A Conceptual Framework for Family Business Strategic Direction in the Bangladeshi Readymade Garments Industry
Article Sidebar
Main Article Content
Abstract
Family business (FB) represents a predominant and influential business form globally, which also plays a pivotal role in Bangladesh's economic landscape. Given that most businesses in Bangladesh are family-owned despite there is a dearth of research in this field. This phenomenon acknowledges a pressing need for research to conceptualize and establish a robust theoretical framework that captures the unique dynamics and challenges in this context. The Readymade Garment (RMG) industry, serving as a linchpin for the country's substantial economic growth in recent decades, particularly within Bangladeshi Family Business (BFB), lacks a dedicated strategic orientation. When BFB in the RMG industry is strategically managed and operated with efficacy over time, they might possess the potential to make substantial contributions to the nation's economy. Recognizing this significance, our novel study, grounded in existing literature, introduces a conceptual framework for the strategic direction of family-owned RMG businesses that could be crucial in guiding BFB. From the implication point of view, this framework aims to guide these businesses towards sustained development, thereby opening avenues for future research in this relevant domain.
Metrics
Downloads
Article Details
Section
This work is licensed under a Creative Commons Attribution 4.0 International License.
License Agreement for Bangladesh Journal of MIS (BJMIS)
Based on Creative Commons Attribution-NonCommercial 4.0 (CC BY-NC 4.0)
All articles published in the Bangladesh Journal of MIS (BJMIS) are licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (CC BY-NC 4.0).
Key Features of the License
1. Attribution:
- Users must provide appropriate credit to the original author(s) and the Bangladesh Journal of MIS.
- A link to the license must be included, along with an indication of any changes made to the content.
- Attribution must be provided in a reasonable manner but must not imply endorsement by the author(s) or the journal.
2. NonCommercial Use Only:
- Content can be shared (copied and redistributed in any medium or format) and adapted (remixed, transformed, and built upon) for non-commercial purposes only.
3. No Additional Restrictions:
- The license prohibits imposing legal or technological restrictions that limit others from exercising the rights granted under CC BY-NC 4.0.
Author Rights
- Authors retain copyright over their work.
- By submitting their work to BJMIS, authors grant the journal the right to publish the article under the terms of the CC BY-NC 4.0 license.
- Authors are encouraged to share their work through institutional repositories, personal websites, or other platforms, ensuring proper attribution to BJMIS.
Limitations of the License
- The license applies only to the articles published by BJMIS.
- It does not cover third-party content (e.g., images, tables, datasets) included in the articles unless explicitly stated.
- Users must comply with all applicable laws and ensure their use does not infringe upon the rights of others.
How to Attribute
When using content from BJMIS, please include the following attribution:
Author(s), “Article Title,” Bangladesh Journal of MIS, [Volume, Issue, Year], DOI/URL, licensed under CC BY-NC 4.0.
Further Information
For detailed information about the CC BY-NC 4.0 license, visit the Creative Commons website at https://creativecommons.org/licenses/by-nc/4.0/.
How to Cite
Plaudit
References
Afsar, B. (2011). Strategic management in today’s complex world. Business Intelligence Journal, 4(1), 143-149.
Aithal, P. & Kumar, P. (2015). Black ocean strategy - A probe into a new type of strategy used for organizational success. GE-International Journal of Management Research, 3(8), 45-65.
