If you read the book "Work Rules," by the head of HR at google, he agrees that coaching is one of the most important things a manager can do in order to be a good manager. I know leadership and management are different things, but I think in almost every case, managers would benefit from solid leadership skills.
For me in particular, coaching also affords me an opportunity to establish my authority as a knowledgeable figure. Of course, in order for coaching to work this well you have to actually study a lot and know what you're talking about!
