Specialization and territorial concentration of. the largest Spanish family firms and groups to 2010

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1 Specialization and territorial concentration of the largest Spanish family firms and groups 1964 to 2010 Paloma Fernández Pérez Unpublished text. Do not quote without author s permission March 2014 World Business History Conference Frankfurt

2 Specialization and territorial concentration of the largest Spanish firms and groups, 1964 to 2010 Paloma Fernández Pérez 1 ABSTRACT Family firms are the dominant form of business ownership. However, very little work has been done to analyze the most appropriate methodologies for studying family firms from a long-term perspective, in a collective aggregated way. The main goal of this study is to reduce this gap in family business literature. A new methodology is proposed to analyze family businesses in Spain between the 1960s and the beginning of the 21st century. The results show: a) the initial central role of Madrid and the Basque provinces, b) the rise in importance of other peripheral regions after the 1980s, c) the renewed power of Madrid as center of Spanish large family capitalism in the first decade of the 21st century. Additionally: d) the endurance of some dynasties; and e) the evolution of economic specialization. Keywords: Family firms, Entrepreneurial Families, Spain, Business History 1 University of Barcelona, Department of History and Economic Institutions. Av. Diagonal 690, Barcelona, Spain. Saskia Portillo and Jaime López Guauque played a decisive role in the technical aspects of the preparation and application of the databases in this work. Any errors are the sole responsibility of the author.

3 Specialization and territorial concentration of big Spanish dynasties, from 1964 to Introduction 2 Work on the history of large industrial and financial corporations in Spain, from an aggregated perspective, is already widely available (Carreras y Tafunell 1993 y 2005, Rubio-Mondéjar and Garrués-Irurzun 2012), but not much has been published on the collective history of large family business (whether corporate or not) in the various Spanish industries and services (Fernández y Puig 2007). It is an extremely difficult task where we have few comparative attempts so far in other countries in order to get some methodological inspiration (Colli and Larsson 2014). The present work proposes a new methodology for the long-term study of the largest family-controlled businesses or groups in Spain that can maybe inspire efforts for international comparisons. In contrast to previous publications about large family businesses in Spain, uses sources from before the 1970s, and combines them with later sources for a diversity of years between the 1980s and 2010, in order to acquire a more complete and long-term perspective of the evolution of the elite of family capitalism in Spain. By using these sources, we attempt to overcome the limitations imposed by those usually employed in studies of large business in Spain (i.e. Corporate Annual Directories), particularly the exclusion of non-corporate companies and the undervaluation of businesses involved in trade and industry of consumer goods (Carreras y Tafunelll 2005). Family businesses have traditionally shied away from becoming corporate, and are world leaders in the sector of commercial distribution and production of consumer goods, as this paper demonstrates, both valid reasons for why the corporate annual directories prove to be an inappropriate source for studying large family-owned firms, the dominant form of 2 This research has relied on technical assistance from Jaime A. López G. (PhD student at the University of Barcelona) and Saskia Portillo. Also, from funds from an ICREA Academia award.

4 business ownership in the world today (Fernández Pérez y Colli, eds., 2013, y Fernández Pérez 2012). Based on the assumption that no homegenous source exists that can identify and compare the largest family firms throughout the last 60 years, sources have been selected that include various indicators (the most appropriate for each historical moment, with the aim of capturing the elite of largest family firms) in order to meticulously build up, for each selected year, an estimated ranking of the largest family firms at each historical moment, their sector of activity, and their location (of head office). The comparisons are made with simple indicators, such as year of creation and/or founding of the company, its sectorial activity (grouping the relevant data from each source in categories specified by the United Nations), and the indicators of size (employment, own resources, sales) available for each year that allow companies from all sectors to be included. The flexible selection criteria of sources allow the construction of databases that compare territorial and temporal aspects of the largest Spanish family firms and groups, by province, between 1964 and 2010, thus showing how the changing keys to longevity and competitiveness are clearly related to big changes in the market and in politics, such as integration into the European market, the establishment of policies favourable to promoting winners on an autonomous and national scale, and the organization of business associations for the largest family firms in the country. Work on the influence of these changes has already been published (Fernández Pérez y Puig 2007, Tápies 2009). This paper will present new data and new results on the changing keys to longevity and competitiveness of large family capitalism in Spain, on a national, regional, and sectorial level. 2. Hypothesis First, this work is based on the assumption that the available research into the history of large business in Spain, which has used sources that focus on corporations, tends to a) exclude large family businesses that are not corporations, and b) minimalize the representation of companies and groups in the trade and industry of consumer goods these rarely being corporate and thus not appearing in the incomplete annual corporate registers so often used as source material (Carreras y Tafunelll 1993). Second, in order to re-balance this problem of finding a source that best covers large business in Spain in the 20th century, a hypothesis is put forward that proposes the

5 need to select not one source for various decades, but rather to pick out those sources for each selected year that quantitively best capture the large firms in Spain, corporate or not, from all industrial and service sectors. In the 1960s, Spanish authorities determined that the best indicator gleaned from the registers for this purpose was that of employment (because, according to Rodríguez Sahagún, the large companies were generally very labor-intensive and concealed accounting information, as claimed in the first edition of Actualidad Económica, 1974). For later years, the indicators used were sales (in the sector of commercial distribution or similar) and own resources (in sectors with larger fixed capital such as capital goods industry or finance). Thirdly, anoter hypothesis is put forward that comparisons should be made with comparable data, and for this reason, size comparisons between businesses and groups were based on index numbers and percentages, in order to compare the different years and the specialization of activity in these different years. Fourthly, the company s head office was established as the criteria for territorial location, being that the place where strategic decisions are normally taken - decisions that influence not only the present, but also the future of the business. Since the aims of the study were to identify the keys to longevity and competitiveness, it was this criteria that was adopted for determining the territorial location of a business, without forgetting that there may be multiple production or commercial branches located far from the head office. 3. Methodology A database for Spanish family businesses was put together for the years 1964, 1969, 1976, 1986, 1989, 1998, 2005 and 2010; based on the selection and evaluation of companies that presented family characteristics connected with the owner, strategic senior management positions, or number of generations; excluded were firms in which only the founder was present, and the definition of business group 3 was understood as a union of independent businesses under centralized control. During the development of the database and its subsequent analysis, with which Paloma Fernández had valuable technical assistance from Jaime López Guauque and 3 The Oxford Handbook of Business History. Edited by Geoffrey Jones and Jonathan Zeitlin. Oxford University Press. First published in paperback Part II Forms of Business Organization. Chapter 11. Business Groups and interfirm networks. By W. Mark Fruin. Pag

