bluuebunny/crossref_metadata_2025 huggingface dataset:
Efficient Markets
Authors: Lenn D. J.
Published: January 2015

The market system is deemed efficient when it uses and allocates resources by means of the price mechanism so as to minimize cost while satisfying demand. This definition is aligned with that of Vilfredo Pareto (1848–1923), who described “optimality” as the point at which a change in the market leads to some people being better off without anyone else being worse off. His work laid the foundation for the development of modern welfare economics with its focus on how to correct imperfections in the operation of the market to alleviate income inequalities.
Employment at Will
Authors: Werhane Patricia H. , Radin Tara J.
Published: January 2015

Employment at will (EAW), a common law doctrine dating back to 1887, states that absent law, contract obligations, or (in the U.S.) union agreements, employers have the right to hire, promote, demote, and fire whomever and whenever they wish “for a good cause, for no cause, or even for causes that are morally wrong, thereby without being guilty of legal wrong”. Effectively, EAW lets employers sidestep due process and grievance procedures. Legal trends in the U.S. indicate expanding EAW protections for employees, particularly where discrimination is an issue, and disallowing practices that curtail employees' rights as citizens, e.g., voting or collecting unemployment. EAW may be justified on the basis of employers' proprietary rights; co‐equal rights of employees who voluntarily contract to be hired to quit at will; transparency of the law and practice; avoiding time consumed in due process activities that reduce productivity; and avoiding legal requirements that may undermine employer/employee relationship. Critics of EAW suggest it may be seen as justifying arbitrary management behavior that is at odds with a preference for consistent and rational decision‐making.
Hinduism and Business Ethics
Authors: Prakash Sethi S. , Steidlmeier Paul
Published: January 2015

Hinduism is one of the dominant religions of India. It has evolved over a period of 3000 years and in the process absorbed a multitude of beliefs and valuesover the ages through global trade with people from other nations.

Nevertheless, the basic tenets of the Hindu religion remain firmly ensconced in the psyche and value set of its followers. These include:
Samsara
which suggests a continuous cycle of life–death–rebirth where one's current life reflects one's actions in the previous life, and where one's actions in the current life would reflect one's status in the next life. Other tenets include
Dharma
, that is, one's duty;
Karma
(manifest destiny), and ultimately,
Nirvana
, when one's merger with GOD and in thus freed form worldly cycle of life + death and rebirth.

At an intellectual level, Hindu religion provides both a basis for moral values and a prescriptive mode that influences one's conduct and actions. This flexibility in interpretation allows Hindus to adapt to different religions and mores. This approach has led India's leading companies to imitate the conduct of their foreign MNCs and adopt their exploitative practices for their own benefit while bemoaning the poverty and misery of the masses as their manifest destiny (
Karma
).
Human Resource Management, Ethical Issues in
Authors: Davidson Martin N.
Published: January 2015

Human resource management (HRM) is the science of managing people systematically in organizations. The unique individual actor in the organization—a given executive, manager, line worker—is not the focus of HRM, per se. Rather, human resource practices and policies concerning recurring cycles of staffing, reward and compensation, and performance management inform how any person or group of people is introduced into the organization, managed while there, and exited from the organization. When these three overarching aspects of human resource management are designed effectively, the organization benefits from a management system that enhances the sustained competitive advantage of the organization. In this entry, we outline critical ethical challenges that emerge throughout the human resource management cycle.
Imperfect Markets
Authors: Prakash Sethi S.
Published: January 2015

Concern about business ethics, or the lack thereof, seems to be a historical phenomenon that recurs with remarkable regularity through periods of prosperity and hard times.
Integrity
Authors: Paine Lynn Sharp
Published: January 2015

Integrity, in the sense relevant for business ethics, is associated with moral self‐governance.
International Society of Business, Economics, and Ethics
Authors: Enderle Georges
Published: January 2015

ISBEE, formed in 1989, is the first worldwide professional association to focus exclusively on the study of business, economics, and ethics, involving people not only with academic competencies but also with practical competencies in responsible management positions, as well as entrepreneurs of medium and small enterprises. Its mission is to provide a forum for the exchange of experiences and ideas; to enhance cooperation in cross‐functional and cross‐cultural projects; and to discuss the ethical dimension of economic, social, and environmental issues which affect companies nationally and international. A culminating event of ISBEE's activities is the World Congress of Business, Economics, and Ethics, held every four years. Past congresses have taken place in Tokyo (1996), Sao Paulo (2000), Melbourne (2004), Cape Town (2008), and Warsaw (2012). The next World Congress will take place in Shanghai (2016). Selected contributions to the congresses were published in books and special issues of journals. Web site:
http://www.isbee.org
.
Islam and Business Ethics
Authors: Sachedina Abdulaziz A.
Published: January 2015

