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Research at St Andrews

Who can start a stock exchange? Silent legitimacy, mundane materiality and the genesis of markets

Research output: Chapter in Book/Report/Conference proceedingConference contribution

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Author(s)

Philip John Roscoe, Katy Mason

School/Research organisations

Abstract

This study presents an account of the genesis and development of two stock markets established in London in 1995. It draws on elite interviews and documentary sources to explore how the founders of these markets sought to legitimize them as stable and durable venues for security trade. The study uses insights from the STS-inflected study of markets to present an account of legitimacy as embedded in taken-for-granted socio-material structures. We term this phenomenon ‘silent legitimacy’. Contributing to a nascent ‘material turn’ in institutional theory, the study argues that the markets-as-institutions literature can be strengthened through theoretical engagement with the market-studies literature and empirical attention to the mundane material dimensions of institutional fields.
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Details

Original languageEnglish
Title of host publicationProceedings of the Eightieth Annual Meeting of the Academy of Management
EditorsGuclu Antic
Volume2020
Edition1
DOIs
Publication statusPublished - 1 Aug 2020

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