Behavioral and Strategic Perspectives

Edited by

MOSES ACQUAAH

Family Businesses in Sub-Saharan Africa

Moses Acquaah Editor

Family Businesses in Sub-Saharan Africa

Behavioral and Strategic Perspectives

ISBN 978-1-137-37815-6 ISBN 978-1-137-36143-1 (eBook) DOI 10.1057/978-1-137-36143-1

Library of Congress Control Number: 2016942667

© The Editor(s) (if applicable) and The Author(s) 2016 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifi cally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfi lms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specifi c statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the pub-lisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made.

Printed on acid-free paper

This Palgrave Macmillan imprint is published by Springer Nature The registered company is Nature America Inc. New York

Editor Moses Acquaah University of North Carolina at Greensboro Greensboro , North Carolina , USA

For the two important women in my life, my mother, Matilda Afua Kobe Acquaah, and my wife, Ekua Acquaah

vii

I express my gratitude to my parents, Emmanuel Gidson Acquaah (of blessed memory) and Matilda Afua Kobe Acquaah, for their immense sacrifi ce to give me the most precious gift in life—education. I will always be proud that you were my parents. I also appreciate the love, patience, and encouragement from my wife, Ekua Acquaah, who was always on my side, even when things were not going well. I thank my children, Emmanuel Kofi Acquaah, Daniel Kofi Osei Acquaah, Yaa Kobe Acquaah, and Yaa Odua Acquaah, for their sacrifi ce and support during all those days when I was not around for them.

ACKNOWLEDGMENTS

ix

1 Introduction 1 Moses Acquaah

Part I Background 7

2 Family Business Theories and Sub-Saharan African Family Businesses 9 Moses Acquaah

3 Family Business Research in Africa: An Assessment 43 Moses Acquaah and Joseph P. Eshun Jr.

Part II Behavioral and Strategic Issues in Family Businesses 95

4 Organizational Justice and Employee Job Effectiveness in Family Businesses in Uganda: The Mediating Role of Organizational Support 97 Moses Acquaah , Kwasi Amoako-Gyampah , and Eddy K. Tukamushaba

CONTENTS

x CONTENTS

5 Human Resource Management and Market Orientation Strategies in Family and Non- family Firms in Ghana: How Do They Relate to Competitive Strategy and Firm Performance? 123 Moses Acquaah , Kwasi Amoako-Gyampah , and Jayanth Jayaram

6 Women-Owned Family Businesses in Africa: Entrepreneurs Changing the Face of Progress 155 Dianne H. B. Welsh

7 The Direct and Indirect Effects of Innovative Capability on Firm Performance: Evidence from Micro and Small Family Businesses in Ghana 175 Ahmed Agyapong and Moses Acquaah

8 Social Capital, Market Competition, and Productivity Growth in Family Businesses in Ghana 205 Moses Acquaah

9 Manufacturing Strategy, Competitive Strategy, and Performance: Testing Differences Between Family and Nonfamily Firms in Ghana 231 Moses Acquaah and Kwasi Amoako-Gyampah

Index 255

xi

Moses   Acquaah is Professor and Head of the Department of Management in the Bryan School of Business and Economics at the University of North Carolina at Greensboro. Dr. Acquaah received his Ph.D. in Organizations and Strategic Management from the University of Wisconsin – Milwaukee, and has graduate degrees from Simon Fraser University, Canada, and the University of Cambridge, UK. His current research focuses on strategic management, international management, entrepreneurship, and family businesses in emerging economies. His research has been published in several internationally recognized journals, including the Strategic Management Journal , Human Relations , Journal of Business Research , Strategic Organization, Journal of International Management , International Journal of Production Economics, International Journal of Production Research , European Management Journal , Journal of Management and Governance, Emerging Markets Review , Journal of Family Business Strategy, Journal of Managerial Psychology, Journal of Developmental Entrepreneurship , and Journal of African Business . He is an assistant editor of the South African (SA) Journal of Human Resource Management , and serves on the editorial review boards of the Journal of African Business, Journal of Education for Business, African Journal of Economic and Management Studies, and the Africa Journal of Management . His work has won competitive research grants from organizations such as the Marion Ewing Kauffman Foundation, USA; the Family Owned Business Institute (FOBI), USA; Emerald Publishing Group, UK; and the Network for Business Sustainability, South Africa. Dr. Acquaah is cur-rently the Vice President for Membership, International Academy of

LIST OF CONTRIBUTORS

xii LIST OF CONTRIBUTORS

African Business and Development (IAABD), and the Founding Treasurer of the Africa Academy of Management (AFAM). He was the Academy of Management’s Business Policy and Strategy Division’s Global Representative for Africa for the period 2011–2013. He also served as an advisory board member of the Atlantic World Research Network at UNCG. Dr. Acquaah has previously been involved in the monitoring and evaluation of micro projects for the European Union and the World Bank in Ghana.

