Ambition is AMBA’s thought leadership magazine, offering regular insights into the challenges and trends that matter most in global management education
Ambiti n The monthly magazine of the Association of MBAs (AMBA) BE IN BRILLIANT COMPANY
Issue 63 MAY 2023
All things being equal
AMBA roundtable illuminates the DE&I debate
ADAM SMITH: THE BRAND BEHIND THE MAN University of Glasgow celebrates a rich legacy
DRINKING AND CULTURE IN BURGUNDY MBA programme enters into the spirit of things
DIGITALISATION OF BUSINESS EDUCATION Exploring the remarkable world of the metaverse
High engagement, human-centered hybrid classrooms
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Issue 63 | MAY 2023
NEWS & INS IGHT
REGULARS
50
07 | EDI TOR’ S LET TER
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With diversity, equity and inclusion a growing priority for schools, how can they implement it effectively in policy and education alike? 50 | FROM THE CEO The Global Deans and Directors Conference, to be held in Seville, will be a hive of ideas, as delegates come together to debate, collaborate and find inspiration
08 | BUS INESS BRI EF ING The latest news and research from across AMBA’s global network 22 | A DIVERSE APPROACH Exploring ways to create academic environments where diversity is the norm 36 | WOMEN AT WORK AUC School of Business dean Sherif Kamel on how its Women on Boards Observatory is creating a new narrative
OPINION
46 | LEADERSHIP How understanding generational differences can empower leaders to better motivate their teams 48 | AI Learning to harness generative AI tools to develop students’ critical, digital and evaluative skills
44 | SPOTLIGHT ON SCHOOLS
Chuo Business School, a recent addition to AMBA’s accredited school network
Ambition | MAY 2023 | 3
Your partner in education From online teaching and learning tools that are powered by artificial intelligence and adaptive learning principles, to trusted and engaging content, we support universities and business schools to integrate digital pedagogies that unlock students' learning potential and support faculty to teach the way they want.
We are proud to be sponsoring the AMBA Global conference 2023 and look forward to seeing you there. To find out more about how we could help you, visit
mheducation.co.uk/higher-education/amba-2023
Issue 63 | MAY 2023
FEATURES
14 | BRAND VALUES Professor John Finch
explores how the Adam Smith Business School at the University of Glasgow is set apart as an institution by virtue of its name and looks at its resulting duty to honour the eminent economist’s legacy
30 | TRANSFORMATIVE TECHNOLOGY With the metaverse increasingly encroaching into everyday life, business schools must work out how to integrate it into academic operations and stay abreast of fast-moving innovations
18 | THE SPIRIT OF EDUCATION Serious wine buffs and seasoned hospitality professionals alike will be enthralled by the MBA in Wine & Spirits at the Burgundy School of Business. Programme director Jacques Thébault elaborates on why it’s the ultimate course for connoisseurs
40 | ALL CHANGE: REVIVING MANAGEMENT Is it time to reinvent the current commercial environment altogether? Professor Pierre Casse and Elnura Irmatova conclude their three-part series on leadership with some intriguing ideas
Ambition | MAY 2023 | 5
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EDITOR’S LETTER
The importance of INCLUSION
EDITORIAL Head of editorial Colette Doyle c.doyle@amba-bga.com Content editor Tim Banerjee Dhoul t.dhoul@amba-bga.com Art editor Yvette Beattie Sub-editor Heather Ford Insight, content and PR manager Ellen Buchan e.buchan@amba-bga.com CORPORATE Head of commercial relations Max Braithwaite m.braithwaite@amba-bga.com
Incorporating and promoting diversity in its many forms is a key consideration for business schools
P
erhaps this issue should be subtitled, to paraphrase US psychiatrist M Scott Peck, “Sharing our similarities, celebrating our differences”. Our cover story for May is a roundtable debate featuring a panel of international business schools who give insightful examples of how they are moving the DE&I (diversity, equity and inclusion) agenda forward. Some of the main findings include the way that DE&I cannot just be an ‘add-on’ and needs to be incorporated into a business-as-usual process; it has to be part of the core academic workload, as with research or teaching, and have dedicated funding that can be used to invest in diversity research or modules for students. Intersectionality is also crucial. The way forward is to consider how all aspects of diversity and demographics are integrated in business and understand how they’re connected. Another pivotal factor involves thinking about how to ensure academic assignments have a meaningful impact on the world. Schools can encourage students to work on projects with charities committed to equity and diversity, as well as sustainability and social justice, so that they feel they’re making a difference. It’s also important to remember that diversity can take many forms, including neurodivergence, disability and gender identity issues, as well as involving those coming from different religious backgrounds or who have difficult socio-economic circumstances. To ensure that DE&I policies are properly implemented, schools are putting together means to enforce their regulation. These include 24/7 platforms where any student who experiences discrimination can report it anonymously, safe in the knowledge that each case will be assessed and addressed. While DE&I isn’t solely about achieving gender diversity, it is a large part of it and requires the efforts of multiple stakeholders, with pertinent plans for collaboration and execution. Our interview with Sherif Kamel, the dean of the School of Business at the American University in Cairo (AUC), builds on this idea. AUC won AMBA & BGA’s culture, diversity and inclusion award 2023 for its Women on Boards Observatory, which aims to boost female representation on company boards and create a new narrative on equality across the Middle East & North Africa. Enjoy the issue – we look forward to meeting as many of you as possible at our global conference, held later this month in the Spanish city of Seville, and hearing about your own endeavours in business education.
