‘Family Togetherness’ in Governance and Family Business Sustainability

Ramachandran, K and Bhatnagar, N (2015) ‘Family Togetherness’ in Governance and Family Business Sustainability. Working Paper. Indian School of Business.

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Abstract

The unique competitive advantage of family firms (Sirmon & Hitt, 2003) is derived primarily from the ‘familiness’ (Habbershon & Williams, 1999) of the business. The controlling family’s beliefs, practices and policies are crucial inputs that shape the ‘familiness’ of a family firm. Familiness is a manifestation of the practice of governance in the family (Ramachandran, 2015). It implies agreement among family members on policies and processes related to the management of the interface between family and business (Carlock & Ward, 2010). Well governed business families focus on implementation of the same on a continuous basis that leads to openness in communication, goal-congruence and overall trust among members (Eddleston et al, 2010). Family togetherness is therefore central to enriching family’s resource-bundle. However, the extant literature does not clearly define the meaning of family togetherness, and its role in family business governance.

Affiliation: Indian School of Business
ISB Creiators:
ISB Creators
ORCiD
Ramachandran, K
http://orcid.org/0000-0002-5044-3673
Bhatnagar, N
UNSPECIFIED
Item Type: Monograph (Working Paper)
Uncontrolled Keywords: Family Business, Governance, Sustainability, Leadership, Familiness, Togetherness
Subjects: Family Business and Wealth Management
Depositing User: Gurusrinivasan K
Date Deposited: 06 Nov 2019 18:37
Last Modified: 06 Nov 2019 18:37
URI: http://eprints.exchange.isb.edu/id/eprint/1325
Publisher URL: https://ssrn.com/abstract=3031743
Publisher OA policy: https://ssrn.com/abstract=3031743
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