Mission Impossible? Are Australian Business Schools Creating Public Value?

Australian business schools provide public universities with a reliable stream of revenue to cross-subsidise more expensive course offerings. Thus, the economic narrative views business schools as ‘cash cows’. However, a competing narrative has emerged, which contests the legitimacy of business schools and their role as university ‘cash cows’. This narrative contends that business schools should focus their efforts on maximising ‘public value’. Using the analytical prism of ‘public value,’ this paper examines how business schools are attempting to gain legitimacy through international accreditation and the critical role that mission statements play in signalling a commitment to creating ‘public value’.