Narrative Dynamics of Legitimacy in Financial Markets

17 Pages Posted: 9 May 2011 Last revised: 1 Aug 2011

See all articles by Emre Tarim

Emre Tarim

Lancaster University Management School; Gothenburg Research Institute

Date Written: April 4, 2011

Abstract

This article presents a narrative analysis approach to understanding the dynamics of legitimisation in financial markets and applies this to an emerging organized equity market, the Istanbul Stock Exchange (ISE). I argue that financial markets as realms of meaning and practice are prone to be structurally incoherent. The incoherence stems from the positionality of market actors. By positionality, I refer to the actors’ position in the division of labour in market organisations and to the investors’ place in market-specific investor classifications. The article demonstrates an example of this structural incoherence in the case of the ISE by looking at legitimisation activities of brokerage houses, the media and the regulators.

Keywords: Narrative, Storytelling Organisations, Cognitive Legitimacy, Organized Financial Markets, The Istanbul Stock Exchange

JEL Classification: G10, N20

Suggested Citation

Tarim, Emre, Narrative Dynamics of Legitimacy in Financial Markets (April 4, 2011). Available at SSRN: https://ssrn.com/abstract=1832927 or http://dx.doi.org/10.2139/ssrn.1832927

Emre Tarim (Contact Author)

Lancaster University Management School ( email )

Bailrigg
Lancaster, LA1 4YX
United Kingdom

Gothenburg Research Institute ( email )

Göteborg
Sweden

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
45
Abstract Views
767
PlumX Metrics