Advertisement

Reconceptualizing Entrepreneurial Performance: The Creation and Destruction of Value from a Stakeholder Capabilities Perspective

  • Ishrat AliEmail author
  • Griffin W. Cottle
Original Paper

Abstract

Although scholars have long known that entrepreneurship involves the interaction of countless individuals beyond the entrepreneur, traditional performance metrics are limited to capturing the economic value that is created for shareholders. Multiple scholars have suggested that it should be possible to develop a more complete assessment that is able to simultaneously capture both the economic and non-economic consequences of entrepreneurship that exist for the broader network of firm stakeholders. The purpose of this paper is to provide a more nuanced understanding of entrepreneurial performance by operationalizing the concept of stakeholder capabilities. Building on concepts from stakeholder theory and the human development and capability approach in welfare economics, we argue that the pursuit of entrepreneurial opportunities can either create or destroy value for multiple stakeholders, and that this value is best conceived in terms of increases and decreases in individual capabilities (social, psychological, economic, physiological and intellectual). Approaching entrepreneurial performance from a stakeholder capabilities lens has implications for how we view entrepreneurs’ impact on society, what we mean by the creation and destruction of “value,” and how we define failure and success in entrepreneurship.

Keywords

Entrepreneurship Performance Value creation Stakeholder capabilities 

Notes

Acknowledgements

We would like to thank Saras Sarasvathy, Sankaran Venkatarman, Ed Freeman, Alex Naar, Jessica Jones and multiple anonymous reviewers for their valuable comments on previous versions of this manuscript.

Funding

This article was not funded by any specific grants from any specific institution.

Compliance with Ethical Standards

Conflict of interest

Ishrat Ali declares that he has no conflict of interest. Griffin W. Cottle declares that he has no conflict of interest.

Ethical Approval

This article does not contain any studies with human participants or animals performed by any of the authors.

