This study explores the implementation of two AACSB standards by business schools across Canada and the US. First, this study examines how teaching effectiveness is defined and measured in light of Standard 7 (Teaching Effectiveness and Impact). Second, this study explores the value of research on teaching and learning in relation to Standard 8 (Impact of Scholarship). This study adopts a thematic analysis framework based on data obtained from an online survey, semi-structured interviews, and policy documents. The results reveal that business schools rarely define teaching effectiveness; instead, they adopt various measures to evaluate teaching effectiveness. The results reveal that research on teaching and learning alone usually does not lead to tenure; however, it is valued if part of a portfolio that includes discipline-specific research. Lastly, this research highlights a stigma associated with research on teaching and learning relative to discipline-specific research. This study introduces a comprehensive and integrated teaching evaluation framework that can be adopted to define teaching effectiveness and elevate the teaching function. In addition, we argue that business schools should nurture a niche set of academics who hold PhDs in their respective disciplines and are education experts to increase the production of research-informed instructional strategies curated for business schools. This is the first study to explore how AACSB standards related to teaching effectiveness and research on teaching and learning are interpreted and implemented at AACSB accredited business schools.