Giving back for influence and impact: Exploring industry stakeholder motivations for volunteering on business school program advisory boards

This study investigates the motivations of industry stakeholders who voluntarily serve on discipline-based advisory boards in Australian business schools. These boards play a critical role in aligning academic curricula with industry needs, and their use is strongly encouraged by accrediting bodies such as AACSB and EQUIS. Despite this, little is known about why professionals contribute their time and expertise without compensation. Using a qualitative methodology, the research draws on 25 semi-structured interviews with board members across three universities. Drawing on Clary and Snyder's functional theory of volunteer motivation, as a lens for analysis, the findings reveal that values, esteem, learning, and career-related motivations are the primary drivers of engagement, while social and protective functions are less influential. Participants expressed a desire to give back, influence curriculum, and support student outcomes as motivational drivers. Esteem-related motivations, such as recognition and professional credibility, were also prevalent. Learning and career benefits—particularly knowledge exchange and networking—sustained ongoing engagement. Relational dynamics and inclusive board culture also contributed to retention. These insights challenge traditional views of volunteerism and highlight the strategic nature of stakeholder engagement in higher education advisory contexts. The study offers practical recommendations for recruiting and retaining advisory board members, including aligning engagement strategies with career stage motivations and providing feedback on the impact of their contributions. • Industry stakeholders volunteer to give back, influence curriculum, and support students. • Engagement sustained by networking, knowledge exchange, and career development benefits. • Career stage shapes motivations: early career seek learning, seniors seek impact. • Inclusive, welcoming board culture fosters long-term stakeholder engagement. • Advisory boards as strategic volunteerism: influence, impact, and curriculum alignment.