References

  1. Abramovitz, M. (1986). Catching up, forging ahead, and falling behind. The Journal of Economic History, 46(2), 385–406.CrossRefGoogle Scholar
  2. Ackerman, F., & Heinzerling, L. (2002). Pricing the priceless: Cost-benefit analysis of environmental protection. University of Pennsylvania Law Review, 150(5), 1553–1584.CrossRefGoogle Scholar
  3. Acs, Z., & Storey, D. (2004). Introduction: Entrepreneurship and economic development. Regional Studies, 38(8), 871–877.CrossRefGoogle Scholar
  4. Acs, Z. J., Desai, S., & Hessels, J. (2008). Entrepreneurship, economic development and institutions. Small Business Economics, 31(3), 219–234.CrossRefGoogle Scholar
  5. Aldrich, H. E. (1990). Using an ecological perspective to study organizational founding rates. Entrepreneurship Theory and Practice, 14(3), 7–24.CrossRefGoogle Scholar
  6. Alexander, J. M. (2008). Capabilities and social justice: The political philosophy of Amartya Sen and Martha Nussbaum. Burlington: Ashgate Publishing Ltd.Google Scholar
  7. Ali, M. I. N. (2013). Rethinking entrepreneurial performance: Value creation in entrepreneurial ventures from a human development perspective. Charlottesville: University of Virginia.Google Scholar
  8. Amir, O., Ariely, D., & Carmon, Z. (2008). The dissociation between monetary assessment and predicted utility. Marketing Science, 27(6), 1055–1064.CrossRefGoogle Scholar
  9. Amit, R., & Zott, C. (2001). Value creation in e-business. Strategic Management Journal, 22(6–7), 493–520.CrossRefGoogle Scholar
  10. Anand, S., & Sen, A. (1994). Human development index: Methodology and measurement (No. HDOCPA-1994-02). Human Development Report Office (HDRO), United Nations Development Programme (UNDP).Google Scholar
  11. Anderson, E. T., & Simester, D. (2013). Advertising in a competitive market: The role of product standards, customer learning, and switching costs. Journal of Marketing Research, 50(4), 489–504.CrossRefGoogle Scholar
  12. Ansari, S., Munir, K., & Gregg, T. (2012). Impact at the “bottom of the pyramid”: The role of social capital in capability development and community empowerment. Journal of Management Studies, 49, 813–842.CrossRefGoogle Scholar
  13. Audretsch, D. B., & Keilbach, M. (2004). Entrepreneurship and regional growth: An evolutionary interpretation. Journal of Evolutionary Economics, 14(5), 605–616.CrossRefGoogle Scholar
  14. Baron, R. A., Franklin, R. J., & Hmieleski, K. M. (2016). Why entrepreneurs often experience low, not high, levels of stress: The joint effects of selection and psychological capital. Journal of Management, 42(3), 742–768.CrossRefGoogle Scholar
  15. Battilana, J., & Lee, M. (2014). Advancing research on hybrid organizing—Insights from the study of social enterprises. Academy of Management Annals, 8(1), 397–441.CrossRefGoogle Scholar
  16. Baumol, W. J. (1990). Entrepreneurship: Productive, unproductive and destructive. Journal of Business Venturing, 11, 3–22.CrossRefGoogle Scholar
  17. Benson, D., & Ziedonis, R. H. (2009). Corporate venture capital as a window on new technologies: Implications for the performance of corporate investors when acquiring startups. Organization Science, 20(2), 329–351.CrossRefGoogle Scholar
  18. Bentham, J. (1789). A utilitarian view. Animal rights and human obligations (pp. 25–26). Englewood Cliffs: Prentice Hall.Google Scholar
  19. Black, M. (1985). The prevalence of humbug and other essays. Ithaca: Cornell University Press.Google Scholar
  20. Brickson, S. L. (2007). Organizational identity orientation: The genesis of the role of the firm and distinct forms of social value. Academy of Management Review, 32(3), 864–888.CrossRefGoogle Scholar
  21. Brush, C. G., & Vanderwerf, P. A. (1992). A comparison of methods and sources for obtaining estimates of new venture performance. Journal of Business Venturing, 7(2), 157–170.CrossRefGoogle Scholar
  22. Busenitz, L. W., West, G. P., Shepherd, D., Nelson, T., Chandler, G. N., & Zacharakis, A. (2003). Entrepreneurship research in emergence: Past trends and future directions. Journal of management, 29(3), 285–308.CrossRefGoogle Scholar
  23. Bushman, B. J., & Anderson, C. A. (2001). Media violence and the American public: Scientific facts versus media misinformation. The American Psychologist, 56(6–7), 477–489.CrossRefGoogle Scholar
