Abstract
Thriving with Less: Family Entrepreneurship in Institutional Voids—examines under what conditions Family firms innovate better than others in resource-constrained environments lacking institutional support. This essay introduces the concept of Family Business Resourcefulness (FBR), which encapsulates how family cohesion, socio-emotional wealth, and adaptive governance collectively enable these firms to manage high transaction costs in generic non-tradable areas. By focusing on Transaction Cost Economics, the essay demonstrates how family businesses through FBR enhance their Dynamic Capabilities and innovate through ‘Jugaad’ in highly resource-constrained environments and Institutional voids.