Summary
This paper offers a typology of a stakeholder theory of the entrepreneurial firm, such that a new lens for entrepreneurial management emerges. We (1) generated a list of purported "theories of the firm" from the literature; (2) applied qualifying criteria; (3) analyzed the list according to two dimensions-stakeholder inclusion and stakeholder equilibration strength-to categorize these theories of the firm into a typology revealing gaps in the theory-of-the-firm literature; and (4) identified research questions for a stakeholder theory of the entrepreneurial firm that raises entrepreneurial management issues.
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Extract
Stakeholder Theory and the Entrepreneurial Firm
INTRODUCTION
The purpose of this paper is to offer a typology that suggests the need for and situates a stakeholder theory of the entrepreneurial firm such that a new lens for entrepreneurial management emerges. This task is necessary because there is reason to suppose that: ( 1 ) the distinctive nature of the entrepreneurial firm (Venkataraman, 1997) is directly impacted by stakeholder relationships (Mitchell, 2002a; Stinchcombe, 1965); (2) the contribution of stakeholders to firm value is connected to the entrepreneurial process (Venkataraman, 2002); (3) the individual-directed nature of early-stage companies makes entrepreneurs particularly likely to create more broadly inclusive stakeholder-based firms instead of more narrowly inclusive stockholder-based firms;and (4) the tendency of new firms, through a higher propensity to contain disruptive technologies (Christensen, 1997), will be to mobilize stakeholders that enact revolutionary verses evolutionary change.We proceed to accomplish our objectives in the following manner. First, we briefly present the theoretical background that gives rise to the opportunity for the introduction of a stakeholder theory of the entrepreneurial firm. second, we identify a representative set of theories of the firm that emerges from our review of the literature. Third, we further examine two key dimensions that we suggest will distinguish a stakeholder theory...See the full content of this document
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