TY - JOUR
T1 - Institutional Environment Legitimacy, Property Rights, and Institutional Arrangements
AU - Bucheli, Marcelo
AU - Kim, Minyoung
PY - 2017/1/1
Y1 - 2017/1/1
N2 - We study how changes in the perceived legitimacy of a particular political and economic environment (or institutional environment) affect the property rights of private firms and their relationships with other firms. Management literature has implicitly assumed that economic actors always accept the legitimacy of property rights and the institutional environment that defines and enforces those rights. Taking an interdisciplinary approach that combines the contributions of economic and business history, management studies, and political science, we revise this assumption and maintain the following three points: First, the legitimacy of a particular institutional environment is subject to contestation and, therefore, to change. Second, when the legitimacy of the institutional environment is under threat, the legitimacy of private firms' property rights will also be threatened. And third, when the legitimacy of the wider institutional environment and property rights regime are threatened and contested, the legitimacy of private firms' operations is also likely to be challenged.
AB - We study how changes in the perceived legitimacy of a particular political and economic environment (or institutional environment) affect the property rights of private firms and their relationships with other firms. Management literature has implicitly assumed that economic actors always accept the legitimacy of property rights and the institutional environment that defines and enforces those rights. Taking an interdisciplinary approach that combines the contributions of economic and business history, management studies, and political science, we revise this assumption and maintain the following three points: First, the legitimacy of a particular institutional environment is subject to contestation and, therefore, to change. Second, when the legitimacy of the institutional environment is under threat, the legitimacy of private firms' property rights will also be threatened. And third, when the legitimacy of the wider institutional environment and property rights regime are threatened and contested, the legitimacy of private firms' operations is also likely to be challenged.
KW - institutional environment and arrangement
KW - legitimacy
KW - property rights
U2 - 10.5465/AMBPP.2017.11618abstract
DO - 10.5465/AMBPP.2017.11618abstract
M3 - Article
SN - 2151-6561
VL - 2017
JO - Academy of Management Annual Meeting Proceedings
JF - Academy of Management Annual Meeting Proceedings
IS - 1
ER -