En las últimas décadas, los consejeros independientes han ido adquiriendo más peso en los consejos de administración para aportar un juicio independiente, garantizado por un desinterés financiero y social. En la práctica, existe un enfoque negativo de la independencia que contrasta con los llamamientos de las organizaciones internacionales a centrarse en los aspectos positivos y con el concepto de independencia que varios estudios teóricos asocian con la integridad, la libertad, la autonomía y la ausencia de dependencia. En la práctica, existe una gran heterogeneidad en la definición y los requisitos de independencia para los consejeros, lo que plantea dudas sobre cuál es el verdadero papel de los independientes y hasta qué punto estos consejeros están en condiciones de poderlo desempeñar. Este trabajo pretende responder a estas preguntas y, para ello, se realiza un estudio comparativo del concepto de independencia y sus implicaciones prácticas en los códigos de gobierno corporativo de los países del G20, llegándose a la conclusión de que la figura del consejero independiente sólo tiene sentido desde el punto de vista de la teoría de la agencia, a los efectos de reforzar la posición de los accionistas con respecto a las posiciones ejecutivas de la empresa. Así, cabe esperar que los consejeros independientes aporten un equilibrio de poder e imparcialidad, pero sus incentivos no están alineados con coherencia para orientarlos a tal fin.

The purpose of this paper is to show how a MacIntyre-inspired business school could contribute to developing practical wisdom in students through its curriculum, meth-ods, faculty, student selection criteria, and governance. Despite MacIntyre's critiques, management can be presented, in MacIntyrean terms, as a second-order, domain- relative practice, with practical wisdom as corresponding virtue. Management educa-tion consists in developing practical wisdom. How? Primarily by initiating students and enabling them to participate in communal traditions of inquiry focused on, al-though not limited to, the purposes and ends of business. The transmission of ob-jective knowledge, analytical skills, and techniques is subordinated to the end goal. We consider traditions centered on shareholder value maximization, the balancing of stakeholder interests, and the fulfillment of the common good of firms. Each gives rise to a particular kind of business school. A MacIntyrean business school is one that seeks the common good of firms.KEYWORDScommon good, narrative, tradition, virtues

The purpose of this study is to investigate the role of school principal trustworthiness components (i.e., ability, integrity, benevolence) in helping shape teacher trust and affective commitment within schools. Using data from 1,026 teachers in Spain and structural equation modeling (via EQS 6.3), this study establishes how a principal's integrity and benevolence are key in determining, both directly and indirectly (via trust in the principal), teachers' affective commitment to their school. It also reveals that the perceived ability of a principal is not effective in generating trust or affective commitment to the school in teachers. As a contribution to the literature, these findings reveal that the ethical trustworthiness (benevolence, integrity) of principals is key in engendering trust and affective commitment to schools. Thus, to shape work environments that are high in trust and commitment, principals should focus on behaving in ways that make their integrity and benevolence manifest to their teachers.

The purpose of this paper is to show how a MacIntyre-inspired business school could contribute to developing practical wisdom in students through its curriculum, methods, faculty, student selection criteria, and governance. Despite MacIntyre's critiques, management can be presented, in MacIntyrean terms, as a second-order, domain-relative practice, with practical wisdom as corresponding virtue. Management education consists in developing practical wisdom. How? Primarily by initiating students and enabling them to participate in communal traditions of inquiry focused on, although not limited to, the purposes and ends of business. The transmission of objective knowledge, analytical skills, and techniques is subordinated to the end goal. We consider traditions centered on shareholder value maximization, the balancing of stakeholder interests, and the fulfillment of the common good of firms. Each gives rise to a particular kind of business school. A MacIntyrean business school is one that seeks the common good of firms.

This article presents the Positive Leadership Action Framework (PLAF) to structure Positive Leadership (PL). The novelty of the PLAF is that it incorporates the connections of PL to positive outcomes (financial and economic performance and social well-being) and organizational virtuousness. Also, it acknowledges its conditional nature on the virtues to achieve flourishing within the organization and society at large. We argue that the leader's actions function as the engine for positive change within the organization, bridging the gap between individual virtues and organizational virtuousness and creating a feedback loop among both. To develop a positive organization, a leader needs to create positive assumptions among (and about) coworkers, positively impact the personal and professional development of employees, and balance positive formal and informal conditions at work. To do so, it is a sine qua non condition that the positive leader fosters his/her personal development by exercising the virtues and developing practical wisdom. In this way, the positive leader automatically provides followers with a vision of the final end towards the common good and achieves to set his/her organization on a pathway towards excellence.