Ahmed   Agyapong holds a Ph.D. in Strategic Management from Kwame Nkrumah University of Science and Technology (KNUST). He lectures in Strategic Management and Policy, Marketing Management, Competitive Analysis, and Sociology. Dr. Agyapong specializes in corporate develop-ment and strategic management of organizations. His research interests are focused on issues of entrepreneurship development in the informal sector and management strategy execution for performance development. He serves as a mentor, consultant, and trainer with private and public organizations at both national and international levels. He coordinates a research and intervention program aimed at improving the practices of strategic management in micro, small, and large-scale companies with the perspective of achieving better results. Dr. Agyapong has been the Head of the Department for Marketing and Corporate Strategy, and is currently the Vice Dean and Acting Dean for the School of Business, KNUST.

Kwasi   Amoako-Gyampah is Professor of Supply Chain and Operations Management, Department of Information Systems & Supply Chain Management, Bryan School of Business & Economics, at the University of North Carolina at Greensboro, USA. He obtained his Ph.D. in Operations Management from the University of Cincinnati. He has an MBA from Virginia Tech, a master’s in Metallurgical Engineering from the Missouri University of Science & Technology, and a bachelor of science degree in Metallurgical Engineering (Honors) from the Kwame Nkrumah University of Science & Technology, Kumasi, Ghana. His research interests are in Managing Technology and Innovation, Operations Strategy, Project Management, and Supply Chain Management. His research has been pub-lished in leading journals such as Journal of Operations Management , European Journal of Operational Research , International Journal of Production Economics , International Journal of Production Research , International Journal of Operations & Production Management , International Journal of Flexible Manufacturing Systems , Information & Management , Information Systems Frontiers , IEEE Security & Privacy ,

LIST OF CONTRIBUTORS xiii

OMEGA (The International Journal of Management Science ), The Data Base for Advances in Information Systems , Computers in Human Behavior , and others. He was also a corecipient of a Department of Labor WIRED grant through the NC Piedmont Triad Partnership, and a Network of Business Sustainability (NBS) South Africa Grant in 2013–2014. Kwasi Amoako-Gyampah received a Carnegie African Diaspora fellowship in 2014–2015 and was seconded to the Ghana Institute of Management & Public Administration. Dr. Amoako-Gyampah served as the Head of the Department of Information Systems and Supply Chain Management between August 1, 2004, and July 31, 2013. He was also the director of the graduate programs in the department between 2002 and 2004. He has held adjunct teaching professorships at the University of Applied Sciences, Ludwigshafen, Germany, Ghana Institute of Management & Public Administration, and the Kwame Nkrumah University of Science & Technology, Ghana.

Joseph   P.   Eshun Jr. is Associate Professor of Business Management in the College of Business and Management (COBM) at East Stroudsburg University, where he teaches courses in entrepreneurship, strategic man-agement, and global/international management. He obtained his bache-lor of science (Eng.) degree in Electronic Engineering at City College in London, England; a master’s degree in Management and Policy Analysis from the State University of New  York (SUNY) at Stony Brook; and M.  Phil. and Ph.D. in sociology (with management) from Columbia University in New York. Before his tenure at East Stroudsburg University, Dr. Eshun taught undergraduate and graduate courses in strategy, man-agement, and entrepreneurship at Pennsylvania State University (Penn State), Bloomsburg University, and Muhlenberg College. His primary research interest explores the origins and evolution of new organizational forms and practices as a facet of institutions and institutional change in the economic development sector. Dr. Eshun believes economic development is characterized by multi-institutional collaboration between government, business/industry, and academic and research institutions, among others, where the pooling of resources through strategic partnerships is a holistic orientation and collective action to the economic development agenda. Consequently, he is committed to generating research that will inform and guide policy as well as stimulate meaningful and practical intervention. His advocacy for an ideological, strategic, and pragmatic shift in policy and practice in the economic development sector demonstrates his passion and

