We are not apart from the decrease in trust and legitimacy of the financial sector We confront a big wave of change in the near future… - b) Is it necessary to consolidate the legitimacy of management education?
- 4 changes in the landscape…
- 1. At the end of the current crisis, CSR will probably be “upgraded” into something more holistic: a new definition of the nature and role of the private corporation (and its relationship to society and the common good).
- This will mean a transition to a new theoretical model of the firm reflecting the practices already in place, - a move from short term profit maximization to profit maximization under the constraints of long term growth (sustainability not just as an attribute of the company’s operations, but as the core of the definition of the company itself).
- Implications: new basic research on the theory of the firm and new applied research in the field of public regulation and social regulation of the firm.
- 2. In the aftermath of the current crisis, we will probably see the rise and demand for a new approach to management: Managerial capitalism.
- Thus, while the agency theory and the share value theory (and the role they assign to managers) are being subjected to a revision, the role of management will crucially be to balance the interests of a diverse group of stakeholders, including workers, governments, shareholders and communities (New York Times, 3/29/09 “How Crisis Shapes the Corporate Model”).
- Implications: new approached to strategic management, both in basic and applied research.
- 4 changes in the landscape…
- 3. Introduction of new issues in business education: In order to accommodate new visions of the firm and of management, educators will have to
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