e-Newsletter November 2009 / Volume 1 / No. 5

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The Association of Asia-Pacific Business Schools (AAPBS) and Sasin Graduate Institute of Business Administration of Chulalongkorn University collaborated in organizing and hosting the 5th AAPBS Annual Conference 2009, “Sharpening Minds, Shaping Leaders for 2020s,” November 4 - 6, 2009 at Sasin. Ninety-eight deans and professors from international institutions, including both AAPBS members and non-members, participated in this Annual Conference.

A Council Members Meeting took place the morning of November 4 with a Welcome Reception & Dinner taking place that evening at the Chulalongkorn University Thai House.

The AAPBS Annual Conference was officially opened on November 5 by H.E. Supachai Panitchpakdi, Ph.D., Secretary- General of the United Nations Conference on Trade and Development (UNCTAD). This was followed by his Keynote Address on “The New Development Paradigm: Impact on Emerging Economics”.

The AAPBS Annual General Meeting was conducted by Professor Toemsakdi Krishnamra, President of AAPBS and Director of Sasin Graduate Institute of Business Administration of Chulalongkorn University, and Professor Bernard Yeung, Ph.D., President Elect of AAPBS and Dean of the Business School, National University of Singapore.

The 5th Conference Topics and Speakers were as follows:

The AAPBS President, Professor Toemsakdi Krishnamra, officiated at the Closing Session on November 6.

The 5th AAPBS Annual Conference 2009 “Sharpening Minds, Shaping Leaders For The 2020s”

Management Education: Challenges and Opportunities in a Changing World & Dean’s Forum #1 by Professor Eric Cornuel, Ph.D., Director & CEO, European Foundation for Management Development (EFMD)

The Demand for Graduate Management Education: Global Patterns and Trendsby Mr. David A. Wilson, Ph.D., President and CEO, Graduate Management Admission Council (GMAC)

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Keynote Address on The Enduring Value of an MBAby Professor Dipak C. Jain, Ph.D., Dean Emeritus, Sandy and Morton Goldman Professor of Entrepreneurial Studies and Professor of Marketing, Kellogg School of Management.

Achieving Quality through Global Accreditation & Dean’s Forum #2by Professor Eileen Peacock, Ph.D., CPA, CMA

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Professor Victoria S. Lucuanan, Director & CEO, European Foundation for Management Development (EFMD)

Professor Bernard Yeung, Ph.D., President Elect of AAPBS and Dean of the Business School, National University of Singapore

Professor Hirokazu Kono, Ph.D., Dean of the Business School, Keio University

Professor Steven Grover, Ph.D., Deputy Dean of the School of Business, University of Otago

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Professor Ian Fenwick, Ph.D., Professor of Marketing, Sasin Graduate Institute of Business Administration of Chulalongkorn University

Dr. Piman Limpaphayom, Ph.D., CFA, Finance Faculty, Sasin Graduate Institute of Business Administration of Chulalongkorn University

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Commentators of the Conference were as follows:

Moderators of the Conference were as follows:

e-Newsletter November 2009 / Volume 1 / No. 5

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Keynote Address on “The New Development Paradigm: Impact on Emerging Economies”

Management Education: Challenges and Opportunities in a Changing World & Deans’ Forum # 1

By Mr. Supachai Panitchpakdi, Ph.D., Secretary-General of United Nations Conference on Trade and Development (UNCTAD)

summarized by Associate Professor Adith Cheosakul, Ph.D., Professor of Management, Sasin

Dr. Supachai shared his experiences during his roles as the Secretary-General of UNCTAD, namely, the Global Compact (voluntary international corporate citizenship network initiated to support the participation of both the private sector and other social actors to advance responsible corporate citizenship and universal social and environmental principles to meet the challenges of globalization) , the Doha Round in 2001 (to make trade rules fairer for developing countries) , and the Copenhagen Round in 2009 (to enter into a binding global climate agreement) . He indicated six dimensions of the paradigm impacting emerging economies: 1) global economic governance with more responsible roles of G-20 of balanced growth and possibility of expanding membership , 2) reserved currency, 3) regional economic integration such as Latin American countries and ASEAN, 4) public finance with an emphasis on resolving LDC (Least Developed Countries) debts, 5) carbon free development

by Professor Eric Cornuel, Ph.D., Director General & CEO of EFMD

commented by Professor Victoria S. Licuanan, Dean of Asian Institute of Management and Professor Bernard Yeung, Ph.D., Dean of Business School, National University of Singapore

moderated by Professor Ian Fenwick, Ph.D. , Professor of Marketing, Sasin

summarized by Associate Professor Adith Cheosakul, Ph.D., Professor of Management, Sasin