6 Saskia Portillo, two main secondary sources were used for the selection of the sample of family businesses: the Catálogo Provincial de Actividades Económicas (Provincial Catalogue of Economic Activities) of the Trade Union Service of Statistics for the year 1964, and the journal Actualidad Económica for the other years of research (1969, 1976, 1986, 1989, 1998, 2005 and 2010). In addition to the two main secondary sources for the sample of family businesses in Spain, we relied on information from the Financial and Corporate Annual Registers, with the aim of comparing the information with reference to business ownership and membership of the Executive Board, thus assuring a strict analysis and classification of the businesses, establishing the selection criteria of the sample a priori. The sources sometimes gave information only on businesses, and sometimes on businesses and groups; other times no discrimination was made and only business or group was mentioned. The database respected this difference in typology for the data input. For the classification of family firm or group, the flexible definition was adopted, predominantly used in business management literature, whereby the control of the company s strategy is considered fundamental (Sharma and Salvato in Fernández Pérez and Colli eds. 2013), control which is measured (company by company and group by group) by control of property (with various parameters according to the sector of activity and whether trading on the stock market or not) and/or management (with the presence of at least two members of the same family on the Board of Directors). Below is an explanation of the two procedures used, including information on sources, for the selection of the analysis sample: a) Sample from the Provincial Catalogue of Economic Activities from the Trade Union Service of Statistics (1964) The Provincial Catalogue of Economic Activities from the Trade Union Service of Statistics published in 1964 gathers information on the various work centers or businesses that had a minimum of 50 (fifty) people on its payroll (at the moment of data collection). The Provincial Catalogue of Economic Activities follows the national system of classification of economic activity into groups of three digits, as well as presenting the relation of the centers to its economic activity, by region and alphabetically. This system aimed, firstly, to present the information on economic activity by region and, secondly, to follow the numeration of the classification of groups

7 of economic activity, thus facilitating a rapid recognition of the specific economic activity of each center. The Provincial Catalogue collects information on 9,526 (nine thousand five hundred and twenty six) work centers or businesses. The procedure for the selection of the sample for 1964 involved the following steps: 1) The control variable for the choice of business was number of employees. 2) Work centers or businesses with more than 1,000 (one thousand) employees were selected, excluding national businesses, foreign businesses and those that available case studies had confirmed as being non-family-controlled. 3) Work centers or businesses were eliminated if they were present in more than one sector of economic activity with the same number of workers, thus avoiding duplication of the information. 4) All work centers or businesses that had the same name and were not present in more than one economic activity were grouped together and the number of workers counted, thus obtaining the total number of workers for each work center or business. 5) As a result of points 1, 2, 3, and 4, a first sample of 275 work centers or businesses with 1,000 workers or more was obtained from the total of 9,526, representing 2.9% of the total. 6) From the 275 work centers or businesses with more than 1,000 workers, the sample was cross-checked for possible duplicates, resulting in a new sample of 140 potentially family-run work centers or businesses; the information for each of these was then checked individually. 7) The verification of family control for these work centers or businesses was made in two stages: a) The Financial and Corporate Year Register of Spain and the Financial Year Register of Bilbao were consulted. Through information from the Boards of Directors, it was verified that at least two (2) directors had family ties. b) In those cases where no information on members of the Board of Directors or the presence of family members in Management was available in either of the Year Registers, other published sources were used to check information. 8) After verification of the family businesses, there remained a final total sample of 42 (forty two) work centers or businesses with over 1,000 employees.

8 9) The following diagram represents the steps taken for the selection of the sample for 1964: 9, Work centers or businesses with more than 50 workers Family-controlled work centers or businesses with more than 1,000 workers Work centers or businesses with more than 1,000 workers were selected Final sample Work centers or businesses with more than 1,000 workers Possible duplicates were eliminated Potencially family-controlled work centers or businesses with more than 1,000 workers Source: own elaboration 10) From the result of the final sample, forty two (42) businesses were obtained, of which forty (40) work centers or businesses were Corporations, and two (2) Non- Corporate and Private Enterprises, the latter being Limited Liability Companies. 11) Finally, the classification of the Unions to which each work center or business belonged was adapted to the sectorial classification according to the United Nations (ISIC Rev.4 International Standard Industrial Classification of all Economic Activities). (access November 2011). b) Sample of Economic Activity (1969, 1976, 1986, 1989, 1998, 2005 and 2010) Secondly, a database of Spanish family businesses was prepared, taken from yearly information published in the journal Actualidad Económica 4, related to the world of business and companies in Spain. 4 Actualidad Económica, also known as La Económica in journalistic circles, was founded in 1958 by the publishing group Sarpe (Sociedad Anónima de Revistas, Periódicos y Ediciones). It was used as a reliable

9 The procedure taken for the selection of the sample involved the following steps: Firstly, in order to evaluate the reliability and critical use of the journal Actualidad Económica: a) Our periods of analysis are the years 1969, 1976, 1986, 1989, 1998, 2005 and b) The ranking published by the journal appears in the last trimester of the following year, i.e. the information on period t is published in the year t+1. c) Two control variables were considered for the selection of the analysis sample: for the years 1969, 1976 and 1986 the level of own resources 5 was used; while the level of sales 6 was used for the years 1989, 1998, 2005 and d) As a result of changes over time in the number of businesses comprising the ranking, as well as in the consultancy firm contracted by Actualidad Económica to evaluate and supply the information, we present the criteria of Actualidad Económica for the preparation of the ranking for each year analyzed. e) Corporations of financial intermediation are not included, since the source does not allow identification of those controlled by entrepreneurial families. f) Criteria of the journal Actualidad Económica for the preparation of the ranking: Table 1. Criteria of Ranking of the journal Actualidad Económica Year Criteria of Ranking of the journal Actualidad Económica The sample corresponds to 100 large Spanish businesses, classified by own resources source for the quantitive study of longevity and specialization of family firms in Spain in in Fernández y Puig 2007 and Tàpies (http://es.wikipedia.org/wiki/actualidad_econ%c3%b3mica Access 21 March 2012) 5 Own resources was used as a selection criteria because the source (Actualidad Económica) established it as the criteria for its ranking system, and also because the information on sales is discontinuous and no data on employees is provided. 6 For the years 1989, 1998, 2005 and 2010; the source (Actualidad Económica) prepares the ranking based on level of sales. 7 Actualidad Económica. Las 100 Mayores Empresas de España. Madrid Barcelona, no. 631 of 18 April Pg

