Peer Interaction and Pioneering Organizational Form Adoption: A tale of the first two for-profit stock exchanges

Zeerim Cheung*, Robin Gustafsson, Rasmus Nykvist

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

1 Citation (Scopus)
17 Downloads (Pure)


Building on a historical case study on the first two stock exchanges to adopt the now globally dominant for-profit organizational form, the Stockholm Stock Exchange in 1993 and the Helsinki Stock Exchange in 1995, we argue that interaction among socially proximate peers contributes to pioneering organizational form adoption within an industry, particularly when such forms are introduced by established organizations. Peer interaction can induce a search for technically efficient organizational forms through the sharing of collective experiences, the establishment of collective assumptions, and a joint search for solutions. Together, these factors contribute to the legitimization of novel organizational forms in the local setting before the adoption of the first instantiation of those forms. We propose a context-sensitive multilevel model of peer-interaction-induced pioneering organizational form adoption that considers shared macro environmental drivers, idiosyncratic local environmental drivers, and peer interaction as central social mediators between the two.

Original languageEnglish
Article number01708406211024570
Pages (from-to)1223–1246
Number of pages24
JournalOrganization Studies
Issue number8
Early online date17 Jun 2021
Publication statusPublished - Aug 2022
MoE publication typeA1 Journal article-refereed


  • business history
  • comparative institutionalism
  • financial markets
  • institutional theory
  • national business systems
  • organizational change
  • organizational form


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