Exploring Sources of Antifragility: Evidence from Indian Firms
By Santanu Bhadra, Raveendra Chittoor, Sougata Ray
Citation
Bhadra, Santanu., Chittoor, Raveendra., Ray, Sougata. (2024). Exploring Sources of Antifragility: Evidence from Indian Firms .
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2024
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Abstract
To understand and explain why some firms outperform others on a sustained basis has been the core objective driving the strategy discipline (Barney, 1991; Coff, 1999; Rumelt et al., 1994). Yet, the related research has seldom delved into the question: why do some firms overcome any crisis better than the others (Wenzel et al., 2021; Williams et al., 2017)? Recently, some focus has been put in studying organizational resilience, which is the ability to bounce back from a crisis (DesJardine et al., 2019; Hillmann & Guenther, 2021; Munoz et al., 2022). An even more strategic capability of an organization is what is called “antifragility” – the ability to bounce forward from a crisis i.e. gaining a stronger position than in the pre–crisis period. Ironically, research on antifragility is even rarer than that of resilience in the field of strategic management (Munoz et al., 2022). However, the Covid-19 experience suggests that many firms were able to not only survive but also expand their scope of operations by finding new business opportunities. For instance, many companies adopted digital technologies in an accelerated manner and some companies found collaboration opportunities for new business models (Bhadra & Ray, 2022; Boland et al., 2020; D’Auria & De Smet, 2020; Sapana Agrawal et al., 2020). In this study, we explore some sources of antifragility with the empirical evidence from Indian firms.

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, at the Indian School of Business (ISB). Earlier, he served at the 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 at 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 the Indian Institute of Engineering, Science and Technology, Shibpur.

Professor Ray’s research interests have evolved over the years in understanding various facets of strategic management, entrepreneurship, innovation and the 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. In recent years, under the aegis of the Thomas Schmidheiny Centre for Family Enterprise, he has been spearheading a mega programme 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 programme 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.

Professor Ray 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. He has received over half a million dollars in research grants, several prestigious research and teaching awards, and numerous award nominations.

He blends over three decades of experiences in diverse roles – as an international-quality academic, research, and institution builder, alongside  hands-on corporate managerial and governance roles as an executive, member of the Board of Directors, and co-founder of startups.. He has been an advisor to numerous medium and large corporations, family businesses, and startups, and he has served as Principal Consultant to leading international development agencies. He currently sits on the governing and advisory boards of several listed and unlisted companies, startups, and social enterprises.

Professor Ray has taught in numerous executive education programmes and has 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 countries on every continent for high-level meetings with the ministers, high-ranking officials, multilateral agencies such as the WTO and ILO, Chambers of Commerce, MNCs, industrial organisations, research labs, and academic institutions.

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