10 The sample corresponds to 100 large Spanish businesses, classified by own resources The sample corresponds to 100 large Spanish businesses, classified by own resources AE prepared the Ranking of the 2000 Spanish businesses with highest sales. AE selected the businesses according to data from Technical Information on Credit (Incresa) 11. After the businesses were selected for ranking, they were contacted by Actualidad Económica to obtain their approval of the data available in Incresa The Ranking of the 5,000 businesses and groups in Spain was prepared by Equifax Ibérica through Incresa. AE, the businesses with highest sales were selected. The information obtained by AE from Incresa is product of two mailing lists (direct mail) to the 10,000 industrial and service businesses selected The ranking was prepared by Actualidad Económica in collaboration with Iberinform 14. Iberinform prepared the ranking of active businesses with capital above 500,000 euros or revenue over 15 million euros. Iberinform prepared a ranking of groups, selecting those with a consolidated balance sheet in 2004 or 2005 and those presenting themselves as a business group in the surveys conducted for the ranking. 8 Actualidad Económica. Las 100 Mayores Empresas de España. Madrid Barcelona, no of 27 December Pg Actualidad Económica. Las 100 Grandes Empresas. Madrid-Barcelona, no of 14 to 20 December Pg Actualidad Económica Empresas Españolas. Nº of 26 November to 2 December Pg Grupo Incresa, created in 1971, centers its activity on support services for the management of credits, debt recovery and marketing. nline.html (access 21/03/12) 12 Actualidad Económica Mayores Empresas Españolas. Número Extra. Nº October Pg Actualidad Económica Cuáles son, Cuánto Venden y quién manda en las Primeras Empresas de España. Nº of 26 October 2006, pg CD Rom. 14 Iberinform is a Credit and Guarantee company (Atradius Group) specialized in business valuation, the preparation of trade and financial information as well as marketing databases. It gives support to firms in business decision-making processes and risk management. (access 21/3/12)

11 Iberinform selected almost 13,000 corporations and 3,000 group heads. Iberinform contacted the businesses by fax, telephone, and mail. Iberinform compared and contrasted the information supplied by the businesses with the information from the Trade Register, used by Iberinform to prepare the ranking. Iberinform notifies that in most cases the data corresponds to 2005 and the rest to Iberinform begins to prepare the 2011 edition of the ranking of the 5,000 largest businesses and the 1,000 largest business groups in Spain for Actualidad Económica for the year Iberinform selects those businesses in its database that presented in the Trade Register a balance sheet with revenue above 30 million euros in Iberinform selects the largest business groups with consolidated accounts presented in the Trade Register, chosing those with consolidated revenue above 35 million euros. The total number of companies selected by Iberinform is almost 9,000 businesses with the greatest turnover and 2,000 largest groups. Iberinform requests the information available in the Trade Register from 2009 and contacts all the businesses for confirmation of the data from 2010, necessary for preparation of the Ranking - edition In case a company does not provide information for 2010, Iberinform includes the data obtained from public sources or the turnover from Iberinform establishes 31 August 2011 as the deadline for incorporating information to the Ranking. Iberinform selects the 5,000 businesses and 1,000 groups with highest turnover. Iberinform publishes in November the ranking of the 5,000 largest businesses in Spain. Source: Actualidad Económica (various years) 2) Selection of the study range and size of the sample 15 Actualidad Económica. Cuáles son, Cuánto Venden y quién manda en las Primeras Empresas de España. December CD ROM

12 As mentioned previously, the years 1969, 1976, 1986, 1989, 1998, 2005 and 2010 were selected for the study. The information supplied by Actualidad Económica varies in the size of its data, therefore the sample was chosen according to the following criteria: a) The information from Actualidad Económica is presented for business groups as well as for businesses; however, for the years 1969, 1976 and 1986 this differentiation did not exist, and for 1989, despite being classified, they were not presented separately.. b) For 1969, 1976 and 1986, the source only has information for one hundred (100) Spanish businesses and/or groups. The criteria applied by the source in order to prepare the ranking was the variable of own resources of each business. Therefore, we studied the total sample to evaluate and select those businesses which were family-controlled. For the years 1989, 1998, 2005 and 2010, given that the sample sizes of the source (Actualidad Económica) varied, the top 200 businesses and 200 groups were evaluated, according to the ranking already established by the source, using level of sales as indicator, thus allowing identification of family-run businesses. c) Based on the demarcation of selection criteria for the Analysis Base, the following number of groups/businesses were selected in order to evaluate how many and which fulfilled the criteria of family group/business (see Table 2). Total Businesses (Actualidad Económica) Analysis Base Table 2. Number of businesses and/or groups registered by AE and sample G/B G/B G/B G B G B G B G B Source: own elaboration based on Actualidad Económica. G= Group; B= Business d) Based on the first classification from Table 1, each of the groups and/or businesses selected in the Analysis Base was analyzed in order to identify those businesses with the characteristics of being family-controlled, as much in groups

13 as in independent businesses or group heads, thus obtaining the Sample Family- Controlled in the Analysis Base, which becomes our study objective within the context of the behaviour and evolution of Spanish family businesses (see Table 3). Table 3. Number of largest family businesses (firms and/or groups) in the analysis base G&F G&F G&F G F G F G F G F Total number of businesses (Actualidad Económica) Analysis Base Family businesses from Analysis Base Family business/analysis Base (%) % 18% 14% 26% 13% 28% 14% 31% 15% 34% 16% Source: own elaboration based on data from the journal Actualidad Económica, various years Note 1: G = group; F= Firm. Note 2: Directorio central de empresas (DIRCE) (Central Busines Directory) registers the following number of businesses: Units: Number of businesses (millons) [1999 (2,5); 2005 (3,1); 2010 (3,3)]. (acceso 16/04/2012) 3) Homogenization of the statistical information on the Family Businesses/Groups of the Analysis Base. a) The information supplied by the source, obtained in Sample No. 2, is a discontinuous sample for the years 1969, 1976, 1986, 1989, 1998, 2005 and 2010, in which the quantitative indicators (sales, own resources, profits etc.) are expressed in different monetary units; to correct this difference it was decided to convert all data to US dollars (US$). b) For the years 1969, 1976, 1986, 1989 and 1998, pesetas were changed to US dollars, while for 2005 and 2010, euros were changed to dollars. The exchange rates used were the following: Peseta - US$ 70,0 66,90 140,05 118,38 149,4

14 US$ - Euro 1,1797 1,3362 Source: International Financial Statistics. International Monetary Fund. c) The family-run businesses in the Analysis Base were classified for business groups as well as independent businesses, using the ISIC 16 classification. The information presented by businesses in the financial reports corresponds in their balance sheets to the established definition of Net Revenues. Resolution from 16 May 1991, from the Institute of Accounting and Accounts Audit, which established general criteria to determine the Net Revenue. Published in: BOE number 16 from 18/1/1992, page 1639 to 1640 (2 pages). 4. Results A dynamic comparative analysis is presented of large Spanish business families and large family businesses from the last five decades ( ). It provides a perspective on the fabric of Spanish family business, giving a descriptive focus on each of the years on which the study centers. The family business elite has maintained a decisive and dominant role in the Spanish economy, as well as establishing the prevailing form of business structure, and provides a framework of study in the face of continual social and ideological changes and changes in market development occuring throughout history. The present work provides evidence related to the specialization of Spanish family-run businesses and the power of the business elites in the last five decades. Growth in the service sector has been more dynamic than in the industrial sector among large family businesses.this is something usually overlooked in Spanish economic history, or mainstream Spanish business history, as most quantitative data about large businesses so far took into account listed companies, among whom family controlled ones were above all in industrial specializations. By taking into account flexible criteria in the long term, using employment when companies were labor intensive, and revenues when this was a vastly available indicator for large and small 16 ISIC Rev.4 (International Standard Industrial Classification of all Economic Activities). United Nations ISIC Classification 4. (access November 2011)

