Theoretical Foundations of Digital Entrepreneurship and Digital Accounting (Biscarra, 2023)

Theoretical Foundations of Digital Entrepreneurship and Digital

Accounting

by: Prince-Jerome S. Biscarra

Ateneo Graduate School of Business

SPFINACC – Financial Accounting

Dr. Venus C. Ibarra

September 9, 2023

1. Introduction

The rapid evolution of digital technologies has reshaped the landscape of

entrepreneurship and accounting, giving rise to new challenges and opportunities in both

domains. Digital entrepreneurship encompasses the creation and growth of innovative ventures

in the digital realm, while digital accounting involves the use of technology to manage financial

data and reporting. In this era of unprecedented digital transformation, understanding the

theoretical foundations that underpin these fields is crucial for navigating the complexities of the

modern business landscape.

1.1 Background and Context

Traditional business models and accounting practices are being revolutionized by

digitalization. The advent of the internet, cloud computing, big data analytics, and the

proliferation of mobile devices has not only altered the way entrepreneurs create and scale their

ventures but has also transformed how financial data is recorded, analyzed, and communicated.

In this context, theories in digital entrepreneurship and digital accounting serve as guiding

frameworks, helping scholars and practitioners make sense of these changes.

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1.2 Significance of the Study

This research paper aims to shed light on the theoretical foundations of digital

entrepreneurship and digital accounting and their real-world applications. It underscores the

significance of bridging theory and practice in these dynamic fields, as entrepreneurs and

accountants increasingly find themselves at the intersection of technology and business strategy.

By examining five prominent theories in each domain and providing case studies to illustrate

their practical implications, this study offers valuable insights for academics, professionals, and

policymakers.

1.3 Research Objectives and Questions

The primary objectives of this research paper are as follows:

 To explore and explain the five key theories in digital entrepreneurship and digital

accounting.

 To analyze how these theories are applied in practice through case studies of notable

companies and events.

 To investigate the interplay between theory and practice in the digital business and

financial management landscape.

 To provide practical insights and implications for digital entrepreneurs, accountants, and

decision-makers.

To achieve these objectives, the following research questions will guide our inquiry:

1. What are the foundational theories in digital entrepreneurship, and how are they relevant

to contemporary business practices?

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2. What are the theoretical underpinnings of digital accounting, and how do they impact

financial reporting and decision-making?

3. How do digital entrepreneurs and accountants apply these theories in real-world

scenarios, and what are the outcomes?

4. What challenges and opportunities arise in the convergence of theory and practice in the

digital era?

5. What can we learn from these insights, and what directions should future research and

practical applications take in the evolving landscape of digital entrepreneurship and

digital accounting?

Through the exploration of these questions and the examination of theories and case studies,

this research paper aims to contribute to a deeper understanding of the theoretical foundations

and practical implications of digital entrepreneurship and digital accounting in the 21st century

business environment.

2. Theoretical Foundations of Digital Entrepreneurship

Digital entrepreneurship is an evolving field shaped by the fusion of technology and

entrepreneurship. This research paper explores the essential theories that underpin digital

entrepreneurship, providing insights into how these theories inform the strategies and outcomes

of entrepreneurs in the digital age. We'll uncover the foundational ideas that drive innovation,

creativity, and success in today's interconnected world.

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2.1 Resource-Based View (RBV)

The Resource-Based View theory emphasizes the importance of a firm's unique bundle of

resources and capabilities as a source of competitive advantage. holds significant importance in

advancing our comprehension of decision-making in the context of digital entrepreneurship.

Specifically, RBV plays a crucial role in analyzing the organizational capabilities that connect

digital entrepreneurship to organizational performance, thereby contributing to competitive

advantage. When we apply the RBV framework to assess the capabilities of an organization

relative to competitors and suppliers within the realm of digital entrepreneurship, several key

considerations emerge.

