Institutionalizing Legal Consciousness: Regulation and the Embedding of Market Participants in the Securities Industry in Ghana and Fiji

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...

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Bibliographic Details
Published in:Law & society review 2004-12, Vol.38 (4), p.737-768
Main Author: Larson, Erik W.
Format: Article
Language:English
Subjects:
Administrative agencies
Brokerages
Business orders
Capital market
Commercial regulation
Economic regulation
Enforcement
Fiji
Fiji Islands
Financial intermediaries
Financial regulation
Ghana
Government Regulation
Industrial regulation
Law
Legal culture
Regulatory agencies
Rule of law
Securities industry
Securities issues
Securities regulations
Stock exchanges
Stock Markets
Surveillance
Trade
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Summary: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.
ISSN:0023-9216
1540-5893
DOI:10.1111/j.0023-9216.2004.00065.x