15 companies in Spain, services appear as one of the most important economic branches in which large family businesses have accumulated resources and know-how, and have been resilient. The Spanish business elite comprises the construction and engineering sector, followed by trade and auxiliary services; and to a lesser extent the sectors of food, beverages and mining. Table 4 shows the families that have maintained their prominant position in the elite of Spanish business; particularly noteworthy are: the Entrecanales family (Acciona), from the construction and engineering sector, who remained in top positions throughout the whole period analyzed, five decades; the families Huarte (Huarte y Cia), Pino (Ferrovial), and Koplowitz (FCC), also from the sector of civil engineering and construction, who were present almost half the time of the Entrecanales family mentioned above; another group within the same range of permanence and representing diverse industrial and service sectors corresponds to the families Serratosa (Valenciana de cementos), Echeverría (Patricio Echeverria S.A.), Ortega (Inditex), Álvarez (El corte inglés), Roig (Mercadona), Riberas (Gonvarri Industrial), Polanco-Pérez (Sogecable- Prisa), Fernández (Galerías Preciados), Cros (Cros). The list also shows a significant number of families (75%) who have remained in the elite for up to two periods of the years covered in the study. The table refers to families controlling groups as well as businesses, that were among the top 20 family G/F (groups and firms) for no more than one year; the proxy was calculated with the assumption that the G/F remained at the top of the ranking in the years not covered by the study.

16 Table 4. Most Enduring Families in Business in Spain in last Five Decades (measured as presence among Top companies in Spanish Rankings of Largest Firms and Groups between 1964 and * Family Years in Top 20 Proxy longevity in top Sector Province position ** 18 Entrecanales 1964,1998;2005, Construction, Civil Eng. Civil Eng., special Huarte ; Malumbres 1964, Construction NAVARRA Civil Eng., Real Estate, Pino 1986, 1989,1998;2005, Serv. to buildings Koplowitz 1986, 1989,1998;2005, Civil Engineering BARCELONA Serratosa 1976,1986,1989, Other non-metallic minerals, VALENCIA Echeverría 1964, Mineral Extraction GUIPUZCOA Álvarez 1989,1998;2005, Retail trade Ortega 1989,1998;2005, Textile, tailoring, leather CORUÑA Roig 1989,1998;2005, Retail trade VALENCIA Riberas 1989,1998;2005, Metals, Machinery, Vehicle Manufacture VIZCAYA Polanco; Pérez 1989, IT and Communication Fernández 1969,1976,1986, Retail trade Cros 1969, Chemical products BARCELONA Sarrió 1976,1986, Paper, Chemical Prod. NAVARRA Damm 1976, Food and Beverage BARCELONA Villar 1998;2005, Pharmaceuticals, Civ. Eng. Hidalgo 1998;2005, Air transport, Logistics, Travel Agent Osborne 1986,1989, Food and Beverages Urquijo 1964,1969, Coal, Metals, Fin. Serv. Benjumea; Aza; Abaurre 1998;2005, Construction, Mineral Extraction BALEARIC IS. SEVILLA, CADIZ VIZCAYA, SEVILLA, Gut 1998, Security Areces 1976, Retail trade Comas y Blanco 1976, Food 17 * The table refers to families controlling groups as well as businesses, that were among the top 20 family groups and/or firms (G/F) for no more than one year 18 ** Proxy: Assuming that the group or firm( G/F)remained at the top of the ranking in the years not covered by the study.

17 Family Years in Top 20 Proxy longevity in top position ** 18 March 1976, Sector Other non-metallic minerals, Water transp., Finan. Serv., Head off. Province, BALEARIC IS. Ballvé 1989, Food Escarrer 1989, Accomodation BALEARIC IS. Lao 1989, Creative activities BARCELONA Lara 1989, Publishing BARCELONA Mahou 1989, Beverages Pascual 1989, Food BURGOS Rodriguez 1989, Civil. Eng. Carbó; Botet ; Elías 1998, Retail Trade BARCELONA Aresti-Ortiz 1969, Paper VIZCAYA Botín-Sanz 1969, Financial Services CANTABRIA Daurella 1998, Food and Beverages BARCELONA, Fierro-Viña 1969, Financial Services Fluxá 1998, Accomodation BALEARIC IS. Polanco 1998, IT and Communication Riboud 1998, Food BARCELONA Valls Taberner 1969, Financial Services Ybarra 1969, Financial Services VIZCAYA Rubiralta 2005, Rubber and Plastic BARCELONA Antolin 2005, Vehicle manufacture BURGOS Aznar 1964, Base Metals VIZCAYA Bergé 2005, Logistics VIZCAYA Echevarría 1964, Base Metals VIZCAYA Estela 2005, Retail Trade BARCELONA Fernández López 1986, Food, Road transport PONTEVEDRA, Lladó Civil Eng. Aguirre, Oreja Civil Eng. Antonio Asensio Pizarro, Publishing BARCELONA Aresti, Churruca, Marquina Paper VIZCAYA Barceló Accomodation BALEARIC IS. Benjumea ; Abaurre Construction SEVILLA Bertrán Civil Eng. BARCELONA Botín, Muñoz Base Metals CANTABRIA Carasso Food BARCELONA Carulla Paper BARCELONA

18 Family Years in Top 20 Proxy longevity in top Sector Province position ** 18 Carulla i Font Food BARCELONA Carulla Lluis Food BARCELONA Cierva, Goizueta Base Metals Coca Financial Services SALAMANCA Comas Beverages Córdoba, Gomendio Civil Eng. Costafreda; Rivera Food BARCELONA Cros (*) Chem. Products BARCELONA Delso; Gomis Special Constuction Entrecanales ; Távora Civil Eng. Fabras Textile BARCELONA Ferrer; Sala Beverages BARCELONA Ferrero; Ventura Food BARCELONA Figaredo, García, Tartiére Base Metals ASTURIAS Franco Toys and Games Gandarias Base Metals VIZCAYA González Byass Beverages CADIZ Heredia, Pidal Coal ASTURIAS Hernández Callejas Food Larrinaga Rubber and Plastic Llucià Retail Trade TERUEL Lozano Food Other non-metallic March (*) minerals March (y otros) Water Trans., Finan. Serv. Matute Benito del Valle Wood VIZCAYA Noguer-Suñol Chemical products BARCELONA Pidal, Riviére Base Metals ASTURIAS Prieto Energy, Gas VIZCAYA Puig Chemical products BARCELONA Quijano Base metals CANTABRIA Rey Cosntruction PONTEVEDRA Ros Machinery VALENCIA Ruiz-Mateos Head Offices Sánchez ; Escalada Retail Trade Satrústegui Coal BARCELONA Segarra Leather CASTELLON Sela-Figaredo Chemical products ASTURIAS Sisquellas Chemical products BARCELONA Soriano Beverages LLEIDA Torras Hostench Chemical products BARCELONA

