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Academic rankings, despite their pitfalls, play a major role in the “business of business schools.” The claim that “rankings are here to stay” continues to be frequently accepted at face value. This essay challenges this situation, arguing that while many business schools perceive rankings as a source of legitimacy, their participation in rankings can actually undermine the very legitimacy they seek. By adopting an effectual stance—which focuses on problem-solving and innovation using available resources—we theorize about a phased approach to steer business schools (and other higher education institutions) away from reliance on “ranking-based legitimacy” toward “research-based legitimacy.” In the first phase, deans and academics can consider short-term bridging measures that do not fundamentally change the ranking game but influence it in self-serving directions. Rather than being powerless “ranking takers,” some proactive approaches can allow business schools to change the zero-sum game nature of rankings and become “ranking makers.” In the second phase, deans and academics can challenge and reject the ranking game by reaffirming the true purpose of business education. We encourage deans and academics to seize back control and restore research-based legitimacy by rigorously addressing managerial, societal, and ethical issues.
Grolleau et al. (Tue,) studied this question.