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Article
Publication date: 22 March 2023

Garry D. Bruton and Naiheng Sheng

This paper examines the limitations on monetary profit maximization assumption in Quaker businesses, historically one of England's most successful set of business people. This…

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Abstract

Purpose

This paper examines the limitations on monetary profit maximization assumption in Quaker businesses, historically one of England's most successful set of business people. This view challenges the central theoretical assumptions of management and strategic entrepreneurship by demonstrating the influence of religious institutional logic over the profit maximization drive in business.

Design/methodology/approach

Using a historical analysis of Quaker religious institutional logic, the authors demonstrate how Quakers’ religious logic of simplicity in lifestyle and equality of all people led, in turn, to actions by Quaker businesses that limited the monetary profit maximizing for their businesses. Such actions are consistent with the Quakers’ belief that linked their business activities to their religious beliefs.

Findings

The present analysis shows that English Quakers had specific beliefs, enforced by the group’s willingness to expel members that limited monetary profit maximization among Quaker businesses. Thus, the authors challenge the typical assumptions of business scholars by demonstrating that business entities can succeed economically even when they do not embrace profit maximization as their core element. This paradoxical finding has the potential to significantly expand management and strategic entrepreneurship theory.

Originality/value

The authors discuss how religious logic can replace profit maximization as a foundation for business. This insight enriches not only the understanding of business but also of religious institutional logic. Finally, the authors address the call for greater use of historical analysis in the management literature.

Details

Journal of Management History, vol. 29 no. 4
Type: Research Article
ISSN: 1751-1348

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Article
Publication date: 21 November 2023

Jeff Muldoon

170

Abstract

Details

Journal of Management History, vol. 29 no. 4
Type: Research Article
ISSN: 1751-1348

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