Islam, the third and last of the Abrahamic religions to emerge, literally means “submission to God's will.” It was proclaimed by Muhammad (born 570 CE), the Prophet of Islam and the founder of Islamic public order, in the seventh century CE in Mecca, Arabia. Mecca was the most important trading center of western and central Arabia. Meccans played a dominant role in the creation of a culture that developed and nurtured a socioeconomic system based on Islamic justice. Islam required a good public order in which spiritual interests were organically related to individual material well‐being. Hence, the law of the marketplace was given almost equal weight with the regulations connected with acts of worship in the mosque. The market mechanism is an integral part of the Islamic economic system because the institution of private property depends on it for its operation. It also provides for consumers to express their desires for the production of goods of their liking by their willingness to pay the price. But the profit motive that is essential for the operation of free enterprise, if not controlled, could also become a tool of greed and violate the Islamic goals of social and economic justice and equitable distribution of income and wealth. For perspective, the article addresses the market economy and contractual relations, citing historical aspects, concerns, and several principles; Sharia and the emergence of principles from cases; market ethics and the charging of interest (riba); and contemporary attitudes toward interest (riba).
J
apan, business ethics in
Authors: Taka Iwao
Published: January 2015

In Japan, ethics is bound up with a religious dimension (two normative environments) and a social dimension (a framework of concentric circles). The normative environments, influenced by Confucianism, Buddhism, and other traditional and modern Japanese religions, emphasize that not only individuals but also groups have their own spirit (numen). The framework of concentric circles lets moral agents apply different ethical rules to the circles. The dynamics of these religious and social dimensions lead to a different view of both individuals and corporations from that dominant in the West. There are mainly two influential normative environments in Japan: the transcendental normative environment and the group normative environment. Although there are many individuals, groups, and organizations that, taken together, constitute the overall social environment, the Japanese are likely to categorize them into four concentric circles: family, fellows, Japan, and the world. To provide opportunities for others to enter the Japanese market, as an ethical responsibility, Japanese corporations should have access channels through which newcomers can approach equally.
Justice
Authors: Donaldson Thomas J.
Published: January 2015

Any inquiry about “the circumstances of justice” is ultimately one about the scope of justice.
K
antian Ethics
Authors: Marshall John
Published: January 2015

The entry is divided into two parts. The first outlines Kant's moral theory and the second sets out the main elements of Kant's theory that may be found in other theories that, while not Kant's theory, retain some of these elements and may accordingly be thought of as, in some degree or other, Kantian.
Libertarianism
Authors: Machan Tibor R.
Published: January 2015

Libertarianism emerged from the classical liberal tradition of social–political philosophy, as a purified or more consistent version of its pedigree.
Meaningful Work
Authors: Ciulla Joanne B.
Published: January 2015

Meaningful work describes work that is worthwhile, significant, satisfying, and conducive to personal growth, self‐efficacy, self‐esteem, belongingness, and well‐being. This article offers an overview of the history of the meaning of work and some of the key questions about meaningful work in organizations.
Monopoly
Authors: Natale Samuel M. , Sora Sebastian A. , Libertella Anthony F.
Published: January 2015

Monopoly is exclusive control over producing and/or selling a commodity or service. By definition, a monopoly is a market in which new entrants are barred from entering. It may be held by the state or by a private interest. Moreover, it may be owing to the nature of the commodity, or it can be established by legislation. Such factors as original patents and sizable initial investment in start‐up costs may discourage others from entering a market until a break through, disruptive technology/process, is created. Monopolies raise at least three closely related moral issues: (i) a basic issue of justice in price (commutative justice); (ii) the issue of efficiency of the economic system amidst concentration of power (distributive justice); and (iii) the issue of corruption and other negative effects on economic society. The legal environment is now different as several regulations were created when national boundaries were the sphere of influence: the Interstate Commerce Act, the Sherman Antitrust Act, and the Clayton Act of the Federal Trade Commission Act. Now with globalism, these laws have less significance. Monopolies are open to the kinds of concerns that characterize a general corruption of the system and a wounding of society.
Moral Development
Authors: Dienhart John W.
Published: January 2015

Moral development is the cognitive, rational process of reasoning about ethical issues. The premise is that individuals progress through stages of development which involve more complex reasoning about ethical issues. The most well‐known moral development models are those of Kohlberg and Rest.
Moral Dilemmas
Authors: Sinnott‐Armstrong Walter
Published: January 2015

This article explains why it is useful to conceive moral dilemmas as unresolvable conflicts between moral requirements. This is helpful when attempting to identify an ethical problem.
Obedience, to Authority and the Law
Authors: Elm Dawn R.
Published: January 2015

