Transgenerational succession in business groups in India

Asia Pacific Journal of Management - Tập 30 Số 3 - Trang 769-789 - 2013
Anand Saxena1
1Deen Dayal Upadhyaya College, University of Delhi, Delhi, India

Tóm tắt

Từ khóa


Tài liệu tham khảo

Amsden, A. 1989. Asia’s next giant: South Korea and late industrialization. New York: Oxford University Press.

Aoki, M. 2001. Toward a comparative institutional analysis. Cambridge: MIT Press.

Bangkok Post. 2009. Opinion: “A family feud that is threatening Asia’s energy needs.” Aug. 31. www.bangkokpost.com , accessed on Jan. 5, 2010.

Barach, J. A., Gantisky, J., Carlson, J. A., & Doochin, B. A. 1988. Entry of the next generation: Strategic challenge for family business. Journal of Small Business Management, 26(2): 49–56.

Bartlett, C. A., & Ghoshal, S. 1989. Managing across borders: The transnational solution. Boston: Harvard Business School Press.

Beckhard, R., & Dyer, W. G., Jr. 1983a. Managing change in the family firms: Issues and strategies. Sloan Management Review, 24(3): 59–65.

Beckhard, R., & Dyer, W. G., Jr. 1983b. Managing continuity in the family-owned business. Organizational Dynamics, 12(1): 5–12.

Birley, S. 1986. Succession in family firm: The inheritor’s view. Journal of Small Business Management, 24(3): 36–43.

Birley, S., Ng, D., & Godfrey, A. 1999. The family and the business. Long Range Planning, 32(6): 598–608.

Bjuggren, P. O., & Sund, L. G. 2001. Strategic decision-making in intergenerational successions of small- and medium-size family-owned businesses. Family Business Review, 14(1): 11–23.

Burkart, M., Panunzi, F., & Shleifer, A. 2003. Family firms. Journal of Finance, 58(5): 2167–2201.

Calori, R., Lubatkin, M., Very, P., & Veiga, J. 1997. Modeling the origins of nationally-bounded administrative heritage: A historical institutional analysis of French and British firms. Organization Science, 8(6): 681–696.

Carney, M. 2008. The many futures of Asian business groups. Asia Pacific Journal of Management, 25(4): 595–613.

Carney, M., Gedajlovic, E., & Yang, X. 2009. Varieties of Asian capitalism: Toward an institutional theory of Asian enterprise. Asia Pacific Journal of Management, 26(3): 361–380.

Cazurra, A. C. 2006. Business groups and their types. Asia Pacific Journal of Management, 23(4): 419–437.

Chatterjee, S. R., & Nankervis, A. R. (Eds.). 2007. Asian management in transition: Emerging themes. New York: Palgrave MacMillan.

Chen, V., Li, J., & Shapiro, D. 2011. Are OECD-prescribed “Good corporate governance practices” really good in an emerging economy?. Asia Pacific Journal of Management, 28(1): 115–138.

Chen, Y., Friedman, R., Yu, E., & Sun, F. 2011. Examining the positive and negative effects of guanxi practices: A multi-level analysis of guanxi practices and procedural justice perceptions. Asia Pacific Journal of Management, 28(4): 715–735.

Chua, J., Chrisman, J., & Sharma, P. 2003. Succession and non-succession concerns of family firms and agency relationship with non-family managers. Family Business Review, 16(2): 1–15.

Chung, H.-M., Liu, Y.-S., & Yeh, K. S. 2007. The business of succession in Taiwan’s family business. Paper presented at the First Asian Invitational Conference on Family Business, Indian School of Business, Hyderabad, India, December.

Das, G. 2004. A small matter of the ego. Times of India: Dec. 12. www.timesofindia.indiatimes.com , accessed on Jan. 5, 2010.

Deccan Chronicle. 2009. Ambanis are fighting like countries at war. Oct. 20. www.deccanchronicle.com , accessed on Jan. 5, 2010.

D’Mello, B. 2002. Transnational pharmaceutical corporations and neo-liberal business ethics in India. Journal of Business Ethics, 36(1/2): 165–185.

Dunemann, M., & Barrett, R. 2004. Family business and succession planning: A review of the literature. Australia: Family and Small Business Research Unit, Faculty of Business and Economics, Monash University.

Dutta, A., & Dutta, A. 2008. Family fortunes: Behind the public face of business. CLSA Asia-Pacific Markets Special Report. www.clsa.com , accessed on Jan. 5, 2010.

Encarnation, D. 1989. Dislodging multinationals: India’s comparative perspective. Ithaca, NY: Cornell University Press.

Estrin, S., & Prevezer, M. 2011. The role of informal institutions in corporate governance: Brazil, Russia, India, and China compared. Asia Pacific Journal of Management, 28(1): 41–67.

