Patient Capital: The Role of Family Firms in Sustainable Business

Sustainable businesses create economic and social value while protecting the environment. The case of the wine industry demonstrates that family firms with a focus on trans-generational continuity, long-term orientation, shared vision, faster decision-making processes, and preserving socio-emotional wealth are more likely to make patient long-term investments for innovations in products, services, processes, and business models to address environmental sustainability challenges.

Format: Paperback / softback
Length: 256 pages
Publication date: 24 March 2022
Publisher: Cambridge University Press

Sustainable businesses are a remarkable blend of economic and social value creation, while also ensuring the protection of our natural environment for generations to come. This insightful examination of environmental sustainability within the context of family businesses sheds light on the challenges faced by both family and non-family organizations in balancing short-term productivity, efficiency, and profitability objectives with the urgent need for long-term sustainable value creation. By delving into the case of the wine industry, Sanjay and Pramodita Sharma offer fresh perspectives on the influences and drivers that propel proactive environmental strategies to address major global sustainability challenges. Through their research, the authors compellingly demonstrate that family firms that prioritize trans-generational continuity of business, a long-term orientation, a shared vision, faster decision-making processes, and the preservation of socio-emotional wealth are more inclined to make patient, long-term investments in innovations that address environmental sustainability challenges.

This transformative approach not only benefits the environment but also fosters a sense of responsibility and resilience within these businesses, ensuring their long-term viability and contributing to a more sustainable and equitable future. As we navigate the complex dynamics of today's business world, it is clear that sustainable practices are not only the right choice but also the necessary step towards building a more sustainable and prosperous world for all.

Weight: 351g
ISBN-13: 9781107559226