Other Unpublished Work | 2011

Height Taken but Worth Unknown: Valuation as an Institutional Process

by R. Daniel Wadhwani and Mukti Khaire

Abstract

Drawing on research from organizational studies, sociology, history, and anthropology, we develop a framework for understanding valuation as an institutional process in markets. We posit that three institutional elements—categories, criteria, and standards—are integral to the interpretive process of value construction that is in turn shaped by recursive interactions among actors, texts, and the social, cultural, and historical contexts that constitute markets. We also examine the conditions under which such institutions are subject to change by entrepreneurs. The paper contributes to institutional and organizational literature by theorizing how institutions shape perceptions of value and providing a framework for understanding variations in the organization of value in different markets.

Keywords: Interactive Communication; Markets; Standards; Situation or Environment; Perception; Valuation;

Citation:

Wadhwani, R. Daniel, and Mukti Khaire. "Height Taken but Worth Unknown: Valuation as an Institutional Process." 2011.