  24. Byrne, O., & Shepherd, D. A. (2015). Different strokes for different folks: Entrepreneurial narratives of emotion, cognition, and making sense of business failure. Entrepreneurship Theory and Practice, 39(2), 375–405.CrossRefGoogle Scholar
  25. Cardon, M. S., & Patel, P. C. (2015). Is stress worth it? Stress-related health and wealth trade-offs for entrepreneurs. Applied Psychology, 64(2), 379–420.CrossRefGoogle Scholar
  26. Chay, Y. W. (1993). Social support, individual differences and well-being: A study of small business entrepreneurs and employees. Journal of Occupational and Organizational Psychology, 66(4), 285–302.CrossRefGoogle Scholar
  27. Chesbrough, H., & Rosenbloom, R. S. (2002). The role of the business model in capturing value from innovation: Evidence from Xerox Corporation’s technology spin-off companies. Industrial and Corporate Change, 11(3), 529–555.CrossRefGoogle Scholar
  28. Cohen, B., Smith, B., & Mitchell, R. (2008). Toward a sustainable conceptualization of dependent variables in entrepreneurship research. Business Strategy and the Environment, 17(2), 107–119.CrossRefGoogle Scholar
  29. Cooper, A. C. (1993). Challenges in predicting new firm performance. Journal of Business Venturing, 8(3), 241–253.CrossRefGoogle Scholar
  30. Cyert, R. M., & March, J. G. (1963). A behavioral theory of the firm. Englewood Cliffs, NJ, 2, 169–187.Google Scholar
  31. Davis, A. E., & Shaver, K. G. (2012). Understanding gendered variations in business growth intentions across the life course. Entrepreneurship Theory and Practice, 36(3), 495–512.CrossRefGoogle Scholar
  32. Delmar, F., & Wiklund, J. (2008). The effect of small business managers’ growth motivation on firm growth: A longitudinal study. Entrepreneurship Theory and Practice, 32(3), 437–457.CrossRefGoogle Scholar
  33. Dew, N., & Sarasvathy, S. D. (2007). Innovations, stakeholders & entrepreneurship. Journal of Business Ethics, 74(3), 267–283.CrossRefGoogle Scholar
  34. Eisenhardt, K. M., & Tabrizi, B. N. (1995). Accelerating adaptive processes: Product innovation in the global computer industry. Administrative Science Quarterly, 40(1), 84–110.CrossRefGoogle Scholar
  35. Elias, S. R., Chiles, T. H., Duncan, C. M., & Vultee, D. M. (2018). The aesthetics of entrepreneurship: How arts entrepreneurs and their customers co-create aesthetic value. Organization Studies, 39(2–3), 345–372.CrossRefGoogle Scholar
  36. Emerson, J. (2003). The blended value proposition: Integrating social and financial returns. California Management Review, 45(4), 35–51.CrossRefGoogle Scholar
  37. Flamholtz, E. G. (2012). Human resource accounting: Advances in concepts, methods and applications. Berlin: Springer.Google Scholar
  38. Frankfurt, H. (2005). On Bullshit. Princeton: Princeton University Press.CrossRefGoogle Scholar
  39. Frediani, A. A. (2010). Sen’s capability approach as a framework to the practice of development. Development in Practice, 20(2), 173–187.CrossRefGoogle Scholar
  40. Freeman, R. E. (1984). Strategic management: A stakeholder perspective (p. 13). Boston: Pitman.Google Scholar
  41. Freeman, R. E. (1994). The politics of stakeholder theory: Some future directions. Business Ethics Quarterly, 4, 409–421.CrossRefGoogle Scholar
  42. Freeman, R. E. (2010). Managing for stakeholders: Trade-offs or value creation. Journal of Business Ethics, 96(1), 7–9.CrossRefGoogle Scholar
  43. Freeman, R. E. (2017). Five challenges to stakeholder theory: A report on research in progress. In D. M. Wasieleski & J. Weber (Eds.), Stakeholder management (pp. 1–20). Bingley: Emerald Publishing Limited.Google Scholar
  44. Freeman, R. E., Wicks, A. C., & Parmar, B. (2004). Stakeholder theory and “The corporate objective revisited”. Organization Science, 15(3), 364–369.CrossRefGoogle Scholar
  45. Frese, M., & Gielnik, M. M. (2014). The psychology of entrepreneurship. Annual Review of Organizational Psychology and Organizational Behavior, 1(1), 413–438.CrossRefGoogle Scholar
  46. Fukuda-Parr, S. (2003). The human development paradigm: Operationalizing Sen’s ideas on capabilities. Feminist Economics, 9(2–3), 301–317.CrossRefGoogle Scholar
  47. Garcia-Castro, R., & Aguilera, R. V. (2015). Incremental value creation and appropriation in a world with multiple stakeholders. Strategic Management Journal, 36(1), 137–147.CrossRefGoogle Scholar
