Pioneering Family Firms’ Sustainable Development Strategies
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Pioneering Family Firms’ Sustainable Development Strategies

Edited by Pramodita Sharma and Sanjay Sharma

This book describes the sustainable development journey of 15 business families committed to using their enterprises as a force of societal good. In turn, each family reaps benefits of high economic returns, while contributing to society and environment. The youngest family firm is in its 20s, while there are others over 100 years of age. Size, industry, locations vary. But all these business families share a deep shared commitment towards sustainable development, control over strategic decision-making in their firms and trans-generational continuity intentions. Family values embed their enterprises with a strong sense of purpose to achieve their chosen sustainable development goals. Professionalized systems and processes foster the development of capabilities, and partnerships with a variety of stakeholders ensure the simultaneous achievement of social, environmental and profitability goals.
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Chapter 1: Pioneering business families committed to sustainable development

Pramodita Sharma and Sanjay Sharma

Abstract

The chapter introduces the cases in this volume of business families that have values to use their family enterprises as a force for the good of society. These families have a commitment as a responsible company with a moral obligation to contribute to society. In order to ensure of success of their commitment, they have control over strategic decision-making in their firms and an intention of transgenerational continuity. Their family enterprises have translated their values into a strong sense of purpose to achieve certain sustainable development goals (whether explicitly or implicitly), have been professionalized to foster the development of unique capabilities and appropriate organization design and structure, and partner with a variety of stakeholders to ensure the simultaneous achievement of social, environmental and profitability goals. A brief overview of the cases is followed by an identification of the common themes of commitment, control and continuity for the business families and purpose, professionalization and partnerships for the family enterprises run by them.

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