event or partial sale of a business, families increasingly evolve into more enterprising families. Family offices are stepping into owner roles traditionally associated with venture capitalists or angel investors, but with a much longer-term investment philosophy. This makes them an interesting and relevant topic for research, and it’s an area that I’ve recently started to explore more deeply myself.”

Same motivation, different focus

While Christine today focuses on strategy and governance of family-owned businesses, she started her academic career with a focus on the strategy function in large corporations. “In my earlier research, which grew out of my dissertation, I set out to understand why and when CEOs delegate strategic responsibility to a Chief Strategy Officer (CSO) – A CSO is a senior executive who manages the firm’s strategy process and drives its execution. What I found is that firms are most likely to appoint a CSO when they face complex business portfolios, frequent mergers and acquisitions, or need coordination across diverse functions. In these situations, a CSO provides dedicated leadership to make sure strategy is effectively developed and executed.”

Although the focus of her research has changed, her motivation remains the same. “I'm not the kind of researcher who sits in an ivory tower, disconnected from the real world. My inspiration for research comes often directly from practice, which I hope, in turn, can also be shaped and informed by my work. This exchange is what motivates me; it’s a way to give back. I want to have an impact in both academia and the real world, helping family business owners and my professional peers.”

Warm welcome

Other than our enterprising spirit, it was this dedication to impactful actionable research that attracted her to the School. “That, and Vlerick’s international and open atmosphere. From my very first interview, I felt welcome and the interactions I’ve had with colleagues and staff in my first weeks here have confirmed that feeling,” she says.

Christine will be teaching several courses on the Masters programmes. “Looking ahead, I hope to share my knowledge with students and professionals in all sorts of formats – through teaching, forums, and other forms of interaction. And I want to continue producing research that is not only published in top-tier journals but also truly useful for practitioners,” she adds. “As for now, it’s very much about listening, learning, and finding out where I can contribute and have the biggest impact.”

Naturally curious

Outside of academia, she enjoys hiking, running, cycling and travelling. When asked what draws her to these activities, she smiles: “It’s really my curiosity. I love exploring new places and experiencing different cultures. Sometimes I even travel to areas as remote as Antarctica, to challenge myself and have an adventure. I also took up cycling and running to explore my surroundings. I’m a sporty person and these activities allow me to combine my love of exercise with the chance to discover new places.” She pauses for a moment, then adds: “Hiking not only satisfies my curiosity but also gives me a sense of balance. When I’m outdoors, whether it’s in the mountains or by the sea, I find that my mind wanders and I relax. Often, that’s when I have my best ideas.”