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The value of the PhD degree in management science

Author

Listed:
  • Leire San-Jose

    (University of the Basque Country (UPV/EHU)
    ECRI Ethics in Finance and Social Value Research Group
    University of Huddersfield)

  • Jose Luis Retolaza

    (ECRI Ethics in Finance and Social Value Research Group
    Deusto Business School)

Abstract

There is no doubt that a PhD Degree is valuable, but its value is important from the perspective of university management, so measuring it using monetary theory is a useful way to illustrate and increase university outcomes. Universities generate and create value for stakeholders, but what actual value is generated by these highest university degrees? Furthermore, is the concept of value for measuring PhD degrees unique? The theory of value is more than 300 years old, but there is still a gap in the literature in terms of monetising entities’ actions. There are a number of options which depend on what criteria are used to monetise value, including cost, price, opportunity costs and future benefits. We carry out a Delphi analysis based on 20 Management Science Experts, establishing consensus as the basis. We seek to contribute to the subjective theory of value in which value depends on users’ perspectives. Our findings reveal first that it is indeed possible to monetise the value of a PhD degree and second that views of the concept of value differ and therefore so do the actual values. One final conclusion is that not only is it necessary to establish the value of such degrees but also to identify how to factor that value into the strategic plans of universities. This means that the criteria used need to be clarified, because when measuring and monetising a PhD degree properties are less important than individual views in achieving the desired objectives.

Suggested Citation

  • Leire San-Jose & Jose Luis Retolaza, 2021. "The value of the PhD degree in management science," SN Business & Economics, Springer, vol. 1(3), pages 1-19, March.
  • Handle: RePEc:spr:snbeco:v:1:y:2021:i:3:d:10.1007_s43546-021-00053-w
    DOI: 10.1007/s43546-021-00053-w
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    References listed on IDEAS

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    1. David Cyranoski & Natasha Gilbert & Heidi Ledford & Anjali Nayar & Mohammed Yahia, 2011. "Education: The PhD factory," Nature, Nature, vol. 472(7343), pages 276-279, April.
    2. Tersine, Richard J. & Riggs, Walter E., 1976. "The delphi technique: A long-range planning tool," Business Horizons, Elsevier, vol. 19(2), pages 51-56, April.
    3. Dave Elder-Vass, 2019. "No price without value: towards a theory of value and price," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(6), pages 1485-1498.
    4. Paul Downward & Frederic Lee, 2001. "Post Keynesian Pricing Theory “Reconfirmed”? A Critical Review of," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 23(3), pages 465-483, March.
    5. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    6. Pedro Fernandes Anunciacao & Joao Rocha Santos & Francisco Rodrigues Rocha, 2011. "The complete ethics chain of value: from social and ethical principles to the role of the official auditing and accounting revision entities," International Journal of Management and Enterprise Development, Inderscience Enterprises Ltd, vol. 10(2/3), pages 216-231.
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    More about this item

    Keywords

    Integrated social value; Doctoral students; University; Monetary theory; PhD; Stakeholder;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • P13 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Cooperative Enterprises
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness

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