Donald And Peg Hambrick Establish Smeal Research Fund With $100,000 Gift

UNIVERSITY PARK, PA (December 3, 2007) – Donald Hambrick, Smeal Chaired Professor of Management at Penn State's Smeal College of Business, and his wife, Peg Hambrick, have given $100,000 to support academic research in Smeal's Department of Management and Organization.

The Max D. Richards Endowment for Eminence in Management Research, named to honor a former Smeal associate dean and professor of management, will provide assistance for faculty research and establish a guest speaker program.

Donald Hambrick, an internationally recognized scholar in the field of strategic management, earned his Ph.D. in organizational strategy and policy from Smeal in 1979, with Richards serving as his doctoral adviser. In fact, Donald Hambrick says Richards was instrumental in his decision to pursue a doctoral degree and in him landing his first academic appointment at Columbia University, where he spent 23 years and is an emeritus faculty member.

Richards originally hired Donald Hambrick in 1972 to direct Smeal's MBA program, a post that Peg Hambrick also held in the late 1970s.

"Max instilled in me a taste for research and intellectual inquiry," Donald Hambrick said. "Peg and I wanted to recognize him for playing such an important role in establishing our career paths and developing so many other young Penn Staters. We see this fund as a way of carrying on Max's legacy at Smeal, as it will be used partially to support the research efforts of young faculty in the college."

Income from the Max Richards fund will be used at the discretion of the department chair to cover such research-related expenses as gathering data and traveling to conferences for research feedback. Support from this fund is vital to nurturing the careers of young faculty members because they often do not have access to the large networks and resources of more established faculty, according to Donald Hambrick. In that way, the Hambricks view the endowment as an extension of Richards' efforts on the behalf of Ph.D. students and faculty who are beginning their careers.

"We're extremely grateful for the generosity of Don and Peg," said Smeal Dean James B. Thomas. "Don recognizes how much faculty, who must balance a vigorous teaching schedule with doing top research, benefit from such funding. Don and Peg's gift will enable us to continue to attract the best scholars and ensure that our students continue to study with the finest business minds in the country."

In addition to supporting management research, the Hambricks say the most gratifying aspect of giving is that the fund has caused others to remember the impact that Richards has had on their careers. "When they hear about this fund, former colleagues and Ph.D. students are reminded of their fondness for Max, and they've been moved to contribute to the endowment in his honor," Donald Hambrick said.

An acknowledged leader in his field, Donald Hambrick has been researching the impact of executives on corporate performance for nearly 30 years, and his work is cited more than any other scholar in the field. He is the author of numerous articles, chapters, and books on the topics of strategy formulation and implementation, executive staffing and incentives, and the composition and processes of top management teams. He is a fellow and past president of the Academy of Management, the leading professional organization for scholars in the field of management.

Since its inception in 1953, more than 64,000 students have graduated from Penn State's Smeal College of Business. With a current enrollment of more than 5,500 students in its undergraduate and graduate programs combined, Smeal is one of the largest business schools in the world.

For more information on the Max D. Richards Endowment for Eminence in Management Research, contact Smeal Director of Development Phillip Bolda at 814-863-0345 or pxb36@psu.edu.