Assessing a virtuous circle for socially responsible business schools

The transformation of business schools into socially responsible institutions is proposed in this article, because of the need for fundamental changes in the nature of business education. In order for schools to educate and train socially responsible and ethical professionals, they must be conscious of their obligation to deliver an education in responsible business which became even more evident in the recent financial and economic crisis that was induced by the lack of personal and business values. Therefore, a model for the transformation of business schools is proposed in this article in the form of a virtuous circle, with the Principles for Responsible Management Education (PRME) as a central component that joins together the three most influential accreditation bodies: the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA), and the European Quality Improvement System (EQUIS), along with the Beyond Grey Pinstripes (BGP) ranking, as determinant factors to offer a global solution to this momentous and complex objective. Our proposal envisages a comprehensive transformation of business schools through substantial changes in their social commitment, management, education and research objectives, as well as their engagement in a change process that includes the mindsets of their members to institutionalize social responsibility. Through this article we aim to persuade the above-mentioned accreditors and the BGP ranking, to join together within a virtuous circle with PRME, and synergically impel the transformation of business schools.