Alam, S., & Islam, M. T. (2017). Impact of blue ocean strategy on organizational performance: A literature review toward implementation logic. IOSR Journal of Business and Management, 19(01), 01-19. https://doi.org/10.9790/487x-1901030119
Alam, S., Hoque, M.R., Ray, P. (2022). The role of technology entrepreneurship in facilitating corporate donations: A model for b2b social e-business development. In: Ray, P., Shaw, R. (eds) Technology entrepreneurship and sustainable development. Disaster Risk Reduction. Springer, Singapore. https://doi.org/10.1007/978-981-19-2053-0_8
Alam, S., Miah, R., & Akter, R. R. (2023). An analysis of Indian commercial dynamism in international trade: 2000-2021. DIU Journal of Business and Entrepreneurship, 16(01), 179-200. https://doi.org/10.36481/diujbe.vo16i1.61ytrm10
Alam, S., Debnath, G. C., & Islam, M. A. (2019). Is it feasible to include ready-made garments sector in Badajoz zone under science and technology Park of Extremadura, Spain? International Journal of Innovative Technology and Exploring Engineering, 9(2), 4464-4471. https://doi.org/10.35940/ijitee.a4201.129219
Alam, S., Debnath, G. C., & Islam, M. A., & Hossain, T. (2019). Leadership attributes and organizational goal achievement: An ethical perspective in the global era. DIU Journal of Business and Entrepreneurship, 12(02), 51-62. https://doi.org/10.36481/diujbe.v012i2.22m5yt05
Alvarado, A. A. (2020). Perdurability, families, and internationalization processes: Approaches from business history in Latin America. Journal of Evolutionary Studies in Business, 5(2), 1-32. https://doi.org/10.1344/jesb2020.2.j075
Arregle, J. L., Chirico, F., Kano, L., Kundu, S. K., Majocchi, A., & Schulze, W. S. (2021). Family firm internationalization: Past research and an agenda for the future. Journal of International Business Studies, 52(6), 1159-1198. https://doi.org/10.1057/s41267-021-00425-2
Bañegil Palacios, T. M., Sanguino Galván, R., Martínez, A. B., Linares, R. H., Iglesias, M. C., Agundez, A. M., Jimenez, J. L., & Garcia, F. J. (2012). La gestión de las empresas familiares: El Caso de Extremadura (1st ed.). Empresa Familiar.
Barua, U., Wiersma, J., & Ansary, M. A. (2021). Can Rana Plaza happen again in Bangladesh? Safety Science, 135, 105103. https://doi.org/10.1016/j.ssci.2020.105103
Berg, A. (2011). Bangladesh's readymade garments landscape: The challenge of growth. McKinsey&Company. https://bit.ly/4gjUpzO
Bernard, C. (2016). Family business trends: Modern times? KPMG Enterprise. https://bit.ly/4ehfd9k
Bhuiyan, M. R. I. (2023). The challenges and opportunities of post-covid situation for small and medium enterprises (SMEs) in Bangladesh. PMIS Review, 2(1), 141-159. http://dx.doi.org/10.56567/pmis.v2i1.14
Bhuiyan, M. R. I., Faraji, M. R., Rashid, M., Bhuyan, M. K., Hossain, R., & Ghose, P. (2024). Digital transformation in SMEs emerging technological tools and technologies for enhancing the SME's strategies and outcomes. Journal of Ecohumanism, 3(4), 211-224. https://doi.org/10.62754/joe.v3i4.3594
Bian, J., Li, P., Ren, F., & Li, W. (2024). Internationalization of family business and innovation investment: An executive incentive-based perspective. Finance Research Letters, 105348. https://doi.org/10.1016/j.frl.2024.105348
Burke, A., Stel, A., & Thurik, R. (2009). Blue ocean versus competitive strategy: Theory and evidence. Erim Report Series Research in Management.
