The Business School Curriculum Debate: Scientific Legitimacy versus Practical Relevance

The book examines how agency theory, based on the daring conjecture that firms can be construed as bundles of contacts, rose to prominence in the business school context. It demonstrates that the elementary proposition of agency theory, that the firm is to be considered theoretically and practically as a nexus of contracts, was never consistent with corporate law and contract law and was empirically unsubstantiated.

Format: Hardback
Length: 160 pages
Publication date: 03 March 2023
Publisher: Taylor & Francis Ltd

The curricula of over 14,000 business schools worldwide play a crucial role in shaping the management of the economy and the corporate system. Scholarly inquiries and critical reflection are essential to ensure that business schools are accountable for their teaching practices. While numerous studies explore the broader role of business schools in the tertiary education system and society, this volume specifically focuses on the development and appropriation of a theoretical perspective and normative model within the business school setting.

Agency theory, rooted in the audacious notion that firms can be interpreted as bundles of contacts, gained prominence within the business school context. This volume delves into how the fundamental proposition of agency theory, which posits that the firm should be conceptualized and practically treated as a network of contracts, was inconsistent with corporate law and contract law. Moreover, empirical evidence failed to support this theoretical assertion.

Business schools are under increasing pressure to impart not only practically valuable theories and models but also those that are scientifically validated. However, certain theories are widely taught despite lacking scientific rigor, leading to criticism that business schools include them in their curricula on ambiguous grounds. This book examines how business schools strive to balance the ambition to teach scientifically verified theories and practically useful concepts and models, while navigating the tensions arising from this duality.

The study will be of interest to researchers, academics, and advanced students in the fields of management education, organizational studies, and legal theory. It sheds light on the challenges and complexities faced by business schools in their efforts to provide students with a comprehensive education that equips them with the skills and knowledge necessary for success in the business world.

Weight: 476g
Dimension: 229 x 152 (mm)
ISBN-13: 9781032209678