xiv LIST OF CONTRIBUTORS

interest in the topic. He is currently working on several manuscripts, examining the evolution of business incubators as instrument of institu-tional change and transformation in the economic development sector. He has published articles in various journals, including Business Strategy Series (formerly Handbook of Business Strategy ), Case Research Journal , Human Relations , as well as a book and chapters in books. His efforts to bridge the gap between theory and practice has created several opportunities to pres-ent and moderate at national and international academic and practitioner conferences, including the Role of Entrepreneurship in Economic Development sponsored by the United States Small Business Administration; Is Your City a Business Incubator or Business Inhibitor? at the National Business Incubation Association (NBIA) conference ; and the Role of Social Entrepreneurship in Economic Development at the third International Conference on Social Entrepreneurship in Copenhagen, Denmark, among others.

Jayanth   Jayaram is a professor of Management Science and Moore Research Fellow at the University of South Carolina (USC). He obtained his Ph.D. in Supply Chain Management from Michigan State University and MBA from Central Michigan University. He has had eight years of work experience in multi-national companies and consulting fi rms prior to his MBA. He is professionally certifi ed as a Chartered Accountant from India, and as Certifi ed Purchasing and Supply Management (CPSM) from the USA. Dr. Jayaram has played an active role in the inception, develop-ment, and growth of the Center for Global Supply Chain and Process Management (GSCPM) at USC. He has successfully managed projects in several companies. Dr. Jayaram has taught at the University of Oregon, Michigan State University, and at the Indian Institute of Management (Bangalore and Calcutta). His research interests are in global operations strategy, supply chain management, new product development, and stra-tegic purchasing. He currently serves on (or has served on) the editorial review boards of several operations management journals such as Journal of Operations Management , Decision Sciences , Production and Operations Management Journal , IEEE Transactions on Engineering Management , Journal of Supply Chain Management , and Journal of Business Logistics . He has been successful in obtaining research grants from the Center for International Business Education and Research (CIBER), Family Owned Business Institute (FOBI), and Institute of Supply Management (ISM).

LIST OF CONTRIBUTORS xv

Dr. Jayaram has served as an external examiner of research grant applica-tions made to National Science Foundation (NSF), Austrian National Science Foundation, and Social Sciences and Humanities Research Council of Canada. He has also served as a coeditor of a special issue for the Journal of Operations Management , as a proceedings coordinator for annual con-ferences, and also served on several committees in professional associa-tions such as Decision Science Institute (DSI), American Production and Inventory Control Society (APICS), and American Society of Quality (ASQ).

Eddy   K.   Tukamushaba holds a Ph.D. in Tourism and Hospitality Management and an MBA (Marketing), and is currently a senior lecturer in the Department of International Hospitality Management, Stenden University Qatar. He is a multi-disciplinary researcher and has authored or coauthored more than 17 academic journal articles and book chapters.

Dianne   H. B.   Welsh is the Hayes Distinguished Professor of Entrepreneurship and Founding Director of the Entrepreneurship Programs at The University of North Carolina, Greensboro, including the North Carolina Entrepreneurship Center and the Entrepreneurship Cross- Disciplinary Program. She has previously founded two entrepreneurship programs and centers and has held three endowed professorships. She was honored with the Senior Teaching Award for the University of North Carolina, Greensboro, in 2015, and was the December Commencement Speaker. Dianne is a recognized scholar in family business, international entrepreneurship, women-owned businesses and franchising, and has seven books and more than 150 publications. She has three new books: Creative Cross-Disciplinary Entrepreneurship , published by Palgrave Macmillan, Global Entrepreneurship (2nd edition), and Case Studies in Global Entrepreneurship , published by Kendall-Hunt. She served as the 2015 Chair for the Technology and Innovation Management Division of the Academy of Management with 2700 members and has served as President of the US Association for Small Business & Entrepreneurship and the Small Business Institute. Dianne is a Fellow in the Family Firm Institute and a Certifi ed Family Business Counselor, as well as a Fellow in the US Association of Small Business & Entrepreneurship. She served as a Presidential Appointee to the US Air Force Academy and the Defense Advisory Committee for Women in the Services (DACOWITS). She held the Fulbright-Hall Distinguished Chair for Entrepreneurship in Central Europe at WU (Vienna University of Economics and Business) in the spring of 2015.

xvii

Fig. 2.1 The systems theory model of family business 12 Fig. 2.2 (a) Identical role of the three family business characteristics.

