Volume 3, 2002
Ethics and Entrepreneurship
Ronald K. Mitchell
Entrepreneurship and Stakeholder Theory
Comment On Ruffin Lecture #2—Delivered by Professor S. Venkataraman
In his Ruffin Lecture on stakeholder value and the entrepreneurial process, Professor S. Venkataraman asserted that two processes: value creation, and value sharing, are common ground for both the field of business ethics and the field of entrepreneurship (Venkataraman, 1999). In this article I further explore the connections between entrepreneurship and stakeholder theory raised in the Lecture, as they relate to both the production and the distribution of wealth in society. Through the application of transaction cognition theory, which suggests that a type of stakeholder-centered expert transacting script can integrate entrepreneurship and stakeholder theory through concepts from its sub-specialty, expert information processing theory, I employ a cognitive theory lens to suggest a set of integrating ideas and implications that attempt to complement and expand on Professor Venkataraman’s thesis. Implications for research and education conclude the article.