  48. Garriga, E. (2014). Beyond stakeholder utility function: Stakeholder capability in the value creation process. Journal of Business Ethics, 120(4), 489–507.CrossRefGoogle Scholar
  49. Gartner, (1988). “Who is an entrepreneur?” Is the wrong question. Entrepreneurship Theory & Practice, 12(4), 11–32.Google Scholar
  50. Gong, Y., Huang, J. C., & Farh, J. L. (2009). Employee learning orientation, transformational leadership, and employee creativity: The mediating role of employee creative self-efficacy. Academy of Management Journal, 52(4), 765–778.CrossRefGoogle Scholar
  51. Granovetter, M. (2005). The impact of social structure on economic outcomes. The Journal of Economic Perspectives, 19, 33–50.CrossRefGoogle Scholar
  52. Gunz, H. P., & Heslin, P. A. (2005). Reconceptualizing career success. Journal of Organizational Behavior, 26(2), 105–111.CrossRefGoogle Scholar
  53. Hall, M., Millo, Y., & Barman, E. (2015). Who and what really counts? Stakeholder prioritization and accounting for social value. Journal of Management Studies, 52(7), 907–934.CrossRefGoogle Scholar
  54. Hansmann, H., & Hansmann, H. (2009). The ownership of enterprise. Cambridge: Harvard University Press.Google Scholar
  55. Harris, J. D., & Freeman, R. E. (2008). The impossibility of the separation thesis: A response to Joakim Sandberg. Business Ethics Quarterly, 18(4), 541–548.CrossRefGoogle Scholar
  56. Harrison, J. S., Bosse, D. A., & Phillips, R. A. (2010). Managing for stakeholders, stakeholder utility functions, and competitive advantage. Strategic Management Journal, 31(1), 58–74.CrossRefGoogle Scholar
  57. Harrison, J. S., & Wicks, A. C. (2013). Stakeholder theory, value, and firm performance. Business Ethics Quarterly, 23(1), 97–124.CrossRefGoogle Scholar
  58. Harrison, R. T., Mason, C., & Smith, D. (2015). Heuristics, learning and the business angel investment decision-making process. Entrepreneurship & Regional Development, 27(9–10), 527–554.CrossRefGoogle Scholar
  59. Hogh, A., Hansen, A. M., Mikkelsen, E. G., & Persson, R. (2012). Exposure to negative acts at work, psychological stress reactions and physiological stress response. Journal of Psychosomatic Research, 73(1), 47–52.CrossRefGoogle Scholar
  60. Ireland, R. D., Reutzel, C. R., & Webb, J. W. (2005). Entrepreneurship research in AMJ: What has been published, and what might the future hold? Academy of Management Journal, 48(4), 556–564.CrossRefGoogle Scholar
  61. Jain, R., & Kaur, S. (2014). Impact of work environment on job satisfaction. Journal of Applied Sciences Research, 4, 1–8.Google Scholar
  62. Johannisson, B., & Mønsted, M. (1998). Contextualizing entrepreneurial networking. International Studies of Management & Organization, 27, 109–136.CrossRefGoogle Scholar
  63. Jones, T. M. (1995). Instrumental stakeholder theory: A synthesis of ethics and economics. Academy of Management Review, 20(2), 404–437.CrossRefGoogle Scholar
  64. Jones, T. M., & Felps, W. (2013a). Shareholder wealth maximization and social welfare: A utilitarian critique. Business Ethics Quarterly, 23(2), 207–238.CrossRefGoogle Scholar
  65. Jones, T. M., & Felps, W. (2013b). Stakeholder happiness enhancement: A neo-utilitarian objective for the modern corporation. Business Ethics Quarterly, 23(3), 349–379.CrossRefGoogle Scholar
  66. Kahneman, D., Kahneman, D., & Tversky, A. (2003). Experienced utility and objective happiness: A moment-based approach. The Psychology of Economic Decisions, 1, 187–208.Google Scholar
  67. Koryak, O., Mole, K. F., Lockett, A., Hayton, J. C., Ucbasaran, D., & Hodgkinson, G. P. (2015). Entrepreneurial leadership, capabilities and firm growth. International Small Business Journal, 33(1), 89–105.CrossRefGoogle Scholar
  68. Kroeger, A., & Weber, C. (2014). Developing a conceptual framework for comparing social value creation. Academy of Management Review, 39(4), 513–540.CrossRefGoogle Scholar
  69. Lankoski, L., Craig Smith, N., & Van Wassenhove, L. (2016). Stakeholder judgments of value. Business Ethics Quarterly, 26(2), 227–256.CrossRefGoogle Scholar
  70. Lee, C. H., & Bruvold, N. T. (2003). Creating value for employees: investment in employee development. International Journal of Human Resource Management, 14(6), 981–1000.CrossRefGoogle Scholar
  71. Leff, N. H. (1979). Entrepreneurship and economic development: The problem revisited. Journal of Economic Literature, 17(1), 46–64.Google Scholar
