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Family Business Briefs Issue 48 / June 2018

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Family Business Briefs Issue 48 / June 2018 Family Business Briefs Issue 48 / June 2018 Welcome! I am delighted to share with you the latest issue of our newsletter, 'Family Business Briefs.' This issue contains some thought-provoking ideas, facts and figures about family businesses that you may find noteworthy. The briefs has the following sections: • Summaries of research articles with practical implications on Governance and Succession • Summary of a published family business case on Aurobindo Pharma • Inspirations from the life of Kasturbhai Lalbhai • Interesting insights on Dr Reddy’s Laboratories Limited • Infographic on Age of Family Firms in India We hope that you will find these edifying and inspiring. Our training programmes for Family Business Advisors, Women in Family Business and Family Business Growth and Transformation are scheduled during July / August 2018. For more details, please visit our website http://www.isb.edu/fbwm/education/training As always, I encourage you to send your feedback and share suggestions about something in- teresting and relevant, which you may want us to include in future. Best regards Ram Kavil Ramachandran, PhD Professor & Executive Director Thomas Schmidheiny Centre for Family Enterprise Indian School of Business ARTICLE SUMMARY Family Constitution and Business Performance: Moderating Factors - Rocio Arteaga and Susana Menéndez-Requejo Family Constitution is a written document *Multiple Family Owners: Family constitution comprising rules and procedures that govern addresses the issue of shareholder agreement, family business relationships. It includes protects minority shareholder and prevents policies and guidelines for ownership and blockholder conflicts. Hence, firms with multiple transfer, wealth management, succession family owners are likely to perform better than planning, governance structures and other firms with concentrated ownership. matters of critical importance. It is signed and *Later Generations: Family constitution ratified by each member of the family. improves family cohesion, which is much Although family constitution is an important needed in firms controlled by later generations. document that comes into being after a lot of Thus, such firms are likely to perform better. discussion and negotiation among family members, it has not been adequately studied Data analysis confirmed the positive effect of in family business research. This paper implementing family constitution on firm perfor- analyzes 530 Spanish family businesses and mance. Presence of non-family CEO, multiple examines the effect of implementing a family family owners and later generations were found constitution on firm performance. The paper to have strengthened this relationship. also probes the factors that moderate this link. Practical Implications Family Constitution and Firm Performance Family firms need to focus on developing and Family Constitution contributes to family firm implementing a Family Constitution. professionalization by establishing policy- • Family Constitution not only provides a based decision-making processes. It mechanism for governance but also promotes shareholders agreement, family improves firm performance. communication and cohesion. The authors Implementing a family constitution sends a argue that by addressing these issues, family • constitution reduces agency conflicts and positive signal about the firm's governance negative effects of socioemotional wealth approach, to external audiences like, preservation. This improves firm performance. financial institutions, customers, suppliers, and other stakeholders. Moderating Factors • Multi-generational family firms or firms with *Non-family CEO: Family CEOs may pursue multiple family owners are likely to be family-centred non-financial goals which may especially benefitted by implementing the affect firm performance. Family Constitution family constitution as decision-making promotes professionalization, limits nepotism, becomes more focused and coherent. establishes corporate governance norms and minimizes agency problems. Therefore, the Source: Family Business Review, (2017), authors argue that firms with non-family CEOs Vol. 30, No. 4, pp. 320–338. are likely to have better performance. 2 ARTICLE SUMMARY To Nurture or Groom? The Parent - Founder Succession Dilemma - Jeffery S. McMullen and Benjamin J. Warnick Intrafamily succession is a critical event in Parent-Founder’s Support to a family firms. Family business sustenance Child-Successor’s Needs requires effective successors who can ensure Parent-founders can help a child's integration good performance and retain the family's with family business by satisfying child's need control over the business. Family firms with to build competence. This can be done by leaders having affective commitment to providing: positive verbal feedback, relevant business are more likely to achieve their education and experience, and entrusting objectives. However, successor commitment responsibilities that fulfill the child's need for and the parents’ role in encouraging it has not autonomy by empowering him/her to make been adequately examined. In this paper, the choices within the firm. Parent can improve authors build on self-determination theory and the child-successor's integration with business conceptualize a model to promote affective by satisfying his/ her need for relatedness. commitment of child-successors while This can be done by promoting: (i) participa- supporting their psychological needs. This tion in family business decision-making, summary succinctly presents the key (ii) family harmony, and (iii) a shared vision for observations authors make and their the family business. implications for family businesses. Practical Implications Child-Successor’s Commitment The multi-level model of family succession to Business presented in this paper suggests the pathway Drawing from the extant literature and parent-founders may adopt to promote self-determination theory, the authors posit affective commitment to the family firm in child that successors having affective commitment -successors. The model also places to business invest more time and effort in the significance on supporting child-successor's firm, get good response from the employees needs for competence, autonomy and and are more likely to contribute to the firm's relatedness. Balancing these two objectives non-financial objectives. If the child-successor (i.e., nurturing the child's commitment to the experiences autonomous motivation while business and supporting the child's needs) working in the firm, s/he is more likely to requires careful grooming by the parent. The accept family firm leadership when offered. suggested model can help family businesses The authors further posit that if the family effectively facilitate intra-family leadership business satisfies the successor's needs for succession and can simultaneously benefit the building competence, autonomy and parent-founder, the child-successor, the family relatedness, s/he is likely to choose a career and the business. in family business over other career paths. Source: Entrepreneurship Theory and Practice, (2015), Vol. 39, No. 6, pp. 1379 - 1412. 3 ARTICLE SUMMARY An Exploratory Study of Firm Goals in the Context of Family Firms: An Institutional Logics Perspective - Gloria Aparicio, Rodrigo Basco, Txomin Iturralde, and Amaia Maseda Business organisations have multiple support, preservation of family nature of the stakeholders who aim to achieve diverse business and family equity, and cash payouts goals. In case of a family firm, family is the to shareholders, dominant coalition and is likely to impose its (iii) Family-oriented non-economic goal aspirations on the firm. Hence, in addition to (FNEG): such as, emotional motivation, the business goals these firms are also likely transgenerational family business, commit- to pursue family-oriented goals. However, the ment to firm's project, concern for the family conceptualization and actual measurement of unit, preparing future generations and family business goals have not been protecting the family name, and adequately examined by scholars. In this paper, the authors use Hybrid Delphi (iv) Business-oriented non-economic goal methodology to develop a list of family (BNEG): such as, concern for employees, business goals. Based on institutional logics customer focus, contributions to the economic, the authors provide evidence of coexistence social and environmental systems, preserving of multiple goals in family business context. the local roots and conserving firm traditions. This summary presents the key findings and Economic growth, retaining family control, implications of their research. developing the next generation, promoting family harmony and succession planning were ranked as the top priority goals that family Identifying Family Business Goals The authors conducted two rounds of Hybrid businesses pursued. Delphi process (among family business leaders, consultants and academic experts) to Practical Implications identify family business goals. They found that This research helps family business owners, the main goals of a family business were managers and consultants understand the based on three institutional logics: (i) market, diversity of family business goals and (ii) community, and (iii) family. Goals of a complexity in decision-making. Family firms specific family firm reflected the institutional may be extremely fragile to govern as some of logic in which the firm was embedded. their goals, anchored in different societal groups
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