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In manufacturing, dedicated machine tools and flexible machine tools are failing to satisfy the ever-changing manufacturing demands of short life cycles and dynamic nature of products. These machines are limited when new product designs are introduced. The solution lies in developing responsive machines that can be adjusted or be changed functionally when these change requirements arise. These machines are reconfigurable machines which are becoming the new focus, as they rapidly respond to product variety and volume changes. A sheet metal working machine known as a reconfigurable guillotine shear and bending press machine (RGS&BPM) has been developed. The purpose of this paper is to present a methodology, function-oriented design approach (FODA), which was developed for the design of the RGS&BPM.

The design of the machine is based on the six principles of reconfigurable manufacturing systems (RMSs), namely, modularity, scalability integrability, convertibility, diagnosability and customisability. The methodology seeks to optimise the design process of the RGS&BPM through a design of modules that make up the machine, enable its conversion and reconfiguration. The FODA is focussed on function identification to select the operational function required. Two main functions are recognised for the machine, these being cutting and bending; hence, the design revolves around these two and reconfigurability.

The developed design methodology was tested in the design of a prototype for the reconfigurable guillotine shear and bending press machine. The prototype is currently being manufactured and will be subjected to functional tests once completed. This paper is being presented not only to present the methodology by to show and highlight its practical applicability, as the prototype manufacturers have been enthusiastic about this new approach.

The research was limited to the design methodology for the RGS&BPM, the machine which has been designed to completion using this methodology, with prototype being manufactured.

This study presents critical steps and considerations in the development of reconfigurable machines. The main thrust being to explore the best possibility of developing the machines with dual functionality that will assist in availing the technology to manufacturer. As the machine has been development, the success of the design can be directly attributed to the FODA methodology, among other contributing factors. It also highlights the significance of the principles of RMS in reconfigurable machine design.

The RGS&BM machine is an answer for the small-to-medium enterprises (SMEs), as the machine replaces two machines with one, and the methodology ensures its affordable design. It contributes immensely to the machine availability by eliminating trial and error approaches.

This study presents a new approach to the design of reconfigurable dual machines using principles of RMS. As the targeted market is the SME, it is not limited to that as any entrepreneur may use the machine to their advantage. The design methodology presented contributes to the body of knowledge in dual reconfigurable machine tool design.

This chapter presents the current research status of family constitutions from an economics perspective. It locates the family constitution as part of the family and business governance structure of a family firm and the owner family. The typical structure and content of a family constitution are introduced. The chapter focuses on the status of research about family constitutions and provides a structured map for future research. With regard to extant research, it must be stated that the stock of literature is small. The contributions to literature are categorized in surveys; conceptual contributions; survey data; small sample, qualitative, empirical studies; and big sample, quantitative, empirical studies. The latter group includes three studies with a separate family constitution variable. This small number symbolizes that the family constitution still is an under-researched area. Therefore, family constitution research is far away from being able to answer central questions of advice-seeking owner families like, for example, whether a family constitution affects family performance, firm performance, or both; or whether the development process of a family constitutions disposes of an effect on family or firm performance separately from the hypothesized effect of the family constitution document.

Justice perceptions describe an individual's evaluation of whether decisions or actions are fair or unfair. These perceptions are important because they affect individual attitudes and behaviors in different situations. Family firms develop and implement governance policies and structures (i.e., governance systems) to diminish the problems that can arise from the overlap between the business, the family, and the ownership systems of a firm. Governance systems help family firms have a clear structure of accountability and a clear understanding of the rights and responsibilities that family and non-family members have toward the family enterprise. Research on governance to date has focused on the practices and policies that exist and their effects on the family firm. However, in the governance context, individual perceptions are important because they are likely to affect the attitudes that family and other members have toward the family enterprise and the likelihood that they will follow the different policies when they are implemented. This chapter takes a receiver perspective to explain how individuals create justice perceptions based on governance mechanisms and the effects of these perceptions. The goal is to understand how we can use this information when developing governance practices in family firms.

This paper aims to examine the perception of parents regarding the role of children as influencers in family consumption decisions in India. The purpose is to support marketing practitioners in understanding the stages of children's influence in the family using the theoretical perspective of the resource theory approach.

This study is based on a Web survey approach. Primary data were obtained from a sample of 180 mothers of adolescent children in the age group of 13–18 years and residing in rural and urban areas of Delhi (India) by administering a bilingual (Hindi/English) pre-tested “structured non-disguised” questionnaire designed on the Google Forms.

The findings that emerged from this study and as supported by the relative theory approach revealed that Indian parents perceive their children to exert a significant influence in family buying decisions, children's influence varies across stages of the decision-making process and the type of product and children's influence in family buying decisions is moderated by family structure but not by family size. The results of this study extend interesting and practical implications for marketing practitioners in India and by extension in other similar countries while designing and implementing marketing mix strategies in respect of goods and services meant for children/family consumption.

The findings that emerged from this study and as supported by the relative theory approach revealed that Indian parents perceive their children to exert significant influence in family buying decisions, children's influence varies across stages of the decision-making process and the type of product, and children's influence in family buying decisions is moderated by family structure but not by family size. Results of this study extend interesting and practical implications for marketing practitioners in India and by extension in other similar countries while designing and implementing marketing mix strategies in respect of goods and services meant for children/family consumption.

The results of this study support the notion that children exert considerable influence in family buying decisions in India across products, hence constitute a viable target market for different products consumed not only by them but by other family members as well. It is, therefore, vital that marketers wishing to penetrate family and/or child product markets must identify the person in the family who is likely to be more involved in the buying process and the extent of his involvement to carve effective promotional strategies.

