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Management Wisdom in Perspective: Are You Virtuous Enough to Succeed in Volatile Times?

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  • Ali Intezari
  • David Pauleen

Abstract

This paper addresses the question, how does wisdom contribute to management in circumstances of extreme unpredictability? We first discuss three key factors that fundamentally affect the conduct of business—human, knowledge, and the environment—as well as their characteristics and interactions. We then argue that managing the interaction between these factors to effectively deal with the complexity and unpredictability of a rapidly changing business world requires the appropriate application of wisdom, in particular ethics in the form of practical, moral, and epistemic virtues. We propose that these three virtues are the link between the three factors and more effective decision-making and action taking in an unpredictable business world. A model is developed that conceptualizes the interconnection among the three factors and three virtues. This model has important academic and practical implications. For practice, the model points the way for both individuals and organizations to improve decision-making skills through the systematic expansion of perspectives gained through consideration of the three virtues. For academics, the model is an incremental, but important step in understanding the role of wisdom in management. Copyright Springer Science+Business Media Dordrecht 2014

Suggested Citation

  • 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.
    • Handle: RePEc:kap:jbuset:v:120:y:2014:i:3:p:393-404
    DOI: 10.1007/s10551-013-1666-6
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    Cited by:

    1. Giorgio Mion & Vania Vigolo & Angelo Bonfanti & Riccardo Tessari, 2023. "The Virtuousness of Ethical Networks: How to Foster Virtuous Practices in Nonprofit Organizations," Journal of Business Ethics, Springer, vol. 188(1), pages 107-123, November.
    2. Laura Sasse-Werhahn, 2019. "The Practical Wisdom behind the GRI," Humanistic Management Journal, Springer, vol. 4(1), pages 71-84, July.
    3. Metehan ORTKARPUZ & Ali ALAGOZ, 2017. "The Conceptual Review of Interaction between Corporate Wisdom and Corporate Entrepreneurship," Management Dynamics in the Knowledge Economy, College of Management, National University of Political Studies and Public Administration, vol. 5(4), pages 533-558, December.
    4. 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.
    5. Ricky Y. K. Chan & Piyush Sharma & Abdulaziz Alqahtani & Tak Yan Leung & Ashish Malik, 2024. "Mediating Role of Cultural Values in the Impact of Ethical Ideologies on Chinese Consumers’ Ethical Judgments," Journal of Business Ethics, Springer, vol. 191(4), pages 865-884, May.
    6. Steven Steyl, 2020. "Aristotelian Practical Wisdom in Business Ethics: Two Neglected Components," Journal of Business Ethics, Springer, vol. 163(3), pages 417-428, May.
    7. 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.
    8. Olivera Kostoska & Ljupco Kocarev, 2019. "A Novel ICT Framework for Sustainable Development Goals," Sustainability, MDPI, vol. 11(7), pages 1-31, April.
    9. 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.
    10. Mohammad Hossein Rahmati & Ali Intezari & Bernard McKenna, 2022. "A Shi’a Islam Approach to Wisdom in Management: A Deep Understanding Opening to Dialogue and Dialectic," Journal of Business Ethics, Springer, vol. 181(4), pages 891-911, December.
    11. Erwan Lamy, 2023. "Epistemic Responsibility in Business: An Integrative Framework for an Epistemic Ethics," Journal of Business Ethics, Springer, vol. 183(1), pages 1-14, February.
    12. Joanna Crossman & Vijayta Doshi, 2015. "When Not Knowing is a Virtue: A Business Ethics Perspective," Journal of Business Ethics, Springer, vol. 131(1), pages 1-8, September.
    13. Ali Intezari, 2015. "Integrating Wisdom and Sustainability: Dealing with Instability," Business Strategy and the Environment, Wiley Blackwell, vol. 24(7), pages 617-627, November.

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