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Sougata Ray
Professor of Strategy and Entrepreneurship (Practice)
Thomas Schmidheiny Chair and Executive Director - TSCFE
Email sougata_ray@isb.edu
Overview
Sougata Ray is a Professor of Strategy and Entrepreneurship (Practice), Thomas Schmidheiny Chair Professor and Executive Director of the Thomas Schmidheiny Centre for Family Enterprise. Earlier he served Indian Institute of Management Calcutta for over two decades as a Professor of Strategic Management, a member of the Board of Governors and Dean. He was also a senior level executive in Infosys Technologies Limited for two years in a strategic role as Head of innovation Lab. He is an alumnus of Indian Institute of Management, Ahmedabad and Indian Institute of Engineering, Science and Technology, Shibpur.
Sougata’s research interests have evolved over the years in understanding various facets of strategic management, entrepreneurship, innovation and governance of firms and business groups in high growth economies. Given the ubiquity of family firms in India and observing how family owners and leaders play a pivotal role in shaping the future of enterprises, he was gradually drawn into family business research. Since the past few years, under the aegis of the Thomas Schmidheiny Centre for Family Enterprise, he has been spearheading a mega program towards developing a solid research based understanding of family firms and business groups in India and South Asia. He has also been leading a research program in the areas of social entrepreneurship, corporate sustainability strategy and practices, Bottom of the Pyramid initiatives, and involvement of corporations in inclusive and sustainable development.
Sougata is one of the most prolific and cited home-grown strategy scholars in India. He has been publishing regularly in reputed scholarly journals and presenting in leading peer-reviewed international conferences. Sougata received over half a million dollar research grants, several prestigious research and teaching awards and many more award nominations.
Sougata blends over three decades of experiences in diverse roles – international quality academic, research and institution building practice with hands on corporate managerial and governance experiences as an executive, member of the Board of Directors, and co-founder of start ups.. He has been an advisor to numerous medium and large corporations, family businesses and start ups, and Principal Consultant to leading International Development Agencies. He currently sits on the governing and advisory boards of several listed and unlisted companies, start ups and social enterprises. Sougata has taught in numerous executive education programs, designed and conducted many workshops exclusively for Owner-managers, Entrepreneurs and C-Level Executives of companies in India, Asia, Middle East, Nordic and Scandinavian countries. Over the years he has led over thirty C- level executive delegations to multiple countries in every continent for high-level meetings with the Ministers and high ranking officials, Multilateral agencies such as WTO and ILO, Chambers of Commerce, MNCs, Industrial Organizations, Research Labs and Academic Institutions.
Experience
Academic
- 2022 - Present: Executive Director - Thomas Schmidheiny Centre for Family Enterprise, Indian School of Business
- 2021 - Present: Thomas Schmidheiny Chair & Professor of Strategy and Entrepreneurship (Practice), Indian School of Business
- 2021 - 2021: Executive Director Designate -Thomas Schmidheiny Centre for Family Enterprise, Indian School of Business
- 2012 - 2021: Professor, Indian Institute of Management Calcutta
- 2010 - 2012: Dean (Programme Initiatives) and Professor, Indian Institute of Management Calcutta
- 2006 - 2010: Professor, Indian Institute of Management Calcutta
- 2003 - 2006: Associate Professor, Indian Institute of Management Calcutta
- 2000 - 2003: Assistant Professor, Indian Institute of Management Calcutta
- 1998 - 2000: Assistant Professor, Indian Institute of Management Indore
- 1993 - 1997: Research Scholar, Indian Institute of Management Ahmedabad
Professional
- 2011 - Present: Independent Director, Corporate Board of Tinplate Company of India Limited
- 2008 - 2010: General Manager & Head, Infosys Technologies Limited
- 2005 - 2008: Independent Director, Bongaigaon Refineries and Petrochemicals Limited (BRPL)
- 2002 - 2007: Independent Director, IBP Company Limited
- 1989 - 1993: Executive, Steel Authority of India Limited
In the Media
March 14, 2023: Leveraging the power of an independent board, Financial Express.
