Working PapersLampel, Joseph., Ramachandran, Kavil., Bhalla, Ajay. " Inter-Institutional Venture Governance in Indian Family Firms "Read Abstract >Close >

Working PapersMondal, Arindam.,Bhadra, Shantanu., Ramachandran, Kavil. "Does Family Involvement Matter for Internationalization of Firms? An Investigation into Emerging Multinationals from India"Read Abstract >Close >Emerging Multinationals (EMNEs) have attracted significant research attention in the recent years so are the internationalizing family firms (FFs) for being embedded in unique contexts - country for the former and family for the later. As FFs constitute a significant proportion of the EMNEs in some big emerging economies like India, drawing from both research streams, we investigate how family owned EMNEs differ from non-family EMNEs and how the heterogeneity of family owned EMNEs explains the full spectrum of internationalization of family owned EMNEs - spanning from lower commitment mode of exports to higher commitment mode of overseas foreign direct investments and subsidiary formations. Anchoring our research in the socioemtional wealth perspective in family business literature and behavioral risk taking theory we theorize how family owned EMNEs would differ in their internationalization trajectories from the non family owned EMNEs and how non-family professional managers shape the internationalization trajectories of family owned EMNEs differently as compared to those led by owner-managers. We test our predictions using a proprietary, longitudinal panel data set of 213 EMNEs from India featuring in the S&P BSE 500 index covering a six year period from 2007-08 to 2012-13. We report general empirical support for most of our predictions.

Working PapersBhatnagar, Navneet., Ramachandran, Kavil., Ray, Sougata. "Bridging the Leadership Gap: How Indian Family Firms are Developing the Next Generation Members"Read Abstract >Close >Effective leadership transition across generations is important for continuity of family legacy and control over the family business. Weak next generation leadership is a major reason attributed for the failure of family firms (Miller, 2015). The next generation members are key constituents of the family human capital (Sirmon & Hitt, 2003) and critical links in transfer of tacit knowledge (Royer et al., 2008) who require careful nurturing (Sharma, 2008). The ability to develop committed and competent leaders in younger generations is critical to family business performance and survival (Ward, 2011; Sharma & Irving, 2005; Brockhaus, 2004; Foster, 1995; Handler, 1994). Next generation leadership development is a long and significant process but it has not been studied in –depth, particularly in an emerging economy like India. Following case methodology, in this paper, we examine case studies of next generation leadership development process of 15 Indian family firms and identify the pathways adopted by the senior and next generation leaders. The key questions we asked to understand the phenomenon were: (1) How Indian family businesses developed their next generation leaders?, (2) what processes did the firms follow that were successful in developing next generation leaders?, and (3) what specific roles did the senior and next generation leaders play at various stages of the leadership development process. Based on the common patterns that emerged from the cases, we developed a conceptual framework for next generation leadership development process, mapping all the capability development stages observed. We observe two broad phases of leadership development that involve acquisition of multiple capabilities. Phase I involves intrapersonal and Phase II interpersonal capabilities in the family business context. Leaders who adhere to the building up of core capabilities tend to be more successful. For family businesses that failed to achieve such leadership transition, we observed absence of certain keys stages. We conclude the paper with practical implications.

Working PapersBhatnagar, Navneet., Ramachandran, Kavil., Ray, Sougata. "Preparing the Next Generation Battle Ready: Learnings from Indian Family Firms"Read Abstract >Close > Weak next generation leadership is a key reason for the failure of family firms (Miller, 2015). Hence, it is critical to develop effective next generation leadership to ensure long-term sustenance of family business. Continuity of family legacy and control over the family business depends on successful leadership transition across generations. Next generation leadership development involves a systematic process spread over time and acts. However, inspite of its significance the leadership development process has not been adequately studied, particularly in an emerging economy like India. Following case method this paper examines case studies of next generation leadership development process of 15 Indian family firms and identifies the pathways adopted by the senior and next generation leaders. The study finds that there are two distinct phases of leadership development that involve acquisition of multiple capabilities in several stages. The first phase involves stages that contribute to building next generation leader’s intrapersonal capabilities. The second phase involves stages in which the leader builds interpersonal capabilities in the family business context. Some of the stages in both the phases were found to be essential for successful leadership development. Family businesses in which these key stages in leadership development were absent failed to achieve an effective leadership transition. We present a conceptual framework for next generation leadership development process, mapping all the capability development stages observed. We conclude the paper with implications and suggestions for future research.

Working PapersChaudhuri, Bikramjit Ray.,Ray, Sougata., Ramachandran, Kavil. "Effect of Business Group Affiliation on Corporate Environmental and Social Sustainability Strategy"Read Abstract >Close >In spite of an overwhelming importance of business groups (BGs) in economic value creation, how they approach and contribute to sustainable development and social value creation, and whether they differ from other firms in executing corporate sustainability strategy, has hardly been systematically researched. Using a proprietary dataset built from a questionnaire survey and secondary data of 163 Indian publicly listed firms, we theorize that BG affiliation makes firms more inclined to execute corporate sustainability strategy. We also hypothesize the effect of the stock of fungible resources with these strategies, and the negative moderating effects of BG affiliation in these relationships, drawing from BG and resource-based view literature. Our research indicates that BGs make as significant a contribution to sustainable development as in the economic development

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