To what extend does the presence of millennials in family offices governance reinforce stewardship behaviors, and how do they facilitate an increase in impact investments?

Abstract

This thesis studies the extent to which the presence of millennials in family office governance reinforces stewardship behaviors and facilitates the adoption of impact investment strategies. Drawing on stewardship theory, it examines how generational values and governance structures interact to influence long-term investment orientations.

The research employs a qualitative, multiple-case study design, comprising nine semi-structured interviews with millennial and senior family members, executives, and external experts from Belgian family offices. Data were coded across three dimensions: governance, stewardship behaviors, and impact investing. A cross-case analysis was conducted to identify similarities, divergences, and mechanisms through which millennials contribute to decision-making.

Findings reveal that millennials often express strong organisational identification, intrinsic motivation, and a preference for collective decision-making, which align with stewardship behaviors. Their involvement tends to reduce hierarchical distance and encourage collaborative governance. Impact investing mirrors family values and serves to maintain socioemotional wealth, but its practice is uneven among the cases studied.

The study contributes to existing literature by linking stewardship behaviors to impact investment practices in family offices and by highlighting the role of millennials in supporting sustainability-oriented strategies. For practitioners, it underlines the importance of structured next-generation integration, measurable impact criteria, and governance mechanisms that ensure stability while remaining open to change.