March 7, 2023: Managing Differences in the Family to Prevent Destruction of Business and Wealth, Economic Times.
January 11, 2023: Book launch - A Talk On Entrepreneurship With Dr BVR Mohan Reddy, Sakshi, Telangana Today, India Education Diary, Navayuga Sandesh, Namaste Telangana.
November 15, 2022: Tricks to Ensure the Next Generation becomes capable to take over the Family Business, Economic Times.
September 18, 2022: Rise of the Daughters, Business Today.
September 7, 2022: Indian Family Businesses are Indian Economy's Backbone - CII, The Himachal Times, The Hawk, The Garwhal Post.
August 10, 2022: India at 75: Family Businesses that Reform, Rethink and Reinvent, Rule, Financial Express.
July 6, 2022: Ambani Succession Journey – Well Begun But Not Over, BQ Prime.
June 28, 2022: What Drives Resilience in Family Businesses, Business Journal, Financial Express, MSN News, Times of India, Babushahi, India Education Diary,.
April 18, 2022: Shareholder capitalism to stakeholdercapitalism: Are Indian Family Firms Prepared?, Money Control.
April 5, 2022: Why the Rs 4.6 lakh crore Pledged Promoter Shares Matter for India Inc.,?, Financial Express.
April 5, 2022: Family Firms in India: Performance and Relevance, Money Control.
March 29, 2022: Family firms: Preordained to be governed by passion and purpose, Money Control.
September 8, 2021: Some Firms Create Value using Funds Raised via Pledging of Shares, finds ISB study, Hindu Business Line.
Research & Publications
Published Papers
Bang, Nupur., Ray, Sougata., Kumar, Satish. (2023) "Women in family business research— What we know and what we should know", Journal of Business Research Mondal Arindam.., Ray, Sougata., Lahiri Somnath.. (2022) "Family ownership, family management, and multinationality: Evidence from India", Journal of Business Research , Volume 138, 347-359 Bhadra, Santanu., Ray, Sougata. (2022) "Outbreak of COVID-19: Economic Shocks and Corporate Responses in India", Journal of Asian Economics Letters , 3 (2, 2022) Mondal, Arindam., Ray, Sougata., Lahiri, Somnath. (2021) "Strategic Response to Inward Foreign Direct Investment: A Study of Indian Family Firms", Management International Review , Volume 61, 207–233 Shroff, Nemit., Ray, Sougata., Rodrigo Verdi. (2019) "The Effects of Financial Reporting and Disclosure on Corporate Investment: A Review", Journal of Accounting and Economics , 68, 101246 Ray, Sougata., Chittoor, Raveendra., Aulakh, Preet. (2019) "Microfoundations of Firm Internationalization: The Owner CEO Effect", Global Strategy Journal , 9 (1), 42-65 Ray, Sougata., Chaudhuri, Bikramjit Ray. (2018) "Business Group Affiliation and Corporate Sustainability Strategies of Firms: An Investigation of Firms in India", Journal of Business Ethics , 149 (2), 1-22 Ray, Sougata., Chattterjee, Abha., Chanda, Sasanka Sekhar. (2018) "Administration of an organization undergoing change: Some limitations of the transaction cost economics approach"", International Journal of Organizational Analysis , 26(4), 691-708 Ray, Sougata., Chanda, Sasanka Sekhar., Mckelvey, Bill. (2018) "“The Continuum Conception of Exploration and Exploitation: An Update to March’s Theory”", M@n@gement , 21(3), 1050–1079 Ray, Sougata., Chakrabarti, A.B.. (2018) "“An exploratory study on the impact of pro-market reforms on the Indian corporate sector,”", Journal of Economic Policy Reform , 21 (1) (DOI: 10.1080/17487870.2016.1235498), 1-20 Ray, Sougata., Mondal, Arindam., Ramachandran, Kavil. (2018) "How Does Family Involvement Affect a Firm’s