19 Family Years in Top 20 Proxy longevity in top Sector Province position ** 18 Urquijo,Landecho Water Transport Urquijo; Figaredo; Felgueroso Chemical products Velasco Metal VIZCAYA Source: own elaboration. Table 5 presents data on the longevity of the largest family businesses. The group of longest-standing businesses is not very apparent over the years studied; there is a high concentration of young businesses rising up at the beginning of the 1970s, a fact also reflected in the average age for each of the analyzed periods. It is notable that in 1964, the majority of businesses were older than 60, that is to say, they had been created at the beginning of the century. This situation remained the same until 1976, when the number of young companies at the top of the ranking increased. It can be confirmed that the groups were consolidated and managed to overcome the various adversities, as is clearly seen in the young groups, that saw a 5% growth between 2005 and It can be affirmed that other factors linked to longevity can determine business success; not only experience plays a role in productivity, as proven by the small number of longstanding businesses that occupy prominent positions. Three large business groups can be differentiated by longevity (average of the sample); the longest-standing groups are found in the provinces of Cádiz, Cantabria, Castellón and Asturias, with an average age of over 90; a second group aged between 60 and 90 are found in Sevilla, Vizcaya (Biscay), Salamanca, Guipúzcoa, Barcelona and Navarra; and a last group that corresponds to young businesses aged between 60 and 30, found in the provinces of Madrid, Lleida, Valencia, Burgos, Teruel, Coruña, Pontevedra and Balearic Islands. The longest-standing businesses in the years studied (among the largest familyrun businesses on the register of total largest businesses of Spain) are: Osborne y Cia, González Byass (Cádiz), both in alcoholic beverages industries as in Japan or Germany, oldest businesses thus are in the manufacture and sale of alcoholic beverages!-; Erkimia, Torras Hostench, DAMM (Barcelona) in chemical industries, papermaking and beer industry; Banco Santander (Cantabria), Berge y Cia (Biscay) and Fábrica de Mieres (Asturias) in mining and steel industries.

20 Graph 1. Longevity by province (average age, total sample ) CADIZ CANTABRIA ASTURIAS CASTELLON SEVILLA VIZCAYA SALAMANCA GUIPUZCOA BARCELONA NAVARRA LLEIDA VALENCIA BURGOS TERUEL CORUÑA PONTEVEDRA BALEARES 0 Source: own elaboration Table 5. Periods of creation of largest active family businesses for each year analyzed Groups& Firms Groups Firms Longevity (years) G&F G&F G&F G&F G G G G F F F F Under Between 31 and Between 61 and Between 91 and More than Average Age (years) Own elaboration. G/F= Group, Firm Graph 2. Longevity by province and year (average for each year) LARGEST FAMILY GROUS&FIRMS Provincia G&F G&F G&F G&F ASTURIAS BALEARIC IS BARCELONA CANTABRIA CASTELLON 98

21 GUIPUZCOA NAVARRA SALAMANCA 76 SEVILLA 106 VALENCIA VIZCAYA Total G/E 1969-G/E 1976-G/E 1986-G/E Province G Family Groups G G G BALEARIC IS BARCELONA BURGOS CADIZ 238 CORUÑA NAVARRA 73 PONTEVEDRA 50 SEVILLA VALENCIA VIZCAYA Total G 1998-G 2005-G 2010-G Province F Family Firms F F Own elaboration. G/F= Group/Firms F BALEARIC IS BARCELONA BURGOS CADIZ 175 CORUÑA LLEIDA PONTEVEDRA 35 SEVILLA TERUEL 46 VALENCIA VIZCAYA General total E 1998-E 2005-E 2010-E

22 The sectors in which enduring large family businesses predominated, in 1964, corresponded to base metals (64%), coal extraction (12%), engineering works (15%), and to a lesser extent the sectors of papermaking, leather, textile and mining. Over the years, a constant attraction of top families in businesses in the country is seen in activities of civil engineering, retail trade, textile, tailoring, leather and services to businesses. The growth of both groups and businesses remained parallel. Traditional activities such as the chemical industry, paper, food and mining lost their dominant position in the most recent periods, with an increase in local services. There is a greater diversity in the dominant activities in recent times: in 1998 the family business groups were involved in activities in the hotel and tourist sector, logistics, machine manufacturing, publishing, security, IT and communication. Concerning independent businesses, these sectors only became dominant in later years, the majority being registered in 2005 and In 2010, the dominant businesses are found in the sectors of gas and energy, vehicle manufacturing, air transport, and travel agencies, but have yet to enter the sectors of machine manufacturing, security, IT and communications, these being activities dominated by business groups; the shift from conservative sectors to the more strategic sectors is very apparent. Table 6. Sectors with more than 10% participation of the total sales in the sample LARGEST FAMILY BUSINESSES * Activity G&F G&F G&F G&F G G G G 24-Base Metal Manuf. 60,2% 19,2% 2,5% 42-Civil Eng. Works 15,2% 4,2% 10,4% 5,6% 31,0% 35,6% 41,5% 5-Coal Extraction 12,4% 17-Paper Manu & Prod. 3,6% 2,8% 2,5% 2,0% 10-Food 3,3% 2,2% 13,6% 10,1% 5,7% 3,0% 20-Chem. Prod. 21,8% 7,4% 4,0% 15,4% 23-Prod.other Miner. 5,3% 15,2% 5,8% 2,8% 47-Retail Trade 3,1% 17,5% 41,0% 39,5% 27,1% 22,2% 25,7% 64-Financial Services 40,8% 41,5% 70-Head Offices 19,4% 4,4% 3,4% Tex., Tailoring, leather 2,4% 5,3% 8,6% 10,2% FAMILY FIRMS Activity 1989-F 1998-F 2005-F 2010-F 42-Civil Eng. Works 25,9% 14,0% 10,6% 16,5% 47-Retail Trade 22,2% 54,6% 59,5% 51,0% 11-Beverages 19,5% 6,6% Text., Tailoring, leather 2,6% 10,1% * = G/E + G