RBV helps analyze organizational capabilities, linking them to performance and

competitive advantage. Key criteria for a resource to create a competitive advantage, as outlined

by Barney (1999), include value, rarity, imitability, and organization. Valuable, rare, and hard-

to- imitate resources can be sources of competitive advantage, but effective organization is also

vital. Traditionally, RBV focused on internal resources within an organization. However, the

extended resource-based view considers resources that span organizational boundaries. It

emphasizes the importance of managing external relationships to combine resources uniquely

and gain a competitive edge. This perspective is particularly relevant in the context of digital

entrepreneurship, highlighting the role of external partnerships, digital resources, and resource

optimization in achieving competitive advantage.

In the context of digital entrepreneurship, this theory highlights the significance of digital

technology resources, including information technology infrastructure, human IT resources, and

IT-enabled intangibles (Bharadwaj, 2000). These resources enable firms to create value and

reduce costs through the effective use of digital technologies. For instance, information

technology
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infrastructure can launch novel digital applications, and human IT resources put these

applications into use.

2.2 Transaction Cost Economics (TCE)

Transaction Cost Economics (TCE), a seminal theory developed by Ronald Coase and later

extended by Oliver E. Williamson, offers valuable insights into the realm of digital

entrepreneurship. TCE posits that organizations make decisions about whether to produce goods

and services internally or externally based on minimizing transaction costs, which encompass the

expenses associated with conducting economic activities in the marketplace (Williamson, 1979).

In the context of digital entrepreneurship, TCE remains highly relevant. Digital

technologies have significantly reduced the transaction costs traditionally associated with

economic transactions. For example, e-commerce platforms have streamlined the process of

buying and selling goods, eliminating the need for physical storefronts and reducing information

asymmetry between buyers and sellers. Additionally, blockchain technology has introduced

decentralized and trustless mechanisms for transactions, reducing reliance on intermediaries. As

a result, digital entrepreneurs can leverage these advancements to create and scale businesses

with more efficiency and lower operational costs, challenging traditional brick-and-mortar

models.

Argyres (1999) contends that information technology has the capacity to establish a

technical language, decrease the need for extensive information processing, and lower

governance expenses, ultimately enhancing coordination within the organization.

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2.3 Creative Destruction Theory

Creative Destruction Theory, often associated with Joseph Schumpeter (2008), holds

significant relevance in the context of digital entrepreneurship. This theory centers on the idea

that innovation and technological advancements continuously disrupt and reshape existing

industries, creating opportunities for entrepreneurial ventures to thrive by displacing established

players. In essence, it suggests that the process of creative destruction involves the simultaneous

creation of something new and valuable and the destruction or obsolescence of existing products,

services, or business models.

Digital entrepreneurship, as exemplified in Afuah and Tucci's (2003) creative destruction

model, leverages digital technology to remove intermediaries and enable the migration of value

in various industries. It emphasizes the transformative power of digital innovations in reshaping

markets and business models.

The Creative Destruction Theory serves as a guiding framework, highlighting the pivotal

role of entrepreneurship in identifying opportunities within rapidly changing digital landscapes,

capitalizing on them through innovation, and driving the transformation and renewal of

industries, thus demonstrating the theory's relevance in contemporary digital entrepreneurship.

2.4 Dynamic Capability Theory

Dynamic Capability Theory pertains to a firm's ability to adapt, reconfigure, and leverage

its resources and capabilities in response to changing environments. In the context of digital

entrepreneurship, dynamic capabilities are crucial for firms to effectively use digital technology

resources. Li et al. (2018) illustrates how firms can orchestrate digital technology resources to
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achieve excess returns, such as by renewing managerial cognition, accessing social capital,

building entrepreneurial teams, and developing organizational capabilities.

According to Autio et al. (2018), digital startups must possess the ability to flexibly

reconfigure their resources, stay attuned to ever-changing market dynamics, and effectively

mitigate the risks inherent in the digital market in order to successfully navigate and adapt to the

fast-paced digital economic landscape. This assertion underscores the imperative for digital

entrepreneurs to not only possess innovative products or services but also the agility to swiftly

adjust their strategies and resource allocation in response to evolving market conditions, all while

managing the unique challenges and uncertainties that characterize the digital realm.