Obedience is behavioral compliance with a set of standards or rules formulated by an individual or by a group. Authority refers to the right or power of the individual or group who formulated the standards to ensure compliance.
P
areto Optimality
Authors: Clyman Dana R. , Tripp Thomas M.
Published: January 2015

A Pareto optimal allocation is one from which it is impossible to improve any party's share without diminishing the share of another party. When allocating resources, whether through a negotiation process, political process, or simply by edict, the question arises: How do you know whether the final allocation is a “good” one? Regardless of one's philosophy, a necessary condition for “goodness” with which few people would argue is Pareto optimality. One would never want to accept a non‐Pareto optimal allocation, because such an allocation could always be improved upon for at least one party–if not for all parties – without requiring any sacrifice from any other party.
Pragmatism and Business Ethics
Authors: Rosenthal Sandra B.
Published: January 2015

This article addresses the use of pragmatism as a means to integrate theoretical and actual human experiences to enhance business ethics and ethical decision making skills.
Pricing, Ethics of
Authors: Ostas Daniel T.
Published: January 2015

Is it unethical to sell a good or service at too high a price? Is it illegal to lie, coerce or abuse the trust of one's trading partner? Is it appropriate to take advantage of market power to determine price? Ethical reasoning demands that parties treat one another with respect, providing full disclosure of relevant information, and not taking undue advantage.
Products Liability
Authors: McCall John J.
Published: January 2015

Product liability is an area of law dealing with compensation for injuries caused by defective products. Ethical issues in the choice of legal standards governing compensation are addressed, including whether strict liability is ethically fair, whether current law creates unnecessary economic losses, and whether proposed legal reforms provide adequate compensation for injury.
Stakeholder Theory
Authors: Freeman R. Edward
Published: January 2015

In the traditional view of the firm, the shareholder view, the shareholders or stockholders are the owners of the company, and the firm has a binding financial obligation to put their needs first, to increase value for them. However, stakeholder theory argues that there are other parties involved, including governmental bodies, political groups, trade associations, trade unions, communities, financiers, suppliers, employees, and customers. Sometimes even competitors are counted as stakeholders—their status being derived from their capacity to affect the firm and its other stakeholders.
Sweatshops
Authors: Arnold Denis G.
Published: January 2015

The term “sweatshop” is typically used to denote a factory where workers are subjected to working conditions that harm their well‐being (e.g., dangerous health and safety conditions, extremely low wages, extremely long work hours, physical or psychological abuse by supervisors, and disregard for local labor laws). The article outlines the debate between those who argue that sweatshops are necessary for developing countries to attract much needed foreign direct investments and those who claim that such arguments cannot justify exploitation of workers. It outlines a third approach which calls on voluntary commitments of multinational corporations to improve labor conditions in developing countries.
Taxation, Ethics of
Authors: Roin Julie A.
Published: January 2015

In the United States, “tax ethics” are prescribed by law for federal tax purposes. Both taxpayers and their advisors must adhere to behavioral standards exquisitely detailed by statute and administrative regulation; failure to adhere to those standards, leads to the imposition of monetary (and even criminal) penalties and, in the case of providers, the possible loss of the right to represent clients before the taxing authorities. These standards have become more demanding over time. This entry provides a short description of the current statutory and regulatory regime.
Universalizability
Authors: Hare Richard M.
Published: January 2015

Universalizability is a key notion in ethics, especially in rule‐ or principle‐based ethics. Universalizability should not be confused with generality. When universalizing a moral judgment, the formulation of the judgment can take into account the role, the agent, or others occupy.
Welfare Rights
Authors: Wellman Carl P.
Published: January 2015

Welfare rights are rights to or concerning well‐being. Thus, “welfare” refers to (i) the happiness or well‐being of a person, (ii) a source of happiness or personal well‐being, or (iii) the organized provison for the basic well‐being of the needy members of the community. Most authorities interpret them as consisting of moral or legal claims. Some may be human rights, rights one possesses simply as a human being; others may be civil rights, rights one possesses as a member of some legally organized society. Most libertarians limit rights to negative rights, but welfare rights seem to be positive rights, rights to be provided with welfare rather than rights not to have one's liberty of pursuing welfare hindered. Primary welfare rights are rights to welfare benefits. Secondary welfare rights are rights concerning, but not to, some welfare benefit, for example, a right to a fair hearing before one's welfare benefit is terminated.
Anti‐Bribery Legislation
Authors: Hurwitz Lisa M.
Published: January 2015

