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In order to remain relevant to students, recruiters, and decision-makers, business and management schools need to take a more serious approach to researching sustainability—a topic that is essential for our existence.
With overwhelming scientific evidence of human-driven climate change, consistent examples of the economic and social disruptions it causes, and increasing efforts to mitigate its consequences, the demand for expertise in this area is high.
While environmental science and engineering faculties provide substantial academic insight, business schools should also have a significant role in addressing sustainability. These schools train and educate current and future investors, entrepreneurs, managers, and policymakers, relying on their own research and that of others. The best schools reward faculty who produce and teach useful insights.
However, it is disheartening that sustainability is still not a major focus for many business schools. Much of the work that is produced is highly theoretical, esoteric, and difficult to translate into practical recommendations.
Moreover, valuable academic output that could benefit a broader audience often remains inaccessible. This research is typically written in obscure theoretical language, hidden behind paywalls, and there is little effort to disseminate or promote it.
Nevertheless, this report, “FT Business School Insights: Sustainability,” highlights some excellent research that is both rigorous and relevant. Most of the articles shared in this report were written by academics who drew on their own peer-reviewed research published within the past three years.
The report showcases reflections, analysis, and original findings on the macroeconomic effects of climate change, as well as on the financial returns of ESG investing. It also explores the effectiveness of divestment versus activism. Furthermore, researchers provide insights on specific industries, such as insurance, fishing, food processing, and recycling, offering best practices and ideas for change. They also analyze sentiment on social media, explore carbon pricing, and assess the work of ESG rating agencies.
In addition, the report features opinions from business and academic experts on bridging the gap between academia and industry. It suggests new models of partnership that promote collaborative work from the initial project development to the sharing of findings, while ensuring integrity and independence.
To create this report, we asked academics to propose research they considered important. We received contributions from excellent groups, including the Network for Business Sustainability and the Academy of Management. We also consulted periodic reading lists, such as the Responsible Research on Business and Management honor roll and the top academic resources listed by the Principles for Responsible Investment. Awards like the Moskowitz prize and those organized by the Alliance for Research on Corporate Responsibility were also considered.
However, within academia, impact is often narrowly defined by the “impact factor” of the academic journal in which the work is published. This measure is based on the number of citations previous papers have received over time. Rarely do academics receive recognition or rewards for considering the impact of their work beyond universities. Efforts to produce and translate research into useful and accessible insights, or to engage with businesses, are seldom acknowledged. Additionally, the outcomes of their ideas are rarely measured.
Consequently, identifying work that is valued and read by practitioners is challenging. Despite surveying thousands of business school alumni, we only received a few recommendations for useful papers. It appears that practitioners do not read much of the current literature being produced.
To gain insight into the impact of research, we examined the Social Science Research Network (SSRN), a platform where academics upload draft versions of their research ahead of publication. Although imperfect, SSRN provided valuable download information, including from organizations outside academia. The most widely read papers, which we discuss in the report, contained practical and occasionally controversial findings.
Overall, our survey of business school research on sustainability reveals three troubling conclusions. Firstly, not enough is being done, despite a few notable exceptions. Secondly, much of the research is irrelevant to decision-makers. Thirdly, useful research emerges slowly, with significant delays from analysis to publication, preventing timely action.
Researchers need the freedom to explore various areas and balance theory with practical applications. However, changing incentive structures, embracing relevance, and promoting clear dissemination of ideas, including “practitioner summaries” of journal articles, would contribute to improvement.
Given the urgency of global warming, there is a risk that academic efforts will result in mere rhetoric while actionable insights come too late to make a difference. It is crucial that we take steps to ensure the research has an impactful outcome for the planet.
Andrew Jack, FT’s global education editor, is highlighting these concerns, urging the academic community to prioritize sustainability research in business schools.
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