The objective of this theoretical excursion was to articulate useful contributions to advance knowledge on the issue of whether or not ontology and epistemology as basis for theory building in business research is a scholarly dilemma or an axiom that requires elucidation. In view of this, the paper revealed background understanding of research. Also, scholar’s views were reviewed to underpin ontological and epistemological philosophy as underlying theory building. After espousing its theoretical implication the paper concludes that ontology and epistemology are axioms that complement each other to bring better understanding to the true essence of business research and not necessarily a scholarly dilemma.
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