Fafchamps, M. 2001. The role of business networks in market development in sub-Saharan Africa. In M. Aoki & Y. Hayami (Eds.). Communities and markets in economic development: 186–215. New York: Oxford University Press.

FES Bureau. 2005. Under the wraps—Problems exist but public restraint is the name of the game in south India. Financial Express. June 26. www.financialexpress.com , accessed on Jan. 5, 2010.

Filatotchev, I., Gregory, J., & Chizu, N. 2012. Corporate governance and national institutions: A review and emerging research agenda. Asia Pacific Journal of Management. doi: 10.1007/s10490-012-9293-9 .

Filatotchev, I., Zhang, X., & Piesse, J. 2011. Multiple agency perspective, family control and information risk in emerging markets. Asia Pacific Journal of Management, 28(1): 69–93.

Financial Express. 2005. Fighting for family fortunes. Financial Express. June 26. www.financialexpress.com , accessed on Jan. 5, 2010.

Fisman, R., & Khanna, T. 2004. Facilitating development: The role of business groups. World Development, 32(4): 609–628.

Fox, N., & Hamilton, R. T. 1996. Managing succession in family-owned businesses. International Small Business Journal, 15(1): 15–25.

Gadgil, D. R. 1959. Origins of the modern Indian business class: An interim report. New York: International Secretariat, Institute of Pacific Relations.

Geertz, C. 1973. The interpretation of cultures. New York: Basic Books.

Granovetter, M. 1985. Economic action and social structure: The problem of embeddedness. The American Journal of Sociology, 91(3): 481–510.

Granovetter, M. 1994. Business Groups. In N. J. Smelser & R. Swedburg (Eds.). The handbook of economic sociology: 453–475. Princeton, NJ: Princeton University Press.

Grote, J. 2003. Conflicting generations: A new theory of family business rivalry. Family Business Review, 16(2): 113–122.

Government of India. 1965. Report of the industrial licensing policy inquiry committee (ILPIC report). New Delhi: Government of India.

Government of India. 2002. Report of the National Commission on Labour. New Delhi: Government of India. labour.nic.in/lcomm2/2nlc-pdfs/Chap3.pdf .

Gupta, A. 2007. All in the family. Business Outlook: Aug. 20. business.outlookindia.com , accessed on May 11, 2011.

Hall, E. T. 1976. Beyond culture. New York: Doubleday.

Handler, W. C. 1990. Succession in family firms: A mutual role adjustment between entrepreneur and next-generation family member. Entrepreneurship: Theory and Practice, 15(1): 37–51.

Hazari, R. K. 1966. The structure of the corporate private sector—A study of concentration, ownership and control. Bombay: Asia Publishing House.

Hofstede, G. 1984a. Cultural dimensions in management and planning. Asia Pacific Journal of Management, 1(2): 81–99.

Hofstede, G. 1984b. National cultures revisited. Asia Pacific Journal of Management, 2(1): 22–28.

Hofstede, G. 2004. Business goals and corporate governance. Asia Pacific Business Review, 10(3–4): 292–301.

Hofstede, G. 2007. Asian management in the 21st century. Asia Pacific Journal of Management, 24(4): 411–420.

Indian Express. 2009. Mukesh Ambani admits there are ‘ownership issues’ in Reliance group. Nov. 19. www.indianexpress.com , accessed on Jan. 5, 2010.

Institute of Company Secretaries of India. 1994. Research study on directors’ replies to qualifications in auditors’ report. New Delhi: Institute of Company Secretaries of India.

Jain, R. 2006. Chains that liberate: Governance of family firms. New Delhi: MacMillan India Ltd.

Jiang, Y., & Peng, M. W. 2011a. Are family ownership and control in large firms good, bad, or irrelevant?. Asia Pacific Journal of Management, 28(1): 15–39.

Jiang, Y., & Peng, M. W. 2011b. Principal–principal conflicts during crisis. Asia Pacific Journal of Management, 28(4): 683–695.

Kedia, B. L., Mukherjee, D., & Lahiri, S. 2006. Indian business groups: Evolution and transformation. Asia Pacific Journal of Management, 23(4): 559–577.

Kepner, E. 1983. The family and the firm: A co evolutionary perspective. Organisational Dynamics, 12(1): 57–70.

Kets de Vries, M. F. R. 1993. The dynamics of family controlled firms: The good and the bad news. Organisational Dynamics, 21(1): 59–68.

Khanna, T., & Palepu, K. 1997. Why focused strategies may be wrong for emerging markets. Harvard Business Review, 75(4): 41–51.

