A Study on the Legitimation Strategy of Listed Internet Finance Enterprises in China——From the Perspectives of Organizational Imprinting and Institutional Entrepreneurship

Abstract

Abstract: Innovation is the foundation of enterprises’ survival, and innovations accepted by theh market has become a driving force for sustainable development. Form the theoretical perspectives of organizational imprinting and institutional entrepreneurship, this paper analyzes the factors affecting the legitimation strategy of Chinese listed Internet finance enterprises, explores the relationship between legitimation strategic choice and performance. We collect business data and conduct a content analysis of authoritative media reports of 111 Chinese listed Internet finance enterprises from 2014 to 2017, and test all the hypotheses by multiple regression analysis of panel data. The findings show that industry experience has a significant positive impact on legitimation strategy and corporate performance; legitimation strategies, i.e., the conformance strategy and manipulation strategy, play a partial mediating role; and legal environment negatively moderates the relationship between industry experience and performance, and between conformance strategy and performance. By integrating organizational imprinting, legitimation strategy and organizational performance, this paper not only extends the research on organizational legitimacy as the core issue of institutional theory, but also emphasizes the significance of historical consciousness in exploring organizational change. Besides, this paper provides theoretical guidance for the practice of Internet finance in China.

Key words: organizational imprinting, institutional entrepreneurship, legitimation strategy, Internet finance enterprises

Zhu Rong, Cao Liqing, Zhao Jiaxin. A Study on the Legitimation Strategy of Listed Internet Finance Enterprises in China——From the Perspectives of Organizational Imprinting and Institutional Entrepreneurship[J]. Management Review, 2022, 34(10): 235-244.

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