Head of marketing and communications Leonora Clement
Senior marketing executive Edward Holmes
Head of IT and data management Jack Villanueva
Head of events Carolyn Armsby
HR and employer relations manager Aarti Bhasin Finance and commercial Director Catherine Walker
Colette Doyle , Editor, Ambition
THIS MONTH’S CONTRIBUTORS
Chief executive officer Andrew Main Wilson
Executive assistant to the CEO Amy Youngs a.youngs@amba-bga.com ACCREDITATION ENQUIRIES accreditation@amba-bga.com
PIERRE CASSE
JOHN FINCH
LYNDA HOLT
ELNURA IRMATOVA
SHERIF KAMEL
JACQUES THÉBAULT
ALISON TRUELOVE
EMIKO TSUYUKI
Copyright 2023 by Association of MBAs and Business Graduates Association ISSN 2631-6382 All rights reserved. Material may not be reproduced without the permission of the publisher. While we take care to ensure that editorial is independent, accurate, objective and relevant for our readers, AMBA accepts no responsibility for reader dissatisfaction rising from the content of this publication. The opinions expressed and advice given are the views of individual commentators and do not necessarily represent the views of AMBA. Whenever an article in this publication is placed with the financial support of an advertiser, partner or sponsor, it will be marked as such. AMBA makes every opportunity to credit photographers but we cannot guarantee every published use of an image will have the contributor’s name. If you believe we have omitted a credit for your image, please email the editor.
Ambiti n
Ambition | MAY 2023 | 7
BUSINESS BRIEFING
All the latest updates from across AMBA’s global network
In this issue, Tim Banerjee Dhoul and Ellen Buchan delve into news from AMBA-accredited schools on topics that include the management lessons to be learned from TV shows, climate solutions for the Pacific region, the trend towards ‘boomerang’ employees and an initiative to aid companies attempting to scale up
ENERGY COURSE AIMS TO ENGAGE FEMALE LEADERS
SCHOOL: Wits Business School, University of the Witwatersrand COUNTRY: South Africa
Women are estimated to represent 32 per cent of those employed by the global wind industry, according to the International Renewable Energy Agency. However, it reports far fewer numbers of women in STEM roles within the industry, compared to the number of women holding administrative positions. “We recognise that the challenge of under-representation of women in the wind energy sector is as much a South African challenge as it is a global challenge. Our country’s renewable energy sector needs to truly reflect the society in which we operate if we are to thrive,” Govender added. “As a sector, our ambition is to deliver a just transition and this must include the upliftment and inclusion of all genders. Inclusion widens the talent pool and enhances collaboration, improves retention, recruitment and reputation.” The initiative – and the involvement of Wits Business School – stems from the work of SAWEA’s collaborative Gender Diversity Working Group (GDWG) with the South African Photovoltaic Industry Association (SAPVIA) and Energy and Water Sector Education Training Authority (EWSETA). TBD
Addressing the skills shortfall in the renewable energy industry, while accelerating the growth of female leadership in the sector, is the target of a new programme designed by Wits Business School. The inaugural cohort of the Management Development Programme for Women in Renewable Energy commenced classes in March. Offered over nine months, the programme will focus on furthering participants’ understanding of business models and design thinking for strategic management, as well as self‑development and leadership, with several electives geared towards tackling distinct challenges in the sector. “The programme is tailored specifically for women already employed within the renewable energy sector as well as female specialists, consultants and managers who are seeking to grow their business and management acumen in renewable energy. The aim is to provide the necessary skills and development that will result in a pipeline of gender-diverse leaders who will elevate sector leadership and deliver role models,” said Niveshen Govender, CEO of the organisation at the helm of the programme initiative, the South African Wind Energy Association (SAWEA).
