Abstract
The basic purpose of the current paper is to provide an overview about the paradigms and to highlight the paradigm to which finance
belongs. It discusses four paradigms i.e. functionalist or positivist, post-positivist, interpretive and pragmatic paradigm in detail and
differences that exists between all paradigms on the basis of their ontology (nature of reality), epistemology (view about knowledge),
axiology (researcher’s value addition) and research methodology (research methods). The purpose of this paper is not to create a
new paradigm rather it explains the role of other paradigms along with the positivist paradigm in Finance. Furthermore, it discusses
the merits and weaknesses of all paradigms. It concludes that positivist paradigm must adopt the tools of other paradigms to gain
more and to enhance its ability to contribute more to the world knowledge. This study will be helpful contribution for the finance
researcher to follow the other approaches of other paradigms as well along with positivism paradigm and to use multi method
research designs.
Fatima Sultana, Anwar Hussain. (2019) Paradigm Shift and Diversity in Finance, Paradigms , Vol 13, Issue 2.
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