2.5 Network Theory

Network Theory focuses on how entrepreneurs can leverage networks and relationships

in the digital ecosystem. This theory explores the interconnectedness of actors, organizations,

and resources in a networked environment. In the context of digital entrepreneurship, Network

Theory becomes especially pertinent as entrepreneurs often rely on networks to access resources,

knowledge, and support for their ventures. Digital platforms and social media networks have

transformed the way entrepreneurs connect, collaborate, and build relationships, allowing them

to tap into a vast pool of potential partners, investors, mentors, and customers.

Srinivasan and Venkatraman (2018) highlights the role of both resource networks and

module networks. Resource networks help digital entrepreneurs obtain financial and human

capital, while module networks are formed between digital entrepreneurs and digital platforms.

This theory recognizes that digital entrepreneurs need to connect with various actors and adapt to

different types of networks to thrive in the digital economy. Network theory explores how
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entrepreneurs can utilize social networks, online communities, and strategic partnerships to access

resources and support their ventures.

3. Theoretical Foundations of Digital Accounting

Numerous technological advancements within the accounting sector have given rise to

electronic platforms for conducting accounting transactions. Consequently, there has been a

profound digital transformation in the functioning of businesses, society, and culture, attributed

to the swift progression and evolution of information technologies. Accounting, being

fundamentally an information system, has undergone significant changes due to the widespread

adoption of information technology across various industries. In contemporary accounting

practices, technology finds application in areas such as e-business, data input and output

processing, cloud computing, information technology management, supply chain management

systems, forensic accounting, among others (Strauss & Quinn, 2017).

3.1 Technology Acceptance Model (TAM)

The Technology Acceptance Model (TAM) is a theory that delves into the adoption of

technology in various sectors, including accounting. Developed by Fred Davis and Richard

Bagozzi in 1989, TAM focuses on individuals' acceptance of technology and the factors that

influence it. It serves as a framework for understanding how people perceive and utilize

technology systems. In the context of accounting and other domains, TAM examines human

factors that impact technology acceptance, emphasizing perceived usefulness and ease of use as

key determinants of user attitudes and behavioral intentions. Perceived usefulness refers to users'

beliefs that a technology will enhance their performance, while perceived ease of use relates to

the degree of
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effort required to use the technology. These factors, as outlined in the TAM theory, play a crucial

role in shaping individuals' decisions to accept and use new technology (Purmamasari, 2020).

TAM has evolved over time and continues to be a valuable tool for organizations seeking

to assess and enhance technology adoption. Applying the Technology Acceptance Model (TAM)

to digital accounting involves understanding that accounting professionals and organizations will

embrace digital tools if they find them useful and easy to use. Perceived usefulness in digital

accounting means believing that digital tools will improve efficiency and accuracy in financial

processes. Perceived ease of use is crucial, as accounting professionals need user-friendly and

intuitive software to adopt digital solutions successfully. By focusing on these factors,

accounting firms and software developers can encourage greater adoption and enhance financial

operations in the digital age.

3.2 Customer Satisfaction Model (CSM)

The Customer Satisfaction Model (CSM) is a foundational theory in accounting that

explores how technology has transformed the field. CSM emphasizes the importance of customer

satisfaction, which hinges on their perception of their experiences and expectations

(Hendalianpour & JafarRazmi, 2017). Within the CSM framework, several key factors come into

play. Customer understanding is paramount, as loyal customers seek businesses that truly

comprehend their needs and values, willing to go the extra mile to meet them. Additionally,

customers often appreciate a diverse range of choices, although too many options can overwhelm

them. Personalization is crucial in CSM, with individualized attention being highly valued by

customers. Service quality plays a pivotal role, and a product is considered to provide good

service if it effectively meets customer needs and expectations (Moradi, A, & Shafiee, 2021).
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The concept of the value proposition is another significant aspect elucidated by CSM.