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NEWS & INSIGHT
UNDERSTANDING THE RISE OF BOOMERANG EMPLOYEES
SCHOOL: University College London (UCL) School of Management COUNTRY: UK
More than a quarter of all new hires in the past 36 months are ‘boomerang employees’ – in other words, people who worked at that organisation previously – according to new research led by UCL School of Management associate professor Anthony Klotz. The eye-catching statistic stems from an analysis of more than three million employee records across 120 organisations between 2019 and 2022. As well as signalling a growing trend, the research identifies who is most likely to boomerang, when and why. The findings suggest that employees who jump back to their former employers are most likely to be at managerial level, after being enticed to return by higher-paying roles. Indeed, boomerang employees in the study received an average pay raise of 25 per cent from their former employers relative to their salaries at the time of their departure. Those who stayed with a single employer received an average salary increase of just four per cent in the same time period. Rehires were also found to be more common in some industries than others, representing an average of 33 per cent among all new hires in retail,
compared to 25 per cent in manufacturing and 14 per cent in tech. Across all industries, more than three quarters of boomerang employees had made the move back within 16 months of starting their new job. This suggests, according to the researchers, that a common reason for boomerangs is the new organisation’s failure to live up to employees’ expectations, dubbed a violation of their ‘psychological contract’. Having strong social ties with former colleagues also played a role in employees opting to return. For organisations who want to avoid losing new employees in this way, the study recommends providing a realistic picture of a new hire’s role and team during the hiring process to ensure expectations are not misaligned. Conversely, for organisations looking to win back former employees, the advice is to check in with those who leave a year after their departure – the crucial juncture in potential boomerangs’ decision-making process. “Ultimately, the rise of the boomerang employee can represent a major threat, or a major opportunity. It’s up to today’s employers to minimise the former while capitalising on the latter,” concluded Klotz and his co-authors in an article for Harvard Business Review . TBD
Ambition | MAY 2023 | 9
HULT LAUNCHES NEW RESEARCH STRATEGY
SCHOOL: Hult International Business School COUNTRY: US
Hult International Business School has announced that it is launching a new research strategy through dedicated labs to increase the impact of the school’s research. All the labs are geared towards generating impactful contributions to research to help link business and education and each has a focus on sustainability and the good of society. To start, the school has announced there will be three main labs: Futures Lab: Focused on global risk mitigation and future readiness, designed to strengthen resilience and readiness for a complex, tech-driven world. Research examines how current trajectories of technologies will change societies, businesses, governments and individual lives through the agency of behavioural sciences and data. Sustainability Lab: Focused on industrial and societal sustainability transitions, designed to accelerate the changes needed to achieve the UN Sustainable Development Goals (SDGs). Research aims to connect practitioners and researchers to speed up transitions by advancing knowledge and learning in organisations and across industry ecosystems. Coaching Lab: Aligned with the Hult Ashridge Centre for Executive Coaching and focused on building bridges between science and practice and promoting rigorous
foundations in the executive coaching field. Building on an established research base, as well as via a qualitative plus quantitative approach, research explores new ways of working, new applications for coaching and new ways of delivering impact. To coincide with the launch of the labs, Hult has also launched a post-doctoral fellowship programme where they hope to bring in new fellows who can support and drive the research labs. Hult Futures Lab director Mark Esposito explained that the aim was to “use research to chart a roadmap for a more sustainable, equitable and prosperous future. Based on ground-breaking research and global fellows’ inputs, the lab will strive to design better global systems, seeking to strike a balance towards a viable and resilient world.” The labs will bring together both internal and external colleagues, with the hope that there will also be input from the external world. The labs will be partnered with other labs and research centres around the world to enhance the value of the research. Esposito believes that the research “should become more disciplinary and part of a larger set of initiatives, that span from curricula design to electives, to executive education and consultative reports that can inspire corporate and public sectors in their daily decisions.” EB
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NEWS & INSIGHT
THE MOTIVATION BEHIND SOCIAL ENTREPRENEURSHIP
SCHOOL: Fundação Getulio Vargas COUNTRY: Brazil
SCALING UP IN EUROPE
A study has found that the main objective of a group of Brazilian social entrepreneurs in setting up their organisation was to resolve social issues. The study, which was published in the journal of Fundação Getulio Vargas at São Paulo School of Business Administration (FGV EAESP), was produced by two researchers at the University of Fortaleza, Roberta Feitosa de Lucena Cavalcante and José Milton de Sousa-Filho. The data was collected through interviews with CEOs, founders and directors, who were mostly made up of young and single individuals with a university degree. Although respondents alluded to family background such as parents, grandparents, uncles and aunts as a source of inspiration, they cited their main push for starting their social enterprise as having participated in extracurricular pursuits such as mentoring, incubation and acceleration programmes. Few stated they had started their organisations in order to make a profit, as might be expected from an entrepreneur. There was also a trend towards respondents having volunteered for charities before they had set up their social enterprises, something that had helped them understand the needs of specific groups and different problems. Another finding that came out of the study was that Brazilians, in general, appear to have little understanding of philanthropy, but this is seen to be shifting. The researchers suggest that “to promote social entrepreneurship, we need to have encouragement in formal education and involvement in extracurricular activities, as well as initiatives to support entrepreneurs, such as public contests to promote social projects.” When talking about the opportunities available for their business, the interviewees said that they found that taking part in public contests was one of the most important ways for them to promote their social projects, as well as one of the ways that they were able to gain financial and training resources. They also cited these contests as an important way for their organisations to gain credibility. The research was an opportunity to look into the concept of entrepreneurship in a social context, with the hope that the results can be used to help corporate actions and public policies, which will increase the opportunity for social enterprise in general. EB
