Recently, the concept of resilience has gained new momentum in organization studies.It is held to be a very promising concept to explain how organizations can survive andthrive amidst adversity or turbulence. However, ﬁndings from an earlier review aboutresilience in the organizational and business context show that, although empirical re-search on the concept has increased, there is still a need for more clarity in terms ofits measurement. The aim of this paper is to present a systematic review of the orga-nizational resilience construct that covers both conceptual and operational issues. Wediscuss why researchers criticize resilience for being fuzzy and move on to identify andanalyse existing literature under the lens of construct development and taxonomies.With this study, we aim to point out conceptual problems for future researchers toaddress conceptual clarity and to develop a clearer, more parsimonious concept. Weconclude with a suggestion about future measurement.

https://www.onlinelibrary.wiley.com/doi/pdf/10.1111/ijmr.12239

Organizational Resilience: A Valuable Construct for Management Research?

Literature on resilience in business and management is increasing and has made considerable progress, yet researcher criticize the concept for being ambiguous and to lack clarity in terms of its definition and measurement. This paper investigates causes for ambiguity and disciplines that shaped the understanding of the concept. Five disciplinary perspectives are identified and critically reviewed in terms of how they influenced the understanding of resilience. Those different perspectives have different ontologies, resulting tools and methods to study the concept and thus led to differences in how organizational resilience is understood. Researchers have borrowed ideas from those perspectives and combined them with other perspectives to provide new insights. However, this wealth of perspectives leads to resilience that—as its current stage—has the notion of an umbrella concept that loosely encompass a set of diverse organizational phenomena. Resilience literature that draws from those disciplines is reviewed in terms of key findings. Contributions of each discipline are highlighted and critical questions are raised for future research.

Disciplines of organizational resilience: contributions, critiques, and future research avenues

Purpose




The recent increase in the presence of emerging market firms (EMFs) in global markets requires a closer examination of their international marketing strategies (including branding). The purpose of this paper is to examine the factors behind the standardization or adaptation of global marketing strategies adopted by EMFs for their cross-border acquisitions.




Design/methodology/approach




This paper examines the determinants of the marketing strategies adopted by Indian and Chinese firms for their cross-border acquisitions. The drivers of the standardization/adaptation of marketing strategies (including branding) are identified using both quantitative data collected in 168 cross-border acquisitions conducted by the EMFs mentioned above and the institutional theory and organizational identity literature.




Findings




Institutional factors have a stronger effect than organizational identities on global marketing strategies, including branding. The standardization of the EMFs’ marketing strategies is driven by the private statuses of the acquirers, legal distances, target countries’ economic development, and the ethnic ties that exist between the home and host countries. The acquirers’ decisions to retain the targets’ brand identities, thus adapting their global marketing strategies, are related to the cultural distances, economic freedom distances, and sizes of the targets.




Research limitations/implications




In this study, two large emerging markets – India and China – are used to gather the empirical data; future works can expand upon this line of research and examine other EMFs.




Practical implications




The acquiring companies have to decide whether to adopt an adaption marketing strategy, with reference to the acquired targets’ local stakeholder requirements, or to incorporate their targets’ brands into their own global marketing strategies.




Originality/value




Typically, previous work on the adaptation vs standardization of global marketing strategies adopted in the wake of cross-border deals has focussed on acquisitions involving companies from developed countries; this paper extends the field of research to the EMFs of two of the most important developing countries: China and India.

/pdf/standardization-versus-adaptation-of-global-marketing-4vn5mqrod4.pdf

Standardization versus adaptation of global marketing strategies in emerging market cross-border acquisitions

Economists have long debated whether different countries and regions within countries are converging over time in terms of per capita income. In the last decade the convergence debate captured the attention of macroeconomic theories and econometricians. The increasing diversity of average growth rates and income levels across countries has generated a large literature on testing the income convergence hypothesis. Most countries in South-East Asia, have experienced substantial economic growth, with the pace of growth having varied substantially across countries. In this paper, test of convergence was applied to determine if there is a convergence club for ASEAN-9 countries and whether, the catching up hypothesis which stated that the lagging country, with low initial income and productivity levels, will tend to grow more rapidly by copying the technology of the leader country, without having to bear the associated costs of research and development. The finding of ‚ and U convergence in the study suggests that ASEAN countries are converging towards common GDP per capita steadily but slowly. However, while convergence has occurred, the speed at which the initially poor countries are catching up with the initially rich countries is slow.