This article provides a broad overview of global anti‐bribery legislation primarily, as it relates to legislation prohibiting a person or organization in one country from bribing government officials in other countries. The topic is so vast, only a summary, trend‐based look fits the purview of this encyclopedia. The battle against government corruption has been waged for millennia, with no successful conclusion in sight. The global legislative trend, however, is strongly anti‐graft. Although numerous cases of bribery go unremarked, a growing number of organizations are finding themselves embroiled in expensive and damaging legal quagmires because employees, agents, or representatives used bribery in an attempt to gain an advantage.
Brazil, Business Ethics In
Authors: Coutinho de Arruda Maria Cecelia
Published: January 2015

This article reviews the current state of business ethics in Brazil. It reviews the cultural context, along with trends in sustainability, governance, and the future.
Corporate Responsibility
Authors: Waddock Sandra , Rasche Andreas
Published: January 2015

We define and discuss the concept of corporate responsibility. We suggest that corporate responsibility has some unique characteristics, which makes it different from earlier conceptions of corporate social responsibility. Our discussion further shows commonalities and differences between corporate responsibility and related concepts, such as corporate citizenship and business ethics. We also outline some ways in which corporations have implemented corporate responsibility in practice.
Human Dignity
Authors: Kennedy Robert G.
Published: January 2015

Human dignity in antiquity was commonly a marker of the status a person enjoyed in society. The higher the social position, the more dignified the person, making dignity to be contingent and ephemeral. By contrast, the Stoics taught that dignity was not so much a sign of social position as a description of the personal qualities, the excellence, of individuals. A person possessed dignity to the extent that he possessed and manifested virtue, regardless of social position. In the modern era, however, is more often associated with an individual's membership in the human species and thought to be a value attached to persons commanding a minimum of respect without regard to social status or personal characteristics. Justifications for this view may be philosophical, such as the Kantian argument that grounds dignity in the autonomy of human persons as rational agents, or theological, such as the Christian argument that grounds dignity in the status of persons as creatures made in the image of God. While the idea has critics, the assumption of human dignity imposes duties on business, which must respect the dignity of customers, employees and communities.
Europe, Business Ethics In
Authors: Liedekerke Luc van , Dubbink Wim
Published: January 2015

We compare the present state of business ethics in Europe with the situation as described by Enderle in 1996. At that time business ethics was still dominated by a mainly philosophical, normative analysis of business issues with a maximum of 25 chairs in business ethics all over Europe. It has since expanded significantly in numbers as well as diversified into many different domains. We find this rich diversity in the conception of business ethics back in teaching, research, training, and company practice. Decisive for the expansion of business ethics in Europe has been the advance of Corporate Social Responsibility (CSR) and the official backing of CSR by the European Commission. We further argue that the prevalence and importance of business ethics and CSR differs throughout Europe. A rough approximation based on a literature review and a survey among European Business Ethics Network (EBEN) members suggests that it is more important and more developed in core and Nordic European countries and somewhat less in Southern and Central European countries. The eastern most countries such as Belarus and Bulgaria remain a challenge.
Moral Intensity
Authors: Wasieleski David M.
Published: January 2015

Ethical decision making processes include moderation by individual and situational factors. Moral intensity, as a situational factor, refers to the intensity, or strength, of the ethical issue itself. Moral intensity is a function of six different dimensions which influence how an individual might decide about the issue.
Moral Luck
Authors: Michaelson Christopher
Published: January 2015

Some moral theorists hold that moral luck is an unavoidable part of the human condition and so also of the business environment. Managers are often rewarded for successes which were not completely within their control and blamed for failures for which they were not solely responsible. Sometimes, their decisions involve the potential for unforeseeable or unknowable events to intervene, entailing significant moral consequences. Performance measurement systems that acknowledge a plurality of valuable economic and non‐economic performance indicators may help to mitigate the avoidable effects of luck on human well‐being.
Management as a Profession
Authors: Baldwin Eric , Khurana Rakesh
Published: January 2015

Assertions of managerial professionalism date as far back as the origins as management as an occupation in the late nineteenth century, as managers of large corporations presented themselves as stewards of the nation's economic resources. Over the course of the twentieth century, however, first a managerial and then a market logic pushed aside the professional identity of managers. As a result, management as currently practiced does not qualify as a genuine profession, reflected in its failure to develop the key criteria that define a profession: a specialized body of knowledge; a formal system that certifies that individuals have mastered that knowledge; a commitment to the public good; and a code of ethics with means to enforce it. The article concludes that the development of a more genuine professional identity and ethos for management could go some distances toward reorienting the practice of management away from self‐interest and profit‐maximization to an approach that seeks to create sustainable, value‐creating economic enterprises that benefit society as a whole.
Professionalism
Authors: Kennedy Robert G.
Published: January 2015

