Exploring Environmental, Social, and Governance (ESG) Risks in Indian Family Businesses: Pathways to Sustainable Growth: Meta-Analysis and SLR Approach

This study explores the diverse Environmental, Social, and Governance (ESG) risks faced by family-owned businesses in India and examines pathways to enhance their long-term sustainability. Using a two-phase qualitative research design, the study integrates a Systematic Literature Review (SLR) with thematic analysis to identify and contextualize the key challenges impacting these enterprises. The SLR, guided by the PRISMA framework, analyzed 40 peer-reviewed articles sourced from Scopus, focusing on disciplines such as business, economics, and social sciences. This review identified ten core risk categories: finance, governance, market, succession, technology, economic, regulatory, human resources, innovation, and reputation risks. Thematic analysis using NVivo and ATLAS.ti provided deeper insights into the interdependence of these risks, revealing, for example, the close linkage between succession and governance challenges due to traditional hierarchical family structures. Financial constraints, limited access to capital, and policy volatility were identified as uniquely pressing issues in the Indian context. Additionally, the reluctance to embrace technological change emerged as a survival risk rather than a growth barrier. Comparative analysis highlighted the contextual divergence of Indian family businesses from Western-centric models, underscoring the need for region-specific risk mitigation strategies. The findings suggest that Indian family businesses must prioritize governance reform, financial restructuring, digital adaptation, and ESG integration to remain resilient and competitive. This study not only reinforces existing theoretical frameworks such as agency theory and the resource-based view but also contributes empirical insights tailored to India’s evolving business landscape. Future research may extend these findings through mixed-method approaches and sector-specific investigations.