Internationalization? An Investigation of Indian Family Firms", Global Strategy Journal , 8 (1), 73-105 Ray, Sougata., Ramachandran, Kavil., Bhatnagar, Navneet. (2018) ""The Role of Familial Socio-Political Forces on New Venture Creation in Family Business,"", Cross Cultural & Strategic Management , 25 (4), 550-577 Ray, Sougata., Venkatraman, S.. (2017) "“Environment, Social, and Governance Indices and Corporate Sustainability Research from a Strategic Perspective: A Reflective Appraisal and Suggestions for Improvement,”", Journal of Environmental Investing , 8(1), 74-91 Ray, Sougata., Chanda, Sasanka Sekhar. (2016) "“Learning from Project Failure: Globalization Lessons for an MNC,”", Thunderbird International Business Review , 58 (6) (doi: 10.1002/tie.21776), 575-585 Ray, Sougata., Raveendra Chittoor., Preet Aulakh. (2015) "What drives overseas acquisitions by Indian firms? A behavioural risk-taking perspective", Management International Review , 55 (2), 255-275 Ray, Sougata., Sathyajit Gubbi., Preet Aulakh. (2015) "Exogenous shifts, business group affiliation and heterogeneity in firm responses", Organization Science , 26 (5), 1485-1501 Ray, Sougata., Raveendra Chittoor., Preet Aulakh. (2015) "“Investments in innovation in developing economy firms: the role of accumulative and assimilative learning,”", Global Strategy Journal , 5, 133-153 Ray, Sougata., Sasanka Sekhar Chanda. (2015) "Optimal Exploration and Exploitation: The Managerial Intentionality Perspective", Computational and Mathematical Organizational Theory , 21 (3), 247-273 Ray, Sougata., Sasanka Sekhar Chanda. (2015) "Formal Theory Development by Computational Simulation Modeling: A Tale of Two Philosophical Approaches", Decision , 42 (3), 251-264 Ray, Sougata., Sathyajit Gubbi., Raveendra Chittoor., Preet Aulakh., M.B. Sarkar. (2010) "Do International Acquisitions by Emerging Economy Firms Create Shareholder Value? The Case of Indian Firms", Journal of International Business Studies , 41, 397–418 Ray, Sougata., Sathyajit Gubbi. (2009) "International acquisitions by Indian firms: Some observations and implications for future research on emerging multinationals", Indian Journal of Industrial Relations, Special Issue on Global Indian Firms , 45 (1), 11-26 Ray, Sougata. (2009) "A comment on Revisiting the Internationalization – performance relationship: Implication for emerging economy firms", Decision , 36 (2), 40-44 Ray, Sougata., Raveendra Chittoor., Preet Aulakh., M.B. Sarkar. (2009) "Third-World Copycats’ to ‘Emerging Multinationals’: Institutional Transformation and Strategic Renewal in the Indian Pharmaceutical Industry", Organization Science , 20, 187-205 Ray, Sougata., Raveendra Chittoor., Preet Aulakh., M.B. Sarkar. (2008) "Strategic Responses to Institutional Changes: ‘Indigenous Growth’ Model of the Indian Pharmaceutical Industry", Journal of International Management , 14 (3), 252-269 Ray, Sougata., Raveendra Chittoor. (2007) "Internationalization Paths of Indian Pharmaceutical Firms: A Strategic Group Analysis", Journal of International Management , 13 (3), 338-355 Ray, Sougata. (2006) "Resources, Competences and Capabilities Conundrum: A Back-To-Basics Call", Decision Ramachandran, Kavil., T P Devarajan., Ray, Sougata. (2006) "Corporate Entrepreneurship: How?", Vikalpa , 31 (1), 85-97 Ray, Sougata., K. Ramachandran. (2006) "Networking and resource strategies in new ventures: A study of information technology start-ups", Journal of Entrepreneurship Ray, Sougata., A. Chakrabarty. (2006) "Strategic