Business Ethics and Corporate Governance, Second Edition

FAMILY-OWNED BUSINESSES AND CORPORATE GOVERNANCE

Family-owned businesses and industrial enterprises abound in India as well as in other parts of Asia and Latin America. India provides a classic case of these concerns growing out of the highly indigenous and successful managing agency system that was the harbinger for the industrial development of the country in the early twentieth century. Family-owned companies have come a long way in India. After Independence, though the Industrial Policy Resolution gave a step-motherly treatment to the private sector, and the licensing policy all but suppressed their growth, some of the family-owned companies built their own industrial empires successfully and have weathered all those onslaughts and have grown ...