Professionalism is an ambiguous term that is commonly used to describe a variety of occupations. There is a narrow class of occupations, however, that are professional in the strictest sense. The defining characteristic of the true professional is an ability to exercise sound and reasonable judgment about important matters in conditions of uncertainty. This capacity and its exercise, in turn, depend upon both the development and possession of specialized knowledge as well as a public commitment by professionals to serve the interests of others. Furthermore, professionals precede professions, which are associations of those who already exhibit the traits of professionals. Historically, occupations such as medicine, law and engineering have been considered professional but in the modern era the list of professional occupations has expanded. Given the importance of organizations to modern life, it is quite appropriate to consider management as an emerging professional occupation, if it can genuinely display the key characteristics of professionalism.
Social Media
Authors: Provinske Pat R.
Published: January 2015

The English proverb, “You are responsible for you,” may guide people when they use social media's powerful technology. As social media continues to evolve, it will be helpful to look at a brief definition, a timeline of its history, five distinguishing features, some of the ethical issues related to its use, the responsibility of social media users, guidance on creating a social media policy, and positive and negative findings of several researchers.
Terrorism
Authors: Michaelson Christopher
Published: January 2015

Terrorism may have economic motivations and may have economic consequences. Although terrorism is by definition an illegitimate means of achieving political ends, it sometimes raises legitimate ethical questions about fairness and justice and how to achieve them. Terrorism can increase the cost and risk of doing business, but the disruption it causes can also create ethically questionable business opportunities.
Workplace Democracy
Authors: Nielsen Richard P.
Published: January 2015

Workplace democracy is the practice of democratic, political principles in the workplace. Democracy, and derivatively, workplace democracy are considered both ethical ends in themselves as well as ethical and productive means to the end of economic and social development. Workplace democracy is motivated by the belief that a person and society can achieve greater flourishing and ethical development though citizenship responsibilities and rights than by simply obeying and implementing orders with technical efficiency.

Workplace democracy is different from participatory management which allows lower level employees to offer opinions to upper level management. Participatory management is practiced primarily for psychological motivational rather than ethical, democratic reasons. There is also a great deal of evidence to suggest that employees are more motivated to implement decisions that they had some participation in advising about than decisions they had no participative role in even when the decisions were not what they advised.
Ethical Business Culture
Authors: Jondle Douglas J.
Published: January 2015

In characterizing ethical business culture, a Model of Ethical Business Culture (MEBC) has been created through research conducted by the Center for Ethical Business Cultures. It is composed of five distinct elements: values driven, leadership effectiveness, stakeholder balance, process integrity, and long‐term perspective. The empirically derived model is based on the perspectives of business executives and academics of business ethics, who were asked what dimensions they believe frame an ethical business culture. It is not meant to be prescriptive. Each “ethical” organization is unique in how it expresses or constitutes the five elements.
Absorptive Capacity and the Entrepreneurial Process
Authors: Zahra Shaker A. , George Gerard
Published: January 2015

In order to gain advantage from investments in alliances, acquisitions, R&D, and other activities aimed at bringing new knowledge into a firm's operations, companies must possess the requisite absorptive capacity, defined as the ability to identify potentially useful knowledge and then import, understand, assimilate, and exploit it into their operations. This entry covers the various dimensions of absorptive capacity.
Affect and Entrepreneurship
Authors: Baron Robert A.
Published: January 2015

Positive affect (positive moods and feelings have been found to generate many beneficial effects‐ e.g., enhanced task performance, increased career and personal success. Such benefits appear to extend to entrepreneurs , but only if the positive affect is not extremely high. When it is, detrimental effects such as reduced attention to negative information, may occur., and can pose serious risks to entrepreneurs.
Business Model
Authors: Zott Christoph , Amit Raffi
Published: January 2015

In this essay, we review scholarly work on business models, and provide clarity about the various ways in which the business model has been conceptualized, specifically with regards to value creation and value capture. The business model concept promises to further our understanding of wealth creation by pointing to the design of the firm's activity systems and its economic exchanges as a potential locus of innovation and value creation. The concept portrays the entrepreneur as the architect of the activity system, and as a creative designer (and, potentially, innovator) of economic exchanges, which complements received notions of entrepreneurs as product and process innovators. One key takeaway of our brief review of the literature is that one can think of a business model as a template for how a focal firm and its partners conduct activities and economic exchanges across the focal firm's boundaries, to link resource and product markets in the quest for wealth creation.
Cognition and Entrepreneurship: One View of the Entrepreneurial‐Expertise Approach
Authors: Mitchell Ronald K.
Published: January 2015