Khanna, T., & Yafeh, Y. 2007. Business groups in emerging markets: Paragons or parasites?. Journal of Economic Literature, 45(2): 331–372.

Kim, D., Kandemir, D., & Cavusgil, T. 2004. The role of family conglomerates in emerging markets: What Western companies should know?. Thunderbird International Business Review, 46(1): 13–38.

Kling, B. B. 1966. The origin of the managing agency system in India. Journal of Asian Studies, 26(1): 37–47.

Kuran, T., & Singh, A. 2010. Economic modernization in late British India: Hindu-Muslim differences. Unpublished paper, www.econ.yale.edu/~egcenter/Kuran_SinghPaper.pdf , accessed on May 11, 2011.

Lamont, J. 2010. Indian groups failing to plan for successor. Financial Times: Aug. 6. www.ft.com , accessed on Jan. 5, 2010.

Lansberg, I. 1999. Succeeding generations: Realizing the dream of families in business. Boston: Harvard Business School Press.

Lee, K.-S., Lim, G.-H., & Lim, W.-S. 2003. Family business succession: Appropriation risk and choice of successor. Academy of Management Review, 28(4): 657–666.

Leff, N. H. 1978. Industrial organization and entrepreneurship in the developing countries: The economic groups. Economic Development and Cultural Change, 26(4): 661–675.

Lubatkin, M., Lane, P. J., Collin, S. C., & Very, P. 2007. An embeddedness framing of governance and opportunism: Towards a crossnationally accommodating theory of agency. Journal of Organizational Behaviour, 28(1): 43–58.

Luo, X., & Chung, C. N. 2005. Keeping it all in the family: The role of particularistic relationships in business group performance during institutional transition. Administrative Science Quarterly, 50(3): 404–439.

Ma, X., Yao, X., & Xi, Y. 2006. Business group affiliation and firm performance in a transition economy: A focus on ownership voids. Asia Pacific Journal of Management, 23(4): 467–483.

Majumdar, S. K., & Sen, K. 2006. The debt wish: Rent-seeking by business groups and the structure of corporate borrowing in India. Public Choice, 130(1–2): 209–223.

Marisetty, V., Ramachandran, K., & Jha, R. 2008. Wealth effects of family succession: A case of Indian family business groups. Working paper, Thomas Schmidheiny Chair of Family Business & Wealth Management, Indian School of Business, Hyderabad, India.

Mazumdar, S. M. 2008. The analysis of business groups: Some observations with reference to India. Working paper no. 2008/11, Institute for Studies in Industrial Development, New Delhi.

Meijaard, J., & Uhlaner, L. M. 2005. Bedrijfsoverdrachten in Nederland: Pilotstudie kosten, baten en determinanten van success. In Family business research: A literature review. wms-soros.mngt.waikato.ac.nz , accessed on Jan. 5, 2010.

Moody’s ICRA. 2007. Corporate governance and related credit issues for Indian family-controlled business. Corporate Finance: Oct. www.icra.in , www.moody's.com , accessed on Jan. 5, 2010.

Morck, R. K., Wolfenzon, D., & Yeung, B. 2005. Corporate governance, economic entrenchment, and growth. Journal of Economic Literature, 43(3): 655–720.

Morck, R. K., & Yeung, B. 2004. Family control and the rent-seeking society. Entrepreneurship: Theory and Practice, 28(4): 391–409.

Morikawa, H. 1992. Zaibatsu: The rise and fall of family enterprise groups in Japan. Tokyo: Tokyo University Press.

Mukhopadhyaya, S. 2005. Feuds are part and parcel of Kolkata-based Marwari businessmen. Financial Express: June 26. wwwfinancialexpress.com , accessed on Jan. 5, 2010.

North, D. 1990. Institutions, institutional change and economic performance. Cambridge: Cambridge University Press.

Peng, M. W., & Delios, A. 2006. What determines the scope of the firm over time and around the world? An Asia Pacific perspective. Asia Pacific Journal of Management, 23(4): 385–404.

Penrose, E. T. 1959. The theory of the growth of the firm. Oxford: Basil Blackwell.

Pieper, T. M. 2007. Mechanisms to assure long-term family business survival: A study of the dynamics of cohesion in multigenerational family business families. Frankfurt: Peter Lang.

Piramal, G. 1996. Business maharajas. New Delhi: Penguin.

Piramal, G. 1998. Business legend. New Delhi: Viking.

Polanyi, K. 1944. The great transformation: The political and economic origins of our times. Boston: Beacon.

Powell, W. W. 1990. Neither markets nor hierarchies: Network forms of organization. In L. L. Cummings & B. M. Staw (Eds.). Research in organizational behaviour, 12: 295–336. Greenwich, CT: JAI Press.