Cano-Rubio, M., Barroso, A., Sanguino, R., Valentino, A., Calabrò, A., & Basco, R. (2024). We don’t fire! Family firms and employment change during the COVID-19 pandemic. Journal of Family Business Management. https://doi.org/10.1108/jfbm-02-2024-0040
Chahal, H., & Sharma, A. K. (2022). Family involvement in ownership, management and firm performance: Evidence from Indian listed companies. Indian Journal of Corporate Governance, 15(1), 26-47. https://doi.org/10.1177/09746862221089719
Chirico, F., & Bau’, M. (2014). Is the family an “Asset” or “Liability” for firm performance? The moderating role of environmental dynamism. Journal of Small Business Management, 52(2), 210-225. https://doi.org/10.1111/jsbm.12095
Chrisman, J., Sharma, P., & Taggar, S. (2007). Family influences on firms: An introduction. Journal of Business Research, 60(10), 1005-1011. https://dx.doi.org/10.1016/j.jbusres.2007.02.016
Ciszewska-Mlinarič, M., & Wasowska, A. (2015). Resource‐based view (RBV). Wiley Encyclopedia of Management, 1–7. https://doi.org/10.1002/9781118785317.weom060174
Debellis, F., Rondi, E., Plakoyiannaki, E., & De Massis, A. (2021). Riding the waves of family firm internationalization: A systematic literature review, integrative framework, and research agenda. Journal of World Business, 56(1), 101144. https://doi.org/10.1016/j.jwb.2020.101144
Dow, D., Baack, D., & Parente, R. (2018). The role of psychic distance in entry mode decisions: Magnifying the threat of opportunism or increasing the need for local knowledge? Global Strategy Journal, 10(2), 309-334. https://dx.doi.org/10.1002/gsj.1309
Eddleston, K. A., & Jennings, J. E. (2024). Creating and sustaining mutualistic well-being: Toward a theory of family and business symbiosis. Journal of Family Business Strategy, 15(3), 100636. https://doi.org/10.1016/j.jfbs.2024.100636
Fang, H., Singh, K., Kim, T., Marler, L., & Chrisman, J. J. (2021). Family business research in Asia: Review and future directions. Asia Pacific Journal of Management, 1-42. https://doi.org/10.1007/s10490-021-09760-2
Farhana, K., Syduzzaman, M., & Munir, M. (2015). Present status of workers in readymade garments industries in Bangladesh. European Scientific Journal, 11(7), 564-574.
Fernández-Roca, F. J., & Hidalgo, F. G. (2017). What is a family business? Journal of Evolutionary Studies in Business, 2(2), 1-15. https://doi.org/10.1344/jesb2017.2.j028
Fox, M., Wade-Benzoni, K. A., & Covin, J. G. (2024). Legacy: The meaning of lasting impact for family, business, and beyond. Journal of Family Business Strategy, 15(3), 100633. https://doi.org/10.1016/j.jfbs.2024.100633
Furrer, O., Thomas, H., & Goussevskaia, A. (2008). The structure and evolution of the strategic management field: A content analysis of 26 years of strategic management research. International Journal of Management Reviews, 10(1), 1-23. https://dx.doi.org/10.1111/j.1468-2370.2007.00217.x
Gersik, K., Davis, J., Mccollom, H., & Lansberg, I. (1997). Generation to generation: Life cycles of the family business. Boston: Harvard Business Press.
Giacosa, E. (2017). The family business phenomenon as a means for a sustainable business in the clothing luxury business. In: Gardetti, M. (eds) Sustainable management of luxury (pp. 361–385). Environmental Footprints and Eco-design of Products and Processes. Springer, Singapore. https://doi.org/10.1007/978-981-10-2917-2_17
Giannoulis, C., & Zdravkovic, J. (2012). Linking strategic innovation to requirements: A look into blue ocean strategy. In Emerging Topics in the Practice of Enterprise Modeling (pp. 118-128). CEUR Workshop Proceedings. https://ceur-ws.org/Vol-933/pap11.pdf
Gochhait, S., Bhanja, A. K., Modi, A., Galván, R. S., & Nagrecha, A. (2018). The role of innovation in entrepreneurship in family firms: A case study on developed and developing countries. International Journal of Entrepreneurship, 22(1), 1-18. https://bit.ly/47m625y
Hafner, C., & Pidun, U. (2022). Getting family firm diversification right: A configurational perspective on product and international diversification strategies. Journal of Family Business Strategy, 13(1), 100456. https://dx.doi.org/10.1016/j.jfbs.2021.100456
Hao, J., & Friar, J. H. (2017). Second-generation’s international experience and the path of family business global expansion. Academy of Management Proceedings, 2017(1), 13147. https://dx.doi.org/10.5465/ambpp.2017.13147
Hossain, M. S., Islam, M. A., & Haque, A. A. (2022). Empirical analysis of the factors that impact on succession process of the family-owned businesses in Bangladesh, moderating role of education. International Journal of Business Innovation and Research, 28(2), 162. https://doi.org/10.1504/ijbir.2022.123262
Hsueh, J. W., De Massis, A., & Gomez-Mejia, L. (2023). Examining heterogeneous configurations of socioemotional wealth in family firms through the formalization of corporate social responsibility strategy. Family Business Review, 36(2), 172-198. https://doi.org/10.1177/08944865221146350
Huang, L., & Chen, A. (2024). Family business succession and corporate ESG behavior. Finance Research Letters, 60, 104901. https://doi.org/10.1016/j.frl.2023.104901
Institute for Family Business. (2014). Understanding Family Business. London: UCG.
