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Banking on Illegitimacy: Logics, Disapprobation and Inter-Organizational Relationships in the Post-Crisis Finance Industry (2007-2011)

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Banking on Illegitimacy: Logics, Disapprobation and Inter-Organizational Relationships in the Post-Crisis Finance Industry (2007-2011) Banking on illegitimacy : Logics, disapprobation and inter-organizational relationships in the post-crisis finance industry (2007-2011) Thomas Roulet To cite this version: Thomas Roulet. Banking on illegitimacy : Logics, disapprobation and inter-organizational relation- ships in the post-crisis finance industry (2007-2011). Business administration. HEC, 2013. English. NNT : 2013EHEC0005. tel-01333841 HAL Id: tel-01333841 https://pastel.archives-ouvertes.fr/tel-01333841 Submitted on 20 Jun 2016 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. ! ! ! ! ECOLE DES HAUTES ETUDES COMMERCIALES DE PARIS Ecole Doctorale « Sciences du Management/GODI »- ED 533 Gestion Organisation Décision Information Banking on illegitimacy: Logics, disapprobation and inter-organizational relationships in the post-crisis finance industry (2007-2011) THESE présentée et soutenue publiquement le 19 Juin 2013 en vue de l’obtention du DOCTORAT EN SCIENCES DE GESTION Par Thomas ROULET JURY Président: Monsieur Bernard LECA Professeur des Universités Université de Lille 1- Institut d’Administration des Entreprises de Lille- France Co-Directeurs de Recherche : Monsieur Bernard GARRETTE Professeur HDR HEC Paris – France Madame Kristina DAHLIN Professeur Associée HEC Paris – France Rapporteurs : Monsieur Eric ABRAHAMSON Professeur Columbia University New-York- USA Monsieur Marc VENTRESCA Professeur University of Oxford- UK Suffragants : Monsieur Jean-Pierre HELFER Professeur des Universités Université Paris 1- Panthéon Sorbonne Institut d’Administration des Entreprises- France Monsieur Rodolphe DURAND Professeur HDR HEC Paris- France 1 ! ! ! Ecole des Hautes Etudes Commerciales Le Groupe HEC Paris n’entend donner aucune approbation ni improbation aux opinions émises dans les thèses ; ces opinions doivent être considérées comme propres à leurs auteurs. 2 Table of Contents _______________________________________________ Table of Contents ......................................................................................................... 3 Table of Figures ............................................................................................................ 7 Acknowledgment .......................................................................................................... 9 Résumé général en français ....................................................................................... 11 Description du contexte empirique : l’industrie de la banque d’investissement ............. 14 Une brève histoire de la syndication et de l’industrie de la banque d’investissement .............. 14 L’émergence de la logique de maximisation de la valeur actionnariale ................................... 16 Résumé du premier essai : Contradiction institutionnelle et diffusion de la stigmatisation de l’industrie financière ................................................................................................... 17 Résumé du second essai : Comment la désapprobation des banques signale leur proximité avec une logique de champ ............................................................................. 20 Résumé du troisième essai : Théoriser les interactions visant à rejeter la responsabilité sur ses pairs ...................................................................................................................... 24 Extended Abstract ..................................................................................................... 28 Introduction ................................................................................................................ 31 Chapter 1 .................................................................................................................... 33 THEORETICAL OVERVIEW ........................................................................................ 34 Defining legitimacy ......................................................................................................... 34 Why focusing on illegitimacy? ........................................................................................ 36 Exploring the concept of organizational illegitimacy ...................................................... 36 The intuition regarding the benefits of illegitimacy ........................................................ 38 General research gap and theoretical approaches ............................................................ 39 General research question ................................................................................................ 40 EMPIRICAL CONTEXT: THE INVESTMENT BANKING INDUSTRY ................. 41 A brief history of syndication and the investment banking industry ............................... 42 3 The rise of the shareholder-value maximization logic ..................................................... 43 What good is Wall Street? ............................................................................................... 44 THESIS OVERVIEW ........................................................................................................ 45 Chapter 2 .................................................................................................................... 49 THEORETICAL BACKGROUND .................................................................................. 53 Organizational stigma ...................................................................................................... 54 Norm violation and industry-level logics ........................................................................ 56 Stigma resulting from institutional contradiction ............................................................ 57 RESEARCH SETTING: THE STIGMA OVER THE FINANCE INDUSTRY .......... 59 The rise of dominant industry-level logics in the investment banking industry .............. 59 The disapprobation of the U.S. investment banking industry ......................................... 60 METHODS, DATA COLLECTION, AND ANALYSIS ................................................ 62 Data collection ................................................................................................................. 63 Analysis ........................................................................................................................... 64 Methodological issues ..................................................................................................... 65 FINDINGS .......................................................................................................................... 66 Contextual elements ......................................................................................................... 66 Rhetorical strategies ......................................................................................................... 70 Field-level logics and stigmatized behaviors ................................................................... 72 DISCUSSION AND CONCLUSION ............................................................................... 76 Chapter 3 .................................................................................................................... 80 INTRODUCTION .............................................................................................................. 81 THEORETICAL FRAMEWORK ................................................................................... 85 Industry-level logics and recipes ..................................................................................... 85 Resistant logic as a source of stigma ............................................................................... 86 Stigma and disapproval .................................................................................................... 87 Industry-level logics and status ....................................................................................... 89 The impact of disapproval on status in the context of resistant logic .............................. 90 4 EMPIRICAL SETTING AND HYPOTHESIS TESTING ............................................ 92 Institutional contradiction and the investment banking industry ..................................... 92 Media and the portrayal of an industry-level logic .......................................................... 94 Hypothesis formulation ................................................................................................... 96 Method ............................................................................................................................. 98 Independent variable: measuring perceived proximity to a disapproved logic ............. 101 Control variables ............................................................................................................ 105 Selection bias and endogeneity issues ........................................................................... 107 RESULTS ......................................................................................................................... 110 DISCUSSION AND CONCLUSION
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