This proposition represents the promise that a business makes to its customers regarding the

value they can expect to derive from its products or services (Barua et al., 2018). Moreover,

word of mouth and past experiences influence customer satisfaction. Positive recommendations

can lead to higher expectations, and past experiences significantly shape customers' requirements

and expectations.

Overall, CSM helps businesses understand the criteria that drive customer satisfaction

and the changes required to meet those criteria effectively. It underscores the significance of

addressing individual customer needs and expectations to ensure a high level of satisfaction,

which, in turn, can lead to increased customer loyalty and positive word of mouth.

3.3 Blockchain and Cryptocurrency Theory

Blockchain and cryptocurrency theory, as explored in various scholarly works and

exemplified by "Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction" by

Narayanan et al. (2016), delves into the fundamental principles of emerging technologies that

have a profound impact on digital accounting. These theories encompass a range of key

concepts, including decentralized ledgers, consensus algorithms, and digital assets. In the context

of digital accounting, these theories are highly relevant and integral to understanding the

transformation of traditional accounting practices.

Decentralized ledgers, a central aspect of blockchain technology, offer a secure and

tamper- resistant means of recording financial transactions (Mougayar, 2016). By distributing

copies of the ledger across a network of nodes, blockchain ensures transparency and

immutability, reducing the risk of fraudulent activities (Tapscott & Tapscott, 2016). This

decentralization aligns with the core principles of accounting, promoting transparency and

accuracy in financial reporting.

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Consensus algorithms, such as Proof of Work (PoW) and Proof of Stake (PoS), are

critical components of blockchain systems. They establish mechanisms for validating and

confirming transactions within the network (Narayanan et al., 2016). These algorithms provide

an extra layer of assurance in digital accounting by ensuring that transactions are verified and

agreed upon by network participants before they are added to the ledger (Swan, 2015). This

enhances the reliability and trustworthiness of financial data recorded on the blockchain.

Furthermore, digital assets, including cryptocurrencies like Bitcoin, introduce a new class

of financial instruments. These digital assets have intrinsic value and are traded in digital

markets. In the realm of digital accounting, it becomes essential to account for these assets,

understand their valuation, and track their movements accurately (Mougayar, 2016). The

accounting treatment of digital assets raises novel challenges and opportunities, necessitating the

development of accounting standards and practices tailored to this emerging asset class.

In summary, blockchain and cryptocurrency theory provides a solid foundation for

comprehending the relevance of these technologies in the field of digital accounting. These

theories emphasize the importance of decentralized ledgers for transparency, consensus

algorithms for trust, and digital assets for financial reporting (Narayanan et al., 2016). By

integrating these theories into digital accounting practices, professionals can harness the benefits

of blockchain and cryptocurrencies while navigating the unique challenges they present in the

world of finance and accounting.

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3.4 Accounting Information Systems (AIS)

Accounting Information Systems (AIS) is a critical and evolving field that serves as the

intersection between accounting theory and information systems. It plays a pivotal role in the

design, implementation, and management of digital accounting systems. AIS leverages

technology to enhance the accounting process, making it more efficient, accurate, and adaptable

to the dynamic demands of modern business environments.

The fusion of accounting theory and information systems within AIS is a compelling

synergy. It draws from established accounting principles, such as the Generally Accepted

Accounting Principles (GAAP), to ensure that financial data is recorded, processed, and reported

in compliance with regulatory standards (Romney & Steinbart, 2021). This integration is

essential for maintaining the integrity of financial information and facilitating sound decision-

making.

Furthermore, AIS incorporates advanced information system concepts to streamline

accounting workflows. It harnesses the power of databases, data analytics, and automation to

capture, store, and process financial data in real-time (Hall, 2019). These digital accounting

systems reduce manual errors, enhance data accuracy, and accelerate the reporting process. In

addition, AIS enables better control and security of financial data, safeguarding against fraud and

unauthorized access (Hiltunen & Seppänen, 2017).