23 Table 7. Sectors with under 10% participation of the total sales of the sample LARGEST FAMILY BUSINESSES * Activity G&F G&F G&F G&F G G G G 15-Leather Manu. Prod. 3,0% 13-Textile 2,9% 7- Mineral Extraction 2,8% 3,5% 11-Drinks 1,7% 16-Wood Prod. 2,7% 25- Metal Products 2,0% 3,5% 28-Machine manuf. n.c.p. 4,8% 5,3% 5,2% 2,0% 29-Manufacture Vehicles, trailers 4,5% 2,6% 41-Building Construction 1,8% 2,6% 5,9% 6,5% 43-Special Construction 3,5% 49- Road Transport 3,1% 50-Water Transport 6,2% 52-Storage, Transport 3,2% 5,5% 1,8% 55-Accomod. & Hotel 3,2% 3,6% 58-Publishing 4,2% 2,4% 80-Security 1,9% 2,1% 81-Services to Buildings 2,3% 2,1% 90-Creative, Artististic activities 3,9% 2,9% 92-Games & Betting 2,4% IT and Communication 2,1% 1,9% 2,2% LARGEST FAMILY FIRMS Activity 1989-F 1998-F 2005-F 2010-F 10-Food 8,7% 5,8% 4,4% 20-Chemical Products 8,0% 2,0% 55-Accomodation & Hotel 7,5% 6,2% 28-Machine manuf. n.c.p. 5,6% 24-Base Metal Manufact. 2,6% 17-Paper Manuf. & Prod. 2,4% 21-Pharmac. Products 1,9% 22-Rubber & Plastic Manufacture 4,2% 23-Prod. other Miner. 1,7% 25- Metal Products 2,0% 2,0% 29-Manuf. Vehicles & Trailers 3,6% 35-Supply of Elect. Gas & other 2,1% 41-Building Constru. 4,2% 43-Special Construction 1,9% 51-Air Transport 2,4% 1,9% * = G/E + G

24 52-Storage, Transport 5,1% 68-Real Estate 1,8% 79-Travel Agents 6,0% 5,3% 1,6% 81-Services to Buildings 3,8% IT & Communication 2,0% Source: own elaboration In Graph 3, representing the average age per activity, it can be seen that the longest-standing businesses are found in the most traditional sectors, from beverages to the chemical industry, including also extraction activities and mining. The group of youngest businesses comprises activities related to auxiliary services for companies, such as IT and communication, security, vehicle manufacturing, publishing, energy supply, travel agents, and retail trade, among others. Graph 3. Average Age Total per Activity ( )

25 81-Act. Servicios a Edificios 51-Transporte Aéreo Informac y comunic. 90-Act. Creativas, Artísticas 80-Seguridad 70-Act. Oficinas Princ 92-Juegos y Apuestas 79-Agencia de Viajes 29-Fab.Vehículos, Remolques 42-Obras Ing.Civil Tex, confecc, cuero 41-Constru. Edificios 16-Prod. Madera 25-Productos Metal 22-Fabr. Caucho y Plast. 58-Edición 35-Sumin.Elec.Gas y otros 28-Fab. Maquinaria n.c.p. 47-Comercio p/menor 68-Inmobiliaria 52-Almac. Transporte 49-Transp. Terrestre 55-Alojamiento y Hotel 7-Extracción Minerales 10-Alimentación 17-Fabr y Produc. Papel 43-Act.Espc.Construcción 20-Produc.Químicos 5-Extracción Carbón 64-Servicios financieros 23-Produc.Ot.Mine 21-Produc.Farmacéuticos 24-Fab. Metal Común 50-Transporte Acuático 15-Fabric.Prod. Cuero 13-Textil 11-Bebidas Source: own elaboration. 81. Serv. to Buildings 51. Air Transport IT & Communication 90. Artistic & Creative Activ. 80. Security 70. Head Offic. 92. Games & Betting 29. Veh. & Trailer Manuf.

26 42. Civil Eng. Works Text. Tailoring, Leather 41. Construction 16. Wood Prod. 25. Metal Prod. 22. Rubber & Plastic manuf. 58. Publishing 35. Elect. Gas & other Supply 28. Machinery Manuf. Ncp 47. Retail Trade 68. Real Estate 52. Storage, Transport 49. Road Transport 55. Accomod. & Hotel 7. Mineral Extraction 10. Food 17. Paper Manuf. & Prod. 43. Special Construction 20. Chemical Products 5. Coal Extraction 64. Financial Serv. 23. Prod. Other Miner. 21. Pharmac. Prod. 24. Base Metal Manuf. 50. Water Transp. 15. Leather manuf. & Prod. 13. Textile 11. Beverages A high geographical density of large business families can be seen across the Spanish territory; for 1964, two large blocks are discernible: one focused on the Northern Cantabrian coast, the other along the coast of the Mediterranean, both peripheral areas of Spain; another block corresponds to the central zone (Madrid) representing the hub of Spanish business. By 2010, the level of participation of the Cantabrian coast has already diminished, but the presence of family controlled groups

27 and firms (G/F) on the Mediterranean coast has remained constant. Indeed, due to the emergence of G/F on the Balearic Islands, the participation is even greater. It is worth noting the continuity, in 1964 as well as 2010, of the G/F of Madrid, Barcelona and Vizcaya (Biscay); and in 2005 as well as in 2010 in Coruña, Burgos, Balearic Islands and the Valencian coast. Regional specialization has been very varied in its influence on the fabric of Spanish business. Comparing the years 1989 with 2010, in the case of groups, a sharp decline is seen in Barcelona, a continuity in Madrid, and a large increase in the regions of Coruña and Sevilla. With respect to independent businesses, Barcelona registers decline, Madrid continues its strong presence, and in Coruña, Valencia and Balearic Islands there is clear growth. Concerning the above, two large territories can be identified: those provinces relatively enriched by large family business, namely Coruña, Sevilla, Vizcaya, Valencia and Balearic Islands; and those provinces relatively impoverished in their presence in the elite of Spanish family capitalism, Barcelona and Madrid. (Tables 8-10) Table 8. Variations and growth rates top Family Groups in Spain by province (indicator and %) Province 1989-G 1998-G 2005-G 2010-G Var 89/2010 % Var 05/2010 % BALEARIC IS. 0,064 0,069 BARCELONA 0,273 0,195 0,177 0,099-0,174-64% -0,079-44% BURGOS 0,018 0,023 CADIZ 0,017 CORUÑA 0,024 0,053 0,086 0,102 0, % 0,015 18% 0,550 0,585 0,544 0,567 0,018 3% 0,024 4% NAVARRA 0,055 PONTEVEDRA 0,025 SEVILLA 0,018 0,026 0,026 0,045 0, % 0,019 74% VALENCIA 0,021 0,124 VIZCAYA 0,020 0,057 0,075 0,063 0, % -0,012-16%