(b) Family- ownership fi rst model of family businesses 26 Fig. 2.3 The concentric model of family business 27 Fig. 4.1 Results of bootstrap analysis 115 Fig. 7.1 Hypothesized model 180 Fig. 8.1 A model of social capital, market competition, and fi rm

growth in productivity 208 Fig. 8.2 Effects of interaction between social capital from top

managers at other fi rms and market competition on growth in fi rm productivity 221

Fig. 8.3 Effects of interaction between social capital from community leaders and market competition on growth in fi rm productivity 221

LIST OF FIGURES

xix

Table 3.1 Frequency of family business articles published in journals 48 Table 3.2 Defi nition of family business in studies focusing on Africa 49 Table 3.3 Coverage of research topics 62 Table 3.4 Summary of family business empirical studies in

sub-Saharan Africa 64 Table 4.1 Descriptive statistics and correlation matrix 109 Table 4.2 Bootstrap results of direct and indirect effects

of organizational justice through organizational support on employees’ job effectiveness 112

Table 5.1 Descriptive statistics, correlations, and reliability coeffi cients 139 Table 5.2 Impact of market orientation and HRM strategies on

cost leadership strategy 141 Table 5.3 Impact of market orientation and HRM strategies

on differentiation strategy 142 Table 5.4 Impact of market orientation and HRM strategies

on sales growth 143 Table 5.5 Impact of market orientation and HRM strategies

on profi tability 144 Table 7.1 Parameter estimates for confi rmatory factor analysis (CFA)

of major constructs 191 Table 7.2 Descriptive statistics and correlation analysis 192 Table 7.3 Bootstrap analysis of direct and indirect effects

of innovative capability on fi rm performance through competitive strategy 193

Table 8.1 Descriptive statistics and correlation matrix of variables (N = 104) 218

Table 8.2 Standardized regression results (DV = productivity growth) 220

LIST OF TABLES

xx LIST OF TABLES

Table 9.1 Means, standard deviations, correlations, and reliability coeffi cients 242

Table 9.2 Impact of manufacturing strategies on cost leadership strategy 243

Table 9.3 Impact of manufacturing strategies on differentiation strategy 244

Table 9.4 Impact of manufacturing strategy on sales growth 245 Table 9.5 Impact of manufacturing strategy on profi tability 246

1© The Editor(s) (if applicable) and The Author(s) 2016M. Acquaah (ed.), Family Businesses in Sub-Saharan Africa, DOI 10.1057/978-1-137-36143-1_1

CHAPTER 1

Africa is a complex and interesting continent. More than one billion people live in the 54 countries on the continent. Some countries such as Botswana, Ghana, Mauritius, Rwanda, and South Africa have fl ourish-ing economies (Hoskisson, Wright, Filatotchev, & Peng, 2013 ; McKinsey, 2010 ). Several other African economies are also surging, and foreign direct investment fl ows into the continent have been increasing. As a result, Africa has been described in the business press with clichés such as “Africa ris-ing” ( Economist , 2011 ) and “a continent on the move” (McKinsey, 2010 ). Africa is also seen as the next growth market in the world because of its unmatched opportunities (Chironga, Leke, Lund, & van Wamelen, 2011 ). However, there are other countries in Africa that continue to experience chronic economic stagnation and immense challenges, such as the Ebola epidemic that ravaged Liberia, Guinea, and Sierra Leone, despite the fact that the average annual real gross domestic product (GDP) growth rate for sub-Saharan Africa was approximately 5.2 % between 2012 and 2015 (IMF, 2014 ). This extreme disparity presents a signifi cant challenge to Africa’s leaders, policymakers, and practitioners, among others. Family businesses, because of their prevalence on the continent, could play a signif-icant role in continuing the growth of the economies of African countries.

