IDEAS home Printed from https://ideas.repec.org/a/kap/jbuset/v153y2018i1d10.1007_s10551-016-3417-y.html
   My bibliography  Save this article

Practical Wisdom: Management’s No Longer Forgotten Virtue

Author

Listed:
  • Claudius Bachmann

    (Catholic University of Eichstätt-Ingolstadt)

  • André Habisch

    (Catholic University of Eichstätt-Ingolstadt)

  • Claus Dierksmeier

    (University of Tübingen)

Abstract

The ancient virtue of practical wisdom has lately been enjoying a remarkable renaissance in management literature. The purpose of this article is to add clarity and bring synergy to the interdisciplinary debate. In a review of the wide-ranging field of the existing literature from a philosophical, theological, psychological, and managerial perspective, we show that, although different in terms of approach, methodologies, and justification, the distinct traditions of research on practical wisdom can indeed complement one another. We suggest a conciliatory conception of the various features of practical wisdom in management. This we take as a point of departure for a discussion of the significant implications of the subject for the theory and practice of management and for the direction of further research in the field.

Suggested Citation

  • Claudius Bachmann & André Habisch & Claus Dierksmeier, 2018. "Practical Wisdom: Management’s No Longer Forgotten Virtue," Journal of Business Ethics, Springer, vol. 153(1), pages 147-165, November.
  • Handle: RePEc:kap:jbuset:v:153:y:2018:i:1:d:10.1007_s10551-016-3417-y
    DOI: 10.1007/s10551-016-3417-y
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10551-016-3417-y
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.