change of firms in response to economic liberalisation in an emerging market economy", International Journal of Strategic Change Management Ramachandran, Kavil., Ray, Sougata. (2006) "Networking and Resource Strategies in New Ventures: a study of information technology start-ups", Journal of Entrepreneurship , 15 (2), 146-168 Ray, Sougata. (2004) "Discerning Corporate Strategy", General Management Review , 4(2), April-June, 21-29 Ray, Sougata. (2004) "Environment-Corporate Strategy-Performance Linkages: A Study of Indian Firms during Economic Liberalization", Vikalpa, The Journal of Decision Makers (29 (2)), 9-23 Ray, Sougata. (2003) "Strategic Adaptation of Firms during Economic Liberalisation: Emerging Issues and a Research Agenda", International Journal of Management , 20(3), 271-281 Ray, Sougata. (2002) "Towards A Reconciliation of Choice versus Determinism Debate: A Model of Organisation - Environment Coevolution", Management and Change (6(1)), 1-35 Ray, Sougata., Ramachandran, Kavil. (2002) "New Venture Resource Strategy in High Velocity Environment", General Management Review , 4(4), October-December, 10-20 Ray, Sougata. (2001) "Do Entrepreneurial Owners Make Firms More Responsive? A Study of Ownership Effects on Firms’ Strategic Response to Economic Liberalisation in India", Sasin Journal of Management (7(1)), 73-86 Ray, Sougata. (2000) "Strategic Adaptation during Economic Liberalisation: A Study of Indian Manufacturing Firms", Decision (27(1)), 117-134 Ray, Sougata. (1997) "The Competitive Spirit", Indian Management , 35 (4), 39-45 Ray, Sougata., S, Chaudhuri. (1997) "Competitiveness conundrum: literature review and reflections", Economic and Political Weekly (32(48)), M83-M91 Ray, Sougata. (1997) "Developing competitiveness of NICs: A policy perspective", Journal of Indian Management and Strategy , 2(2), 14-21 Ray, Sougata., S, Chaudhuri. (1997) "Competitiveness: A Managerial Perspective", Strategic Marketing , 1(1), 16-26 Ray, Sougata., Ramachandran, Kavil. (1996) "Towards a Framework for a Comprehensive Theory of Entrepreneurship", Journal of Entrepreneurship , 5 (1), 1-22
Books and Monographs
Bhadra, Santanu., Ray, Sougata., Manikutty, Sankaran., Ramachandran, Kavil. (2022) "Family Business Groups in India: Perspectives on Their Roles, Strategies, and Innovations", Palgrave Macmillan, Cham , 159–185 Ramachandran, Kavil., Ray, Sougata., Basuthakur, Yashodhara. (2020) "Changing Landscape of Indian Family Businesses", Edward Elgar Publishing Ltd , 169–184 Ray, Sougata., Bhadra, Santanu. (2020) "Indian Family Firms in Emerging Digital Economy: An Analysis of Digital Technology Adoption", Routledge Ray, Sougata., Anjan Ghosh. (2014) "Evolutionary Dynamics of Organizational Legitimacy of a Social Enterprise in a Developing Economy", Springer Ray, Sougata., Mukherjee, Indrajit. (2009) "Founding context, business model and performance of new ventures in emerging economies-a longitudinal study", Frontiers of Entrepreneurship Research, Babson College, Boston Ray, Sougata., R. Das., Raveendra C. (2009) "WIMI Long Duration Executive Education", Tata McGraw-Hill, Ray, Sougata., Munish Kumar. (2009) "Parivaar: A Family of Destitute Children", Tata McGraw-Hill, Ramachandran, Kavil., Ray, Sougata. (2008) "The role of government in the formation of late emerging entrepreneurial clusters of India", Phillip Phan, SVenkataraman and RVelamuri, Entrepreneurship in Emerging Regions around the World: Theory, Evidence and Implications , 228-275 Ray, Sougata. (2005) "The Essence