A unified theory of the firm from tawhidic worldview: the views of mu’amalat management and economics scholars

The theory of the firm subscribes to mainstream economic theories that emphasize on profit maximization and cost minimization. Despite its usefulness, the scope of the theory is inadequate to address the contemporary dynamism. A unified theory of the firm bears strong influence of the industrial cos...

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Main Authors:	Mhd. Sarif, Suhaimi, Ismail, Yusof, Abdul Sabian, Nur Arfifah
Format:	Conference or Workshop Item
Language:	English English
Published:	2013
Subjects:	HF5387 Business ethics
Online Access:	http://irep.iium.edu.my/30604/ http://irep.iium.edu.my/30604/ http://irep.iium.edu.my/30604/1/SHPKPT2013_SSK_207_6rdOJXrF3r_unifiedtheory.pdf http://irep.iium.edu.my/30604/4/Evidence_UUM_Unified_theory_paper.pdf

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spelling	iium-306042013-07-25T08:54:59Z http://irep.iium.edu.my/30604/ A unified theory of the firm from tawhidic worldview: the views of mu’amalat management and economics scholars Mhd. Sarif, Suhaimi Ismail, Yusof Abdul Sabian, Nur Arfifah HF5387 Business ethics The theory of the firm subscribes to mainstream economic theories that emphasize on profit maximization and cost minimization. Despite its usefulness, the scope of the theory is inadequate to address the contemporary dynamism. A unified theory of the firm bears strong influence of the industrial cost minimization. This study argues a unified theory of the firm from Tawhidic paradigm for a comprehensive theory to describe the nature of the firm, the scope and boundaries of assessment on organizational environments, and the assessment of internal organizations to formulate, implement and evaluate organizational strategies. The conventional approach to the theory of the firm seems inadequate to respond to external and internal environments of the firm, and human dynamism and spiritual identity. The market-based theory of the firm emphasizes primarily on the industrial organizational perspective of the firm. The evolutionary approach of resource-based and knowledge-based theory of the firm is also unable to provide a unified theory of the firm due to lack of spirituality foundation to sustain intellectual contribution from knowledge workers. As an alternative, this study proposes a unified theory of the firm Tawhidic worldview as a mean to achieve organizational sustainable innovation and competitive advantage. The study uses focus group discussion with scholars in management, economics, and Shari’ah studies to provide input on the development of the model of Islamic theory of the firm. The feedback from the experts is used as input to enhance the understanding of Tawhidic worldview in the development of a unified theory of the firm. The results of the study should be considered tentative, or work-in-progress. Future research should incorporate more informants to further debate the dynamics of key components in the subject matter of the study. 2013-07-03 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/30604/1/SHPKPT2013_SSK_207_6rdOJXrF3r_unifiedtheory.pdf application/pdf en http://irep.iium.edu.my/30604/4/Evidence_UUM_Unified_theory_paper.pdf Mhd. Sarif, Suhaimi and Ismail, Yusof and Abdul Sabian, Nur Arfifah (2013) A unified theory of the firm from tawhidic worldview: the views of mu’amalat management and economics scholars. In: Seminar Hasil Penyelidikan Sektor Pengajian Tinggi Kementerian Pendidikan 2013, 2 & 3 July 2013, EDC Hotel, Universiti Utara Malaysia, Kedah. http://submit.confbay.com/index.php?option=com_submit&view=paper&acid=127&Itemid=17
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HF5387 Business ethics
spellingShingle	HF5387 Business ethics Mhd. Sarif, Suhaimi Ismail, Yusof Abdul Sabian, Nur Arfifah A unified theory of the firm from tawhidic worldview: the views of mu’amalat management and economics scholars
description	The theory of the firm subscribes to mainstream economic theories that emphasize on profit maximization and cost minimization. Despite its usefulness, the scope of the theory is inadequate to address the contemporary dynamism. A unified theory of the firm bears strong influence of the industrial cost minimization. This study argues a unified theory of the firm from Tawhidic paradigm for a comprehensive theory to describe the nature of the firm, the scope and boundaries of assessment on organizational environments, and the assessment of internal organizations to formulate, implement and evaluate organizational strategies. The conventional approach to the theory of the firm seems inadequate to respond to external and internal environments of the firm, and human dynamism and spiritual identity. The market-based theory of the firm emphasizes primarily on the industrial organizational perspective of the firm. The evolutionary approach of resource-based and knowledge-based theory of the firm is also unable to provide a unified theory of the firm due to lack of spirituality foundation to sustain intellectual contribution from knowledge workers. As an alternative, this study proposes a unified theory of the firm Tawhidic worldview as a mean to achieve organizational sustainable innovation and competitive advantage. The study uses focus group discussion with scholars in management, economics, and Shari’ah studies to provide input on the development of the model of Islamic theory of the firm. The feedback from the experts is used as input to enhance the understanding of Tawhidic worldview in the development of a unified theory of the firm. The results of the study should be considered tentative, or work-in-progress. Future research should incorporate more informants to further debate the dynamics of key components in the subject matter of the study.
format	Conference or Workshop Item
author	Mhd. Sarif, Suhaimi Ismail, Yusof Abdul Sabian, Nur Arfifah
author_facet	Mhd. Sarif, Suhaimi Ismail, Yusof Abdul Sabian, Nur Arfifah
author_sort	Mhd. Sarif, Suhaimi
title	A unified theory of the firm from tawhidic worldview: the views of mu’amalat management and economics scholars
title_short	A unified theory of the firm from tawhidic worldview: the views of mu’amalat management and economics scholars
title_full	A unified theory of the firm from tawhidic worldview: the views of mu’amalat management and economics scholars
title_fullStr	A unified theory of the firm from tawhidic worldview: the views of mu’amalat management and economics scholars
title_full_unstemmed	A unified theory of the firm from tawhidic worldview: the views of mu’amalat management and economics scholars
title_sort	unified theory of the firm from tawhidic worldview: the views of mu’amalat management and economics scholars
publishDate	2013
url	http://irep.iium.edu.my/30604/ http://irep.iium.edu.my/30604/ http://irep.iium.edu.my/30604/1/SHPKPT2013_SSK_207_6rdOJXrF3r_unifiedtheory.pdf http://irep.iium.edu.my/30604/4/Evidence_UUM_Unified_theory_paper.pdf
first_indexed	2023-09-18T20:44:48Z
last_indexed	2023-09-18T20:44:48Z
_version_	1777409603594616832

A unified theory of the firm from tawhidic worldview: the views of mu’amalat management and economics scholars

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