Scholarly Views on Theory: Its Nature, Practical Application, and Relation to World View in Business Research

Abstract

Understanding theory, its practical application, and how to select a theoretical framework for research studies is often a challenging problem for new graduate and doctoral business students. As these students explore theory use in various fields and the general academic body of knowledge, this task can become even more daunting and confusing. There does not appear to be a common definition of theory across or within different disciplines. Further, scholars disagree on the value of theory and its practical application. This paper explores the scholarly nature of theory, its application, and its relationship to world view. Examples and a discussion are provided to better help students absorb this important yet ambiguous topic.

Keywords: Theory, Practical Application, World View, Theoretical Framework

JEL Classification: M10, M30