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Raveendra Chittoor is an Assistant Professor of Strategy at the Indian School of Business. His research focuses on the internationalisation strategies of emerging economy firms and the structure and strategies of family business groups in India. Prof. Chittoor’s current research is aimed at understanding how Indian family business groups create value in the firms affiliated to them. Prof. Chittoor has also been spearheading a joint effort by the ISB and Fundacao Dom Cabrall (FDC, a leading business school in Brazil) to systematically rank Indian transnational companies annually using globally accepted, multi-dimensional measures of internationalisation. Prof. Chittoor’s research has been published in leading journals such as Organization Science, Journal of International Business Studies and Journal of International Management.
Prof. Chittoor has a Post Graduate Diploma in Management from the Indian Institute of Management, Ahmedabad and is a Fellow in Management from the Indian Institute of Management Calcutta. Prior to joining the ISB, he has taught at Indian Institute of Management Calcutta and has industry experience of over twelve years in organizations such as IBM, CRISIL and Mumbai-based Rajan Raheja group. Prof. Chittoor teaches the core competitive strategy course at the ISB and elective courses on strategy implementation and global strategy.
Google Scholar Citations: http://scholar.google.co.in/citations?user=XieNvxkAAAAJ&hl=en&oi=ao
While overseas acquisitions by emerging-economy firms are gaining increased attention from the business press, our understanding of whether and why this inorganic mode of international expansion creates value to acquirer firms is
limited. We argue that international acquisitions facilitate internalization of tangible and intangible resources that are both difficult to trade through market transactions and take time to develop internally, thus constituting an important strategic lever of value creation for emerging-economy firms. Furthermore, the magnitude of value created will be higher when the target firms are located in advanced economic and institutional environments:
country markets that carry the promise of higher quality of resources, and therefore, stronger complementarity to the existing capabilities of emerging economy firms. An event study of 425 cross-border acquisitions by Indian firms during 2000–2007 supports our predictions.
This article investigates how Indian pharmaceutical firms, facing discontinuous institutional changes in their domestic environment due to economic liberalization and intellectual property reforms, have undertaken organizational transformation. Internationalization of resources and product markets constitutes an important component of organizational transformation for local firms in emerging economies. Using longitudinal data on 206 Indian pharmaceutical firms from 1995–2004, we find that firms’ access to international technological and financial resources enables product market internationalization. Furthermore, we theorize and find support for our predictions that the association between international resources and markets is conditioned by time and business group affiliation, and product market internationalization affects financial performance. Several implications thus emerge for theory and practice associated with the sources of competitiveness in emerging economy firms and their transformation into globally competitive multinational firms.
This paper examines the strategic response of the Indian pharmaceutical industry to the dual institutional changes arising from economic liberalization of the Indian economy and the WTO mandated intellectual property regime. An analysis of the relative position and growth of Indian firms vis-à-vis foreign multinationals, changes in the resources and capabilities of these firms, and scope in terms of product market internationalization and overseas acquisitions during the 1995–2005 period, suggests an ‘indigenous growth’ model in the Indian pharmaceutical industry which is in contrast to the FDI initiated growth witnessed through full or partial privatization of state-owned firms in other geographical contexts. Second, internationalization of both inputs and product markets has been the dominant mode to overcome the pressures arising from institutional changes. We discuss the drivers of this model and provide implications for future research on strategic responses to institutional changes within other industries in India as well as for comparative research across different political and institutional settings
This paper is an attempt to throw light on the internationalization paths of emerging economy firms through a strategic group analysis of internationalizing firms in the Indian pharmaceutical industry. Strategic group analysis of a proprietary data set of strategic variables from forty firms revealed significant
variation in their internationalization strategies. The distinct strategies exhibited different value creation potential, but led to similar levels of performance in terms of return on assets, thus indicating equifinality of different paths to multinationality. Inductively drawing from in-depth analysis of firms from each of the strategic groups, the paper proposes a conceptual model of internationalization for emerging economy firms through a combination of exploitation and exploration strategies along the dimensions of products and markets. Firms that are able to supplement the conventional exploitation strategies with exploration through new products and new markets, by taking advantage of increasingly liberalized economies, could emerge as Third-world multinationals with capabilities that could potentially challenge even MNCs from the developed world.
Based on inductive reasoning—case evidence from Indian family business groups and the authors' experience with family businesses in India—this article explores the impact on succession performance of succession to a nonfamily professional manager as compared to a family member, commonly referred to as professionalization of management. An important distinction is drawn between family-owned and family managed businesses and family-owned and professionally managed businesses. Then, drawing from case studies on succession process in three Indian family business groups, the article puts forth five propositions pertaining to the impact of professionalization of management on succession performance. Several directions for further research are indicated