/pdf/convergence-of-gdp-per-capita-in-asean-countries-2cf33m76l5.pdf

Convergence of gdp per capita in asean countries

Objective Technology Selection Model: The Example of Complex Combat Systems

Growth and internationalization go hand in hand. Internationalization has many risks like economy, technology, customer segments, competition intensity etc. In this paper the author has examined the growth of the Indian automobile giant TATA Motors, both domestically and internationally. The study relates to the period from the 1999 recession to the present and has used the strategic formulation steps. It tried to map the strategy and delineate the lessons learned in the process. The lessons were in the range of opportunity capitalization, cost reduction, and strategies of international business to product strategies and market selection. The theory of firm framework has been used in the analysis of growth. The Background The Indian economy has maintained a steady growth rate of 8-8.5 per cent. The Indian automobile industry has also grown by 13 per cent over the last few years. Pawan Goenka, President of the Society of Indian Automobile Industry (SLAM), said that the Indian automobile industry is expected to grow at the rate of 15 to 16 per cent in the coming years. According to a study by Booz & Company, a global management consulting organization, the Indian automobile industry will overtake the European market and is slated to become the world's fourth largest by 2015, selling almost 6 million units annually by 2020 (Automobile Updates LBEF 2011) Indian automobile growth can be divided in to three stages (IBEF Automobile Report 2011) First Stage: Pre-1983: The Indian Market was closed. The growth of market was limited by supply and the product models were outdated. Major players were: Hindustan Motors, Premier, Telco (later TATA Motors), Ashok Leyland and Mahindra & Mahindra. Second Stage: 1983-1993: Government of India (GOI) acted as a facilitator and started a JV with Suzuki to form Maruti Udyog "Japanisation". From the first phase one name was added to the players' list viz. Maruti Udyog. Third Stage: 1993 to Present: De-licensing of sector in 1993. Global Original Equipment Manufactures like GM Ford, Honda and Hyundai started assembly in India. The present players' structure of the industry is as follows: * Global OEM: GM, Toyota, Ford, Hyundai, Maruti Suzuki, Honda, Skoda, Volvo, Mercedes. * Global Suppliers: Delphi, Visteon, Bosch, Denso, Valeo, and Thyssen Krupp * Indian OEM: TATA Motors, Mahindra & Mahindra, Bajaj Auto, TVS Motors, Hero Honda, Bajaj Tempo, Ashok Leyland. * Indian Suppliers: Bharat Forge, Sunderram Fasteners, Rane Group, Shriram Pistons, RICO Auto and Sona Koyo Steering. India as a Manufacturing Hub Even if the tax structure in India is highly comparable to other emerging economies, (Table 1) it is compensated by labor productivity (Table 2). Indian electric power cost is high as compared to in other emerging economies but it constitutes around 3 per cent of the over all cost structure and hence it is not a disadvantage. Indian automobile components manufactures have upgraded themselves to become more value added components suppliers. The reasons for the Indian automobile success story are: i) Trained and competitive cost manpower ii) Huge domestic market iii) Global standard of product development and support industries iv) Good relationship with regional trading blocks like EU, MESACOR and ASEAN (Salwan 2009). Competition Landscape: (IBEF Automobile Report 2011) The Indian Automobile Industry is broadly divided into three categories. A) passenger car, B) commercial vehicles and C) two and three wheelers. In this article we will be concentrating on passenger cars and commercial vehicle segments. Passenger Car Segment (PC): Te Indian PC segment constitutes 22% SUVs/MVs and 78% passenger cars. Maruti Udyog Ltd. has 46%, the largest share in the PC segment in 2008-09, followed by TATA Motors (15%), Hyundai Motors (14%), Mahindra & Mahindra (8%), Toyota (4%), and others (13%). …

Growth & Internationalization: The Case of TATA Motors

Resilience has got paramount importance for the firms to survive in a turbulent business world. Which are the antecedents of resilience is a festering problem in the management literature. The present study investigates and presents the antecedents of resilience. Bharat Forge is an emerging economy multinational firm from India. Despite the poor institutions in India and the turbulent global conditions, it has been successful from its inception in 1961. This study probes into the practices of Bharat Forge from its inception to trace the antecedents of resilience. It was found that strategic agility, strategic learning, resilient leadership and financial reserves are the antecedents of resilience. Literature also corroborated our findings.

