results. Finally, some conclusions are drawn. Theoretical framework The analytical focus of legitimacy theory's institutional perspective is on social legitimacy, which refers to the acceptance of the company by its social environment, by its external constituents (see, for example, Bansal and Clelland, 2004 ; Bansal, 2005 ; Suchman, 1995 ; Zimmerman and Zeitz, 2002 ). Companies consider the expectations of various social constituents in their behaviour in order to achieve social legitimacy. Legitimacy "is a social judgment of appropriateness, acceptance, and desirability" ( Zimmerman and Zeitz, 2002 , p. 418). The importance of social legitimacy comes from the theoretical assumption that companies are embedded in the social environment in which they operate, and that their performance and expectations are affected by the environment. The company's success, even survival, is determined by this interface. The distinction between legitimacy and legitimation is important: whereas legitimacy can be considered as a "condition or status", legitimation is a process engaged in by companies to take them to such state ( Brown and Deegan, 1998 , p. 23). A process of legitimation may be engaged in by a company either to "gain or to extend legitimacy, to maintain its level of current legitimacy, or to repair or to defend its lost or threatened legitimacy" ( O'Donovan, 2002 , p. 349). Legitimacy requires a reputation that must be retained, that is, it requires a company to convince its relevant publics that its activities are congruent with their values. Issues such as industrial conflict, social and environmental