Establishing Legitimacy in Emerging Markets: An Empirical Comparison of the Warsaw, Budapest, and Prague Stock Exchanges

IF 3.9 3区 管理学 Q1 PUBLIC ADMINISTRATION
Stephen S. Standifird, M. Weinstein
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引用次数: 9

Abstract

The purpose of this analysis is to investigate the influence of economic and sociological institutional constraints in determining the legitimacy of firms. This study specifically looks at the importance of regulatory and transnational institutional constraints for firms traded on the Warsaw, Budapest, and Prague stock exchanges. The results indicate that a well-regulated securities environment has a direct impact on the ability of firms to establish organizational legitimacy. We also find that, lacking local regulation, firms can increase their legitimacy by adopting international accounting standards. Thus, we find support for the assertion that both economic and sociological “solutions” to the problem of legitimacy are appropriate for firms operating in an emerging market.
在新兴市场建立合法性:华沙、布达佩斯和布拉格证券交易所的实证比较
本分析的目的是调查经济和社会制度约束在决定企业合法性方面的影响。本研究特别关注在华沙、布达佩斯和布拉格证券交易所交易的公司的监管和跨国制度约束的重要性。结果表明,监管良好的证券环境对公司建立组织合法性的能力有直接影响。我们还发现,在缺乏地方监管的情况下,企业可以通过采用国际会计准则来提高其合法性。因此,我们发现支持这样一种断言,即合法性问题的经济和社会学“解决方案”都适用于在新兴市场经营的公司。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
6.90
自引率
6.10%
发文量
22
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