Antecedents of Resilience:An Investigation into Bharat Forge

Introduction As a result of various factors including information non-availability, non-implementation of professional working systems, and past experience of NPAs (Non Performing Assets), banks tend to detest lending finance to Small and Medium Enterprises in India (MSMEs) (RBI, 2005). On account of growth potential, employment generation capacity, export generation, and their role as the seedbed to new entrepreneurship MSMEs are an important segment of industrial and services sectors in India. (RBI, 2010) Indian SMEs have come a long way since libralization in 1991. According to Rajan Kumar, Former CMD, Indian bank and VC, CVC 2010, "Experience has shown that the SME sector is becoming more efficient in terms of production vis-a-vis persons employed. According to the recent report by the Ministry of Micro, Small and Medium Enterprises (MSMS), the production during 2008-2009 went up by 11.4% whilst the number of persons employed rose by 5.2%. In the same fiscal year, 1.237 million new enterprises were added to this sector. This speaks of better utilisation of capacity and effective practices being followed by this sector." Banks are the major funds provider to the SMEs. A RBI circular in FY 2005-06 made it mandatory for banks to lend to SMEs sector (priority sector lending). Due to the problems with regard to profits of SMEs and Non Performing Assets and risks in lending, banks operating in India (both Indian and multinational) need to provide unique solutions to SMEs for mutually sustainable growth. Micro, Small & Medium Enterprises (MSME) Micro, Small and Medium enterprises sector (MSME) (in this paper we will be using MSME and SMEs as interchangeable as in India SMEs are known as MSME legally) (Table 1) accounts for about 45% of the manufacturing output and 40% of the total exports of India as per value. Besides manufacturing more than 6000 products (Table 2) ranging from traditional to high tech items this sector also employs approximately 60 million persons in 26 million units (Table 3). The uniqueness of this sector is that it has registered a higher growth rate than the rest of the industrial sector (MSME 2010). MSME sector contributes to approximately 8% of the India's GDP and 45% of Indian industrial production (Table 4) Problem Faced by MSMEs The major problem Indian MSME faces is availability of an adequate amount of finances (Thampy, 2010). In India, banks are the providers of funds to the Industry. Especially for SME's, banks are saviors as SMEs do not have access to capital markets (Thampy, 2010; Todd & Javalgi, 2007). From the year 2005-06 and after the RBI circular, Government of India and the banks have started to pay considerable attention to the SMEs sector as it comes under the priority sector lending. Indian banks are required to give a minimum 40% of the adjusted net bank credit to the priority sector and foreign banks have a minimum 32% exposure to the priority sector (RBI, 2009). The biggest problem the bank faces while extending credit to SMEs is the credit risk of the SMEs. Borrowers have more information on projects than the banks (Myers & Majluf, 1984). There is the absence of a mechanism to bridge the information asymmetry between the borrowers and the lenders (Todd & Javalgi, 2007) A bank considers two aspects in their credit decisions: a) the interest rate on the loan and b) the credit risk of the loan. A person will agree to pay higher interest on loans to projects, which has more risks. Greater risk projects have high risk of interest default (Stiglitz & Weiss, 1981). It is also argued that the issue of bank competition and credit availability may matter to SMEs as they are more vulnerable to information problems, and SMEs are more bank dependent than the large enterprises (Carbo, Rodrigues 8 Udell, 2008). It was also found that once the Government gives the priority lending status to SMEs, they have considerably beneficial impact on increase in sales due to availability of bank credit (Banerjee, Cole & Duflo, 2003). …

