Business schools can serve as a business knowledge creator
steeped in the scientific method and may deliver effective business teaching
like no other types of business education providers can do. This role of
business schools is as critical for business school faculty as a professional
differentiator that shapes and protects market value of future managers.
Even more importantly, the scholarship role of business
faculty is an essential and irreplaceable function because societies and
markets always turn to business schools for knowledge advances that reflect
excellence in academic traditions of theory and methods demonstrating new and
innovative Ideas those cabn brting about effective and positive changes.
Yet recurring shortages of new and well qualified Ph.D.s and
the expectation that these shortages in academia will always be an ongoing
condition for business schools, threaten the essence of business scholarship as
schools tend to burden a shrinking number of research faculty in order to cope
with the increasing growing demands in other professorial areas.
Many factors are responsible for a dearth of doctoral
candidates in business, including demographic dips in relevant age groups. For
the last decade, the economic cycle has heated in the United States
and the lengthy time-to-degree in typical doctoral programs has magnified the
costs of opportunities associated with such programs.
Traditional academic career is another contributing factor
to a shortage of doctoral faculty. It provides the narrow parameters for
earning promotion, tenure, or market rewards. This situation is less chaotic
when supply exceeds demand and pressures for rapidly adaptive research on
emerging business issues are relatively fewer. Business faculty that fails to
make tenure often leaves academics.
Thus, highly qualified faculty is a must and the increasing
scarcity in the supply pf such qualified professors is a problematic situation
that needs to be accounted in order to provide sustainable and effective