Ipsmiller, E., & Dikova, D. (2021). Internationalization from central and Eastern Europe: A systematic literature review. Journal of International Management, 27(4), 100862. https://doi.org/10.1016/j.intman.2021.100862
Islam, M. S. (2020). Readymade garments exports earning and its contribution to economic growth in Bangladesh. GeoJournal, 86(3), 1301-1309. https://doi.org/10.1007/s10708-019-10131-0
Jahan, R., Zaman, F., & Kamal, M. (2013). Future impact prediction of women empowerment in readymade garment industry under computational methodology. Global Journal of Management and Business Research Interdisciplinary, 13(6), 1-7.
Johanson, J. & Vahlne, J. (1977). The internationalization process of the firm - A model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, 8(1), 23-32. https://dx.doi.org/10.1057/palgrave.jibs.8490676
Johanson, J. & Wiedersheim-Paul, F. (1975). The internationalization of the firm? Four Swedish cases. Journal of Management Studies, 12(3), 305-323. https://dx.doi.org/10.1111/j.1467-6486.1975.tb00514.x
Johanson, J., Mattsson, LG. (2009). Internationalization in industrial systems — A network approach. In: Forsgren, M., Holm, U., Johanson, J. (eds) Knowledge, Networks and Power. Palgrave Macmillan, London. https://doi.org/10.1057/9781137508829_5
Kafi, N. H. (2017). Roadblocks towards sustainability of local family-owned businesses in Bangladesh. The Financial Express. https://bit.ly/3XlFxIL
Katsoulakos, T. & Katsoulacos, Y. (2007). Integrating corporate responsibility principles and stakeholder approaches into mainstream strategy: A stakeholder‐oriented and integrative strategic management framework. Corporate Governance: The International Journal of Business in Society, 7(4), 355-369. https://dx.doi.org/10.1108/14720700710820443
Khaled, A. F., & Ansar, A. (2023). Bangladesh's ready-made garments sector rebound: Revisiting gendered labor precarity and dependency. Asian Journal of Comparative Politics, 205789112311702. https://doi.org/10.1177/20578911231170208
Khanom, K., Islam, M. T., Hasan, A. A. T., Sumon, S. M., & Bhuiyan, M. R. I. (2022). Worker satisfaction in health, hygiene and safety measures undertaken by the readymade garments industry of Bangladesh: A case study on Gazipur. Journal of Business Studies Pabna University of Science and Technology, 3(1), 93–105. https://doi.org/DOI:10.58753/jbspust.3.1.2022.6
Khosla, N. (2009). The readymade garments industry in Bangladesh: a means to reduce gender-based social exclusion of women. Journal of International Women's Studies, 11(1). https://vc.bridgew.edu/jiws/vol11/iss1/18
Kim, W. & Mauborgne, R. (2005). Value innovation: A leap into the blue ocean. Journal of Business Strategy, 26(4), 22-28. https://dx.doi.org/10.1108/02756660510608521
Kim, W. & Mauborgne, R. (2014). Blue ocean leadership: How to engage your employees and stop wasting everyone’s time. Harvard Business Review, 61-70. https://hbr.org/2014/05/blue-ocean-leadership
Kim, W. & Mauborgne, R. (2015). Red ocean traps: The mental models that undermine market-creating strategies. Harvard Business Review, 68-73. https://hbr.org/2015/03/red-ocean-traps
Kiron, M. (2015). Readymade garments industry of Bangladesh. Garments Merchandising. https://garmentsmerchandising.com/readymade-garments-industry-of-bangladesh/
Kodama, W., Morgan, P., Azhgaliyeva, D., Trinh, L., & Kim, K. (2024). Family business during the COVID-19 pandemic in Asia: Role of government financial aid and coping strategies. World Development, 182, 106653. https://doi.org/10.1016/j.worlddev.2024.106653
Köhler, T., Smith, A. D., & Pieper, T. M. (2023). Stop. . . Just stop! The use and misuse of methodological template prescriptions in qualitative family business research and ways forward. Journal of Family Business Strategy, 100595. https://doi.org/10.1016/j.jfbs.2023.100595
Kontinen, T., & Ojala, A. (2011). International opportunity recognition among small and medium-sized family firms. Journal of Small Business Management, 49(3), 490-514. https://dx.doi.org/10.1111/j.1540-627x.2011.00326.x
Leavy, B. (2005). Value pioneering – How to discover your own "blue ocean": an interview with W. Chan Kim and Renée Mauborgne. Strategy and Leadership, 33(6), 13-20. https://dx.doi.org/10.1108/10878570510631611
