This article explores the social processes that produce penalties for illegitimate role performance. It is proposed that such penalties are illuminated in markets that are significantly mediated by product critics. In particular, it is argued that failure to gain reviews by the critics who specialize in a product's intended category reflects confusion over the product's identity and that such illegitimacy should depress demand. The validity of this assertion is tested among public American firms in the stock market over the years 1985–94. It is shown that the stock price of an American firm was discounted to the extent that the firm was not covered by the securities analysts who specialized in its industries. This analysis holds implications for the study of role conformity in both market and nonmarket settings and adds sociological insight to the recent “behavioral” critique of the prevailing “efficient‐market” perspective on capital markets.

/pdf/the-categorical-imperative-securities-analysts-and-the-3k102birlq.pdf

The Categorical Imperative: Securities Analysts and the Illegitimacy Discount

What makes organizations so similar? We contend that the engine of rationalization and bureaucratization has moved from the competitive marketplace to the state and the professions. Once a set of organizations emerges as a field, a paradox arises: rational actors make their organizations increasingly similar as they try to change them. We describe three isomorphic processes-coercive, mimetic, and normative—leading to this outcome. We then specify hypotheses about the impact of resource centralization and dependency, goal ambiguity and technical uncertainty, and professionalization and structuration on isomorphic change. Finally, we suggest implications for theories of organizations and social change.

The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields (Chinese Translation)

As well as review the literature on the notion of institutional entrepreneurship introduced by Paul DiMaggio in 1988, we propose a model of the process of institutional entrepreneurship We first present theoretical and definitional issues associated with the concept and propose a conceptual account of institutional entrepreneurship that helps to accommodate them We then present the different phases of the process of institutional entrepreneurship from the emergence of institutional entrepreneurs to their implementation of change Finally, we highlight future directions for research on institutional entrepreneurship, and conclude with a discussion of its role in strengthening institutional theory as well as, more broadly, the field of organization studies

/pdf/how-actors-change-institutions-towards-a-theory-of-157mc7o554.pdf

How actors change institutions : Towards a theory of institutional entrepreneurship

In this study, we address the topic of interorganizational network change by exploring factors that affect the choice of alliance and interlock partners. While many studies have been devoted to investigating various factors driving network partner choice, there is also an interesting and unexplored tension in this body of work. On the one hand, much work emphasizes change in social structure--showing that firms expand networks by forming new relationships with new partners. At the same time, other scholars emphasize stability of social structure--showing that firms tend to choose past exchange partners. We seek to reconcile this tension by proposing that firms form new relationships with new partners as a form of exploration, and form additional relationships with existing partners as a form of exploitation (March 1991). Further, whether exploration or exploitation is chosen depends on the type of uncertainty that firms are facing: whether it is firm-specific or market-level uncertainty. We test our hypotheses using data on both interlock and alliance networks for the 300 largest U.S. firms during the 1988-1993 period. The results provide some evidence that whether networks are stable or changing depends on the type of uncertainty experienced by firms.

Friends or Strangers? Firm-Specific Uncertainty, Market Uncertainty, and Network Partner Selection

This article aims to reestablish the long‐standing conjecture that conformity is high at the middle and low at either end of a status order. On a theoretical level, the article clarifies the basis for expecting such an inverted \documentclass{aastex} \usepackage{amsbsy} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{bm} \usepackage{mathrsfs} \usepackage{pifont} \usepackage{stmaryrd} \usepackage{textcomp} \usepackage{portland,xspace} \usepackage{amsmath,amsxtra} \usepackage[OT2,OT1]{fontenc} \newcommand\cyr{ \renewcommand\rmdefault{wncyr} \renewcommand\sfdefault{wncyss} \renewcommand\encodingdefault{OT2} \normalfont \selectfont} \DeclareTextFontCommand{\textcyr}{\cyr} \pagestyle{empty} \DeclareMathSizes{10}{9}{7}{6} \begin{document} \landscape $\textsf{U}$\end{document} ‐shaped curve, taking care to specify key scope conditions on the social‐psychological orientations of the actors, the characteristics of the status structure, and the nature of the relevant actions. It also validates the conjecture...

/pdf/middle-status-conformity-theoretical-restatement-and-2w3c8qgarr.pdf

Middle‐Status Conformity: Theoretical Restatement and Empirical Demonstration in Two Markets1

The authors analyze the coercive and mimetic conditions leading to the establishment of investor relations departments among Fortune 500 industrial firms during the 1984-1994 period. The results show that antimanagement resolutions brought to a vote by social movement activists significantly contributed to the establishment of investor relations departments. Intense scrutiny by financial analysts also impelled firms to create such departments. Whereas social movement activists framed shareholder rights as a problem and compelled organizations to uphold them, professional analysts subtly coerced organizations to signal their commitment to investor rights by creating boundary-spanning structures. That solution was transmitted through board interlocks to other organizations.

Institutional Sources of Boundary-Spanning Structures: the Establishment of Investor Relations Departments in the Fortune 500 Industrials

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Institutional Sources of Boundary-Spanning Structures: the Establishment of Investor Relations Departments in the Fortune 500 Industrials