Paradigm shift and diversity in finance

This study provides an overview about the paradigms and to highlight the paradigm to which finance belongs. It discusses four paradigms on the basis of their ontology, epistemology, axiology and research methodology. Rather than creating new paradigm, it explains the role of paradigms other than Positivist paradigm in Finance. 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 a helpful contribution for the finance the researcher s to follow the other approaches of other paradigms as well along with positivism paradigm and to use multi-method research designs