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 PapersRamachandran, Kavil., Ray, Sougata. "Corporate Governance and Role of Board of Directors in Family Business"
Working PapersRamachandran, Kavil., Bhatnagar, Navneet.,Kancharla, Manjusha.,Phadke, Sayali. "Family Business Performance and Survival through Macroeconomic Crises - A Study on Post-Economic Liberalization Era in India (White paper)"Read Abstract >Close >Indian economic landscape had been traditionally dominated by a strong public sector, owing to the socialist leaning economic system that it adopted soon after independence in 1947. Besides the government owned companies, many family owned businesses formed a significant part of the Indian economy. Indian economic reforms were initiated in 1991, to liberalize policies and move towards a market-oriented economy. As part of the reforms, many industrial sectors were opened up for competition, markets were de-regulated, import tariffs and taxes were reduced and foreign investment was permitted. All these changes transformed the Indian economy and brought challenges to family businesses that they had never faced before. Suddenly, family businesses that were used to operate in a protected economy that was a seller's market with little competition were to face global competition. This was a big change that forced businesses across several ownership groups to adjust to the new realities and transform themselves. This study was aimed to analyze and understand how Indian family businesses performed during the two decades since the reforms were initiated in 1991. Additionally, the study was aimed at understanding if there were any significant patterns across times and geographic zones. Large macroeconomic disturbances are a threat to the survival of business. Major economic upheavals in the recent past had seen the collapse of iconic business organisations. Though all businesses aim to secure their long-term survival, this is an important objective for family businesses because of their core objective of ensuring a lasting family legacy. However, literature on family business survival through macroeconomic crises is sparse. Therefore this paper attempts to study the performance and survival of family businesses across three prominent macroeconomic crises of the last two decades and tries to understand the underlying patterns.

Working PapersRamachandran, Kavil., Bhatnagar, Navneet. "Familial Socio-political Influences on New Venture Creation in Family Business"Read Abstract >Close >New venture (NV) creation has been extensively studied in Entrepreneurship literature (Perrow, 2002). However, recent discussion on NV has moved to ecosystems such as family businesses (Sharma et al., 2014). As a business family grows, creating new business ventures becomes crucial for family business sustainability (Zahra, Hayton & Salvato, 2004). Family plays an important role in NV creation (Rodriguez et al., 2009). Though it is critical for family business sustainability, researchers have regularly emphasized that our understanding of the actual venture creation process in family business requires further exploration (Steier, 2009). particularly, the role played by the socio-political forces within the family in NV creation process is an area that is not understood well. This paper is an attempt to address this crucial gap in literature. The key questions we researched are: (i) Besides commercial viability, what other considerations influence NV creation in family businesses? (ii) Why some economically viable NV proposals receive family’s support, while others do not?, and (iii) What influence do family members have on resource allocation to NVs? We report answers to them based on empirical research done on Indian family businesses.

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