  72. Lehtimaki, H., & Kujala, J. (2015). Framing dynamically changing firm-stakeholder relationships in an international dispute over a foreign investment: A discursive analysis approach. Business & Society, 56(3), 487–523.CrossRefGoogle Scholar
  73. Lichtenstein, P. M. (2017). An introduction to post-Keynesian and Marxian theories of value and price. London: Routledge.CrossRefGoogle Scholar
  74. Lim, M. (2012). Clicks, cabs, and coffee houses: Social media and oppositional movements in Egypt, 2004–2011. The Journal of Communication, 62(2), 231–248.CrossRefGoogle Scholar
  75. Lorgelly, P. K., Lawson, K. D., Fenwick, E. A. L., & Briggs, A. H. (2010). Outcome measurement in economic evaluations of public health interventions: A role for the capability approach? International Journal of Environmental Research and Public Health, 7(5), 2274–2289.CrossRefGoogle Scholar
  76. MacKenzie, S. B., Podsakoff, P. M., & Podsakoff, N. P. (2011). Construct measurement and validation procedures in MIS and behavioral research: Integrating new and existing techniques. MIS Quarterly, 35(2), 293–334.CrossRefGoogle Scholar
  77. Malecki, E. J. (1993). Entrepreneurship in regional and local development. International Regional Science Review, 16(1–2), 119–153.CrossRefGoogle Scholar
  78. Maslow, A. H. (1943). A theory of human motivation. Psychological Review, 50, 370.CrossRefGoogle Scholar
  79. Mattingly, E. S. (2015). Dependent variables in entrepreneurship research. The Journal of Entrepreneurship, 24(2), 223–241.CrossRefGoogle Scholar
  80. McGrath, R. G. (1999). Falling forward: Real options reasoning and entrepreneurial failure. Academy of Management Review, 24(1), 13–30.CrossRefGoogle Scholar
  81. McMullen, J. S. (2017). Are you pivoting away your passion? The hidden danger of assuming customer sovereignty in entrepreneurial value creation. Business Horizons, 60(4), 427–430.CrossRefGoogle Scholar
  82. Mill, J. S. (1863). Utilitarianism. London: Parker, Son and Bourn.Google Scholar
  83. Minniti, M., & Bygrave, W. (2001). A dynamic model of entrepreneurial learning. Entrepreneurship Theory and Practice, 25(3), 5–16.CrossRefGoogle Scholar
  84. Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Academy of Management Review, 22(4), 853–886.CrossRefGoogle Scholar
  85. Monsen, E., & Boss, R. W. (2009). The impact of strategic entrepreneurship inside the organization: Examining job stress and employee retention. Entrepreneurship Theory and Practice, 33(1), 71–104.CrossRefGoogle Scholar
  86. Morris, M. H., Neumeyer, X., & Kuratko, D. F. (2015). A portfolio perspective on entrepreneurship and economic development. Small Business Economics, 45(4), 713–728.CrossRefGoogle Scholar
  87. Myllykangas, P., Kujala, J., & Lehtimäki, H. (2011). Analyzing the essence of stakeholder relationships: What do we need in addition to power, legitimacy and urgency? Journal of Business Ethics, 96, 65–72.CrossRefGoogle Scholar
  88. Nason, R. S., Bacq, S., & Gras, D. (2018). A behavioral theory of social performance: Social identity and stakeholder expectations. Academy of Management Review, 43(2), 259–283.CrossRefGoogle Scholar
  89. Nasution, H. N., Mavondo, F. T., Matanda, M. J., & Ndubisi, N. O. (2011). Entrepreneurship: Its relationship with market orientation and learning orientation and as antecedents to innovation and customer value. Industrial Marketing Management, 40(3), 336–345.CrossRefGoogle Scholar
  90. Nicholls, A. (2009). We do good things, don’t we?: Blended Value Accounting in social entrepreneurship. Accounting, Organizations and Society, 34(6–7), 755–769.CrossRefGoogle Scholar
  91. Norman, W., & MacDonald, C. (2004). Getting to the bottom of “triple bottom line”. Business Ethics Quarterly, 14(2), 243–262.CrossRefGoogle Scholar
  92. Nussbaum, M. (1999). Women and equality: The capabilities approach. International Labour Review, 138, 227.CrossRefGoogle Scholar
  93. Nussbaum, M. (2003). Capabilities as fundamental entitlements: Sen and social justice. Feminist Economics, 9(2–3), 33–59.CrossRefGoogle Scholar
  94. Nussbaum, M. C. (2001). Women and human development: The capabilities approach. Cambridge: Cambridge University Press.Google Scholar
  95. Nussbaum, M. C. (2011). Creating capabilities. Cambridge: Harvard University Press.CrossRefGoogle Scholar
  96. Nussbaum, M., & Sen, A. (1993). The quality of life. Oxford: Oxford University Press.CrossRefGoogle Scholar
