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Abstract:
According to S. Venkataraman, value is discovered (orcreated) when the entrepreneur productively combines resources, ideas, andstakeholders in order to bring new goods and services into existence. Entrepreneurship theory works in conjunction with ethics, which is concernedwith the methods used to generate and to distribute value, to explain and topredict how value is created, distributed, and (in some cases) destroyed.While Venkataraman's comments open a valuable dialogue about the need to linkentrepreneurship and stakeholder theory, they stand to benefit fromrevision. First, Venkataraman's concept of value is limited to economicvalue-added and ignores other types of values that stakeholders might bring tothe entrepreneurial venture. The discussion also fails to recognize that collaborative processes, as wellas competition, are integral to the success of firms.Finally, we mustrethink the concept, nature, and purpose of the firm to understand its embeddedrelationships and the responsibilities it bears to all of the stakeholdersaffected by the firm's activities.Although Venkataraman's remarks on therelationship between entrepreneurship and business ethics raise many unansweredquestions, they invite us to take a systems perspective on the system as awhole and to understand the role that the system plays in fostering ethical (orunethical) behavior among entrepreneurs.(SAA)

Values, Equilibration, Stakeholders, Firm management, Stakeholder theory, Ethics, Wealth creation, Wealth distribution, Wealth destruction

Abstract:
Since the mid-1990s we have witnessed the rise of numerous constructive and positive activities aimed at developing or enhancing corporate responsibility and corporate citizenship as well as anti-globalization and anticorporate activism. And, of course, in 2008, we witnessed the meltdown of financial markets and numerous financial institutions as well as some major companies teetering on the brink of collapse. What is actually needed to create the world that many people want to live in may in fact be a new relationship between business and society, that is, new ways of looking at the corporation and its role in society, both in practice and in management education? We will argue that some initiatives, such as Corporation 2020, have already begun to explore these issues by taking a more holistic perspective on different purposes and roles of the corporation in the future. Management education, which has been severely criticized in the aftermath of the economic crisis, has an important role to play, but in a changed form. Implications for leadership and management education include the need to shift cognitive, moral, and emotional levels of development, renewed emphasis on balance both individually and socially, a less is more sensibility, a holistic systems perspective, and shifting the purpose of the firm to encompass not just shareholder needs, but also societal, stakeholder, and ecological needs and interests. In this article we explore some of the ways in which these attributes might be engendered in future leaders, at least in those management development and education programs interested in fostering a new wave of progressive leadership in management for the future.