Introduction

Moses   Acquaah

M. Acquaah () University of North Carolina at Greensboro , Greensboro , NC , USA

Unfortunately, Africa’s fl ourishing economic outlook has not been matched by relevant research that recognizes her unique demands and challenges and her distinctive context in the area of family business stud-ies. Family businesses have gained attention in the management literature in recent years because family-owned and family-controlled businesses are the predominant form of business organizations globally, and account for approximately 90 % of all incorporated businesses in the USA (La Porta, Lopez-de-Silanes, & Shleifer, 1999 ; Poza, 2007 ) and about 80 % of the world’s businesses (Poza, 2007 ). Family businesses are further seen as the primary engine of entrepreneurial activities, community and economic growth, and vitality in all economies around the world. Family busi-nesses generate most of the world’s economic output, employment, and wealth. In many regions of the world, family-owned businesses dominate the economy, and in sub-Saharan Africa, anecdotal evidence suggest that more than 90 % of all non-state owned enterprises (non-SOEs) are family businesses (Acquaah, 2013 ). Therefore, family businesses are extremely important to the well-being of sub-Saharan African economies. While family-owned and family-controlled businesses, on average, have been found to outperform other types of businesses in advanced industrialized economies, no such comprehensive information exists about the perfor-mance of family businesses in sub-Saharan Africa to make such a conclu-sive statement.

More specifi cally, the defi nition and composition of the “family” in Western societies and cultures is markedly different and narrowly con-structed compared to those of African societies. Africa’s collectivist societies defi ne the family more extensively and it is likely to consist of cousins, aunts, and uncles who may trace their ancestry to a matriarch or a patriarch several generations before. Consequently, the standards, obligations, and expectations of the family in African societies and cul-tures are broadly defi ned and are extensive with signifi cant implications for the structure, composition, and dynamics of family businesses. Shenkar ( 2004 , p. 168) has argued the importance of validating theory in diverse geographical, national, and cultural contexts “because they provide for an environment that is markedly different from the one in which a given theory was developed” (p. 168), creating opportunities to develop feed-backs into theory development.

Moreover, my review of the literature on the knowledge base about family businesses in Africa indicated that there is no book focusing on the issues presented by the interaction of the founding entrepreneur or

2 M. ACQUAAH

family patriarch/matriarch, the family, management, and ownership of the business in sub-Saharan Africa, and on how to manage the opportunities, challenges, and vulnerabilities created by such interaction.

It was against this background that I decided to address both behavioral and strategic issues that family businesses in sub-Saharan Africa face and their strategic activities in a book as far back as the spring of 2013. I, how-ever, did not want the book to focus on just a few countries in Africa but to draw lessons on behavioral and strategic activities in family businesses from several countries. I felt that the appropriate manner for accomplish-ing this goal was to edit a book rather than author the book myself. I sent out a call for papers for the book to African scholars in Africa and the dias-pora who are interested in family business research. The response was very poor, so I reached out to colleagues in African countries such as Ethiopia, Nigeria, Kenya, Tanzania, and Uganda who could write chapters for the book or collaborate with me in writing some of the chapters. I asked the scholars to write chapters for the book, focusing on a broad range of top-ics such as social exchange issues, socio-emotional wealth considerations, strategic issues, social capital and networking, marketing issues, operations management issues, human resource management issues, governance, the role of women, and succession issues in family businesses, from different countries. Several of the scholars agreed to contribute chapters for the book, so I was delighted that my goal of publishing a book that could be used as a reference material by those interested about family businesses not just in sub-Saharan Africa but in several African countries would now be realized. The original plan was to have 12 chapters in the book. In addi-tion to the two background chapters, which I had to complete, there were ten chapters to be written by the scholars, sometimes in collaboration with me, from different countries. Little did I know how challenging it was going to be to get the scholars who agreed to participate in the book project to submit their initial outlines, let  alone the full chapters. After repeated emails, two of them did not respond to my requests for the initial drafts of the chapters they had agreed to work on. Three of the authors also requested extension several times and fi nally did not complete their chapters. I was frustrated and disappointed, and wanted to cancel the con-tract with Palgrave Macmillan; however, I was encouraged by their team to complete the project with just the chapters I had. In the end, I had to author or co-author almost all the chapters in the book. Thus, four of the eight chapters in the book focus on family businesses in Ghana.

INTRODUCTION 3

Despite these challenges and frustrations, I am glad that I continued with the project because I believe that this book will be an invaluable resource to researchers, practitioners, and students interested in family business issues in Africa. As a founding executive member of the Africa Academy of Management (AFAM), whose aim is to “(1) foster the gen-eral advancement of knowledge and scholarship in the theory and practice of management among African scholars and/or academics interested in management and organization issues in Africa. Africa is defi ned broadly to include all of Africa and individuals of African descent in the Diaspora (i.e., The Caribbean, South America, Europe, Asia, Oceania, Middle East, and North America); and (2) perform and support educational activities that contribute to intellectual and operational leadership in the fi eld of management within the African context” (AFAM, 2015 ), this endeavor will help in the advancement of knowledge in, and about, family busi-nesses in Africa.