28 Table 9. Variations and growth rates Family Businesses in Spain by province (indicator and %) Provincia 1989-B 1998-B 2005-B 2010-B Var 89/2010 % Var 05/2010 % BALEARIC IS. 0,075 0,111 0,018 0,086 0,010 14% 0, % BARCELONA 0,329 0,157 0,251 0,113-0,216-66% -0,138-55% BURGOS 0,026 0,036 0,036 CADIZ 0,023 CORUÑA 0,026 0,101 0,101 0, % LLEIDA 0,028 0,358 0,579 0,482 0,374 0,016 4% -0,108-22% PONTEVEDRA 0,010 0,010 SEVILLA 0,028 0,023 TERUEL 0,032 VALENCIA 0,101 0,105 0,223 0,259 0, % 0,036 16% VIZCAYA 0,026 0,021-0,005-18% Table 10. Percentage distribution of activities by number of Family Groups or Businesses Group & Firms Group Firms Activity G/F G/F G/F G/F 1989-G 1998-G 2005-G 2010-G 1989-f 1998-f 2005-f 2010-f 5-Coal Extraction 3 15,0% 7- Mineral Extraction 1 1 5,0% 7,1% 10-Food ,0% 5,6% 21,4% 25,0% 10,0% 5,0% 10,0% 10,0% 10,0% 11-Beverages ,0% 35,0% 15,0% 13-Textile 1 5,0% 15-Leather Manuf & Prod. 1 5,0% 16-Wood Prod. 1 5,0% 17-Paper Manuf. And Prod ,0% 5,0% 5,6% 5,0% 5,0% 20-Chemical Prod ,0% 16,7% 7,1% 5,0% 10,0% 5,0% 21-Pharmac. Prod. 1 5,0% 22-Rubber and Plastic manuf. 1 5,0% 23- Other minerals Prod ,1% 14,3% 5,0% 5,0% 5,0% 24-Base Metal Manuf ,0% 20,0% 5,0% 5,0% 25- Metal Prod ,0% 5,0% 5,0% 5,0% 28-Machine manufacturing n.c.p ,1% 10,0% 10,0% 5,0% 5,0% 29- Vehicle and Trailer Manuf ,0% 5,0% 5,0% 35-Electricity, Gas and other supply 1 5,0% 41-Building Construction ,0% 5,0% 10,0% 10,0% 10,0% 42- Civil Eng. Works ,0% 5,6% 14,3% 5,0% 20,0% 25,0% 40,0% 15,0% 15,0% 15,0% 25,0% 43-Special Construction 1 1 5,0% 5,0% 47-Retail Trade ,0% 11,1% 14,3% 10,0% 5,0% 10,0% 10,0% 15,0% 25,0% 25,0% 20,0% 49-Road Transport 1 7,1%

29 Activity G/F Group & Firms Group Firms G 1998-G 2005-G 2010-G 1989-f 1998-f 2005-f 2010-f G/F G/F G/F 50-WaterTransport 2 10,0% 51-Air Transporte 1 1 5,0% 5,0% 52-Storage & Transport ,0% 10,0% 5,0% 5,0% 55-Accomodation & Hotel ,0% 5,0% 5,0% 10,0% 58-Publishing ,0% 5,0% 64-Financial Services ,0% 38,9% 68-Real Estate 1 5,0% 70-Head Offices ,6% 7,1% 5,0% 79-Travel Agents ,0% 10,0% 5,0% 80-Security 1 1 5,0% 5,0% 81-Activities of Services to Buildings ,0% 5,0% 5,0% 90-Creative, Artistic Activities 1 1 5,0% 5,0% 92-Games and Betting 1 5,0% IT and Communication ,0% 5,0% 5,0% 5,0% Textile, Tailoring and Leather ,0% 5,0% 5,0% 5,0% 5,0% 10,0% General Total Source: own elaboration. Graph 4. Top Spanish family Business/Groups by province (numbers) Province Group & Firms ASTURIAS 3 1 BALEARIC IS. 1 1 BARCELONA CANTABRIA CASTELLON 1 GUIPUZCOA NAVARRA SALAMANCA 1 SEVILLA 1 Grupo - Empresa 1964-G/E Grupo - Empresa 1976-G/E Grupo - Empresa 1969-G/E Grupo - Empresa 1986-G/E VALENCIA 1 1 VIZCAYA Total Own elaboration

30 Province G Family Groups G G BALEARIC IS G BARCELONA BURGOS 1 1 CADIZ 1 CORUÑA NAVARRA 2 PONTEVEDRA 1 SEVILLA VALENCIA 1 1 VIZCAYA Total Graph 5. Number of top Spanish Family Groups by province Grupo 1989-G Grupo 1998-G Grupo 2005-G Grupo 2010-G Own elaboration

31 Graph 6. Number of top Spanish Family Firms by province Empresa 1989-E Empresa 1998-E Empresa 2005-E Empresa 2010-E Own elaboration Graph 7. Top Spanish Family Firms and Groups - Total employees Grupo Empresa Province B Family Firms B B B BALEARIC IS BARCELONA BURGOS 1 1 CADIZ 1 CORUÑA 1 2 LLEIDA PONTEVEDRA 1 SEVILLA 1 1 TERUEL 1 VALENCIA VIZCAYA 1 1 Total Group Business

32 VARIATION WITH RESPECT TO 1989 VARIATION BY PERIOD Own elaboration Group 121% 334% 616% Business 100% 308% 229% Group 121% 96% 65% Business 100% 104% -19% 5. Conclusions This study proposes a new methodology for the long-term study of the largest family-controlled businesses and groups in Spain. Based on the historical assumption that there is no single homogenous source that allows identification and comparison of the largest family businesses in the last 60 years, sources with various indicators have been selected in order to rigorously construct, for each chosen year, an estimated ranking of the largest family businesses, their activity sector and location (of their head office). The comparisons are made with simple indicators, such as year of creation and/or founding of the business, the sectorial activity (grouping the relevant information from each source according to categories defined by the United Nations), and size indicators (employment, own resources, sales) available each year, thus allowing businesses from industry and services (not agriculture), listed or not, to be included. Studies on large businesses in Spain that only use corporate data tend to exclude the sector of distribution, and the service sector in general precisely where large family businesses are dominant the world over according to current descriptive identifications of largest family businesses in 6 developed and 5 developing economies in 2005 and 2010 that uses a similar methodology to the one used for this paper on Spain (Fernández Pérez 2012, and forthcoming). The criteria of flexible selection of sources allows the construction of databases that show the importance of families in the service sector as well as in industry (although they exclude the primary sector since no source includes family land cultivation in the rankings of largest businesses). The use of new sources with flexible criteria, that are historically appropriate for each diverse historical period, allows comparisons of the territorial and temporal aspects of the largest family businesses and groups, by province, in the years between 1964 and They show the changing keys to longevity and competiveness, clearly related to exogenous factors (big changes in the market and politics, such as integration into the European economy, the establishing of policies favourable to motivating winners on an autonomous and national scale, and the organization of large family business

