Working PapersBhatnagar, Navneet., Ramachandran, Kavil. "Ready, Steady, Go!’: Influence of Family Politics on New Venture Creation in Family Business"Read Abstract >Close >Family firms comprise significant part of economies around the globe. Creation of new ventures (NV) is vital for their long-term survival. One of the critical success factors of a NV is the process of setting up of the venture. Yet our understanding of the ‘process’ of NV creation in family enterprise context remains limited (Vogel, 2017; Marion et al., 2015; Steier, 2009). Family as a system has its unique dynamics of socio-political pulls and pushes among its members. These forces constantly influence the functioning of the business system as well since family members are different personalities in several ways. They also exhibit varying degrees of influence on the dominant coalition. These lead to variations in the way each member is perceived and dealt with, by the top decision-makers in the family. We posit that NV creation process in family business context is influenced by socio-political forces within the family. This paper examines those socio-political forces and their influence on the NV creation process in family business. In a survey study of 120 Indian family businesses we found that familial socio-political forces significantly influence the NV creation process. Using factor analysis, we identify seven dimensions of familial socio-political influence such as Political/ Social clout and In-group/ Out-Group effects. Family embeddedness of the NV proposer was found to enhance the family’s support for the NV proposal. We conclude with the implications of the study for family firms and offer suggestions for objective assessments of NV proposals.

Working PapersRamachandran, Kavil., Bhatnagar, Navneet.,Ray, Sougata. "Togetherness in Indian Family Businesses"
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 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.

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