Co-Creation: An Exploratory Study of MSMEs & Large Banks in India

Introduction There are numerous examples of Indian companies who have made their mark on the global business market space. India's top 50 multinationals employ around 0.15 million people abroad and the international revenues are to the tune of Rs. 115 billion in 2007-08 (Global India INC's World Wide Web, Outlook Business 2008). These MNCs crossed Rs 250 billion in revenues from abroad in the year 2008-09, approximately an 80% increase over 2007-08 (IBEF 2009) Indian multinationals companies have given shareholders returns in the range of 68.6%-367%. Their overseas revenues as percent of the total revenues is in the range of 54.5-99. The international assets of Indian companies are in the range of 33-60% of their total assets (Global India INC's World Wide Web, Outlook Business 2008). Indian Investments Abroad Today's world is very dynamic and unpredictable. To be abreast and help attain sustained competitive advantage, the companies need to keep on asking themselves: What kind of business should we become? Are we in the right fields? Are there new competitors? What strategies should we pursue? How are our customers changing? Companies use strategies like organic growth (WOS, greenfield, strategic alliance) or inorganic ones like joint venture (equity and non-equity), FDI and M&A to have sustained competitive advantage. M&A comes under the larger framework of two strategies, which are implemented by the companies to grow both domestically and across the borders. The average M&A deal of Indian companies increased from US$ 32 million in 2005 to US$ 47 Million in 2006 and further to US$ 77million in 2007(IBEF 2009). As per Grant Thornton the Indian companies' aggressive approach can be attributed to their aspirations to enhance global delivery pre-requisites for developing competencies. For example there were six major factors which resulted in IT services input in India's GDP increase from 1.2 % in 1997-98 to 5.5% in 2007-08 (Salwan 2009). These are: i) technical (quality of product and service), and cheap labor force, ii) factor conditions and government support, iii) English speaking iv) geographic advantage, v) big domestic market and vi) entrepreneurship. If we look at Indian automobile success story there were four reasons which made India an attractive global manufacturing hub: i) trained and competitive cost manpower, ii) huge domestic market, iii) global standard of product development and support industries and iv) good relationship with regional trading blocks like EU and ASEAN. In the financial year 2007-08 the value of foreign acquisitions by Indian companies exceeded that of inbound acquisition as well as the overall foreign direct investment (FDI) coming into the country. India Inc spent US$ 32.73 billion for its overseas M&A deals against US$ 15 billion by foreign firms for acquisitions in India (IBEF 2009). In 2007-08 there were 313 domestic M&A deals (both acquirer and target being Indian) with an announced value of US$ 2.83 billion and 348 cross-border deals with announced value of US$ 48.34 billion. As many as 240 of the cross-boarder deals were outbound (Indian companies acquiring businesses outside India) with a value of US$ 32.73$ billion while 108 were inbound (international companies or their subsidiaries acquiring Indian businesses) with an announced value of close to US$ 15.61 billion. According to global consultancy KPMG's Emerging Markets International Acquisitions Tracker, due to the rapid growth in Indian companies M&A activity, India has emerged as the most acquisitive nation in the emerging economies. The reasons with value creation objectives and success mantra of a few Indian acquisitions are in Table I. Business Model Companies adapt to changes in external trends, internal capabilities and resources for achieving Sustained Competitive Advantage. The companies implement this adaptation by effectively formulating, implementing and evaluating strategies, which cultivate into the company a specific business model. …

Internationalizing Business Model for Reinventing the Company's Fortunes

In a knowledge-based economy, the issues of technology transfer and management of technology, especially in sensitive strategic industries, are of major concern. The transfer of technology is a complex multidisciplinary area of technology management involving technology transfers from overseas developing agencies and internal technology transfers. Technology is a combination of four basic com~onents-facilities, abilities, facts, and frameworks. Economics of scale and complexities in technologies, especially in major weapon systems, would increasingly render the concepts of self sufficiency and evenself-reliance impossible ideals to achieve, even by the developed countries. In such a scenario, transfer of technology will continue to be used as a powerful tool of global geopolitical power projection by the developed countries as an extension of their foreign policies. For nations like India, there is no option but to invest in the indigenous RCD and SCT base in sensitivelstrategic industries. Experience in transfer of technology with those of space, defence research, atomic energy, scientific and industrial research must be pooled into knowledge bank to achieve synergy.

http://publications.drdo.gov.in/ojs/index.php/dsj/article/download/1978/1019

Prashant Salwan

Papers

Growth & Internationalization: The Case of TATA Motors

Antecedents of Resilience:An Investigation into Bharat Forge

Co-Creation: An Exploratory Study of MSMEs & Large Banks in India

Internationalizing Business Model for Reinventing the Company's Fortunes

Technology Transfer and Technology Management in Strategic Systems