The Future of Leadership Development: Corporate Needs and the Role of Business Schools PDF
Preview The Future of Leadership Development: Corporate Needs and the Role of Business Schools
Edited by Edited by Jordi Canals Jordi Canals TThhee FFuuttuurree ooff LLeeaaddeerrsshhiipp DDeevveellooppmmeenntt CCoorrppoorraatete N Neeeeddss aanndd t hthee R Roolele o off Business Schools Business Schools The Future of Leadership Development The Palgrave Macmillan IESE Business Collection is designed to provide authoritative insights and comprehensive advice on specific management topics. The books are based on rigorous research produced by IESE Business School professors, covering new concepts within traditional management areas (Strategy, Leadership, Managerial Economics) as well as emerging areas of enquiry. The collection seeks to broaden the knowledge of the business field through the ongoing release of titles, with a humanistic focus in mind. The Future of Leadership Development Corporate Needs and the Role of Business Schools Edited by JORDI CANALS Dean, IESE Business School, Spain Palgrave macmillan Selection and editorial matter © Jordi Canals 2011 Individual chapters © contributors 2011 Softcover reprint of the hardcover 1st edition 2011 978-0-230-27928-5 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2011 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-1-349-32692-1 ISBN 978-0-230-29508-7 (eBook) DOI 10.1057/9780230295087 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. 10 9 8 7 6 5 4 3 2 1 20 19 18 17 16 15 14 13 12 11 Contents About the Authors vii Introduction ix by Jordi Canals Part 1: The Deans’ Perspective on Leadership Development and Business Schools 1.1 In Search of a Greater Impact: New Corporate and Societal Challenges for Business Schools 3 by Jordi Canals 1.2 Millennials and the Changing Landscape of Business Education 31 by J. Frank Brown 1.3 Collaborative Leadership: New Perspectives in Leadership Development 44 by Arnoud de Meyer 1.4 The Enduring Value of the MBA Degree 64 by Dipak C. Jain and Matt Golosinski 1.5 Business Schools and the Demands of Business Leadership 97 by Jay O. Light 1.6 The Contribution of Business Schools to the Twenty-first Century 109 by Pedro Nueno v vi Contents Part 2: New Challenges in Leadership Development and Executive Education: The Scholars’ Perspective 2.1 From Action Theory to the Theory of the Firm 119 by Antonio Argandoña 2.2 A Humanistic Approach to Organizations and Organizational Decision-making 143 by Josep M. Rosanas 2.3 Bridging the Globalization Gap at Top Business Schools: Curricular Challenges and a Response 177 by Pankaj Ghemawat 2.4 Leadership Development in Business Schools: An Agenda for Change 218 by Jeffrey Pfeffer Part 3: The CEOs’ Perspective: What Companies Expect from Leadership Development 3.1 How to Develop and Promote Leadership from the Top 241 by Mireia Las Heras and Nuria Chinchilla 3.2 Managing Managers as Professionals: Leadership Development and Talent Transfer in a Global World 266 by M. Julia Prats and Remei Agulles Index 292 About the Authors Remei Agulles Research Assistant, IESE Business School, University of Navarra Antonio Argandoña La Caixa Professor of Corporate Social Responsibility, IESE Business School, University of Navarra J. Frank Brown Dean, INSEAD Jordi Canals Dean, IESE Business School, University of Navarra Nuria Chinchilla Professor, IESE Business School, University of Navarra Arnoud de Meyer President of Singapore Management University Pankaj Ghemawat Anselmo Rubiralta Professor of Globalization and Strategy, IESE Business School, University of Navarra Matt Golosinski Executive Editor, Kellogg School of Management, Northwestern University Dipak C. Jain Professor and Dean Emeritus , Kellogg School of Management, Northwestern University and Dean Elect, INSEAD Mireia Las Heras Assistant Professor, IESE Business School, University of Navarra Jay O. Light Former Dean, Harvard Business School, Boston, MA, USA vii viii About the Authors Pedro Nueno Bertran Foundation Professor of Entrepreneurship, IESE Business School, University of Navarra and President of China Europe International Business School (CEIBS) Jeffrey Pfeffer Professor, Graduate School of Business, Stanford University M. Julia Prats Assistant Professor, IESE Business School, University of Navarra Josep M. Rosanas Credit Andorra Professor of Markets, Organizations and Management, IESE Business School, University of Navarra Introduction JORDI CANALS, Dean, IESE Business School T he recent financial crisis highlights several significant weaknesses of market capitalism in an integrated global economy, and the dangers of permanent international financial imbalances. It also stresses some forgotten dimensions in corporate finance and corporate strategy, such as the impact of financial leverage on firms’ valuations and the relevance of adequate risk management and control systems. Nevertheless, this crisis also sheds light on a deeper challenge for the corporate world: the quality of leadership. What we are witnessing today in many companies is a combination of reckless strategic decisions, excessive short-term focus and poor governance mechanisms. It is true that the sheer force of external shocks – the housing bust and its impact on banks’ profit- ability and firms’ valuation, for example – is impressive. However, the finan- cial crisis raises some fair questions that senior business leaders and business schools have to ponder about: What could companies have done differently? Was there another perspective to assess risks and evaluate investment deci- sions? Were the goals and objectives set up by boards of directors realistic? What types of business leaders have companies asked for, and universities helped develop? These are some of the pressing questions that senior managers, board mem- bers and business schools, among others, have to think about. The challenge here is not so much to find the culprit, but to learn what could have been done differently, what the responsibilities of CEOs and board members are – and, more important, where the focus of leadership development should be. In this context, leadership development was considered an appropriate subject for discussion in one of the academic conferences celebrated on the occasion of IESE’s fiftieth anniversary. The conference was organized under the title of “The Future of Leadership Development: The Role of Business Schools”, and was held at IESE in Barcelona on 17–18 April 2008. The speakers included deans of leading international business schools, ix
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