SCHOOL: Vlerick Business School COUNTRY: Belgium
Vlerick Business School is one of six business schools behind the launch of a new platform aiming to gather expertise from across Europe to quell the paltry proportion of start-ups that manage to scale up successfully. Known as the European Scaleup Institute (ESI), the platform will convene joint research and educational initiatives with a view to offering fresh insights into the challenges faced by European scale‑ups. It will also share stories from companies that succeed in growing sustainably and persistently. “When people talk about scaling challenges, the conversation is often limited to talking about funding. Yet, our research shows that issues such as attracting and retaining talent, combining innovation with profitable growth, while expanding in an interconnected, yet often too fragmented, European ecosystem all pose significant threats to the scaling up of European businesses,” said Veroniek Collewaert, academic director of the ESI and professor of entrepreneurship at Vlerick Business School. “As the institutions charged with training future business leaders and shaping the future of industry, we have a responsibility to use our expertise to help overcome the challenges scale-ups are currently facing and provide actionable solutions.” Alongside Vlerick, the ESI’s partners are Rotterdam School of Management’s Erasmus Centre for Entrepreneurship, Essec Business School, Esade Business School, Nova School of Business and Economics and WHU Otto Beisheim School of Management. Support and industry expertise also comes from Nordic Innovation, an organisation under the Nordic Council of Ministers that promotes entrepreneurship, innovation and competitiveness in the Nordic countries. It is hoped that the ESI can provide a single, easy-access resource for CEOs, founders and executives with plans to grow their ventures. In addition, an inaugural conference targeting scale-up founders and CEOs, as well as policymakers and practitioners in the industry, is to be held at Nova School of Business and Economics in June. Spread over two days, the event will feature research presentations and a discussion of trends and best practices relating to Europe’s scale‑up ecosystem. TBD
Ambition | MAY 2023 | 11
CLIMATE SOLUTIONS FOR THE PACIFIC
SCHOOL: Monash Business School, Monash University COUNTRY: Australia
Research designed to help countries that are already reeling from the effects of climate change is the focus of a new partnership between Monash University and Fiji National University that will be overseen by Monash Business School. Launched in March, the Pacific Action on Climate Transitions (PACT) will examine how business and finance policy can help nations mitigate and adapt to climate change. “Much of the focus in research on climate change has been on either understanding the science of it, trying to push forward with mitigation strategies or changing consumer behaviour,” explained dean of the Faculty of Business and Economics and head of Monash Business School Simon Wilkie. “But what we’re focused on is actually: ‘How do economies that have been damaged and shocked by climate change already transition going forward and restructure their economy to become more resilient?’” Business across the Pacific region, where small and medium‑sized enterprises make up some 70-80 per cent of countries’ economies, has felt the impact of climate change more than most. “With Fiji currently losing two and a half per cent of its GDP every year on average due to infrastructure damage, PACT can be a driving force behind the Pacific’s transition to a resilient region in the face of climate change,” added Wilkie. Research between the two institutions has already begun and takes in topics that include the management of Fijian forests, the legal framework around Fiji’s climate laws and ways of attracting climate finance. Having grown up in Fiji, Monash Business School economics professor Paresh Narayan has witnessed the effects of climate change first‑hand, and so has been central to PACT’s formation. He was quick to emphasise the importance of basing it in the Pacific: “I wanted to provide leadership and focus on climate change with a research centre that isn’t based in a developed country, but a developing one, built on the foundations of collaboration.” Acting vice-chancellor of Fiji National University Unaisi Nabobo-Baba voiced her support and hope for the research centre by remarking: “Pacific people will gain access to new knowledge that will enable them to address a myriad of climate change issues by research that is conducted for our people, by our people.” TBD
HEC LAUNCHES NEW BRAND IDENTITY
SCHOOL: HEC Montréal COUNTRY: Canada
HEC Montréal has launched a new identity using the messaging, “HEC Montréal. Where opportunities are created”. The school wants to emphasise all the distinct areas of the business school, with the new brand informed by a survey of those who know HEC Montréal best: namely, its student population as well as the business community in Québec. “Our brand has enjoyed an enviable position in education and research for over a century,” said Office of Communications and Government Relations director Natalie Roussel. “We want to consolidate this reputation and demonstrate that HEC Montréal is constantly evolving and adapting to current challenges. It has powerful assets which it mobilises to meet the profound expectations of society.” The rebranding was the result of an acknowledgement that the world is increasingly competitive, especially in the academic arena. The school aims to help solve complex challenges through creativity and doing things differently. One example of this is its entrepreneurial support programmes, which can help leaders move towards sustainability, with a focus on the environment and society. The business school used brand strategy firm Folk to provide assistance in the project. EVP and managing director Claudia Milord commented: “We had the opportunity to collaborate closely with the HEC Montréal team for developing the positioning and identity of the brand. An authentic brand must draw upon its past, its culture and its vision. “Nobody can shine a spotlight on this subject better than the people within the organisation. We worked with them to weave in the external perspectives and bring the brand to life on all levels.” The new brand, which is aimed at the current and future student community as well as business and entrepreneurs, has been announced through the press, radio, social, billboards, on the metro and on the school campus. EB