Litz, R. (1995). The family business: Toward definitional clarity. Family Business Review, 8(2), 71-81. https://dx.doi.org/10.1111/j.1741-6248.1995.00071.x
Madison, K., Holt, D., Kellermanns, F., & Ranft, A. (2015). Viewing family firm behavior and governance through the lens of agency and stewardship theories. Family Business Review, 29(1), 65-93. https://dx.doi.org/10.1177/0894486515594292
Madsen, T. & Servais, P. (1997). The internationalization of Born Globals: An evolutionary process. International Business Review, 6(6), 561-583. https://dx.doi.org/10.1016/s0969-5931(97)00032-2
Mankins, M. & Steele, R. (2005). Turning great strategy into outstanding performance. Harvard Business Review, 1-11.
Martínez, A. B., Galván, R. S., Seaman, C., & Bañegil Palacios, T. M. (2019). Factors contributing to familiarity degree in family firms. International Journal of Business Innovation and Research, 18(4), 503-527. https://doi.org/10.1504/ijbir.2019.10020175
Martinuzzi, A., Kudlak, R., Faber, C., & Wiman, A. (2011). CSR activities and impacts of the textile sector. Vienna: Vienna University of Economics and Business. https://bit.ly/3XAbRJf
Merino, F. (2017). Offshoring to promote the internationalization of family firms. Journal of Evolutionary Studies in Business, 2(2), 44-69. https://doi.org/10.1344/jesb2017.2.j030
Metsola, J., Leppäaho, T., Paavilainen-Mäntymäki, E., & Plakoyiannaki, E. (2020). Process in family business internationalisation: The state of the art and ways forward. International Business Review, 29(2), 101665. https://doi.org/10.1016/j.ibusrev.2020.101665
Miller, D., & Le Breton-Miller, I. (2005). Managing for the long run: Lessons in competitive advantage from great family businesses. Harvard Business Press, Boston
Nag, R., Hambrick, D., & Chen, M. (2006). What is strategic management? Inductive derivation of a consensus definition of the field. Strategic Management Journal, 28(9), 935-955. https://doi.org/10.1002/smj.615
Nahid, F., Gomez, E. T., & Yacob, S. (2019). Entrepreneurship, state–business ties, and business groups in Bangladesh. Journal of South Asian Development, 14(3), 367-390. https://doi.org/10.1177/0973174119895181
Naldi, L., Chirico, F., Kellermanns, F., & Campopiano, G. (2015). All in the family? An exploratory study of family member advisors and firm performance. Family Business Review, 28(3), 227-242. https://dx.doi.org/10.1177/0894486515581951
Neilson, G., Martin, K., & Powers, E. (2008). The secrets to successful strategy execution. Harvard Business Review. https://hbr.org/2008/06/the-secrets-to-successful-strategy-execution
Nickols, F. (2016). Strategy, strategic management, strategic planning, and strategic thinking. Distance Consulting. https://www.nickols.us/strategy_etc.pdf
Nordqvist, M., Sharma, P., & Chirico, F. (2014). Family firm heterogeneity and governance: A configuration approach. Journal of Small Business Management, 52(2), 192-209. https://dx.doi.org/10.1111/jsbm.12096
Oviatt, B. M., & McDougall, P. P. (2005). Defining international entrepreneurship and modeling the speed of internationalization. Entrepreneurship Theory and Practice, 29(5), 537-553. https://doi.org/10.1111/j.1540-6520.2005.0009
Pereira, V., Laker, B., Bamel, U., Sharma, G. D., & Paul, H. (2024). Customer engagement strategies within family businesses in emerging economies: A multi-method study. Journal of Business Research, 174, 114508. https://doi.org/10.1016/j.jbusres.2024.114508
Porter, M. (2008). The five competitive forces that shape strategy. Harvard Business Review, 78-93. https://hbr.org/2008/01/the-five-competitive-forces-that-shape-strategy
Pukall, T. & Calabro, A. (2013). The internationalization of family firms: A critical review and integrative model. Family Business Review, 27(2), 103-125. https://dx.doi.org/10.1177/0894486513491423
PwC (2019) Fuelling business growth through values and purpose in a digital age. PwC Bangladesh Family Business Survey. https://bit.ly/4dU9Ddc
Raduan, C., Jegak, U., Haslinda, A., & Alimin, I. (2009). Management, strategic management theories, and the linkage with an organizational competitive advantage from the resource-based view. European Journal of Social Sciences, 11(3), 402-417.
