To be research or practice oriented? Brainstorming session by scholars at India Strategy Conference 2023
14 December, 2023, Bengaluru: The evening session of Day One of the India Strategy Conference 2023 (ISC 2023), being held from 14th December to 17th December 2023 at the IIM Bangalore campus jointly by IIM Bangalore, IIM Ahmedabad, ISB Hyderabad and Confederation of Indian Industry Chief Strategy Officers’ Forum (CII CSO Forum), saw the formal inauguration. Those present were Prof. Rishikesha T. Krishnan, Director, IIM Bangalore, Prof. Gurneeta Singh Vasudeva, University of Minnesota, Dr. Raveendra Chittoor, Dean, School of Professional Studies & Executive Education, Jio Institute, and Dr. Sumit K. Kundu, James K. Batten Eminent Scholar Chair in International Business, Florida International University.
For the complete agenda of the conference, please click here.
Prof. RT Krishnan gave a historical perspective of such conferences and spoke about doctoral research in India and its opportunities. “Today, India offers a plethora of opportunities for research – both doctoral students and faculty have carved a niche for themselves in the field. Indian scholars are also well versed with the latest research methods. Moreover, our country is an important player in the world economy currently. I urge you all to accept the present-day challenges, use them as research topics and convert the same to publications in top tier journals. Use the contexts, come up with interesting questions and position those in the research literature. Also, build a body of work which can give you distinctive personal branding. Finally, if you can find a way of balancing rigor with relevance, then you would be contributing significantly to productive and impactful research.”
Pointing out that the field of strategy is evolving fast with digital platforms, entrepreneurship and start-ups, he said, “There are lots of new things which are not captured yet. Integrate current ideas and strategies with traditional ones, and come up with comprehensive and relevant frameworks that can be used. Be cognizant and sensitive of what is happening around, convert them to theory and practice. And remember that personal networks are crucial.”
His talk was followed by the ‘Panel of Veteran Scholars’, featuring Prof. S Raghunath, former faculty of the Strategy area, IIMB, Dr. Raveendra Chittoor, Dean, School of Professional Studies & Executive Education, Jio Institute, and Prof. Sougata Ray, faculty, Indian School of Business. Prof. Chitra Singla, IIM Ahmedabad, moderated the session.
The discussion revolved around the divide between theory and practice and ways to bridge the gap, different aspects of Environmental, Social and Governance (ESG) and firms’, Boards’ and Independent Directors’ roles in that area, what the future has in store, etc.
Prof. S Raghunath said while it was the firm’s responsibility to implement sustainable business practices, the issue becomes complex in terms of the entire value chain. “The ability to conform is higher for those who are not material centric. Diversity of Board is a factor to judge who takes the lead in following sustainable practices. Regulations will not strengthen the Board, it is about core values - not just espoused but practiced.” Responding to whether doctoral students and faculty should be research or practice oriented, he said that time allocation, deep thinking, data orientation, mental and intellectual energy to handle rejection, etc. were vital. “Also important are network of researchers, orientation and research lens.” Discussing the future, he said, “The future of work is fast changing with use of AI, algorithms, etc. Boards need to be watchful of how these are displacing human decision making in firms. But it is not about just critique and criticizing, but more about coming up with better ways for industry and societal impact.”
Dr. Raveendra Chittoor pointed out that while India was ahead in terms of reporting ESG, it might not necessarily propel a company towards following sustainable practices. “ESG should be part of all activities of the company. Primary and secondary stakeholders drive policies and balance is very important. Boards need to strike a balance between sustainability and doing well economically. Strategy concepts need revision too, in the face of predominance of digital technology. These are issues that academics need to look into in order to provide tools to practitioners. Leverage all we do in our research and marry rigor with relevance.”
Prof. Sougata Ray was of the opinion that ESG norms, although a great tool, were not followed properly in India. “As scholars be mindful, understand, engage and inform different types of audiences to make the world a better place. Following ESG norms serves the companies too. Sustainability has to be made the core of business strategy. But regulations alone cannot be the driving force, individual agency needs to be there.” According to him, the first step for high quality research was rigor, with relevance following behind. “PhD students can work with their seniors and other scholars to develop relevance. Prepare yourself, work on fundamentals, then engage with supervisors with expertise in the field. Keep the window open for collaboration with practitioners”, he further advised.
The moderator summed up the observations of the panelists, adding that the divide between research and practice can be filled with efforts from scholars. “To engage with practice, the kind of questions we ask, wording of the questions, excitement to get into the nuance of the problem, delving deep into quantitative and qualitative data, are the requirements”, she observed.
The Co-chairs of the conference, Prof. Rejie George Pallathitta, IIM Bangalore; Prof. Prateek Raj, IIM Bangalore; Prof. Amit Karna, IIM Ahmedabad, and Prof. Chitra Singla, IIM Ahmedabad, too addressed the audience.
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