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Institutionalizing Legal Consciousness: Regulation and the Embedding of Market Participants in the Securities Industry in Ghana and Fiji
Author(s) -
Larson Erik W.
Publication year - 2004
Publication title -
law and society review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.867
H-Index - 74
eISSN - 1540-5893
pISSN - 0023-9216
DOI - 10.1111/j.0023-9216.2004.00065.x
Subject(s) - principle of legality , agency (philosophy) , institutionalisation , enforcement , action (physics) , process (computing) , audit , consciousness , field (mathematics) , law and economics , business , law , public relations , sociology , accounting , political science , psychology , social science , physics , mathematics , quantum mechanics , neuroscience , computer science , pure mathematics , operating system
How do differences in the implementation of regulation impact market behavior? I propose a theoretical framework to understand this impact as part of the process of embedding market participants through the institutionalization of legal consciousness within a field of action. I use this framework to understand the impact of the difference in the implementation of securities regulation in Ghana and Fiji. In Fiji, where the regulatory agency is more present and process‐oriented, brokers operate with a greater orientation toward formal rules. In Ghana, where the regulatory agency is distant and auditing, brokers rely on explicit enforcement of floor‐based norms. Conceiving of legal consciousness as an emergent feature of a field of social action advances the understanding of how legality is institutionalized, since the emergent structure shapes the orientations, behavior, and relations of actors within the field.