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NEWS AND INSIGHT NEWS & INSIGHT
BACKSTABBING, DECEIT AND LIES – WHAT CAN WE LEARN FROM WATCHING TV SHOWS LIKE SUCCESSION
SCHOOL: Cork University Business School COUNTRY: Ireland
If you haven’t watched Succession , what have you been doing? The show follows the Roy family, who own a media and entertainment empire. As the patriarch of the family, Logan, ages, it becomes clear a new leader is needed, with the siblings competing with one another to be the one who will take over the position of power in the business. While the show provides a dramatic case study of how not to treat your family, Catherine Duggan, a PhD candidate at the Department of Management and Marketing at Cork University Business School, argues that the show does demonstrate the real life complexity of deciding the future of a business. In an article she wrote for Ireland’s National Public Service Media, RTE, she notes that family businesses are the most dominant form of business globally. In Ireland, they employ 68 per cent of the workforce and generate over half of the state’s annual turnover. Most family businesses (70 per cent) want their company to transition to the next generation; however research shows that only 30 per cent will survive this transition, with only 12 per cent making
it to the third generation and four per cent to the fourth generation. What makes it such a tricky situation is the crossover between family and business issues. Duggan warns that issues such as family values, competencies, dynamics and expectations can be more difficult to solve than any of the tax, asset transfers and buy-sell agreements that may emerge. Like in the show, it’s the family dynamics and dramas that get in the way of a successful succession. In the show, Logan Roy encourages his children to go for blood and fight for success through power play. However, Duggan instead suggests that a family forum is created. This would aim to solve any conflicts with training, education and mentoring. She also suggests that there should be a clear plan on what will happen during the succession of the company before it is needed or implemented. EB
SHARE YOUR NEWS AND RESEARCH UPDATES by emailing AMBA & BGA’s content editor Tim Banerjee Dhoul at t.dhoul@amba-bga.com
Ambition | MAY 2023 | 13
Brand values This year marks the tercentenary of the birth of eminent Scottish economist and philosopher Adam Smith. Professor John Finch , head of the Adam Smith Business School at the University of Glasgow, examines what the Smith name signifies in the context of legacy, as well as in terms of tackling the challenges of standing out as an institution both now and in the future in a competitive global market setting W hile the University of Glasgow is renowned as an ancient and research-intensive university, its business school was only formed in 2010. The school includes Accounting & Finance and Economics & Management, having been at its outset a merger of what were originally individual departments. In 2012 it adopted Adam Smith Business School as its name, due to Smith’s celebrated legacy at the university. The study of economics at Glasgow is, of course, synonymous with Smith; he published The Theory
collection of essays, published in 1975; it is a book that is well worth reading as it helps to understand what is involved in developing a legacy. I joined the Adam Smith Business School in autumn 2012 as professor of marketing. I must admit to being intrigued by the prospect of a recently formed business school taking this rather audacious step in its naming. While by no means a scholar of Smith, I had previously taught about his work on a history of economics course. I had reflected on his explanation of economic development through markets enabling and limiting the division of labour, as well as addressing the attendant questions of co-ordination of specialist knowledge, practices and investments in my own research and teaching, especially in business-to-business research and market studies.
of Moral Sentiments in 1759 while professor of logic, with The Wealth of Nations following in 1776. The university has reflected upon Smith’s legacy before, with a special edition of his collected work compiled to mark the bicentenary of the publication of The Wealth of Nations . As part of this, Andrew Skinner and Thomas Wilson edited a
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ADAM SMITH 300
A legacy writ large Smith made a significant contribution to the Scottish Enlightenment, a famed age of debate as to the role of logic and reasoning in proposing and validating knowledge. This period is reflected in the breadth of Smith’s work. Both The Theory of Moral Sentiments and The Wealth of Nations were published in his lifetime, with Smith revising the former across multiple editions. Smith ordered that manuscripts be destroyed after his death and did not allow those attending his lectures to take notes. Nevertheless, notes were discovered in some cases many years later, forming the basis of a wider array of topics, including essays on philosophical subjects, belles-lettres and lectures on rhetoric and jurisprudence. These were published in the mid-1970s as part of the Glasgow edition of his collected works.
While there is famously much debate as to the differences between his two major works, others have taken a lead from Smith’s The History of Astronomy (one of his essays on philosophical subjects). This has served as a starting point for discussion on ways of thinking, allied with Smith’s own views on systems of thought, manufacture, society and the economy. Supporting the brand The decision to name University of Glasgow’s business school after Smith meant it acquired a brand, or at least one in the making. As a brand – and I recognise that this term can sit uneasily in educational and research contexts – it means the university is sending something out into the world that forms the initial experience of the school for any number of people. The same is true internally, among our students, colleagues, alumni and stakeholders.
