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In an era of "global disorder," scholars have been captivated by the question of why some organizational forms are more resilient to systemic shocks than others and what factors contribute to this heterogeneity. Drawing from organizational resilience theory and the resource-based view, Utilizing insights from organizational resilience theory and the resource-based view, we aim to add new insights to this inquiry by leveraging a unique proprietary database of listed family firms in India. We argue that family ownership and management will positively influence the stability dimension of resilience while family business group affiliated firms will find their agility curtailed and therefore may not be as resilient as the standalone family firms. Using the GLS model, we test our hypothesis against the backdrop of the Covid-19 pandemic. We assess the stability of firms by gauging the severity of various factors, including productivity loss, liquidity, financial stress, social responsibility, profitability, and employee welfare. Our results show that family-owned firms exhibit a greater level of stability in managing liquidity and coping with financial stress compared to non-family firms. Additionally, our research reveals that family-managed enterprises also experience a reduced severity in terms of expenditure on employee welfare. On the other hand, business group affiliated firms face adverse effects on their stability. Our findings enrich the understanding of resilience in diverse organizational forms and variability in responses to a crisis within family firms. [ABSTRACT FROM AUTHOR]

Whether the religious antecedence of owning family has any influence on the performance of a family firm in a religiously diverse institutional context is an interesting yet unexplored area of research. Invoking the resource-based view and social capital theory we theorize why family owners' religious affiliation may impact firm performance and the moderating role of factors such as promoter shareholding, age, and size of the firm. Use a proprietary dataset of family firms in India, we find that firms with family owners affiliated to minority religions perform better and we also find support for the moderating hypotheses. India provides a natural setting for this study as several religions are practiced by its population and the business landscape is dominated by family firms. Our results run counter to the popular belief of dominance of majority religion in such institutional context. We conclude that micro level resources that accrue over a period due to religion based social network and religious practices are perhaps more dominant in comparison to macro level-institutional resources in impacting family firm performance. We find significant heterogeneity in performance amongst firms owned by different minority religions relative to the dominant religion adding further credence to our core thesis. [ABSTRACT FROM AUTHOR]

Entrepreneurial families often leverage internal capital and resource markets to incubate new entrepreneurial ventures in the challenging institutional environment of emerging economies. This article explores a relatively common but unexplored phenomenon of entrepreneurial financing by families in emerging economies -- share pledging. To further understand the mechanisms behind pledging and why families pledge shares, we hypothesize that the ownership and governance attributes of the family firm should impact the family owner's propensity to pledge shares owing to the family's control and risk considerations. Through a sample of 1,444 Indian family firms, we find that a family's degree of ownership in the firm, involvement in the firm's leadership, and the presence of foreign institutional investors affect the family owner's cognitive predisposition towards pledging. Our study contributes to entrepreneurship literature by exploring an alternate value-creation institutionalized mechanism in a regulatory and social context that differs considerably from the traditional Anglo-Saxon setting. [ABSTRACT FROM AUTHOR]

Regulatory mandates by various governments on women representation in company boards play an important role in fulfilling the sustainable development goal 5 (SDG-5 on gender equality) adopted by the members of United Nations. In this paper, we explore the heterogeneity in firm responses to such a regulatory mandate introduced by the Indian government in 2014. We propose that, driven by the need to build legitimacy among internal and external stakeholders, family firms are more likely to comply with the mandate, when compared to non-family firms. However, family firms are also driven by considerations to leverage woman family members and minimize board independence and hence are likely to appoint a woman executive director rather than an independent director. Within a sample of family firms, this pattern of behaviour is more likely among standalone firms when compared to firms belonging to family-owned business groups. We find supportive evidence in a comprehensive panel data sample of 1507 publicly listed Indian firms over a five year period (2013 to 2017), consisting of pre- and post-regulation years. [ABSTRACT FROM AUTHOR]

Our study leverages a natural experiment setting based on the mandatory corporate social responsibility (CSR) regulation in India to address whether and how CSR spending is influenced by ownership by a family and the heterogeneity in family ownership. Using a longitudinal panel dataset of 1,102 listed firms in India, our study finds that, driven by the motivation to pursue legitimacy-seeking activities and build family legacy, family firms comply better with the CSR regulation. The compliance is further improved for firms belonging to family business groups. We further test our theoretical mechanism by examining the modes of CSR implementation and find that family business group firms and legacy firms tend to use substantive (direct or in-house) modes of implementation. Given the nature of our research setting where the CSR regulation as well as what qualifies for CSR is clearly defined and externally imposed, our study is able to overcome some of the limitations of prior research viz., endogeneity concerns, and inconsistencies in the operationalization of CSR. [ABSTRACT FROM AUTHOR]

Ownership of firms and their impact on firm performance has been a topic of interest for long. Concentrated ownership of a firm in the hands of a family presents unique opportunities and challenges that may have an impact on the performance of the firm. Multiple studies have arrived at differing conclusions with regards to performance of family firms. Using a unique proprietary database of scientifically classified listed family and non-family firms this paper studies the impact of family ownership, control and management on firm performance through the lens of external and internal context. It thus advances the debate that has so far been skewed towards studies from the developed markets, larger firms and micro analysis. Using accounting and market measures of firm performance, we conduct a time-series cross-sectional comparison of family and non-family firms. Our analyses consistently reveal that family firms performed poorly in comparison to non-family firms in India. We also find that the impact of family does not weaken over time and that family management results in poorer performance. We, therefore, conclude that family ownership, control and managementm per se are a significant impediment to firm performance in emerging markets contexts like India. [ABSTRACT FROM AUTHOR]

Emerging markets witness a significant overlap between social communities, families and business activities. This paper attempts to decipher a source of heterogeneity, which is business group affiliation among family firms. This paper details the reasons why business group affiliation is beneficial in an emerging market by employing the concept of parenting to reconcile the potential deficiencies of business group affiliation pointed out by various strategy scholars. We use two proxies to measure the extent of parenting namely, firm leadership by a family member and promoting family's shareholding in the group affiliate company. The study has been conducted in the Indian economic context using a dataset consisting of 3,728 listed companies. Results show that superior parenting realized by professional firm leadership and higher promoter shareholding leads to superior financial performance among family business group firms. [ABSTRACT FROM AUTHOR]