Moreover, AIS facilitates the seamless integration of financial information across various

business functions. This interconnectedness allows for a holistic view of an organization's

financial health, enabling timely strategic decisions. It also supports the integration of data from

external sources, such as suppliers and customers, into the accounting process, enabling a more

comprehensive understanding of the business ecosystem (Romney & Steinbart, 2021).

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In conclusion, Accounting Information Systems (AIS) is a pivotal field that harmonizes

accounting theory with information systems to create robust and efficient digital accounting

systems. This convergence ensures compliance with accounting standards, enhances data

accuracy, improves data security, and promotes integrated decision-making. As businesses

increasingly rely on digital tools to manage their financial information, AIS continues to evolve,

playing a vital role in the modern accounting landscape (Romney & Steinbart, 2021).

3.5 Cloud Computing and Remote Work Theory

The theory of cloud computing and remote work in digital accounting proposes that the

adoption of cloud-based accounting systems offers significant advantages for modern

organizations. Cloud computing, characterized by its scalable and on-demand nature, allows for

the storage and processing of financial data on remote servers accessed via the internet

(Armbrust et al., 2010). This technology has reshaped the landscape of accounting by enabling

secure and remote access to financial data, thus facilitating collaborative work among

geographically dispersed accounting teams. Cloud-based accounting systems have become

increasingly popular as they empower accountants and financial professionals to work from

anywhere, breaking down the constraints of physical office locations. This, in turn, contributes to

greater flexibility and resilience in accounting operations, especially in an era where remote

work has become the norm (Ali et al., 2020).

One of the primary benefits of cloud-based accounting systems is the ease with which

multiple users can access and collaborate on financial data in real-time. This has a profound

impact on the efficiency of accounting processes. Team members from different locations can

simultaneously work on financial reports, audits, or reconciliations, eliminating the delays

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associated with physical document transfers (Bhatia et al., 2021). Moreover, cloud computing

offers enhanced data security measures, ensuring that sensitive financial information remains

protected even when accessed remotely. Data encryption, multi-factor authentication, and regular

backups are some of the security features integrated into cloud-based systems (Sharma & Sahu,

2020).

The theory's emphasis on flexibility and resilience is particularly relevant in today's

dynamic business environment. By leveraging cloud-based accounting tools, organizations can

quickly adapt to unforeseen challenges such as natural disasters, pandemics, or sudden shifts in

market conditions. The ability to continue accounting operations from any location with an

internet connection enhances business continuity and minimizes disruptions. Additionally, cloud-

based accounting systems often offer scalability options, allowing organizations to adjust

resources as needed, further contributing to flexibility and cost-efficiency (Hernández et al.,

2019).

In conclusion, the theory of cloud computing and remote work in digital accounting

underscores the transformative potential of cloud-based accounting systems. By enabling remote

access to financial data and fostering collaboration among dispersed teams, these systems

promote flexibility and resilience in accounting operations. The adoption of cloud technology not

only enhances efficiency and data security but also positions organizations to thrive in an

increasingly remote and dynamic work environment.

Summary and Conclusion

The rapid evolution of digital technologies has fundamentally reshaped both

entrepreneurship and accounting. Understanding the theoretical foundations is crucial in

navigating this digital transformation. In digital entrepreneurship, key theories include Resource-
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Based View, Transaction Cost Economics, Creative Destruction Theory, Dynamic Capability

Theory, and Network Theory, emphasizing resource management, innovation, adaptability, and

networking. Digital accounting relies on theories like Technology Acceptance Model, Customer

Satisfaction Model, Blockchain and Cryptocurrency Theory, Accounting Information Systems,

and Cloud Computing and Remote Work Theory, focusing on technology adoption, customer

satisfaction, data security, and efficient information systems. To thrive in the digital era,

continuous learning, collaboration, data security, remote work adoption, customer-centricity, and

innovation are recommended strategies for entrepreneurs and accountants alike. Understanding

and applying these theories empowers organizations to harness digital technology's potential for

innovation, efficiency, and sustainable growth.

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