The Social Construction of Market Value: Institutionalization and Learning Perspectives on Stock Market Reactions

By Edward J. Zajac, James D. Westphal. 2004

543 citations recorded by the source corpus.

Subfields: Accounting, Finance, Organizational Behavior and Human Resource Management

View Paper: https://www.semanticscholar.org/paper/44a790c35e2badfcb6b63ffaa83c25905cb84198

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Marc van Essen
2. Ioannis Ioannou
3. George Serafeim
4. Ruth V. Aguilera
5. Igor Filatotchev
6. R. Bell
7. Giovanni Gavetti
8. Vilmos F. Misangyi

In Finance

1. Ioannis Ioannou
2. George Serafeim
3. Giovanni Gavetti
4. M. Allen
5. Eunice Y. Rhee
6. Niklas Egels-Zandén
7. Royston Greenwood
8. Derek K. Oler

In Organizational Behavior and Human Resource Management

1. Igor Filatotchev
2. Marc van Essen
3. Ruth V. Aguilera
4. Srikanth Paruchuri
5. Vilmos F. Misangyi
6. J. Otten
7. M. Allen
8. Eunice Y. Rhee

Citations in the corpus

• Offsetting Illegitimacy? How Pressures from Securities Analysts Influence Incumbents in the Face of New Technologies (2012, background): “ Zajac & Westphal, 2004; Oyon, Markides,”
• Corporate Governance and Investors' Perceptions of Foreign IPO Value: An Institutional Perspective (2014, background): “Other things being equal, this would negatively affect a firm’s legitimacy in the dominant logic of shareholder value maximization (Zajac & Westphal, 2004).”
• Investor Perceptions of Financial Misconduct: The Heterogeneous Contamination of Bystander Firms (2015, methodology): “178 FebruaryAcademy of Management Journal information (e.g., stock buyback programs; Zajac & Westphal, 2004) also suggest that information leakage may occur, and thus we followed this research in examining the day before the announcement and the day of the announcement as the event period (i.e.,…”
• How do corporate governance model differences affect foreign direct investment in emerging economies? (2009, background): “The merits of such governance practices are bolstered by agency theory, which has become the dominant perspective in financial economics since the mid-1980s in the US (Zajac & Westphal, 2004).”
• Standing out from the crowd: the visibility-enhancing effects of IPO-related signals on alliance formation by entrepreneurial firms (2007, unknown): “…actions – including adopting long-term incentive plans (Westphal and Zajac, 1994, 1998), stock repurchase plans (Westphal and Zajac, 2001; Zajac and Westphal, 2004) and corporate name changes (Lee, 2001) – can enhance organizational legitimacy and reduce stakeholder uncertainty about…”
• Framing Controversial Actions: Regulatory Focus, Source Credibility, and Stock Market Reaction to Poison Pill Adoption (2014, background): “…shareholder value management results in a favorable perception by investors and a positive stock market reaction in turn (e.g., Fiss & Zajac, 2006; Zajac & Westphal, 2004), we expect firms that employ each of these framings (as opposed to no such framing) to receive a positive market reaction to…”
• Reputation, Diversification, and Organizational Explanations of Performance in Professional Service Firms (2005, background): “Here, our thesis connects with the growing interest in the social construction of markets (e.g., Zajac and Westphal 2004 ).”