  97. Parmar, B. L., Freeman, R. E., Harrison, J. S., Wicks, A. C., Purnell, L., & de Colle, S. (2010). Stakeholder theory: The state of the art. Academy of Management Annals, 4(1), 403–445.CrossRefGoogle Scholar
  98. Phillips, R. A., Freeman, R. E., & Wicks, A. C. (2003). What stakeholder theory is not. Business Ethics Quarterly, 13(4), 479–502.CrossRefGoogle Scholar
  99. Phillips, R. A., & Reichart, J. (2000). The environment as a stakeholder? A fairness-based approach. Journal of Business Ethics, 23(2), 185–197.CrossRefGoogle Scholar
  100. Politis, D. (2005). The process of entrepreneurial learning: A conceptual framework. Entrepreneurship Theory and Practice, 29(4), 399–424.CrossRefGoogle Scholar
  101. Rahim, A. (1996). Stress, strain, and their moderators: An empirical comparison of entrepreneurs and managers. Journal of Small Business Management, 34(1), 46–59.Google Scholar
  102. Ravallion, M. (1997). Good and bad growth: The human development reports. World Development, 25(5), 631–638.CrossRefGoogle Scholar
  103. Rawhouser, H., Cummings, M., & Newbert, S. L. (2019). Social impact measurement: Current approaches and future directions for social entrepreneurship research. Entrepreneurship Theory and Practice, 43(1), 82–115.CrossRefGoogle Scholar
  104. Rietveld, J. (2018). Creating and capturing value from freemium business models: A demand-side perspective. Strategic Entrepreneurship Journal, 12(2), 171–193.CrossRefGoogle Scholar
  105. Robeyns, I. (2003). Sen’s capability approach and gender inequality: Selecting relevant capabilities. Feminist Economics, 9(2–3), 61–92.CrossRefGoogle Scholar
  106. Robeyns, I. (2005). The capability approach: A theoretical survey. Journal of Human Development, 6(1), 93–117.CrossRefGoogle Scholar
  107. Robeyns, I. (2006). The capability approach in practice. The Journal of Political Philosophy, 14(3), 351–376.CrossRefGoogle Scholar
  108. Rotheroe, N., & Richards, A. (2007). Social return on investment and social enterprise: Transparent accountability for sustainable development. Social Enterprise Journal, 3(1), 31–48.CrossRefGoogle Scholar
  109. Rotman, D. (2013). How technology is destroying jobs. MIT Technology Review Magazine, 16(4), 28–35.Google Scholar
  110. Rühli, E., Sachs, S., Schmitt, R., & Schneider, T. (2017). Innovation in multistakeholder settings: The case of a wicked issue in health care. Journal of Business Ethics, 143(2), 289–305.CrossRefGoogle Scholar
  111. Sachs, S., & Rühli, E. (2011). Stakeholders matter: A new paradigm for strategy in society. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  112. Santos, J. B., & Brito, L. A. L. (2012). Toward a subjective measurement model for firm performance. Brazilian Administration Review, 9(SPE), 95–117.CrossRefGoogle Scholar
  113. Santos, F., Pache, A.-C., & Birkholz, C. (2015). Making hybrids work: Aligning business models and organizational design for social enterprises. California Management Review, 57(3), 36–58.CrossRefGoogle Scholar
  114. Sarasvathy, S. D., Menon, A. R., & Kuechle, G. (2013). Failing firms and successful entrepreneurs: Serial entrepreneurship as a temporal portfolio. Small Business Economics, 40(2), 417–434.CrossRefGoogle Scholar
  115. Schindehutte, M., Morris, M., & Allen, J. (2006). Beyond achievement: Entrepreneurship as extreme experience. Small Business Economics, 27(4–5), 349–368.CrossRefGoogle Scholar
  116. Schneider, T., & Sachs, S. (2015). The impact of stakeholder identities on value creation in issue-based stakeholder networks. Journal of Business Ethics, 144(1), 41–57.CrossRefGoogle Scholar
  117. Schumpeter, J. A. (1934). The theory of economic development. Cambridge: MA, Harvard University.Google Scholar
  118. Seelos, C., & Mair, J. (2005). Social entrepreneurship: Creating new business models to serve the poor. Business Horizons, 48(3), 241–246.CrossRefGoogle Scholar
  119. See-To, E. W. K., & Ho, K. K. W. (2014). Value co-creation and purchase intention in social network sites: The role of electronic Word-of-Mouth and trust—A theoretical analysis. Computers in Human Behavior, 31, 182–189.CrossRefGoogle Scholar
  120. Sen, A. (1990). Development as capability expansion. Oxford: University of Oxford.CrossRefGoogle Scholar
  121. Sen, A. (1992). Inequality reexamined. Oxford: Clarendon Press.Google Scholar
