Abstract
PurposeThis paper proposes an Exchange-Based View of the value creation process. The Borrowing from marketing literature, the EBV advances that entrepreneurs and stakeholders are tied by exchange relationships, through which they co-create value by reciprocally making and realizing promises of value.Design/methodology/approachPropositions are developed and offered to advance the role of exchange in the entrepreneurial value creation process.FindingsThe authors conceptualize the enterprise as a system of exchange relationships between entrepreneurs and their stakeholders, thus proposing an exchange-based view of entrepreneurship.Originality/valueSuch an account of the role of entrepreneurs and of their relationship with the stakeholders has meaningful implications for our understanding of the entrepreneurial tasks of opportunity recognition and exploitation.
Highlights
Stakeholder theory maintains that firms can secure the tangible and intangible resources that are conducive to the maximization of value by pursuing the well-being of all appropriate stakeholders (Donaldson and Preston, 1995; Phillips et al, 2003)
By integrating insights from stakeholder theory, entrepreneurship research and marketing literature, this work responds both to the call for research at the intersection of entrepreneurship and stakeholder theory (Berman and Johnson-Cramer, 2019; Pollack et al, 2017) and to the call for interdisciplinary connections between marketing and entrepreneurship (Ireland and Webb, 2007; Kraus et al, 2010; Webb et al, 2011) in order to understand the development of new ventures
6.1 Implications for research First, by conceptualizing the enterprise as a system of exchange relationships (P1), the exchange-based view (EBV) draws a comprehensive picture of the interplay between the enterprise and the stakeholders who participate the value co-creation process
Summary
Stakeholder theory maintains that firms can secure the tangible and intangible resources that are conducive to the maximization of value by pursuing the well-being of all appropriate stakeholders (Donaldson and Preston, 1995; Phillips et al, 2003). In the presence of mounting examples of corporate wrongdoing, scholars have increasingly relied on stakeholder theory to explain firm and inter-firm behavior in a variety of contexts and disciplines (Freeman et al, 2010). Enough, scholars have neglected to examine whether and how our understanding of the role of the entrepreneur changes when firms are conceptualized as “vehicles by which stakeholders are engaged in a joint and cooperative enterprise of creating value for each other” The full terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode
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