As a result of contemporary culture¿s focus on continuous innovation and ¿change before you have to,¿ innovation has been identified with economic gains rather than with creating added value for society. At the same time, given current trends related to the automation of business models, workers seem all but destined to be replaced by machines in the labor market. In this context, we attempt to explore whether robots and Artificial Intelligence (AI) will be able to innovate, and the extent to which said activity is exclusively inherent to human nature. Following the need for a more anthropological view of innovation, we make use of MacIntyrean categories to present innovation as a domain-relative practice with creativity and practical wisdom as its corresponding virtues. We explain why innovation can only be understood within a tradition as it implies participating in inquiry about the principle and end of practical life. We conclude that machines and ¿intelligent¿ devices do not have the capacity to innovate and they never will. They may replicate the human capacity for creativity, but they squarely lack the necessary conditions to be a locus of virtue or engage with a tradition.

We develop a new rationale for capital allocation in business groups' internal capital markets. We show that productivity and pledgeable income jointly drive capital allocation within an internal capital market. In financially constrained business groups, an efficient internal capital market can allocate marginal funds to firms that have high pledgeability of income because of a multiplier effect: a dollar of internal funds generates a bigger increase in investment. This result has important implications for the business group affiliation strategy. Whether or not a financially constrained but highly productive firm will benefit from group affiliation depends on its borrowing capacity vis-a-vis other affiliates.

Prior research is not conclusive whether information asymmetries or managerial discretion are the cause of observed investment-cash flow sensitivity. This paper examines the effect of family firms' governance heterogeneity on firm's investment-cash flow sensitivity in Brazil. The Brazilian economic and corporate governance context present several idiosyncratic features, including weak minority shareholder protection, an underdeveloped capital market, macroeconomic uncertainties, the presence of controlling shareholders (especially families), and the excessive use of control-enhancing mechanisms, allowing us to explore in greater detail the drivers of investment-cash flow sensitivity. We find that investment is more sensitive to cash flow for firms with a highly entrenched family presence (divergence between corporate control and voting rights coupled with family management) than in less entrenched family firms. This result emerges primarily due to financial constraints from asymmetric information, rather than agency problems of free cash flow from abuse of managerial discretion. Our findings shed new light on the role of excessive control rights in investment decisions, allowing family managers to reallocate capital to cope with financial constraints in times of economic uncertainties.

Corporate Sustainability is today a key issue for companies considering value generation, climate change and social requirements. This sustainability must be achieved in the economic, social, and environmental aspects; many authors have studied the variables that make up these aspects. Despite the importance of employees in Corporate Sustainability, to our knowledge, no studies have connected the variables with the impact that employees have on them. Therefore, in this study, combining a literature review with a Panel Delphi with 11 experts, we seek consensus on: 1) the relevance of the different variables that define Corporate Sustainability; 2) on which variables can employees have an impact; and 3) what employee behaviors are more susceptible of having this impact. The results show consensus on employees and propose behaviors that could enhance some of the most important variables of economic, social and environmental sustainability. This result opens up the possibility of developing a scale to measure employee sustainable behaviors and to understand how companies can facilitate these behaviors.

Understanding what drives effective purpose implementation is the key to making more sustainable organizations. Most studies on the subject of purpose focus on two of its dimensions: formulation (knowledge) and practical application (contribution). However, for it to be effectively implemented in the organization, purpose also involves motivating and exciting people. In this article, we propose a three-dimensional formative second-order construct of purpose implementation based on the knowledge, internalization and contribution of purpose. In this conceptualization of purpose, for effective purpose implementation to occur, its three dimensions must be implemented intensively and consistently in a balanced way. Two separate studies were combined to develop a validated scale for measuring the intensity of purpose implementation and for demonstrating that the more intensely and consistently purpose is implemented within a company, the greater its impact on organizational citizenship behaviors.