Ambition | MAY 2023 | 15
impact on those who are involved in initial encounters. In the case of students applying for undergraduate and taught postgraduate programmes, Adam Smith indeed often elicits an immediate response. There is also usually considerable enthusiasm when people realise that Smith was a student, professor and then, later in his life, rector at the University of Glasgow. Academics, perhaps applying to join the school, or as visiting speakers or attending conferences and workshops, tend to have more of a sense of where that legacy is positioned in our teaching and research. There is further interest within the school, among colleagues – both in professional services and academia – and students, of what can be done with and about Adam Smith. Our school has grown and developed considerably over the past decade, with many more people joining and thinking a great deal about Smith’s legacy in this regard. One insight from research into brands and reputation is to consider their involvement and impact from within; some of those who have had an initial encounter with Smith’s legacy and the school’s brand have indeed joined the school, with our students becoming graduates and then alumni. Few are, or will ever become, experts in the research and scholarship of Adam Smith, but the salient point here is the link between the Adam Smith Business School of today and fashioning a brand from a particular legacy. Latest developments In reflecting on legacy and the development of a brand, the school is not attempting to identify with Adam Smith, the person. Given the range and scope of Smith’s work, even if referencing only his two primary treatises, The Theory of Moral Sentiments and The Wealth of Nations , this is best left to research and scholarship specialists. Rather, we are attempting to develop a brand for the school with a view to the medium term, informed by some key ideas found in Smith’s work. The debates propounded in Adam Smith’s legacy help us achieve this, as these reflect both fundamental questions and the enduring openness of meanings and controversies attached to these questions. We worry about the relative roles and extents of markets and governments, models of economic development and the support for and consequences of international trade, peoples’ behaviour, their motivations and our understandings and evaluations of the same. Being called the Adam Smith Business School raises one essential question for all of us who are associated with it: “What about Adam Smith?” In other words, we are constantly being invited to reflect upon and consider our relationship with Smith. A focus uniquely on legacy leads us to discussions reflecting on that particular time, being rooted in the 1760s and 1770s, at the cusp of the Industrial Revolution, of criticising mercantile arrangements in international trade and supporting markets. In addition, there’s Smith’s opposition to slavery and his stance on abolitionism, his incorporation of stoicism and virtue in how he understands the way individuals behave in society. Our challenge is to connect Smith’s legacy to current debates and practices.
Adam Smith’s legacy still ignites lively debate at the school bearing his name
The brand is an entity that conjures up ideas about what the school is like, a spark to others’ imagination in advance of meeting us, a set of concepts and principles against which we and others continually evaluate our experiences of the school. It reflects Smith’s legacy and promises that we will all keep on engaging with it, recognising, extending, revising, making and remaking it. Adam Smith is already known widely and globally. Many others have contributed to public knowledge and understanding of his work, typically led by The Wealth of Nations . While I risk referring to stereotypes, Smith indeed supports free markets (albeit in contrast to a system of mercantilism) and deploys briefly the fabulous imagery and device of ‘the invisible hand’. In addition, he invites us to a pin factory to understand principles relating to the division of labour and specialisation and talks of self-interest rather than benevolence as the motivation for businesses in providing goods and services. The legacy of Adam Smith the person was already there a long time before the Adam Smith Business School came to occupy that space as a brand. The brand is by no means perpetuating a single or non-contested vision. The Theory of Moral Sentiments , for instance, deploys the ideas of sympathy and empathy, of the impartial spectator, of motivations in behaviour and action for people to gain the respect of others. Thinking back to being part of those initial years after the school adopted the Adam Smith name, it is perhaps easier to see the
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ADAM SMITH 300
has taken time and the response has been diffuse. The school nowadays, and in its previous form as a coalition of departments, has been recognised by AMBA and AACSB for some time, as well as having EQUIS accreditation since 2015. If Adam Smith has afforded it some distinctiveness, it is by connecting the name to a legacy involving notable contributions at the University of Glasgow. As 2023 is the tercentenary of Smith’s birth, this has led the university and the school to reflect further on legacy, as well as – with a lightness of touch – on the concept of a brand. While hosting many events in Glasgow this year, one additional feature has been a series of collaborative ventures with partners, for instance the Smith Around the World lecture series, where experts at some of the world’s most prestigious universities celebrate and discuss his legacy. This emphasis on reflection and connecting legacy with current questions and challenges has led to the design of public lectures, seminars and workshops about various aspects of Smith’s life and work. It has been wonderful to gain further insights from the understanding of his remarkable legacy alongside valued partners and friends.