  122. Sen, A. (1993). Capability and well-being. In M. Nussbaum & A. Sen (Eds.), The quality of life. Oxford: Clarendon Press.Google Scholar
  123. Sen, A. (1999). Commodities and capabilities. Oxford: Oxford University Press.Google Scholar
  124. Sen, A. (2001). Development as freedom. Oxford: Oxford University Press.Google Scholar
  125. Sen, A. (2003). Development as capability expansion. In S. Fukuda-Parr, et al. (Eds.), Readings in human development. Oxford: Oxford University Press.Google Scholar
  126. Sen, A. (2005). Human rights and capabilities. Journal of Human Development, 6(2), 151–166.CrossRefGoogle Scholar
  127. Sen, A., & Muellbauer, J. (1988). The standard of living. Cambridge: Cambridge University Press.Google Scholar
  128. Shepherd, D. A. (2003). Learning from business failure: Propositions of grief recovery for the self-employed. Academy of Management Review, 28(2), 318–328.CrossRefGoogle Scholar
  129. Shepherd, D. A. (2015). Party On! A call for entrepreneurship research that is more interactive, activity based, cognitively hot, compassionate, and prosocial. Journal of Business Venturing, 30(4), 489–507.CrossRefGoogle Scholar
  130. Shepherd, D. A., & Cardon, M. S. (2009). Negative emotional reactions to project failure and the self-compassion to learn from the experience. Journal of Management Studies, 46(6), 923–949.CrossRefGoogle Scholar
  131. Shepherd, D. A., & Haynie, J. M. (2009). Birds of a feather don’t always flock together: Identity management in entrepreneurship. Journal of Business Venturing, 24(4), 316–337.CrossRefGoogle Scholar
  132. Shepherd, D. A., & Patzelt, H. (2015). The “heart” of entrepreneurship: The impact of entrepreneurial action on health and health on entrepreneurial action. Journal of Business Venturing Insights, 4, 22–29.CrossRefGoogle Scholar
  133. Shepherd, D. A., & Patzelt, H. (2018). Entrepreneurial cognition: Exploring the mindset of entrepreneurs. Berlin: Springer.CrossRefGoogle Scholar
  134. Shepherd, D. A., Wennberg, K., Suddaby, R., & Wiklund, J. (2018). What are we explaining? A review and agenda on initiating, engaging, performing, and contextualizing entrepreneurship. Journal of Management, 45, 159–196.CrossRefGoogle Scholar
  135. Sparks, K., Faragher, B., & Cooper, C. L. (2001). Well-being and occupational health in the 21st century workplace. Journal of Occupational and Organizational Psychology, 74(4), 489–509.CrossRefGoogle Scholar
  136. Starbird, K., Maddock, J., Orand, M., Achterman, P., & Mason, R. M. (2014). Rumors, false flags, and digital vigilantes: Misinformation on Twitter after the 2013 Boston Marathon bombing. In iConference Proceedings (pp. 654–662).Google Scholar
  137. Stephan, U. (2018). Entrepreneurs’ mental health and well-being: A review and research agenda. Academy of Management Perspectives, 32(3), 290–322.CrossRefGoogle Scholar
  138. Tantalo, C., & Priem, R. L. (2016). Value creation through stakeholder synergy. Strategic Management Journal, 37(2), 314–329.CrossRefGoogle Scholar
  139. Tapaninaho, R., & Kujala, J. (2019). Reviewing the stakeholder value creation literature: Towards a sustainability approach. In W. Leal Filho (Ed.), Social responsibility and sustainability. World sustainability series (pp. 3–36). Cham: Springer.CrossRefGoogle Scholar
  140. Tashman, P., & Raelin, J. (2013). Who and what really matters to the firm: Moving stakeholder salience beyond managerial perceptions. Business Ethics Quarterly, 23(04), 591–616.CrossRefGoogle Scholar
  141. Tedmanson, D., & Guerin, P. (2011). Enterprising social wellbeing: Social entrepreneurial and strengths based approaches to mental health and wellbeing in “remote” indigenous community contexts. Australasian Psychiatry, 19, S30–S33.CrossRefGoogle Scholar
  142. Temple, J., & Johnson, P. A. (1998). Social capability and economic growth. The Quarterly Journal of Economics, 113(3), 965–990.CrossRefGoogle Scholar
  143. Tversky, A., & Kahneman, D. (1981). The framing of decisions and the psychology of choice. Science, 211(4481), 453–458.CrossRefGoogle Scholar
  144. Twenge, J. M. (2017). iGen: Why today’s super-connected kids are growing up less rebellious, more tolerant, less happy–and completely unprepared for adulthood–and what that means for the rest of us. New York: Simon and Schuster.Google Scholar
  145. Ucbasaran, D., Shepherd, D. A., Lockett, A., & Lyon, S. J. (2013). Life after business failure: The process and consequences of business failure for entrepreneurs. Journal of Management, 39(1), 163–202.CrossRefGoogle Scholar