of Strategy in Managing Business in the 21st Century", Oxford University Press Ramachandran, Kavil., Ray, Sougata. (2005) "Creating IT Industrial Clusters: Learning from strategies of early and late movers", Information Communication Technology and Economic Development: Learning from the Indian Experience Ray, Sougata. (2004) "Behaviour of Firms during Economic Liberalisation: Conceptual Propositions and an Integrative Model." In Transformative Organisations: Global Perspective", Sage Publications , 421-440 Ray, Sougata., S, Chakraborthy. (2003) "Business failure in the digital world in Management of Research and Development in the New Millennium", Macmillan Ray, Sougata., S, Khanna., A, Sen. (2001) "Tube Investments of India Limited: Repositioning in a Liberalising Economy," in World Class in India", Penguin Books India Ray, Sougata., Ramachandran, Kavil. (1998) "A framework and entrepreneurial typology for developing comprehensive theory of entrepreneurship in Entrepreneurship and Innovation: Models for Development", Sage Publications
Reports
Bang, Nupur., Ray, Sougata., Bhatia, Nandil., Ramachandran, Kavil. (2021) "Share Pledging and its Consequences: A Study of Indian Firms (White Paper)", Bang, Nupur., Bhatia, Nandil., Ray, Sougata., Ramachandran, Kavil. (2020) "Family Businesses and India's Transition to a Services Led Economy (1991 – 2018)", Bang, Nupur Pavan., Ray, Sougata., Ramachandran, Kavil., Vishwanathan, Anierudh. (2018) "Family Businesses: Promoters’ Skin in the Game 2001-2017 (White Paper)", Bang, Nupur Pavan., Ray, Sougata., Ramachandran, Kavil. (2017) "Family Businesses-The Emerging Landscape, 1990 - 2015 (White Paper)",
Conference Proceedings
Ray, Sougata. (2017) ""Theorizing "Strategic Transition towards Organizational Hybridism": Action Research with CINI India"", Academy of Management Best Paper Proceedings Ray, Sougata., Chittoor, Raveendra., Aulakh, Preet. (2013) "Managerial intentionality and Internationalization of emerging market multinationals", Academy of International Business Annual Meeting Ray, Sougata., Gubbi, Sathyajit., Aulakh, Preet. (2009) "Do business groups enable or constrain the strategic transformation of affiliated firms?", Annual Meeting of the Academy of Management
Cases
Bhatnagar, Navneet., Ray, Sougata., Ramachandran, Kavil., Garg, Moksh. (2023) "Mariwala's Family Entrepreneurship Challenges (A)", Harvard Business Publishing (ISB374-PDF-ENG), 19 Bhatnagar, Navneet., Ray, Sougata., Ramachandran, Kavil., Garg, Moksh. (2023) "Mariwala's Family Entrepreneurship Challenges (B)", , 16 Bhatnagar, Navneet., Ramachandran, Kavil., Calabro, Andrea., Ray, Sougata. (2018) "Merck, Darmstadt: Sustaining Legacy Beyond 350 Years", Harvard Business Publishing Ray, Sougata., Roy, Kaushik. (2017) "Birla Sun Life Asset Management Company - Charting a Unique Success Trajectory – Instructor’s Note", International Academy of Case studies Ray, Sougata., Roy, Kaushik. (2017) "Birla Sun Life Asset Management Company - Charting a Unique Success Trajectory", International Academy of Case studies Ray, Sougata., S. Venkataraman. (2014) "The Caribbean Information and Credit Rating Services Limited (CariCRIS) (B)", Richard Ivey Publishing. Ray, Sougata., S. Venkatraman. (2014) "The Caribbean Information and Credit Rating Services Limited (CariCRIS) (A)", Richard Ivey Publishing Ray, Sougata., Anjan Ghosh., Indranil Biswas. (2013) "Child in Need Institute: Non-Profit or Hybrid?", Richard Ivey Publishing. Ray, Sougata., S. Chakraborty., S. Mishra. (2008) "Samsung’s