    File URL: https://libkey.io/10.1007/s10551-016-3417-y?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Ikujiro Nonaka & Ryoko Toyama, 2007. "Strategic management as distributed practical wisdom (phronesis)," Industrial and Corporate Change, Oxford University Press, vol. 16(3), pages 371-394, June.
    2. Hannes Zacher & Liane Pearce & David Rooney & Bernard McKenna, 2014. "Leaders’ Personal Wisdom and Leader–Member Exchange Quality: The Role of Individualized Consideration," Journal of Business Ethics, Springer, vol. 121(2), pages 171-187, May.
    3. Laura Dunham & John McVea & R. Edward Freeman, 2008. "Entrepreneurial wisdom: incorporating the ethical and strategic dimensions of entrepreneurial decision-making," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 6(1), pages 8-19.
    4. David Oliver & Matthew Statler & Johan Roos, 2010. "A Meta-Ethical Perspective on Organizational Identity," Journal of Business Ethics, Springer, vol. 94(3), pages 427-440, July.
    5. Guillaume Mercier & Ghislain Deslandes, 2017. "There are no Codes, Only Interpretations. Practical Wisdom and Hermeneutics in Monastic Organizations," Journal of Business Ethics, Springer, vol. 145(4), pages 781-794, November.
    6. Beabout, Gregory R., 2012. "Management as a Domain-Relative Practice that Requires and Develops Practical Wisdom," Business Ethics Quarterly, Cambridge University Press, vol. 22(2), pages 405-432, April.
    7. Alzola, Miguel, 2015. "Virtuous Persons and Virtuous Actions in Business Ethics and Organizational Research," Business Ethics Quarterly, Cambridge University Press, vol. 25(3), pages 287-318, July.
    8. Joan Fontrodona & Alejo Sison, 2006. "The Nature of the Firm, Agency Theory and Shareholder Theory: A Critique from Philosophical Anthropology," Journal of Business Ethics, Springer, vol. 66(1), pages 33-42, June.
    9. Rafael Morales-Sánchez & Carmen Cabello-Medina, 2013. "The Role of Four Universal Moral Competencies in Ethical Decision-Making," Journal of Business Ethics, Springer, vol. 116(4), pages 717-734, September.
    10. Chris Provis, 2010. "Virtuous Decision Making for Business Ethics," Journal of Business Ethics, Springer, vol. 91(1), pages 3-16, February.
    11. David Rooney & Bernard McKenna, 2005. "Should the Knowledge-based Economy be a Savant or a Sage? Wisdom and Socially Intelligent Innovation," Prometheus, Taylor & Francis Journals, vol. 23(3), pages 307-323.
    12. Laura Dunham, 2010. "From Rational to Wise Action: Recasting Our Theories of Entrepreneurship," Journal of Business Ethics, Springer, vol. 92(4), pages 513-530, April.
    13. David Bright & Bradley Winn & Jason Kanov, 2014. "Reconsidering Virtue: Differences of Perspective in Virtue Ethics and the Positive Social Sciences," Journal of Business Ethics, Springer, vol. 119(4), pages 445-460, February.
    14. Massimiliano Pellegrini & Cristiano Ciappei, 2015. "Ethical Judgment and Radical Business Changes: The Role of Entrepreneurial Perspicacity," Journal of Business Ethics, Springer, vol. 128(4), pages 769-788, June.
    15. Dennis Moberg, 2008. "Mentoring and Practical Wisdom: Are Mentors Wiser or Just More Politically Skilled?," Journal of Business Ethics, Springer, vol. 83(4), pages 835-843, December.
    16. Ali Intezari & David Pauleen, 2014. "Management Wisdom in Perspective: Are You Virtuous Enough to Succeed in Volatile Times?," Journal of Business Ethics, Springer, vol. 120(3), pages 393-404, March.
    17. Ali Intezari, 2015. "Integrating Wisdom and Sustainability: Dealing with Instability," Business Strategy and the Environment, Wiley Blackwell, vol. 24(7), pages 617-627, November.
    18. Phillips, Robert & Freeman, R. Edward & Wicks, Andrew C., 2003. "What Stakeholder Theory is Not," Business Ethics Quarterly, Cambridge University Press, vol. 13(4), pages 479-502, October.
    19. Sison, Alejo José G. & Hartman, Edwin M. & Fontrodona, Joan, 2012. "Guest Editors’ Introduction Reviving Tradition: Virtue and the Common Good in Business and Management," Business Ethics Quarterly, Cambridge University Press, vol. 22(2), pages 207-210, April.
    20. Alammar, Fahad & Pauleen, David, 2016. "Exploring managers’ conceptions of wisdom as management practice," Journal of Management & Organization, Cambridge University Press, vol. 22(4), pages 550-565, July.
    21. Michael Small, 2013. "Business Practice, Ethics and the Philosophy of Morals in the Rome of Marcus Tullius Cicero," Journal of Business Ethics, Springer, vol. 115(2), pages 341-350, June.
    22. Alejo Sison, 2011. "Aristotelian Citizenship and Corporate Citizenship: Who is a Citizen of the Corporate Polis?," Journal of Business Ethics, Springer, vol. 100(1), pages 3-9, April.
    23. Dierksmeier, Claus & Celano, Anthony, 2012. "Thomas Aquinas on Justice as a Global Virtue in Business," Business Ethics Quarterly, Cambridge University Press, vol. 22(2), pages 247-272, April.
    24. Domènec Melé & Antonio Argandoña & Carlos Sanchez-Runde, 2011. "Facing the Crisis: Toward a New Humanistic Synthesis for Business," Journal of Business Ethics, Springer, vol. 99(1), pages 1-4, March.
    25. Moberg, Dennis J., 2007. "Practical Wisdom and Business Ethics," Business Ethics Quarterly, Cambridge University Press, vol. 17(03), pages 535-561, July.
    26. Matt Statler & Johan Roos, 2006. "Reframing strategic preparedness: an essay on practical wisdom," International Journal of Management Concepts and Philosophy, Inderscience Enterprises Ltd, vol. 2(2), pages 99-117.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Sandrine Frémeaux & Thibaut Bardon & Clara Letierce, 2020. "How To Be a ‘Wise’ Researcher: Learning from the Aristotelian Approach to Practical Wisdom," Post-Print hal-03232780, HAL.