Rahman, R., Shahriar, S., & Kea, S. (2019). Determinants of exports: A gravity model analysis of the Bangladeshi textile and clothing industries. FIIB Business Review, 8(3), 229-244. https://doi.org/10.1177/2319714519872643
Rashid, S., & Ratten, V. (2020). A dynamic capabilities approach for the survival of Pakistani family-owned businesses in the digital world. Journal of Family Business Management, 10(4), 373-387. https://dx.doi.org/10.1108/jfbm-12-2019-0082
Reuber, A. & Fischer, E. (2011). Marketing (in) the family firm. Family Business Review, 24(3), 193-196. http://dx.doi.org/10.1177/0894486511409979
Rohemi, Z. O., Stefania, G. C., Eduardo, M. C. A., Rafael, B. S. G., Lucia, R. V. A., Marina, R. O. A., Darío, R. H. J., & María, N. R. L. (2024). Clustering and principal component analysis for the characterization of corporate governance in family businesses. Procedia Computer Science, 231, 496–501. https://doi.org/10.1016/j.procs.2023.12.240
Rondi, E., Debellis, F., Bettinelli, C., & De Massis, A. (2022). Family multinationals: A systematic literature review to take stock and look ahead. International Marketing Review, 39(5), 1029-1051. https://doi.org/10.1108/imr-01-2021-0025
Sallay, V., Wieszt, A., Varga, S., & Martos, T. (2024). Balancing identity, construction, and rules: Family relationship negotiations during first-generation succession in family businesses. Journal of Business Research, 174, 114483. https://doi.org/10.1016/j.jbusres.2023.114483
Salvato, C., Chirico, F., & Sharma, P. (2010). A farewell to the business: Championing exit and continuity in entrepreneurial family firms. Entrepreneurship and Regional Development, 22(3-4), 321-348. https://dx.doi.org/10.1080/08985621003726192
Saraceno, C. (2023). Challenges in family policy research. Families, Relationships and Societies, 12(1), 103-115. https://doi.org/10.1332/204674321x16709439226598
Shams, M., & Woods, D. (2018). Generating learning skills from coaching practices: Coaching family owned businesses. In Supporting the Family Business (1st ed., pp. 67-89). Routledge. https://dx.doi.org/10.4324/9780429480553-5
Shen, N. (2018). Family business, transgenerational succession and diversification strategy: Implication from a dynamic socioemotional wealth model. Cross Cultural & Strategic Management, 25(4), 628-641. https://doi.org/10.1108/CCSM-06-2017-0074
Tagiuri, R., & Davis, J. (1996). Bivalent attributes of the family firm. Family Business Review, 9(2), 199-208. https://dx.doi.org/10.1111/j.1741-6248.1996.00199.x
TBS Report. (2019). Family business growth in Bangladesh higher than in any other country in the world. The Business Standard. https://www.tbsnews.net/economy/family-business-growth-bangladesh-higher-any-other-country-world
Wong, M. W., & Vongswasdi, P. (2024). Building legacy through brand change: Insights from multigenerational family businesses. Organizational Dynamics, 101078. https://doi.org/10.1016/j.orgdyn.2024.101078
Wright, M., & Kellermanns, F. (2011). Family firms: A research agenda and publication guide. Journal of Family Business Strategy, 2(4), 187-198. http://dx.doi.org/10.1016/j.jfbs.2011.10.002