Professor Cornuel posed the following questions: 1) What have been the main developments, forces and trends since the advent of the “global era”?, 2) For the future, what are the greatest risks and challenges?, and 3) How should business leaders (and schools) respond? For the first two issues, he discussed the global achievements during the last

with less polluting production methods, and 6) roles of state vs. market in the economy considering multi stakeholders. In his argument, he also cited George A. Akerlof and Robert J. Shiller’s book “Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism” that advocates a government’ active role in economic policies based on John Maynard Keynes’s term “animal spirits” used to describe the factors resulting in the Great Depression.

e-Newsletter November 2009 / Volume 1 / No. 5

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20 decades with the extension of WTO members; the integration of global markets and cross border flows of goods, capital, technology; the widening and deepening of Europe; the unprecedented scale of poverty reduction, and the ITC revolution. He advocated the flat world as claimed by Thomas L. Friedman’s book “The World is Flat: A Brief History of the Twenty-First Century.” While challenges in the society context include decreasing legitimacy of elites and economic and social disorientation, challenges in the educational sector context include accreditation race, rankings race, and dramatic potential shortage of professors. In such an environment, education and knowledge become critical. The world has become a knowledge economy. Innovation plays an important role in the following dimensions: products, services, business processes, business models, management and culture, and policy and society.

Dean Licuanan argued that challenges in the Asian context were somewhat different. Behavioral characteristics of students are changing with different generations of students and teachers/ administrations. The millennials (Generation Y) have their distinct expectations, attitudes, and aptitudes with the following elements: connected, socializing, collaborating, wanting an active

role in learning, enjoying multi-tasking, comfortable with technology. But they have a short attention span. Moreover, the method and processes through which knowledge, skills and attitudes are transmitted are changing. Management education in Asia is characterized by more extreme diversity, more poverty and disparities in incomes and wealth distribution across nations and regions, larger roles of government as a major player and a gatekeeper of resources, and more consciousness of public-private partnerships.

Dean Yeung claimed the real Asian Renaissance with an elaboration of the shifting world economy’s center of gravity to Asia, moving from a manufacturing center to a consumption market. For S-T challenges, international flows of funds have been drying up with an exception of strong flows of funds between emerging economies supported by international financial institutions, Sovereign Wealth Funds (SWF) and Chinese financial resources with his recommendation of improving capital market functional efficiency. For L-T challenges, the Asian growth bottle neck is evidenced by limited resources and tycoon controlled ownership structure with the current institutional environment characterized by ordinary firms’ lack of resources to scale up coupled with both financial and managerial market constraints, and overlooking externalities like pollution. His recommendation is to understand

the situations and help to develop our institutions. Asia Pacific business schools need to train talents that recognize management of Asian diversity in terms of capabilities, cultures, and political economies while applying world class standards to meet local teaching and research needs by training Asia Pacific fitted talents for positive business evolution.

Professor Fenwick raised a question of whether learning on-line should be better than off-line. The presenters insisted that what really matters for learning includes effectiveness of pedagogy, quality of judgment, and intrinsic values rather than the medium of teaching. He questioned whether the concept of global managers is outdated. The participants seemed to disagree and the arguments revolved around the ability to manage diversity, adapt to changes, and make connectivities.

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by Dr. David Wilson, President and CEO of the Graduate Management Admission Council (GMAC) summarized by Assistant Professor Krittinee Nuttavuthisit, Faculty of Marketing, Sasin

In this session, Dr. Wilson explained GMAC’s role in enhancing the success of graduate management education by discovering quality talent in the global arena, capturing market data and intelligence, and providing professional development. Information from the Graduate Management Admission Test (GMAT) reflects the increasing demand of graduate management education, especially among younger females aiming to further their study in North America. Nevertheless, Asia continues to attract more top talent from neighboring countries as well as worldwide. Because of the trends of population shifts, economic growth, and ready availability of skilled labor, the opportunities for graduate management education are significant.

Demand for Graduate Management Education: Global Patterns and Trends

Keynote Address on “The Enduring Value of an MBA”

In his keynote address, Dean Jain maintained that many different sectors are still advocating the value of management education. However, in 2001, most American business school deans were suddenly asked by corporate America “What role should business schools play regarding corporate ethics and governance?”

Subsequently, most business schools have had to redesign their curriculum to include both these topics. Last year, with the financial tsunami of Lehman Brothers, people questioned “What value do management schools bring to the market place?” and also “How responsible are MBAs?”

According to Dean Jain, management education will become even more important in coming years with the value of an MBA increasing substantially. As a result, now is the time for business schools to rethink what they stand for. Because the value of an MBA is definitely there, business schools need to make sure that that value continues to increase by guaranteeing a threefold mission: knowledge creation, knowledge dissemination, and knowledge certification.