    2. Sandrine Frémeaux & Thibaut Bardon & Clara Letierce, 2021. "How To Be a ‘Wise’ Researcher: Learning from the Aristotelian Approach to Practical Wisdom," Journal of Business Ethics, Springer, vol. 171(4), pages 667-681, July.
    3. Laura Sasse-Werhahn, 2019. "The Practical Wisdom behind the GRI," Humanistic Management Journal, Springer, vol. 4(1), pages 71-84, July.
    4. Natàlia Cugueró-Escofet & Josep M. Rosanas, 2020. "The Relative Role of the Intellectual and Moral Virtues in Sustainable Management Decisions: The Case of Practical Wisdom and Justice," Sustainability, MDPI, Open Access Journal, vol. 12(3), pages 1-21, February.
    5. Mahdavi Akramsadat & Ardabili Farzad Sattari & Kheirandish Mohammad & Ebrahimpour Habib & Daryani Shahram Mirzaei, 2020. "Presenting a Model of Managerial practical wisdom in Hospitals," Management, Sciendo, vol. 24(2), pages 20-48, December.
    6. Natàlia Cugueró-Escofet & Josep M. Rosanas, 2020. "Practical Wisdom for Sustainable Management and Knowledge Sharing," Sustainability, MDPI, Open Access Journal, vol. 12(10), pages 1-17, May.
    7. Mark R. Ryan, 2021. "Business Ethics as a Form of Practical Reasoning: What Philosophers Can Learn from Patagonia," Humanistic Management Journal, Springer, vol. 6(1), pages 103-116, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Claudius Bachmann & Laura Sasse & Andre Habisch, 2018. "Applying the Practical Wisdom Lenses in Decision-Making: An Integrative Approach to Humanistic Management," Humanistic Management Journal, Springer, vol. 2(2), pages 125-150, February.
    2. Steven Steyl, 2020. "Aristotelian Practical Wisdom in Business Ethics: Two Neglected Components," Journal of Business Ethics, Springer, vol. 163(3), pages 417-428, May.
    3. Laura F. Sasse-Werhahn & Claudius Bachmann & André Habisch, 2020. "Managing Tensions in Corporate Sustainability Through a Practical Wisdom Lens," Journal of Business Ethics, Springer, vol. 163(1), pages 53-66, April.
    4. Laura Sasse-Werhahn, 2019. "The Practical Wisdom behind the GRI," Humanistic Management Journal, Springer, vol. 4(1), pages 71-84, July.
    5. Ali E. Akgün & Halit Keskin & Sumeyye Y. Kırçovalı, 2019. "Organizational wisdom practices and firm product innovation," Review of Managerial Science, Springer, vol. 13(1), pages 57-91, February.
    6. Lamberto Zollo & Massimiliano Matteo Pellegrini & Cristiano Ciappei, 2017. "What Sparks Ethical Decision Making? The Interplay Between Moral Intuition and Moral Reasoning: Lessons from the Scholastic Doctrine," Journal of Business Ethics, Springer, vol. 145(4), pages 681-700, November.
    7. Mario Fernando & Geoff Moore, 2015. "MacIntyrean Virtue Ethics in Business: A Cross-Cultural Comparison," Journal of Business Ethics, Springer, vol. 132(1), pages 185-202, November.
    8. Guillaume Mercier & Ghislain Deslandes, 2020. "Formal and Informal Benevolence in a Profit-Oriented Context," Journal of Business Ethics, Springer, vol. 165(1), pages 125-143, August.
    9. Irene Chu & Geoff Moore, 2020. "From Harmony to Conflict: MacIntyrean Virtue Ethics in a Confucian Tradition," Journal of Business Ethics, Springer, vol. 165(2), pages 221-239, August.
    10. Andrew West, 2016. "Applying Metaethical and Normative Claims of Moral Relativism to (Shareholder and Stakeholder) Models of Corporate Governance," Journal of Business Ethics, Springer, vol. 135(2), pages 199-215, May.
    11. Alma Acevedo, 2012. "Personalist Business Ethics and Humanistic Management: Insights from Jacques Maritain," Journal of Business Ethics, Springer, vol. 105(2), pages 197-219, January.
    12. Caleb Bernacchio, 2021. "Virtue Beyond Contract: A MacIntyrean Approach to Employee Rights," Journal of Business Ethics, Springer, vol. 171(2), pages 227-240, June.
    13. Hannes Zacher & Liane Pearce & David Rooney & Bernard McKenna, 2014. "Leaders’ Personal Wisdom and Leader–Member Exchange Quality: The Role of Individualized Consideration," Journal of Business Ethics, Springer, vol. 121(2), pages 171-187, May.
    14. Surendra Arjoon & Alvaro Turriago-Hoyos & Ulf Thoene, 2018. "Virtuousness and the Common Good as a Conceptual Framework for Harmonizing the Goals of the Individual, Organizations, and the Economy," Journal of Business Ethics, Springer, vol. 147(1), pages 143-163, January.
    15. Guli-Sanam Karimova & Nils Christian Hoffmann & Ludger Heidbrink & Stefan Hoffmann, 2020. "Virtue Ethics Between East and West in Consumer Research: Review, Synthesis and Directions for Future Research," Journal of Business Ethics, Springer, vol. 165(2), pages 255-275, August.
    16. Camille Meyer & Marek Hudon, 2019. "Money and the Commons: An Investigation of Complementary Currencies and Their Ethical Implications," Journal of Business Ethics, Springer, vol. 160(1), pages 277-292, November.
    17. Stéphanie Arnaud & David Wasieleski, 2014. "Corporate Humanistic Responsibility: Social Performance Through Managerial Discretion of the HRM," Journal of Business Ethics, Springer, vol. 120(3), pages 313-334, March.
    18. Ericka Costa & Tommaso Ramus, 2012. "The Italian Economia Aziendale and Catholic Social Teaching: How to Apply the Common Good Principle at the Managerial Level," Journal of Business Ethics, Springer, vol. 106(1), pages 103-116, March.
    19. Helen Nicholson & Ron Beadle & Richard Slack, 2020. "Corporate Philanthropy as a Context for Moral Agency, a MacIntyrean Enquiry," Journal of Business Ethics, Springer, vol. 167(3), pages 589-603, December.
    20. Stephanie Solansky, 2014. "To Fear Foolishness for the Sake of Wisdom: A Message to Leaders," Journal of Business Ethics, Springer, vol. 122(1), pages 39-51, June.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jbuset:v:153:y:2018:i:1:d:10.1007_s10551-016-3417-y. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: http://www.springer.com .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.