The finding that although Indian children are actively participating across various stages of the decision-making process and their influence is strongest at the purchase initiation stage has peculiar social implications whereby families may be exposed toward eco-friendly green products and sustainable ways of living through the children in rural as well as urban areas. Similarly, children were also found to be influential at the information search and evaluation stage; hence, the messages regarding social issues, gender equality and health issues, which are not yet openly discussed in Indian families, may be imparted through children for better coverage and effectiveness.

Children are an important part of the family; especially in the nuclear families, children are an apple of eye and central point of the discussion. The role of children in decision-making is also important because of the changing information system and modernization of the younger generation. This is an empirical study focusing on the areas not yet explored and examined in the context of a culturally distinct and emerging country in terms of the emergence of children as influencers in family consumption decisions in rural and urban Indian families.

Family constitutions are relatively new to the law of family companies, although there might have been forerunners in the history of entrepreneur families. The practical importance and the proliferation of family constitutions in German family companies are increasing, along with the discussion of family constitutions in legal literature. This new instrument of family governance is not law driven but business driven, it has been designed by business advisors. Its analysis and classification are still at the very beginning in academic research and practice. Even though family constitutions are generally deemed to be without any legal effect and not legally binding, from a legal point of view, this assumption is at least highly questionable.

This article aims to increase the understanding of the role of individual actors and arenas in dealing with multiple institutional logics in family firms.

This study follows a case-study approach of two family-owned newspaper companies. Based on interviews and secondary sources, the empirical material was analysed focussing on three institutional logics, that is, family logic, management logic and journalistic logic.

First, the authors show how and in which arenas competing logics are balanced in family-owned newspaper companies. Second, the authors highlight that family owners are central actors in the process of balancing different institutional logics. Further, they analyse how family members can become hybrid owner-managers, meaning that they have access to all institutional logics and become central actors in the balancing process.

The authors reveal how multiple institutional logics are balanced in family firms by including formal actors and arenas as additional lenses. Therefore, owning family members, especially hybrid owner-managers, are the best-suited individual actors to balance competing logics. Hybrid owner-managers are members of the owner families who are also skilled in one or several professions.

When ownership starts getting dispersed among several individuals, families, branches, and generations, a need for organizing communications and decision-making usually arises to ensure functional relationships within the family. The need for a shared vision and mutually agreed ways of handling the shared ownership emerges, and a process for developing a family governance structure is often initiated. Family governance, hence, appears to be a central topic in family business research, but we still lack a more profound and specific understanding of how the owner family uses different family governance mechanisms to manage specific situations with possible conflicting goals, interests, and opinions, or just to develop the shared ownership further for or together with the next generation. The aim of this chapter is to give an overview and highlight different processes developed by the family within owner families with dispersed ownership to identify and align governance goals. This overview intends to broaden the understanding of what the role of family governance, as a family internal mechanism, can be in owner families with dispersed ownership among several family members.

In order to deepen our knowledge of governance of family firms, the purpose of this paper is to focus our attention on the relation between family owners who are members of the board of directors and firm performance. Also, this study sheds more light on how the generation in charge of the family firm affects that relationship, as generational involvement may be a unique predictor of governance behavior in these firms.

The authors applied a cross-sectional ordinary least squares regression model to test the hypotheses on a sample of 313 non-listed Spanish family SMEs. The authors suggest the possibility of a non-linear relationship between the percentage of ownership by family members of the board of directors and firm performance, and specifically, the authors propose an S-shaped effect that implies two breakpoints.

The authors find not only that an inverted U-shaped relationship exists, but also an S-shaped relationship between family board members’ ownership and firm performance in family SMEs. Nevertheless, the results are different in comparing first-, second- and later-generation family firms.

This is one of the few empirical studies that examine the relationship between family board ownership and firm performance in the context of non-listed family SMEs. The authors consider that the influences of family directors on the board of directors as well as the concentration of family ownership on the board of directors are worth studying in non-listed family SMEs. Moreover, previous studies have focused mainly on large listed family firms but not on unlisted ones.

The purpose of this study is to find out the awareness, attitude and career preference of commerce students (undergraduate (UG) and post-graduate (PG)) for the insurance industry in India.

The data were collected from 800 commerce students (400 male students and 400 female students) through a structured questionnaire. The questionnaire had 18 items related to awareness, attitude and career preference for insurance. The reliability of the tool was assessed by Cronbach’s alpha. To establish the relationship between variables, cross-tabulation techniques that involved Chi-square tests were used. The conclusion was drawn based on probability values (p-value) taking the critical as 0.05 (Bivariate). The data was analyzed using SPSS.

The results revealed that commerce students-UG and PG were aware of the basics of insurance, irrespective of their gender and family income. The students have a positive attitude toward insurance, but lack awareness regarding career options in the insurance industry.

This study included only UG and PG commerce students of Allahabad University and its constituent colleges, hence its findings cannot be generalized for the entire country.

This study can be beneficial to insurance companies in framing their policies as India has a huge young population. There is a need to make the students in higher education aware of the benefits of insurance to cover any unforeseen economic loss and also to make them aware of the career options in the insurance industry.

The present study bridges the gap between existing studies regarding awareness, attitude and career preference of students with gender and family income. To date, no study has been done to find the awareness and attitude of students toward the insurance industry, neither in terms of their becoming prospective customers nor in terms of career preference.