Environment Effects in Organizational Form Emergence: The Origin of Two For-Profit Stock Exchanges

Zeerim Cheung, Robin Gustafsson, Mirko Ernkvist, Rasmus Nykvist

Research output: Chapter in Book/Report/Conference proceedingConference article in proceedingsScientificpeer-review


This study sets out to advance our understanding on how organization environments induce highly embedded actors to take up new organizational forms. We conduct comparative historical study of two stock exchanges, Stockholm and Helsinki stock exchange, that became first and second in the world to take up the for-profit organizational model in 1993 and 1995 respectively. We use a large set of digitized archival data from the two settings to analyse organization environment incidents that developed in the two local settings and the organizational activities of the two stock exchanges. We found that external effects were moderated by local effects inducing organizational misfit to accumulate. Most interestingly we found that these environment-organization effects were exacerbated by peer interaction, joint exploratory work for a joint Nordic exchange, cross listings by firms, brokers starting operating at both stock exchanges, and regulatory harmonization work. This peer interaction induced analog competition and convergent guidelines for the new organizational form. Our contribution is to provide a nested model of environment effects on organization emergence and expose peer effects as previously unrecognized organization environment effects.
Original languageEnglish
Title of host publicationAcademy of Management Proceedings
PublisherAcademy of Management
Publication statusPublished - 2017
MoE publication typeA4 Conference publication
EventAcademy of Management Annual Meeting: At the Interface - Atlanta, United States
Duration: 4 Aug 20178 Aug 2017
Conference number: 77

Publication series

NameAcademy of Management Proceedings
ISSN (Electronic)2151-6561


OtherAcademy of Management Annual Meeting
Abbreviated titleAOM
Country/TerritoryUnited States


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