Definitions of Theory and Theory-Building Related Concepts

Research Paper (postgraduate) from the year 2014 in the subject Business economics - General Northcentral University (School of Business and Technology Management) language: English abstract: Why theory is important for scientific investigators and business professionals? Could theorists generate theory from trial and error approach or a good theory must follow and go beyond specific virtues? Does theory necessarily require application? Eventually do business professionals practice real business problems without theory? Theory's precise nature involves a vigorous debate among social scientists academics and business professionals. The theme of the debate is embedded in different types of theory and in the scholarly views of what constitutes a good theory. In this paper we present three views on the nature and types of theory focus on the relationship between theory and research and identify theoretical directions through which research can contribute to theory.