Our challenge is to connect Adam Smith’s legacy to current debates and practices By way of example, our student societies asked a panel of industry speakers to consider what Adam Smith would have made of crypto currencies and the role of regulation; we have also developed a new degree programme in behavioural science with our colleagues in psychology and are contributing applied research and policy recommendations concerning productivity. A final comment on the school and its development and growth is that Smith offers much to its constituent disciplines of Accounting & Finance and Economics & Management. Disciplines are important of course, yet Smith’s questions and frameworks are inherently interdisciplinary. In some ways this captures the spirit of the intellectual environment of the Scottish Enlightenment, long featured in the structure of many of our undergraduate degree programmes, as well as of the broad influence of Smith across social sciences and arts subjects. Again, legacy and brand can shape an organisation internally, as much as they can communicate in terms of initial engagements and encounters. Smith around the world In bringing our story up to date, one area that can be predictably challenging is the perennial question of accreditation and review: “What makes your school distinctive?” Adam Smith has helped here. Our experience has been that addressing the question
The University of Glasgow is renowned as an ancient and research-intensive institution
BIOGRAPHY John Finch is head of the University of Glasgow’s Adam Smith Business School and professor of marketing. As head of school since 2016, Finch has led it through sustained growth and development, with multiple accreditations from AMBA, AACSB and EQUIS. His PhD is from Lancaster University and he has also held posts at the universities of Aberdeen and Strathclyde. He teaches and researches in business-to-business marketing, currently with a focus on the development of fintech
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MBAs come in all shapes and sizes these days. Editor Colette Doyle speaks to Jacques Thébault, director of the recently AMBA- accredited MBA in Wine & Spirits at the Burgundy School of Business, about a programme destined to appeal to serious wine buffs and seasoned hospitality professionals alike
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BUSINESS SCHOOL INTERVIEW
The spirit of education
T
he Wine & Spirits Business MBA at Burgundy School of Business (BSB) is certainly a unique degree – how did it initially come about? “Burgundy School of Business was created in 1900. It originally trained salespeople for local arms manufacturers, as well as the Burgundy wine industry. The first ever postgraduate degree-level programme in international wine
Can you elaborate on how the programme is organised and the specific courses it involves? “The programme is very intense. It covers both the regular MBA core courses with a focus on the wine industry – so finance, marketing, innovation, digitalisation, entrepreneurship, leadership, management and so on – as well as product-specific courses that are key to becoming credible executives in this industry. These feature subjects such as wines and spirits of the world, oenology, viticulture and sensorial analysis.” How does the recruiting process for faculty who teach in this programme differ from other MBAs? “I believe that the balance between pure academics and practitioners is key for our MBA in an ever-changing industry facing constant challenges and disruptions. BSB’s School of Wine & Spirits Business MBA programme is very fortunate to have dedicated staff, including Professor Steve Charters, who is a member of the exclusive group of 416 Masters of Wine from all around the world, as well as some 100 international speakers hailing from various parts of the industry, who bring our students the most up-to-date perspectives on the sector.” The programme recently received AMBA accreditation; how important is this in terms of the prestige of both the MBA programme and more broadly for BSB? “AMBA accreditation is highly regarded in the business education industry and brings numerous benefits for BSB. These include reputation, as AMBA accreditation underscores the quality of the programme and is well
business, called the MS CIVS, was taught in French and created in 1988. “In 2009, our first master’s programme taught in English was launched, the MSc in Wine Business, which immediately started to draw students from around the world who possessed prior work experience. Given my international career in marketing and consulting for the food and beverage industry, I was brought on board in 2017 to prepare for the launch of the MBA in September 2018. At the same time, BSB unveiled its building specially dedicated to the School of Wine & Spirits Business.” What kind of students are drawn to such a degree? “Our strong reputation typically attracts students from all over the world to join the MBA – we have 15 nationalities this year – with an average of 10 years’ work experience. About half of the cohort comes from the wine, spirits and hospitality industry and they generally join the programme to boost their career. The other half is made up of students who are making a career change from the worlds of consulting, banking, FMCG (fast-moving consumer goods) marketing and professional sports, among other sectors.”
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We have unique teaching facilities that offer ideal learning conditions in the heart of Burgundy, the world’s most famous wine region
respected in the management education sector; global recognition, which can help to attract students from around the world; and quality assurance because accreditation involves a rigorous review process that ensures our accredited programmes meet high standards of quality and relevance. “In addition, it assists with continuous improvement in the sense that accredited programmes undergo regular reviews and assessment, which can help to identify areas for improvement and ensure that the programmes remain up to date and relevant. It also impacts positively on career opportunities since AMBA-accredited programme graduates are highly regarded by employers and subsequently have access to a wider range of career opportunities. “As well as these benefits, achieving AMBA accreditation has allowed our school to join the elite club of triple- accredited international business schools (AACSB, EQUIS and AMBA). Becoming a triple crown institution is a great source of pride for the school and will allow BSB to reach a milestone in its development, since such an accolade is expected to enhance its appeal and reputation.” Remote and hybrid learning are part and parcel of the post-Covid environment. Given the hands-on nature of this particular programme, has this proved to be challenging? “When the pandemic hit, BSB closed for a week during which time we quickly reorganised to provide all classes online. The objective was to deliver as close to 100 per cent of the planned
content as possible. Our particular MBA programme includes a number of national and international field trips, comprising six weeks altogether, including participation in a leading wine & spirits trade fair in Germany, as well as wine‑tasting activities. “Most of the wine knowledge/tasting classes had already taken place, but all the classes were held online for a while. As our MBA is at executive education level, we were able to return to BSB’s physical classrooms much earlier than other programmes. Naturally, our field trips to New York City and London became virtual. “Though not offering the same experience, we saved travel time and were actually able to organise more meetings than in a regular non-Covid year. The trade fair in Germany was unfortunately cancelled, which was beyond our control, but BSB’s decision to invest some €250,000 in hi-tech hybrid videoconference tools at that time was a huge advantage.” What is your vision for the course going forward? “The wine & spirits industry faces several challenges, disruptions and opportunities: for instance, the position of alcohol in society is changing with the rise in popularity of alternative stimulants and the move towards low and no-alcohol beverages; then women, Gen Z and the older generation are becoming more attractive target groups; plus, consumers want their choices to be more meaningful. We also need to keep in mind the concept of ‘local heritage’ becoming a factor that speaks to an increasing number of buyers.
