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. 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. (shrink)

This paper begins by looking at the complex and dynamic nature of responsibility. Based in the interconnected concepts of imputability, accountability and liability it argues that, whilst some elements of responsibility can be determined through role and contract, the broader sense of liability involves a sense of shared responsibility that is ultimately based in the concept of universal responsibility. Such responsibility requires core virtues, not least awareness and integrity, a continued means of negotiating responsibility and ongoing dialogue between the different (...) responsibilities connected to role. The paper argues that the nature of such dialogue is itself grounded in the development of personal and shared responsibility. It concludes that the professions have a moral leadership role in articulating and modelling that responsibility. (shrink)

This article examines the contribution of one Islamic scholar, Fetullah Gülen to the debate about the meaning and practice of responsibility. It analyses Gülen’s thinking in terms of three inter-connected modes of responsibility: relational accountability, moral agency and liability. This view of responsibility is contrasted with major western philosophers such as Levinas, Buber and Jonas, Islamic tradition and the major views about corporate responsibility, including stakeholder theory. The role of dialogue in embodying the three modes of responsibility is then analysed. (...) The social responsibility practice of business leaders who are part of Gülen’s Hizmet Movement is briefly surveyed to illustrate the embodiment of responsibility. This focuses on the contribution of business to education and peace building, and includes the example of Zaman Daily. (shrink)

Aspects of phronetic social science and phronetic organization research have been much debated over the recent years. So far, the visual aspects of communicating phronesis have gained little attention. Still organizations try to convey a desirable image of respectability and success, both internally and externally to the public. A channel for such information is corporate reporting, and particularly CSR reporting embrace values like fairness, goodness, and sustainability. This study explores how visual portrayals of supposedly wise and discerning values (phronesis) are (...) used to reinforce the verbal features of CSR reporting. The two propositions underlying this study is (1) that visual images form some of the major parts of the structures of contemporary corporate reporting (particularly CSR reporting) and (2) that phronetic action in organizations is subjected not only to textual documentation, but also to visual expressions. This study also discusses how the Aristotelian concept of phronesis can be linked to contemporary concerns about responsibility, and how this is visually represented in CSR reporting. Finally, this study addresses the symbolic and contextual signification of images in corporate accounts of wisdom and responsibility. (shrink)

This article aims at showing the need for a sound ethical and anthropological foundation of economics and business, and argues the importance of a correct understanding of human values and human nature for the sake of economics and of businesses themselves. It is suggested that the ethical-anthropological side of economics and business can be grasped by taking Aristotle’s virtue ethics and Amartya Sen’s capability approach (CA) as major reference points. We hold that an “Aristotelian economics of virtues”, connected with the (...) CA’s notion of human richness, can promote the shift to the concept of personhood, and can lead to a more “humanized” business, by fostering human flourishing, the enhancement of human capabilities, and the pursuit of a more humane development for each and every person. (shrink)

In business ethics journals, Kant’s ethics is often portrayed as overly formalistic, devoid of substantial content, and without regard for the consequences of actions or questions of character. Hence, virtue ethicists ride happily to the rescue, offering to replace or complement Kant’s theory with their own. Before such efforts are undertaken, however, one should recognize that Kant himself wrote a “virtue theory” (Tugendlehre), wherein he discussed the questions of character as well as the teleological nature of human action. Numerous Kant (...) scholars argue that Kant already erected precisely the kind of integrative moral architecture that some of his modern interpreters (while aiming to supersede him) wish to construct. For business ethics, this divergence of scholarly opinion is of crucial importance. It shows first that the standard portrayals of Kant’s ethics in business ethics textbooks—as rigidly deontological, narrowly individualistic, and hence unsuitable for the specific demands of corporate agency—might have to be revised. Second, discussions in the business ethics literature on stakeholder-engagement and managerial decision-making likewise stand to gain from a more nuanced picture of Kant’s moral philosophy. Third, a reassessment of Kant’s ethics with regard to questions of personal character and moral sentiments might also lead to a more favorable view of the relevance of his ethics for managerial practice. Last, but not least, the many current attempts to reconcile Kant’s freedom-oriented philosophy with virtue theories stand to benefit considerably from a better understanding of how Kant himself conceived of one such synthesis between the formal and substantial aspects of morality. This, ultimately, could lead to an important overlapping consensus in the academic literature as to the role and relevance of virtuous conduct in business. (shrink)