Poza, E. 2004. Family business. Mason, OH: Thomson Southwestern.

Prowse, S. D. 1996. Corporate finance in international perspective: Legal and regulatory influences on financial system development. Federal Reserve Bank of Dallas Economic Review, Third Quarter: 2–15.

Qi, Q. 2009. The role of board of directors in CEO succession: Theory and evidence. webapps.krannert.purdue.edu , accessed on Jan. 13, 2010.

Ramachandran, K. 2005. Indian family businesses: Their survival beyond three generations. Working paper, Indian School of Business, Hyderabad, India.

Ramachandran, K., & Bhatnagar, N. 2012. Challenges faced by family businesses in India. Working paper, Indian School of Business, Hyderabad, India.

Ramachandran K., & Jha, R. 2007. Governance in family-controlled businesses—A conceptual discussion. Working paper, Indian School of Business, Hyderabad, India.

Rauch, J. E., & Vitor, T. 2002. Ethnic Chinese networks in international trade. Review of Economics and Statistics, 84(1): 116–130.

Redding, G. 2005. The thick description and comparison of societal systems of capitalism. Journal of International Business Studies, 36(2): 123–155.

Saxena, A. 2005. Behavioural choices for successful entrepreneurship in the WTO era. Paper presented at National Seminar on WTO and Entrepreneurship Development, V.B.S. Purvanchal University, Jaunpur, U.P., India, February.

Saxena, A., Deb, A. T., & Mehlawat, M. K. 2011. The linkages between corporate governance and CEO succession: A theatrical episode, a theoretical framework and an analytical model. In R. K. Mishra, M. Sahay, S. Jhunjhunwala, & S. Bavirishetty (Eds.). Corporate governance and corporate social responsibility. New Delhi: Macmillan.

Scharfstein, D. S., & Stein, J. C. 2000. The dark side of internal capital markets: Divisional rent-seeking and inefficient investment. Journal of Finance, 55(6): 2537–2564.

Sharma, P. 2004. An overview of the field of family business studies: Current status and directions for the future. Family Business Review, 17(1): 1–36.

Sharma, P., Chrisman, J. J., & Chua, J. H. 2003. Predictors of satisfaction with the succession process in family firms: A conceptual model. Journal of Business Venturing, 18(5): 667–687.

Sharma, R. A. 1980. Entrepreneurial change in Indian industry. New Delhi: Sterling.

Sharma, R. A. 1994. Strategic management in Indian companies. New Delhi: Deep & Deep Publications Pvt. Ltd.

Smyrinos, K., Romano, C., & Tanewski, G. 1997. The Australian family and private business survey. Australia: National Mutual Family Business Research Unit, Monash University.

Stavrou, E. 1999. Succession in family businesses: Exploring the effects of demographic factors on offspring intentions to join and take over the business. Journal of Small Business Management, 37(3): 43–62.

Stewart, A. 2003. Help one another, use one another: Toward an anthropology of family business. Entrepreneurship: Theory and Practice, 27(4): 383–396.

Strachan, H. W. 1976. Family and other business groups in economic development: The case of Nicaragua. New York: Praeger.

Taylor, J. E., Norris, J., & Howard, W. H. 1998. Succession patterns of farmer and successor in Canadian farm families. Rural Sociology, 63(4): 553–573.

Timberg, T. 1978. The Marwaris: From traders to industrialists. New Delhi: Vikas Publishing House Pvt. Ltd.

Tripathi, D. 1999. Change and continuity. Seminar 482, www.india-seminar.com/1999/482/ , accessed on Jan. 5, 2010.

Tripathi, D. 2005. Dynamics of business splits. Financial Express: June 26. www.financialexpress.com , accessed on Jan. 5, 2010.

Tripathi, D. 2011. Family business on the wane. Mint: June 3.

Weber, M. 1930/2001. The protestant ethic and the spirit of capitalism, trans. T. Parsons. London: Routledge.

Weick, K. E. 1995. Sensemaking in organizations. Thousand Oaks, CA: Sage.

White, M. C., Smith, M., & Barnett, T. 1997. CEO succession: Overcoming forces of inertia. Human Relations, 50(7): 805–826.

Whitley, R. D. 1992. Business systems in East Asia: Firms, markets and societies. London: Sage.

Williamson, O. E. 2000. The new institutional economics: Taking stock, looking ahead. Journal of Economic Literature, 38(3): 595–613.

Young, M., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. 2008. Corporate governance in emerging economies: A review of the principal–principal perspective. Journal of Management Studies, 45(1): 196–220.

Zhang, Y., & Rajagopalan, N. 2006. Grooming for the top post and ending the CEO succession crisis. Organizational Dynamics, 35(1): 96–110.