Dean Jain believes this century is going to be the century for human capital development. Companies are realizing that the major source for value creation is people. With human capital the source of differentiation and value creation, the common goal of all business schools is now to attract and develop human talent and ensure its attractiveness to the world. He believes that Asian business schools have become key players, particularly China and India. Asian schools must seize this golden opportunity to create a new body of business knowledge.

Dean Jain attributes the financial tsunami to the failure in managing risk so that, from 2009 onwards, there has to be a renewed emphasis on risk management models.

Business schools need to move beyond the conventional thinking nearly exclusively on business at the expense of society. Today Kellogg students are admonished not to think only of their personal success, but also of their ‘significance’. Business school curriculum must shift from being U.S. centric to one of other developed and emerging markets.

Major challenges facing MBA programs are: 1) increasing competition and complexity; 2) faculty attraction, development, and retention; 3) managing student expectations; 4) alumni involvement and engagement; and 5) building a culture of philanthropy.

Dean Jain related that the mission of Kellogg is not to be the best business school in the world but to be the best business school for the world. He concluded his address by saying that the one way that this aspiration can be met is through collaboration.

by Professor Dipak C. Jain, Ph.D., Dean Emeritus, Sandy and Morton Goldman Professor of Entrepreneurial Studies and Professor of Marketing, Kellogg School of Management

summarized by Assistant Professor Pattarake Sarajoti, Faculty of Finance, Sasin

e-Newsletter November 2009 / Volume 1 / No. 5

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In this session, Professor Eileen Peacock discussed the value proposition for obtaining accreditations from international agencies such as the AACSB International. She believes that the accreditation process ensures that schools manage resources consistently with a clearly stated mission and advance knowledge through faculty scholarship. Consequently, schools with accreditation provide quality teaching and current, globally relevant curricula.

In addition, the accreditation process fosters the cultivation of meaningful interactions between students and qualified faculty which, in turn, produces graduates who have achieved specified learning goals. The accreditation process is therefore consistent with the mission of advancing the quality of management education worldwide. In addition to accreditation, AACSB International also provides workshops and seminars to help improve curriculum development and faculty scholarships.

Professor Hirokazu Kono emphasized that accreditation is a means to an end, not an end to itself. Therefore, schools should think carefully about their strengths and weaknesses before committing to the process. He also highlighted the uniqueness and newness of management education in Japan since many local companies have excellent corporate training program for their new employees. Because the Japanese have their own accreditation process, accreditation by international agencies in Japan may be less visible.

Professor Steven Grover agreed with the benefits of achieving accreditation by international agencies. However, he cautioned that the process might not be suitable for all schools. For example, the costs might be too high for some smaller institutions. Although the process can be done informally with the help of deans from other institutions, there is strong value going through the accreditation process. For deans, the accreditation seal validates the high standards that the schools impose on themselves which helps tremendously in recruiting and public relations.

Achieving Quality through Global Accreditation & Deans’ Forum # 2

By Professor Eileen Peacock, Ph.D., CPA, CMA Vice President Asia, AACSB International Asia HQ

Comments by Professor Hirokazu Kono, Ph.D., Dean of Business School, Keio University and Professor Steven Grover, Ph.D., Deputy Dean of School of Business, University of Otagosummarized by Piman Limpaphayom, Ph.D., CFA, Faculty of Finance, Sasin

e-Newsletter November 2009 / Volume 1 / No. 5

www.aapbs.org

e-Newsletter November 2009 / Volume 1 / No. 5

www.aapbs.org

The Association of Asia-Paci�c Business Schools (AAPBS) and Sasin Graduate Institute of Business Administration of Chulalong-korn University organized and hosted a workshop on “Building Excellence in Research & Teaching”. The seminar leaders were:

WORKSHOP ON “BUILDING EXCELLENCE IN RESEARCH & TEACHING”

Professor Adam Galinsky, Ph.D., Morris and Alice Kaplan Professor of Ethics and Decision Management

Professor Dipak C. Jain, Ph.D, Dean Emeritus Sandy and Morton Goldman Professor of Entrepreneurial Studies, Professor of Marketing at Kellogg School of Management, Northwestern University

Professor Sung Joo Park, Ph.D., Professor at the KAIST College of Business.

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The Workshop was held November 6 - 7, 2009 at Sasin Graduate Institute of Business Administration of Chulalongkorn University for thirty-�ve participants.

Objectives of the Workshop were: - Understanding methods of experiential learning - Actively interacting with management school instructors - Helping to develop new courses and teaching materials.

Course certi�cates were presented on November 7 by Professor Toemsakdi Krishnamra, AAPBS President and Sasin Director, Professor Dipak C. Jain, Dean Emeritus of Kellogg School of Management, and Professor Sung Joo Park, AAPBS Founder and Professor at the KAIST Business School.