  146. United Nations Development Program. Human development indices and indicators: 2018 statistical update. Retrieved July 20, 2019, from http://hdr.undp.org/sites/default/files/hdr2018_technical_notes.pdf.
  147. United Nations Development Program. Human development reports. Retrieved July 20, 2019, from http://hdr.undp.org/en/global-reports.
  148. Upward, A., & Jones, P. (2015). An ontology for strongly sustainable business models defining an enterprise framework compatible with natural and social science. Organizations & Environments, 29(1), 97–123.CrossRefGoogle Scholar
  149. Uy, M. A., Foo, M. D., & Song, Z. (2013). Joint effects of prior start-up experience and coping strategies on entrepreneurs’ psychological well-being. Journal of Business Venturing, 28(5), 583–597.CrossRefGoogle Scholar
  150. Uzzi, B. (1999). Embeddedness in the making of financial capital: How social relations and networks benefit firms seeking financing. American Sociological Review, 64, 481–505.CrossRefGoogle Scholar
  151. Van de Ven, A. H., & Polley, D. (1992). Learning while innovating. Organization Science, 3(1), 92–116.CrossRefGoogle Scholar
  152. Venkataraman, (1997). The distinctive domain of entrepreneurship research. In J. A. Katz & R. H. Brockhaus (Eds.), Advances in entrepreneurship, firm emergence and growth. Greenwich: JAI Press Incorporated.Google Scholar
  153. Venkataraman, (2002). Stakeholder value equilibration and the entrepreneurial process. The Ruffin Series of the Society for Business Ethics, 3, 45–57.Google Scholar
  154. Weber, C., Weidner, K., Kroeger, A., & Wallace, J. (2017). Social value creation in inter-organizational collaborations in the not-for-profit sector: Give and take from a dyadic perspective. Journal of Management Studies, 54(6), 929–956.CrossRefGoogle Scholar
  155. Wennberg, K., Delmar, F., & McKelvie, A. (2016). Variable risk preferences in new firm growth and survival. Journal of Business Venturing, 31(4), 408–427.CrossRefGoogle Scholar
  156. Wennekers, S., Van Wennekers, A., Thurik, R., & Reynolds, P. (2005). Nascent entrepreneurship and the level of economic development. Small Business Economics, 24(3), 293–309.CrossRefGoogle Scholar
  157. Wiengarten, F., Lo, C. K., & Lam, J. Y. (2017). How does sustainability leadership affect firm performance? The choices associated with appointing a chief officer of corporate social responsibility. Journal of Business Ethics, 140(3), 477–493.CrossRefGoogle Scholar
  158. Wiklund, J., Wright, M., & Zahra, S. A. (2019). Conquering relevance: Entrepreneurship research’s grand challenge. Entrepreneurship Theory and Practice.  https://doi.org/10.1177/1042258718807478.CrossRefGoogle Scholar
  159. Wry, T., & Haugh, H. (2018). Brace for impact: Uniting our diverse voices through a social impact frame. Journal of Business Venturing, 33(5), 566–574.CrossRefGoogle Scholar
  160. Yli-Renko, H., Autio, E., & Sapienza, H. J. (2001). Social capital, knowledge acquisition, and knowledge exploitation in young technology-based firms. Strategic Management Journal, 22, 587–613.CrossRefGoogle Scholar
  161. York, J. G., Sarasvathy, S. D., & Larson, A. (2010). The thread of inchoate demand in social entrepreneurship. In Values and opportuies in social entrepreneurship (pp. 141–162). London: Palgrave Macmillan.CrossRefGoogle Scholar
  162. York, J. G., Sarasvathy, S. D., & Wicks, A. C. (2013). An entrepreneurial perspective on value creation in public-private ventures. Academy of Management Review, 38(2), 307–330.CrossRefGoogle Scholar
  163. York, J. G., & Venkataraman, S. (2010). The entrepreneur–environment nexus: Uncertainty, innovation, and allocation. Journal of Business Venturing, 25(5), 449–463.CrossRefGoogle Scholar
  164. Young, R. (2006). For what it is worth: Social value and the future of social entrepreneurship. Social entrepreneurship: New models of sustainable social change, pp. 56–73.Google Scholar
  165. Zahra, S. A., & Wright, M. (2016). Understanding the social role of entrepreneurship. Journal of Management Studies, 53(4), 610–629.CrossRefGoogle Scholar

Copyright information

© Springer Nature B.V. 2019

Authors and Affiliations

  1. 1.Bloch School of ManagementUniversity of Missouri, Kansas CityKansas CityUSA

Personalised recommendations