Challenging Proposals from European Scholars
Edited by Stephanie Dameron and Thomas Durand
Chapter 6: Building More Sustainable and Responsible Firms: Proposals for a Science of Acceptable Design
Alain Charles Martinet and Marielle Audrey Payaud Business policy teaching is 100 years old. Strategic management research is 50 years old. The business policy raison d’être was to be reflexive, integrative and synthetical. Born in the 1960s as a research field, strategic management is now, in its mainstream, coloured by analysis, causal explanation, statistical validation, general micro-relations searching and prescription avoidance. In the same period and especially over the last 15 years, there have been an ever growing number of studies and guidelines concerning corporate governance (CG). Whether their focus has been on financial or accounting scandals, self-dealt fat-cat pay cheques, bursting stock market bubbles or even heightened social or ecological concerns, the various suggestions have often boiled down to a series of static, technical measures for the structuring, make-up and running of boards, along the lines of the theory of agency. As a result, business policy looks as though it is lost in translation and divided into two separate fields. On the one hand, there is strategic management sensu stricto, which seemed until recently not very interested in governance; on the other hand, there is the corporate governance mainstream, which pays some attention to making explicit the strategic implications of its recommendations and, more generally, the established findings of strategic management research. This chapter aims at showing how it is crucial to re-link these when it comes to establishing corporate governance and to regenerate general business policy in both research and education programmes. It can be seen as...
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