Since its beginnings in 1994, the entrepreneurial‐expertise view of entrepreneurial cognition has evolved along a developmental pathway similar to the one mapped by the critical‐thinking hierarchy now known as
Bloom's Taxonomy.
Under this framework, entrepreneurial‐expertise research can be seen first to focus on knowledge and comprehension, then later upon application and analysis, and more‐recently upon synthesis and evaluation. In this article, I track this developmental trajectory through the lens of my own research stream (as requested by the Editors). Three primary periods of research are analyzed and summarized: (1) knowledge and comprehension‐focused: 1994–1999; (2) application and analysis‐focused: 2000–2005; and synthesis and evaluation‐focused: 2006 – to date of publication. I also suggest three possible future directions for entrepreneurial‐expertise‐based research: (1) incorporation of the dynamic view of entrepreneurial cognition into more fine‐grained general cognitive explanations; (2) linkage of this stream to opportunity creation research; and (3) the exploration of a dynamic view of entrepreneurial
expertise
, in particular. I conclude, that on the basis of this research stream, entrepreneurial‐expertise research contributes to explanations of why some but not others become entrepreneurs, and why entrepreneurial achievement varies across individuals.
Cognitive Heuristics and Entrepreneurial Action
Authors: Simon Mark
Published: January 2015

Researchers have begun to explore the relationship between cognitive heuristics and entrepreneurial action. Individuals utilize these heuristics because their cognitive capacity is limited, so they can neither comprehensively search for nor accurately interpret information. Instead, individuals may apply a rule of thumb that systematically violates the rules of probability and may lead to deviations from normatively derived answers. Importantly, these heuristics might have detrimental or positive ramifications. While they may lead to errors, they may also assist people when making judgments that involve high levels of uncertainty, novelty, and time pressure‐the very conditions surrounding.
Creating Value
Authors: Bamford Charles E.
Published: January 2015

Value creation is the act of obtaining rents (widely defined as financial, social, or personal) that exceed the total costs (which may or may not include average rates of return for a particular industry) associated with that acquisition. More specifically, value creation is any outcome that has a positive utility (which may be economic or noneconomic in nature) for any member of the subsystem. The opportunity for creating value lies within market response timing under the assumption of market equilibrium, with unique resource bundles under the assumption of market disequilibrium, or as a result of creative discovery under an approach that examines the results of an individual or group of individuals' exploitation of an opportunity.
Dominant Logic, Entrepreneurial
Authors: Heppard Kurt A. , Meyer G. Dale
Published: January 2015

Entrepreneurial dominant logic is a constantly evolving information filter that is economically and managerially oriented and is based on organizational processes, schemas, or mental maps. This filter attenuates the complexity of information in the firm's external environment and shapes the conceptualization and execution of wealth creation within the context of the existing firm and its businesses. Entrepreneurial dominant logic is at the heart of corporate entrepreneurship and drives or guides the configuration or reconfiguration of internal resources and capabilities to reactively or proactively support environmentally related change or diversification via growth into new ventures in order to create or capture entrepreneurial rents in the new competitive landscape.
Entrepreneur
Authors: Chrisman James J. , Kellermanns Franz W.
Published: January 2015

Entrepreneurs are individuals who create or rebuild organizations to exploit opportunities. This article briefly reviews the progression of conceptualizations of entrepreneurs over time with particular attention to the trait and behavioral approaches and entrepreneurial types.
Entrepreneurial Discovery and Alertness
Authors: Alvarez Sharon A. , Barney Jay B.
Published: January 2015

Discovery opportunities are assumed to arise from competitive imperfections in markets due to changes in technology, consumer preferences, or some other attributes of the context within which a market or industry exists. In particular, these opportunities emerge independent of the actions of those seeking to generate economic profits from exploiting them and thus are “objective” and “real” in the sense those terms are used by scholars who adopt a critical realist philosophy. The task of those seeking to exploit discovery opportunities, thus, is to be “alert” to the existence of these objective opportunities and to “claim” those that hold the greatest economic potential. However, as discovery opportunities are considered by discovery theorists to be objective and real, in principle, they could be discovered by anyone operating in an imperfectly competitive market.
Environmental Jolts
Authors: Bradley Steven W.
Published: January 2015

Environmental change is ironically one of the few constants for organizations. At times, changes form regular patterns such as industry cycles, whereas at other times, change can be sudden or unpredictable. These sudden changes, or environmental jolts, are difficult to prepare for or foresee. Are sudden changes always a liability or can they be an opportunity? The particular implication of environmental jolts for entrepreneurial organizations is compared and contrasted to established organizations in this discussion.
Family Business
Authors: Hoy Frank
Published: January 2015

