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Business as usual in Financial Markets? The creation of incommensurables as institutional maintenance work

Author

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  • Hélène Rainelli Weiss

    (LARGE - Laboratoire de recherche en gestion et économie - Université Louis Pasteur - Strasbourg I - Université Robert Schuman - Strasbourg III)

  • Isabelle Huault

    (DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper aims to contribute to the literature on "institutional maintenance work". Focusing on the institutional disruption resulting from a regulatory project of market rationalisation, it enriches the description and analysis of the specific institutional maintenance work performed by powerful actors who engage in resistance against what they perceive as a threat to their discretion. Built on an in-depth qualitative study, our case concerns an attempt to change the form of over-the-counter markets as part of a recent financial reform. The paper contributes to the expanding literature on the maintenance of institutions by suggesting, in particular, that the creation of incommensurables should be added to the list of strategies available to powerful incumbents seeking to resist institutional change. Bridging the gap between the literatures on institutional maintenance and commensuration, it also demonstrates that specific institutional changes can usefully be understood as changes in commensuration systems. This innovatively suggests the existence of degrees of commensuration and calls for a finer-grained understanding of the institutional work required to maintain institutions in a context where the degree of commensuration experienced by a field or a market threatens to increase under coercive pressure.

Suggested Citation

  • Hélène Rainelli Weiss & Isabelle Huault, 2016. "Business as usual in Financial Markets? The creation of incommensurables as institutional maintenance work," Post-Print hal-01275254, HAL.
    • Handle: RePEc:hal:journl:hal-01275254
    Note: View the original document on HAL open archive server: https://hal.science/hal-01275254
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    References listed on IDEAS

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    Cited by:

    1. Styhre Alexander, 2018. "The Making of the Shareholder Primacy Governance Model: Price Theory, the Law and Economics School, and Corporate Law Retrenchment Advocacy," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 8(3), pages 1-31, December.
    2. Hélène Rainelli & Hélène Rainelli-Weiss, 2019. "Recherche en finance : quand la performativité invite à la réflexivité," Post-Print halshs-02025011, HAL.
    3. Styhre, Alexander & Szczepanska, Anna Maria & Remneland-Wikhamn, Björn, 2018. "Consecrating video games as cultural artifacts: Intellectual legitimation as a source of industry renewal," Scandinavian Journal of Management, Elsevier, vol. 34(1), pages 22-28.
    4. Dunne, Neil J. & Brennan, Niamh M. & Kirwan, Collette E., 2023. "How the Big Four maintain and defend logic equilibrium at concurrent performances," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 94(C).
    5. Nicola Mountford & Susi Geiger, 2021. "Markets and institutional fields: foundational concepts and a research agenda," AMS Review, Springer;Academy of Marketing Science, vol. 11(3), pages 290-303, December.

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