Drawing on institutional theory, the global production of business research is analysed by examining the system of written outputs using one of the largest databases of journal papers ever assembled, covering over 65,000 articles produced by more than 54,000 authors from over 8,000 different institutions across the period 1992-2005. We begin by pointing out how the US business schools pioneered the modern institutional system of undertaking and disseminating research that involves the intertwining of and university business schools and journals. While Wharton and Harvard are still the leading universities globally, their crowns are slipping, together with the position of the US generally. We observe the greatest challenges to the existing order as coming from European and Asian institutions that have either copied, or been inspired to innovate by adapting, the US system. London Business School, Erasmus, INSEAD and Tilburg are threatening to topple leading US universities in the undertaking of research, and other European and Asian institutions are close behind.