State mediation in market emergence: Socially responsible investing in China

S. Yan, Fabrizio Ferraro

Research output: Chapter in Book/Report/Conference proceedingChapterScientific

9 Citations (Scopus)


Socially responsible investing (SRI) funds depart from mainstream finance by incorporating environmental, social, and governance considerations, but their success varies across regions. By using a historical comparative case design, we identify an empirically puzzling phenomenon in China: despite an initially favorable resource environment and the presence of socially skilled institutional entrepreneurs, SRI wanes over time in Hong Kong but survives in Mainland China where initial resource endowments and actors’ social skills were inferior. By comparing four periods of SRI development, we reveal how state sustainable development policies, a change in the institutional context, led unintentionally to a shared orientation and a public pool of resources, which sustained the SRI niche. Our paper contributes to research on market emergence, institutional change, and cultural entrepreneurship.
Original languageEnglish
Title of host publicationResearch in the sociology of organizations
Subtitle of host publicationHow institutions matter!
EditorsJ. Gehman, M. Lounsbury, R. Greenwood
Place of PublicationBingley, UK
PublisherEmerald group publishing limited
Publication statusPublished - 2016


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