“If you add disruptors like commercial wars, pandemic episodes, digital transformation, exchange rate problems and health and well-being issues, this means that our students will have to be readier than ever to handle a business world impacted by VUCA (volatility, uncertainty, complexity and ambiguity). It is our role to prepare them to become effective leaders in this context, as well as ensuring our programme constantly evolves so as to take this into consideration. “Our degree training includes various courses and activities that speak directly to this, for example our Strategic Planning & Disruption module, our FIVS-Abridge student competition and partnerships with the International Federation of Wines & Spirits, based in Washington DC, and the Wines of Chile organisation.” How do you ensure the programme best meets the demands of the wine & spirits market? “Each year I meet with close to a hundred wine & spirits executives and recruiters who share their insights on the business, as well as their needs in terms of hiring staff. We also have a strong MBA advisory board featuring international industry members and high-level academics; we work with them to decide on how we can make sure the programme meets the demands of the job market.” What do you think differentiates your programme and why should prospective students choose it? “Our programme offers a truly unique, global and strategic perspective on the
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BUSINESS SCHOOL INTERVIEW
wine & spirits industry, based on a solid balance between top level academics and international speakers from the business side of things. Content is delivered via a variety of courses, conferences, workshops and real-life case studies with presentations to industry executives, in addition to six weeks’ worth of hands‑on experience, learning both locally and abroad, with trips to the US, Germany and Greece. “We have unique teaching facilities that offer ideal learning conditions in the heart of Burgundy, the world’s most famous wine region. These include a dedicated building for the School of Wine & Spirits Business, a Wine & Spirits Business Lab with top researchers, a state-of-the-art wine-tasting room with 32 seats, wine & spirits cellars and an upscale bar-lounge. “It goes without saying that our key partners bring additional value to the programme, including our sponsors from all over the Bourgogne Wine industry (regional experts known as the Grands Témoins ); Moët Hennessy, along with Champagne-Ardennes University; the University of Burgundy; the Greek Wine Federation; Geisenheim University and our recent partnership with UC Davis in California.
“Even before the pandemic, there was a trend towards greater use of online and hybrid learning in business education. Covid accelerated this trend, as schools were forced to offer remote learning options. Online and hybrid learning will certainly continue to grow in popularity, particularly as technology improves and students demand greater flexibility and convenience. “Business education has always been global in scope and the trend towards greater internationalisation is likely to continue. This may take the form of more partnerships and collaboration between schools in different countries, greater diversity in student and faculty population and a focus on preparing graduates for careers in multinational companies. “There is also a growing awareness of the need for businesses to operate in socially responsible and sustainable ways. Schools are likely to respond by incorporating these themes more prominently into their curricula and research agendas. “I believe that those schools that can adapt to changing circumstances, leverage technology effectively and maintain high standards of academic quality and relevance are likely to thrive in the years ahead.”
“Last but not least, top level students the world over regularly choose to study with us, some of whom are already graduates of leading institutions such as HEC in Paris, or NYU and Columbia University in the US. We feel fortunate that the buzz around the programme has been very positive.” Turning to the postgraduate management education sector more generally, how would you describe the outlook for international business schools over the next three to five years? “The outlook for international business schools over the next three to five years is likely to be shaped by several trends and factors, such as recovery from the pandemic and facing new economic uncertainties. Covid-19 disrupted higher education around the world, and business schools were not spared in this regard. “While many pivoted to remote learning and found innovative ways to maintain academic quality, the pandemic also resulted in reduced enrolment and increased financial pressures. Current economic conditions also expose business schools to new risks that they will have to deal with. It is likely that they will need to continue to adapt to changing circumstances in the years to come.
Biography Jacques Thébault is a visionary, results-oriented educator and leader who has a particular passion for the food & beverage industry. He can count on more than 25 years of consistent success, expanding profitability of marketing agencies promoting premium food, beverage and lifestyle brands all across Asia, Europe and North America. Thébault is a strong strategic planner, skilled and experienced in general management and multicultural marketing for both start-ups and mature businesses. He joined BSB five years ago as programme director of its flagship MBA Wine & Spirits Business programme. He also teaches International Marketing, International Business, Leadership & Coaching and is a member of the School of Wine & Spirits Business’ marketing & communications team. He is a dual citizen of the US and France, trilingual in English, French and Spanish
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