Entry into India (B)", Richard Ivey Publishing. Ray, Sougata., S. Chakraborty., S. Sharma. (2008) "Samsung’s Entry into India (A)", Richard Ivey Publishing Ray, Sougata., S. Khanna., A. Sen. (2000) "Tube Investments of India (A) & (B)", Penguin Books India Bang, Nupur., Ray, Sougata. "Duroflex Limited – Revitalization for a Sustained Growth", Malik, Tajuddin., Bang, Nupur., Ray, Sougata. "Resilient Kanwal Foods", Mehrotra, Sonia., Ray, Sougata., Sharma, Pramodita. "Thermax - Striving to Create a Sustainable Tomorrow", Bang, Nupur., Ray, Sougata. "Breaking Amicably: Leveraging Mediation in Duroflex",
Working Papers
Ray, Sougata., Mukherjee Indrajit. "Exploring the Linkage between Technology Development Modes and Firm Performance in Emerging Economies: A Longitudinal Study of Indian Manufacturing Firms" Garg, Moksh., Bang, Nupur., Ray, Sougata. "A Holistic View of Family Firm Performance" Banerjee, Abhisek., Ray, Sougata. "An Investigation into Digital Strategic Entrepreneurship by a Pair of Family Business Groups in Emerging Market" Chanda, Sasanka., Ray, Sougata. "Is Comprehensiveness in Making Strategic Decisions always Helpful?" Gadepalli, Sarada Devi., Banerjee, Aneesh., Ray, Sougata. "Who stick their necks out: A behavioural explanation of Multinational Enterprises’(MNEs) entry into the Base of the Pyramid (BoP) markets?" Bhatnagar, Navneet., Ray, Sougata., Ramachandran, Kavil., Garg, Moksh. "Mariwala’s Transgenerational Governance Challenges" Bhatia, Nandil., Ray, Sougata., Bang, Nupur., Ramachandran, Kavil. "Pledging the Family Silver: Deciphering the Antecedents to the Decision to Pledge" Bhatnagar, Navneet., Ray, Sougata., Ramachandran, Kavil. "Developing the Next Generation Leadership in Family Business" Bhatnagar, Navneet., Ray, Sougata., Ramachandran, Kavil., Garg, Moksh. "Mariwala’s Professionalisation Challenges" Bang, Nupur., Ray, Sougata., Ramachandran, Kavil. "Evidence on Family Firm Performance and Relevance of Context in an Emerging Economy" Garg, Moksh., Bang, Nupur., Ray, Sougata. "Going an Extra Mile: Investigating Structural Determinants of Firm’s Sustainability Orientation" Ramachandran, Kavil., Bhatnagar, Navneet., Ray, Sougata. "Gridlock that Family Firms Build for Themselves" Ray, Sougata., Chanda, Sasanka. "Why Do Strategic Projects Fail" Bang, Nupur., Ray, Sougata., Ramachandran, Kavil. "Parenting among Business Groups: An Emerging Market’s Perspective" Garg, Moksh., Ray, Sougata. "Bringing Back Family into Family Business Research: A Sociological Perspective" Bang, Nupur., Ghosal, Tanisha., Ray, Sougata. "Religious Affiliation of Owning Family and Performance of Family Firms" Mondal, Arindam., Lahiri, Somnath., Ray, Sougata. "Internationalization-Performance Relationship of Family Firms: The Moderating Role of Family Ownership and CEO Involvement" Gadepalli, Sarada Devi., Mondal, Arindam., Ray, Sougata., Lahiri, Somnath. "Probing beyond the affiliate: Measuring performance variance at the business unit level of business groups" Mondal, Arindam., Lahiri, Somnath., Ray, Sougata. "Generation of Family CEO and Internationalization : An Examination of Indian Family Firms" Mondal, Arindam., Lahiri, Somnath., Ray, Sougata. "How Generational Difference Influences the Internationalization of Family CEO-Led Firms? The Contingent Role of International Experience and Business-Group Affiliation" Bhatnagar, Navneet., Ramachandran, Kavil., Chittoor, Raveendra., Ray, Sougata. "Taking Governance to the Next Level: Learnings from the Case of Merck"