Scholarly interest in family business is relatively recent, some targeting the introduction of
Family Business Review
in 1988 as a seminal event by offering a focused outlet for research studies on the subject. In subsequent years, indications of the growth of the field include the formation of family business programs at universities, the initiation of professional associations, and the launches of additional journals. Topics frequently addressed in research investigations include interpersonal family dynamics, succession, interpersonal business dynamics, and business performance and growth. Academic conferences have resulted in multiple special issues of journals with particular attention toward the interface of family business and entrepreneurship. The domain has gained wider acceptance in business education and scholarship.
Human Resource Management and Corporate Entrepreneurship
Authors: Hornsby Jeffrey S. , Messersmith Jake G.
Published: January 2015

This article discusses the connection between high performance work systems and corporate entrepreneurship. HR systems promise to play a prominent role in helping to develop the human and social capital necessary to build large firms with entrepreneurial capabilities. Specifically, systems that develop fit between knowledge management practices, compensation programs, and the design and administration of other HR policies will be more likely to produce entrepreneurial outcomes. These factors along with future challenges and directions are discussed.
Human Resource Strategy, Entrepreneurial
Authors: Allen Mathew R. , Snell Scott A.
Published: January 2015

The authors explore unique aspects of the entrepreneurial process as they relate to the need for tailored human resource management practices. It is argued that such practices must reflect differences in risk, knowledge attributes and resources constraints in a given venture. Limitations in the extant research and priorities for future research in this area are identified.
Incumbents' Advantage
Authors: Rothaermel Frank T.
Published: January 2015

The inherent advantage of new entrants who disrupt existing industries and produce creative destruction is challenged. It is argued that incumbents can survive and even prosper in the face of such entrepreneurial challenge based on their ability to leverage specialized complementary assets. Examples of such assets and incumbents who were able to take advantage of them are provided. It is posited that adept deployment of such assets can provide advantage to incumbents even in the face of radical innovation by the new entrant. Implications for competitive strategy and ongoing research are drawn.
Initial Public Offerings and New Ventures
Authors: Certo Samuel T.
Published: January 2015

The nature of initial public offerings (IPOs) is examined, together with the benefits derived from pursuing an IPO. The typical steps involved with an IPO are summarized. Key trends surrounding IPOs are explored, including the tendency for shares to be under‐priced and for the firm that goes public to subsequently under‐perform. A number of avenues for further research on IPOs are suggested.
Knowledge Life Cycles and Entrepreneurial Ventures
Authors: Inkpen Andrew C.
Published: January 2015

Knowledge, its life cycles, and its relationship with entrepreneurial ventures are investigated. Knowledge types are discussed, together with how knowledge evolves in a firm and in a broader environmental context. Knowledge life cycles are examined from two perspectives: (i) the transformation of knowledge from idea through product development and organizational knowledge‐sharing within an organization or new venture and (ii) the evolution of the individual idea from a single firm to a larger network and ultimately to commoditization as a public good. Suggestions are provided for future research direction.
Management Buyouts (
MBO
s)
Authors: Wright Mike , Amess Kevin
Published: January 2015

A typical management buyout (
MBO
) installs a governance structure on a firm with the following characteristics: a concentration of equity held by incumbent management and by private equity (PE) firms, and increased leverage secured against the firm's assets and future cash flows. The traditional agency theory perspective of MBOs posits that the MBO governance structure attenuates the agency costs associated with the listed firm. This is because managers' equity stake encourages them to behave like residual claimants; PE firms have a financial incentive to monitor firm performance, and the high leverage bonds managers to make interest payments using cash that would otherwise be used to make non value‐maximising investments. The more recent entrepreneurial perspective of MBOs emphasizes that PE firms possess strategic capabilities that complement target firm capabilities. PE firms and managers have financial incentives to exploit profitable growth opportunities that would previously have been neglected prior to an MBO, particularly if the firm was previously a division in a bureaucratic structure. Evidence supports both perspectives prediction of performance improvements after an MBO. There is debate concerning whether MBOs are a form of shock‐therapy or are a long‐term governance structure, the evidence is unable to resolve this controversy.
Marketing, Entrepreneurial
Authors: Deacon Jonathan H. , Miles Morgan P. , Morrish Sussie C.
Published: January 2015

This article explores the construct of entrepreneurial marketing (
EM
) based on core actors, culture, strategy, and marketing mix activities. This study suggests that
EM
is not simply the nexus of marketing and entrepreneurship, but both wholly marketing and wholly entrepreneurship – both customer‐centric and entrepreneur/innovation‐centric.
EM
is more than the summation of aspects of
MO
merged with
EO
. It is a synergistic opportunity‐driven, innovation‐oriented, proactive, and risk‐accepting set of processes for a marketer to gain competitive advantage.
EM
firms are less hierarchical, and therefore far more adaptable, and in the dynamic environments of the 21st century, that can be a source of competitive advantage.
Nascent Entrepreneur
Authors: Carter Nancy M. , Han JungYun
Published: January 2015

