The Institutional Theory of the Firm examines recent and previous
organization theory literature to advocate what Evans (1995) refers
to as the "embedded autonomy" of the firm, as well as its role in
being simultaneously anchored in, for example, corporate
legislation and regulatory practices on the national, regional
(i.e., within the European Union) and transnational levels, while
at the same time being granted the right to operate with
significant degrees of freedom within this legal-regulatory model.
Seen in this view, the embedded autonomy of the corporation
represents a theoretical view of the corporation that complements
the market-based image of the corporation in economic theory. When
advocating the institutional theory model, three forms of embedded
autonomy are examined. First, the corporation is enacted as a legal
entity sui juris-as a freestanding "legal person" in corporate law
and within the regulatory framework that serves to enforce
legislation in everyday life settings. Second, the corporation is
embedded within what social theorists refer to as moral economies,
the norms and values that regulate what are the socially acceptable
and legitimate means for conducting business. Third and finally,
the corporation is embedded in governance, a relatively complex
economic concept that denotes legal and regulatory control on the
societal and economic system levels, and on the level of the
individual corporation. By combining the three forms of
embeddedness, sanctioned by law, norms, and governance, the
embedded autonomy of the firm is secured on the basis of a variety
of social practices and resources. This book brings together a
diverse literature including management studies, economic
sociology, legal theory, finance theory, and mainstream economic
theory to advance the argument that the corporation is best
understood as what is embedded in a social and economic context,
yet best serving its defined and stipulated ends by assuming
considerable degrees of freedom to operate in isolation from
various stakeholders. It will be of relevance for a variety of
readers, including graduate students, management scholars,
policy-makers, and management consultants interested in
organization theory and management studies.
General
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