The chapters in the book cover several of the topics I had asked the scholars to focus on. The fi rst section of the book discusses the back-ground to family business research in Africa. In Chap. 2 , I review six of the widely used theories in the family business literature and discuss their applicability to the institutional and socio-cultural environment in sub- Saharan Africa in which sub-Saharan African family businesses operate. In Chap. 3 , Joseph Eshun Jr. and I review and assess the literature on family businesses in Africa, with special emphasis on what has been studied and what the studies tell us about the state of family business research. The second section of the book discusses behavioral and strategic issues. Two chapters focus on behavioral issues. One of them focuses on the applica-tion of social exchange theory in family business research in sub-Saharan Africa. Kwasi Amoako-Gyampah, Eddy Tukamushaba, and I examine how the relationship between organizational justice and employee job effec-tiveness in family businesses in Uganda is mediated by organizational support. In the other, Dianne Welsh discusses women-owned family businesses in Africa. The rest of the chapters in the second section, in which I was a co-author, discuss strategic issues in family business. Kwasi Amoako-Gyampah, Jayanth Jayaram, and I examine how human resources management and market orientation strategies differ in their impact on competitive strategy and fi rm performance between family-owned and non–family-owned businesses in Ghana. I also examine how infl uence of external social capital on the growth of productivity in family businesses in Ghana is moderated by market competition. In another chapter, Ahmed

4 M. ACQUAAH

Agyapong and I examine the direct and indirect effects of innovative capa-bility on the performance of micro and small family businesses in Ghana. Finally, Kwasi Amoako-Gyampah and I investigate the impact of manufac-turing strategy on competitive strategy and performance between family and non-family businesses.

This book’s focus of attention and interest in family businesses in Africa is timely because of the lack of such a reference in Africa. I hope under-standing the role and contributions of family businesses in Africa to the economic resurgence of the continent will be informative and insightful for researchers, especially doctoral students in Africa and around the world who are interested in family businesses and entrepreneurial activities in Africa. Moreover, it is my expectation that this book will begin the conver-sation about the unique socio-cultural environment in Africa and the role of family businesses in such an environment, and encourage research on family businesses on the continent. I also expect this book to be a useful reference for policymakers and practitioners on strategic and behavioral issues affecting family businesses in Africa.

Finally, I express my gratitude and thanks to all the authors who made this project successful. I thank them for their willingness to work with me on this project despite several disappointing messages that I received at the beginning, and their continued support for three years to see the project through. I also thank my colleagues who assisted in reviewing the chapters for me.

REFERENCES Acquaah, M. (2013). Management control systems, business strategy and perfor-

mance: A comparative analysis of family and non-family businesses in a transi-tion economy in sub-Saharan Africa. Journal of Family Business Strategy, 4 , 131–146.

Africa Academy of Management (AFAM). (2015). AFAM Bylaws. Retrieved December 9, 2015, from http://www.africa-aom.org/stdContent.asp?vchPageName=Governance#ByLaws

Chironga, M., Leke, A., Lund, S., & van Wamelen, A. (2011). Cracking the next growth market: Africa. Harvard Business Review , May : 117–122.

Economist. (2011). The hopeful continent: Africa rising. Retrieved December 11, 2015, from http://www.economist.com/node/21541015

Hoskisson, R. E., Wright, M., Filatotchev, I., & Peng, M. W. (2013). Emerging multinationals from mid-range economies: The infl uence of institutions and factor markets. Journal of Management Studies, 50 , 1295–1321.

INTRODUCTION 5

International Monetary Fund (IMF). (2014). World economic outlook: Recovery strengthen, remains uneven . Washington, DC: IMF.

La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54 , 471–517.

McKinsey (2010, June). McKinsey on Africa : A continent on the move . New york, NY: McKinsey & Company.

Poza, E.  J. (2007). Family business (2nd ed.). Mason, OH: Thomson South-Western.

Shenkar, O. (2004). One more time: International business in a global economy. Journal of International Business Studies, 35 (2), 161–171.

6 M. ACQUAAH

PART I

Background