Nascent entrepreneurs are individuals actively trying, either alone or with others, to start a new business. The process of organization emergence involves four stages such as (i) start‐up intentions; (ii) gestation; (iii) infancy; and (iv) adolescence; and four transition points such as (i) conception; (ii) discontinuance; (iii) firm birth; and (iv) firm growth. All of these stages and transitions are affected by the social, political, and economic context where emergence is occurring. Nascent entrepreneurs are the primary actors in the first two stages and the first three transition points in the model. Because firm ownership may involve another business – non‐persons – a set of criteria including participation, current involvement, ownership, and autonomy is required to determine who is a nascent entrepreneur, or a team of nascent entrepreneurs. Identifying and locating nascent entrepreneurs is neither easy nor inexpensive. Because these individuals are responsible for such a significant social and economic phenomenon efforts to determine who they are and to track their start‐up process is an investment well spent.
Opportunity
Authors: Venkataraman Sankaran , Harting Troy
Published: January 2015

The nature of entrepreneurial opportunity is explored together with its defining role in entrepreneurship as a process. Entrepreneurship is conceptualized as occurring the nexus of opportunity and the individual. Key macro forces that give rise to opportunities are specified. The importance of the individual, original mind is stressed, and the associated tendency for the same set of conditions to be recognized, interpreted and approached as an opportunity differently by any two individuals. Other factors affecting the opportunity‐individual nexus, including luck, are identified. It is concluded that entrepreneurial opportunity transcends purely subjective and purely objective notions.
Risk
Authors: Folta Timothy B.
Published: January 2015

Entrepreneurship has long been linked with the concept of risk. In this article, we challenge whether such an association is warranted. Common definitions of risk are discussed and associated with the context of entrepreneurship. It is clarified that to be “at risk”, entrepreneurs need to have their own resources committed or opportunities constrained. Finally, it is argued that increased risk propensity or decreased risk perceptions are neither necessary nor sufficient conditions for entrepreneurs to start ventures, but will certainly impact new venture formation.
Risk Management in Corporate Ventures
Authors: Allen Stephen A.
Published: January 2015

The nature of entrepreneurial risk, particularly in corporate ventures, is explored. Dimensions of risk are investigated. Emphasis is placed both on downside risk and risk associated with missed opportunities. A number of risk management strategies are reviewed.
Reputations, Entrepreneurial
Authors: Rindova Violina P. , Petkova Antoaneta P.
Published: January 2015

The development of entrepreneurial reputation is associated with a number of unique challenges, not encountered by established firms. New ventures have to overcome three cognitive hurdles in order to build their reputations: attracting attention, gaining legitimacy, and earning positive evaluations. Overcoming each of these hurdles leads to developing the three constituent elements of entrepreneurial reputations: prominence, legitimacy, and competitive superiority. Entrepreneurial symbolic, social, and human capital contribute to the accumulation of entrepreneurial reputation.
Sensemaking and Entrepreneurship
Authors: Chet Miller C.
Published: January 2015

Sensemaking is an elusive concept. Yet, it holds great promise as a lens through which entrepreneurs' behavior can be better understood. In this article, key aspects of sensemaking including identity, enactment, and plausibility are used to develop important insight.
Social Capital
Authors: Baron Robert A.
Published: January 2015

Social capital refers to the benefits entrepreneurs derive from their social networks. It's nature and distinguishing characteristics vis‐a‐vis other forms of capital are explored. Priority research questions are proposed.
Succession Planning
Authors: Sharma Pramodita , Chua Jess H. , Chrisman James J.
Published: January 2015

Management succession in family firms is different from that in non family firms. First, the age and experiential gaps between the incumbent and successor are counted in decades rather than years. Second, the incumbent who retires and family candidates not selected to be the CEO can continue to have a long‐term influence on the business through their family membership and potential co‐ownership. Therefore, management succession planning in the family firm must also be different. This article highlights seven important issues that must be considered by the controlling family as part of the succession planning process if it is the family's intention to have a family member in the next generation take over the leadership of the business.
Sustainability and Entrepreneurship
Authors: Dean Thomas J.
Published: January 2015

The intersection of entrepreneurship and sustainable development represents an exciting domain that promises to apply the innovative power of entrepreneurship to some of the most intractable problems of our time. Sustainable entrepreneurship emphasizes the processes of innovation and venture creation, and may be viewed as the process of discovering, evaluating, and exploiting economic opportunities present in the transition to a more ecologically and socially sustainable economy. Coined as a result of increasing belief in the transformative power of entrepreneurship and the need for sustainable development, sustainable entrepreneurship is viewed by many as the means by which society will achieve intergenerational equity and preserve the productive capacity of the earth and its human societies.