It shows how economic data are strategically interpreted to shape market action. This study examines four electric utility firms as they shape and respond to currents in regulatory policy. It shows how the institutional logic of regulation is socially constructed and how these constructions constitute and reconstitute the market. Interviews and documents are used to explore cognitive structures and logics of regulation. This paper extends the concept of bureaucratic politics by showing how politics works below the level of senior executives.
Managers resist rules, roles, and procedures in the pursuit of self and organizational interests.
A model of bureaucratic politics from below is elaborated with data from 77 cases. The Decline of the Specialist System on the New York Stock Exchange. Cornell University Johnson Graduate School of Management. Research on the Culture of Investment Banks. September 1987 through July 1990.