HARNESSING THE POWER OF MYTHOLOGY: EXPLORING THE INFLUENCE ON FAMILY BUSINESS SUSTAINABILITY
Keywords:
Leader, Indian Mythology, SustainabilityAbstract
This research paper examines the challenges confronting family businesses in the current market environment, characterized by the overwhelming presence of international multinational corporations in India. While family firms historically played a crucial role in supporting the country's organized sector during its independence, the liberalization of the Indian economy brought about significant shifts in the business landscape. As a result, family enterprises, predominantly micro, small, and medium- sized enterprises (MSMEs), have faced declining numbers and struggle for survival in the face of fierce competition from multinational corporations. Drawing inspiration from Indian mythology, deeply ingrained in the country's cultural fabric, this study explores how family businesses can harness these ancient narratives to surmount their current obstacles and successfully compete with their international counterparts. By incorporating lessons from Indian mythology, which provide rich insights into resilience and strength, family enterprises can fortify their positions and navigate the challenges posed by the dominance of multinational corporations. Furthermore, this research paper presents a sustainability framework tailored to the needs of family companies in India. The proposed framework emphasizes key elements such wealth management, transgenerational sustainability, succession, and social inclusion, which collectively contribute to the competitive advantage of family firms. By integrating these elements into their business strategies, family enterprises can strive for long-term sustainability while adapting to the dynamic market conditions. Ultimately, this research aims to offer family businesses in India a comprehensive framework that leverages the power of Indian mythology, enabling them to overcome current market challenges and thrive in an environment dominated by multinational corporations
References
Manikutty, S. (2000). Family Business groups in India: A Resource Based View of the Emerging Trends. Family Business Review, 279-292.
Ray, R. (1979). Industrialization in India: Growth and Conflict in the Private Corporate sector. Delhi: Oxford University Press.
Bhattacharjea, A. (2022). Industrial policy in India since independence. Indian Economic Review, 565-598.
Khanna, T., & Rivkin, J. W. (2006). Interorganizational ties and business group boundaries: Evidence from an emerging economy. Organization science, 17(3), 333-352.
Khusro, D. A. (1991). Old Order Changeth Yielding Place to New. The Indian Economic Journal, 39(2), 1-9.
KPMG. (2022). Indian Economy Insights. India: KPMG.
Donnelley, R. G. (1988). The family business. Family Business Review, 1(4), 427-445.
Yoshino, N., & Taghizadeh‐Hesary, F. (2016). Causes and remedies of the Japan's long‐lasting recession: Lessons for China. China & World Economy, 24(2), 23-47.
K. Ramachandran, N. B. (2017). Professionalization of Family Business: Managing Process and Governance Challenges. Indian School of Business WP 3032864.
Empowering the future of family business. (2021, May). KPMG
Sharma, E. K. (2022, August 10). Retrieved from Financial Express: https://www.financialexpress.com/industry/india-at-75-family-businesses-that-reform-
Lee, M. C. (2011). The Origin and Development of Markets: A Business History Perspective. Business History Review, Volume 85, Issue 1, 9-37.
Christian Caspar, A. K.-P. (2020). The five attributes of enduring family businesses. Mckinsey.
Ronald C. Anderson, D. M. (2003). Founding-Family Ownership and Firm Performance: Evidence from the S&P 500. The Journal of Finance, 1301-1328.
rethink-and-reinvent-rule/2625086/
Florent-Treacy, M. F. (2007). Family Business on the Couch. John Wiley and Sons.
Davis, J. A. (2018). How Three Circles Changed the Way We Understand Family Business. Cambridge Family Enterprise Press.
Hitt, A. S. (2011). Why Can’t a Family Business Be More Like a Nonfamily Business? Family Business Review 25(1).
Kottke, J. (2018, April 11). Kottke. Retrieved from https://kottke.org/18/04/hoshi-ryoka-oldest- hotel
Tsao, C. L. (2009). Founding-Family Ownership and Firm Performance: The Role of High- Performance Work Systems. Family Business Review.
Brinke, M. T. (2018). What is the difference between family firms and non-family firms when it comes to corporate reputation?: a study into the difference in the perceived corporate reputation of family firms versus non-family firms. Retrieved from university of twente student theses: https://essay.utwente.nl/76861/
Jon I. Martínez, B. S. (2007). Family Ownership and Firm Performance: Evidence From Public Companies in Chile. Family Business Review 20(2).
Powell, H. H. (2009). The Rationalization of Charity: The Influences of Professionalism in the Nonprofit Sector. Administrative Science Quarterly, 268–298.
Hitt, A. S. (2012). Why Can’t a Family Business Be More Like a Nonfamily Business?: Modes of Professionalization in Family Firms. Family Business Review, 58–86.
Andres, C. (2008). Large Shareholders and Firm Performance: An Empirical Examination of Founding Family Ownership. Journal of Corporate Finance, 431-445.
James J. Chrisman, J. H. (2012). Family Involvement, Family Influence, and Family–Centered Non–Economic Goals in Small Firms. Entrepreneurship Theory and Practice, 267–293.
Pascual Berrone, C. C.-M. (2012). Socioemotional Wealth in Family Firms: Theoretical Dimensions, Assessment Approaches, and Agenda for Future Research. Family Business Review, 258–279.
Esposito. (2020). Retrieved from ESPOSITO FAMILY CENTRE FOR INNOVATION & ENTREPRENEURSHIP: https://www.ufv.ca/innovation-entrepreneurship/esposito-family/
Ferreira, J. J., Fernandes, C. I., Schiavone, F., & Mahto, R. V. (2021). Sustainability in family business–A bibliometric study and a research agenda. Technological forecasting and social change, 173, 121077.
Danes, S. M. (2014). The future of family business research through the family scientist’s lens. The Sage handbook of family business, 611-619.
William S. Schulze, M. H. (2001). Agency Relationships in Family Firms: Theory and Evidence. Organisation Science.
Vincent Molly, E. L. (2012). Intergenerational Differences in Family Firms: Impact on Capital Structure and Growth Behavior. Entrepreneurship Theory and Practice.
Josip Kotlar, H. C. (2014). Profitability Goals, Control Goals, and the R&D Investment Decisions of Family and Nonfamily Firms. Journal of Product Innovation Management.
Pramodita Sharma, P. G. (2005). Four Bases of Family Business Successor Commitment: Antecedents and Consequences. Entrepreneurship Theory and Practice, 13-33.
J. Pendergast, J. W. (2011). Building a Successful Family Business Board: A Guide for Leaders, Directors, and Families (A Family Business Publication). Part of: A Family Business Publication.
Eric Gedajlovic, B. H. (2013). Social Capital and Entrepreneurship: A Schema and Research Agenda. Entrepreneurship Theory and Practice, 455–478.
Tripathy, K. K., Paliwal, M., & Singh, A. (2022). Women’s social entrepreneurship and livelihood innovation: an exploratory study from India. Service Business, 16(4), 863-881.
Mahto, R., McDowell, W. C., & Davis, P. (2020). Influence and values: The connection between participation and commitment in family firms. Journal of Business Research, 112, 354-362.
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Rimi Moitra , Arpita Baijal (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
