Working Papers

Working PapersManchiraju, Hariom., Pandey, Vivek.,Subramanyam, K.R. "Manager-shareholder agency conflicts and conservative accounting: Evidence from universal demand laws"
Working PapersManchiraju, Hariom., Prabhat, Saumya., Subramanian, Krishnamurthy., Sahoo, Satish. "Once Bitten, Twice Shy? Do Firms Learn Following Bad Acquisitions "
Working PapersSubramanian, Krishnamurthy., Chakrabarti, Rajesh. "Effect of Independent Director Liability on Firm Value: Evidence from a Large Corporate Governance Failure"Read Abstract >Close >
Working PapersSubramanian, Krishnamurthy. "Once Bitten Twice Shy: Learning from Failed Acquisitions"Read Abstract >Close >
Working PapersSubramanian, Krishnamurthy. "The Optimal Locus of Innovation"Read Abstract >Close >
Working Papers, Gursharan Singh Bhue., Subramanian, Krishnamurthy. "Non-contractual inuence by creditors: Evidence using lenders in the boardroom and innovation"
Working PapersBhatnagar, Navneet.,Ray, Sougata., Ramachandran, Kavil. "Decoding Family Togetherness: How Familial Bonds Shape the Family Business"Read Abstract >Close >Sustaining the family business has been a core concern of family business scholars (Le Breton-Miller & Miller, 2016). Long-term survival of business is possible only when the owner family sustains as a cohesive unit. For this, strong family bonding is critical. Family ties have been probed in literature but in a fragmented manner. Moreover, the theories of family cohesion or socioemotional wealth consider family ties purely as a phenomenon of the family sub-system and examine their effect on business outcomes. We assimilate the disparate literature on familiality and conceptualize a coherent whole, termed, ‘Family Togetherness.’ We define family togetherness as the capability of the owner family to operate as a cohesive unit across both the family and business contexts. It is a ‘supra-entity’ determined by the constituent dimensions from the complex whole of the family and business sub-systems. These dimensions are rooted in the operational and governance practices followed in both the sub-systems. Using confirmatory factor analysis based on 279 survey responses from family business leaders in India, this study identifies six dimensions of family togetherness: i.e., Professionalism, Commitment, Mutual Respect, Complexity, Shared Vision, and Nurturance. The paper also discusses the implications and concludes with suggestions for future research.

Working PapersBang, Nupur Pavan.,Vishwanathan, Anierudh.,Ray, Sougata., Ramachandran, Kavil. "Does Family Ownership Impact Firm Performance?- Evidence from India "Thomas Schmidheiny Centre for Family EnterpriseRead Abstract >Close > Concentrated ownership of a firm in the hands of a family presents unique opportunities and challenges that may have an impact on the performance of the firm. A unique proprietary database of scientifically classified listed family and non-family firms covering 4,186 firms in India from 1990 to 2016 has been used to study the impact of family ownership on firm performance, thus advancing the debate that has so far been skewed towards studies from the developed markets and larger firms. Family ownership classification used in this considers ownership concentration in the hands of the family, the management control with the family and ownership continuity within the family. Accounting and market measures of firm performance have been used to conduct a time-series cross-sectional comparison of family and non-family firms. Results show that family ownership and control per se are a significant impediment to firm performance for the listed firms in India.

Working PapersBang, Nupur Pavan.,Vishwanathan, Anierudh.,Ray, Sougata., Ramachandran, Kavil. "Performance of Listed Family Firms in India vis a vis the Non-Family Firms"Thomas Schmidheiny Centre for Family EnterpriseRead Abstract >Close > Concentrated ownership of a firm in the hands of a family presents unique opportunities and challenges that may have an impact on the performance of the firm. A unique proprietary database of scientifically classified listed family and non-family firms covering 4,186 firms in India from 1990 to 2016 has been used to study the impact of family ownership on firm performance, thus advancing the debate that has so far been skewed towards studies from the developed markets and larger firms. Family ownership classification used in this considers ownership concentration in the hands of the family, the management control with the family and ownership continuity within the family. Accounting and market measures of firm performance have been used to conduct a time-series cross-sectional comparison of family and non-family firms. Results show that family ownership and control per se are a significant impediment to firm performance for the listed firms in India.

Working PapersChittoor, Raveendra.,Bang, Nupur Pavan., Ramachandran, Kavil., Vishwanathan, Anierudh. "Women on Boards in Family Firms"Thomas Schmidheiny Centre for Family EnterpriseRead Abstract >Close >In this paper, we examine the heterogeneity in the adoption of new corporate governance norms between family firms and non-family firms in the specific context of induction of women directors onto corporate boards. We do so by exploiting a regulation introduced in 2013 in India that required companies to induct at least one woman director on the board within a year. Using panel data from 1507 publicly listed firms, we find that there is no significant difference in the proportion of women directors between family firms and non-family firms. We further distinguish family firms into stand-alone firms and firms belonging to family-owned business groups and find that women director proportion and the proportion of executive women directors is higher in stand-alone family firms.

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