33 associations in the country), and endogenous factors (succession planning, professionalization, changing family models and gender roles, leadership) that a more accurate case by case analysis will provide soon in our research agenda. Work on the influence of exogenous changes in the evolution of currently active large Spanish family businesses has already been partially published which only analyzed successful dynasties (Fernández Pérez y Puig 2007 y 2009). This work brings to light new historical indicators and new historically-based methodologies to identify, quantify, and compare, large family businesses across sectors and regions. With the new proposed methodology, that advocates for the use of different information appropriate for different historical periods (employment, revenues, income), non-listed companies and non-industrial and non-financial top businesses may be included in the historical analysis of the changes and continuities of largest family businesses in a territory. With this new methodology, also, it has been possible to trace changes in the specialization and endurance of large family businesses, by sector and province, over time, that brings to life those dynasties that were successful in the past (as measured in being in leading top positions of each year s ranking of largest businesses in the country) as well as those that disappeared from the top rankings. It also identifies those who have endured, and shows that endurance can take place in sectors that are not the usual sectors that publications only using financial listed information have considered: engineering, construction, tourism, and a diversity of services to industry. With a flexible historical methodology and indicators, the paper has been, also, able to identify key moments in the adoption and increase use of organizational typologies of large family businesses, like the business group. The tables in the paper show that depending on the context an independent firm could be efficient, and in other contexts families preferred to use groups, but that with a long-term perspective groups have proved to be more efficient in terms of employment, for instance, when considering the largest family groups versus the largest family firms in Spain in the last three decades. Thus, the increase in the use of the group as an organizational form can be, in the future, analyzed not just as an endogenous change in strategies of some families in business, but also as an efficient tool to increase employment in territories where families in business may prevail over other forms of firm ownership.

34 The paper, finally, because it has a broader coverage than past publications on large businesses in Spain, serves to highlight something relatively new in Spanish historiography: a) the central role of Madrid and the Basque Country in bringing together the elite of family capitalism (in businesses as well as groups) in Spain during the Franco dictatorship and until Spanish integration into European institutions; b) the rise to the elite of family capitalism by companies from the peripheral areas of Spain only in the 1980s-1990s, coinciding with the period of greatest internationalization and the establishment of regional governments who subsidized regional champions and protected the growth of large family businesses in their regions (Fernández and Puig 2009); c) the renewed power of Madrid as focal point for the family business elite in the first decade of the 21st century, in a context of the battle for tax reforms among the Autonomous Communities, which affected the profit and loss accounts and the location strategies of businesses of many family groups; d) the relative longevity of some dynasties despite changes in politics, technology and the market (above all in Andalucia, Cantabria, Asturias and Basque Country); e) the changes in the main specialization of activities of the large family businesses and groups, from extraction and metals during the Franco Regime of the 1960s, to construction and commercial distribution in 2010 (despite the tendency toward diversification); f) the predominance of the largest family businesses and groups specializing in construction, civil engineering, retail distribution and current related services (controlled by head offices in Madrid, in these sectors). This contrasts clearly with the dominant specializations of the large family capital elite in developed countries and in emerging economies, which are currently food and beverage industries and large-scale commercial distribution (Fernández Pérez 2012); g) and the greater relative diversification, by sector, in the peripheral regions of the country, where a combination of innovation, internationalization and policies of promotion for regional family business have helped to preserve long-standing dynasties and the reputation of more traditional conservative activities (which

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41 Annexes 1. Graphs 8, 9 and 10. Provincial Distribution of employment (1964*), own resources ( ) and sales ( ) of the top 20 Family Groups or Businesses Graph 8 VIZCAYA 39% GUIPUZCOA 3% ASTURIAS 8% CANTABRIA 6% BARCELONA 8% CASTELLON 3% VIZCAYA 34% ASTURIAS 5% BALEARES 3% BARCELONA 10% CANTABRIA 11% PROVINCE ASTURIAS BALEARIC IS. 1964*- G/B G/B 7,7% 5,0% G/B 3,4% 2,1% G/B 1964*-G/E NAVARRA 3% 31% 1969-G/E 36% BARCELONA CANTABRIA 7,6% 10,0% 9,7% 11,4% 6,2% 11,4% 9,4% SALAMANCA 2% NAVARRA 2% VALENCIA 2% VIZCAYA 12% BALEARES 2% BARCELONA 10% CANTABRIA 9% NAVARRA 4% SEVILLA 5% VALENCIA 8% GUIPUZCOA 3% BARCELONA 11,4% CASTELLON NAVARRA SALAMANCA 3,0% 31,1% 35,8% 61,3% 68,2% 2,9% 1,9% 4,0% 1,7% SEVILLA 5,1% 1976-G/E Source: own elaboration. Graph 9 61% 1986-G/E 68% VALENCIA VIZCAYA GUIPUZCOA Total 38,8% 34,4% 11,7% 2,1% 7,8% 2,8% 3,5% 100,0% 100,0% 100,0% 100,0% PONTEVEDRA 3% NAVARRA 6% 55% 1989-G SEVILLA 2% VIZCAYA 2% BARCELONA 27% CORUÑA 2% BURGOS 2% CADIZ 2% 58% 1998-G SEVILLA 3% VALENCIA 2% VIZCAYA 6% BALEARES 6% BARCELONA 20% CORUÑA 5% PROVINCE BALEARIC IS. BARCELONA BURGOS CADIZ GROUPS 1989-G 1998-G 2005-G 2010-G 6,4% 9,5% 7,9% 27,3% 19,5% 17,7% 9,9% 1,8% 2,3% 1,7% CORUÑA 2,4% 5,3% 8,6% 10,2% 55,0% 58,5% 54,4% 53,4% 2005-G 54% VIZCAYA 7% Source: own elaboration BALEARES 9% BARCELONA 18% BURGOS 2% CASTELLON 0% CORUÑA 9% 2010-G 53% VALENCIA 12% VIZCAYA 6% BALEARES 8% BARCELONA 10% CORUÑA 10% NAVARRA PONTEVEDRA SEVILLA VALENCIA VIZCAYA Total 5,5% 2,5% 1,8% 2,6% 2,1% 12,4% 2,0% 5,7% 7,5% 6,3% 100,0% 100,0% 100,0% 100,0% Graph 10 BUSINESSES PROVINCE 1989-B 1998-B 2005-B 2010-B BALEARIC IS. 7,5% 11,1% 1,8% 8,6% BARCELONA 32,9% 15,7% 25,1% 11,3% BURGOS 2,6% 3,6% CADIZ 2,3%

42 TERUEL 3% SEVILLA 3% VALENCIA 10% VIZCAYA 3% BALEARES 8% BARCELONA 33% SEVILLA 2% VALENCIA 11% BALEARES 11% BARCELONA 16% CORUÑA LLEIDA PONTEVEDRA 2,6% 10,1% 2,8% 35,8% 57,9% 48,2% 37,4% 1,0% 36% 1989-E LLEIDA 3% CADIZ 2% 1998-E 58% BURGOS 3% SEVILLA TERUEL VALENCIA VIZCAYA 2,8% 2,3% 3,2% 10,1% 10,5% 22,3% 25,9% 2,6% 2,1% VALENCIA 22% BALEARES 2% BARCELONA 25% VALENCIA 26% VIZCAYA 2% BALEARES 9% BARCELONA 11% BURGOS 4% Total 100,0% 100,0% 100,0% 100,0% 2005-E 48% Source: own elaboration. CORUÑA 3% PONTEVEDRA 1% 2010-E 37% CORUÑA 10%

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