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Information Asymmetries and the Paradox of Sustainable Business Models: Towards an Integrated Theory of Sustainable Entrepreneurship

In: Sustainable Business Models

Author

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  • Vincent Blok

    (Wageningen University)

Abstract

In this conceptual paper, the traditional conceptualization of sustainable entrepreneurship is challenged because of a fundamental tension between processes involved in sustainable development and processes involved in entrepreneurship: the concept of sustainable business models contains a paradox, because sustainability involves the reduction of information asymmetries, whereas entrepreneurship involves enhanced and secured levels of information asymmetries. We therefore propose a new and integrated theory of sustainable entrepreneurship that overcomes this paradox. The basic argument is that environmental problems have to be conceptualized as wicked problemsWicked problems or sustainability-related ecosystem failures. Because all actors involved in the entrepreneurial process are characterized by their epistemic insufficiencyEpistemic insufficiency regarding the solving of these problems, the role of information in the sustainable entrepreneurial process changes. On the one hand, the reduction of information asymmetries primarily aims to enable actors to become critical of sustainable entrepreneurs’ actual business models. On the other hand, the epistemic insufficiency of sustainable entrepreneurs guarantees that information asymmetries remain as a source of new sustainable business opportunitiesSustainable business opportunities. Three further characteristics of sustainable entrepreneurs are distinguished: sustainability and entrepreneurship-related risk-taking; sustainability and entrepreneurship-related self-efficacySelf-efficacy; and the development of satisficing and open-ended solutions, together with multiple stakeholdersStakeholders.

Suggested Citation

  • Vincent Blok, 2018. "Information Asymmetries and the Paradox of Sustainable Business Models: Towards an Integrated Theory of Sustainable Entrepreneurship," CSR, Sustainability, Ethics & Governance, in: Lars Moratis & Frans Melissen & Samuel O. Idowu (ed.), Sustainable Business Models, chapter 0, pages 203-225, Springer.
    • Handle: RePEc:spr:csrchp:978-3-319-73503-0_10
    DOI: 10.1007/978-3-319-73503-0_10
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    Cited by:

    1. Pablo Moya-Martínez & Raúl Del Pozo-Rubio, 2021. "The financing of SMEs in the Spanish tourism sector at the onset of the 2008 financial crisis: Lessons to learn?," Tourism Economics, , vol. 27(7), pages 1323-1336, November.
    2. Kimpimäki, Jaan-Pauli & Malacina, Iryna & Lähdeaho, Oskari, 2022. "Open and sustainable: An emerging frontier in innovation management?," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
    3. Rita Mura & Francesca Vicentini & Ludovico Maria Botti & Maria Vincenza Chiriacò, 2024. "Achieving the circular economy through environmental policies: Packaging strategies for more sustainable business models in the wine industry," Business Strategy and the Environment, Wiley Blackwell, vol. 33(2), pages 1497-1514, February.
    4. Michael P. Schlaile & Sophie Urmetzer & Vincent Blok & Allan Dahl Andersen & Job Timmermans & Matthias Mueller & Jan Fagerberg & Andreas Pyka, 2017. "Innovation Systems for Transformations towards Sustainability? Taking the Normative Dimension Seriously," Sustainability, MDPI, vol. 9(12), pages 1-20, December.
    5. Thomas B. Long & Vincent Blok, 2021. "Niche level investment challenges for European Green Deal financing in Europe: lessons from and for the agri-food climate transition," Palgrave Communications, Palgrave Macmillan, vol. 8(1), pages 1-9, December.

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