Structuring a Theory of Moral Sentiments: Institutional and Organizational Coevolution in the Early Thrift Industry1

The authors investigate the coevolution of organizations and institu‐tions—they study how institutional definitions, rules, and expectations unfold in tandem with the organizational structures and processes that embody those institutions. The research site is the early thrift industry. Changes in thrifts' technical environment (the rise of a transient and heterogeneous population) and institutional environment (the rise of Progressivism) propelled this coevolutionary process. The coevolution of thrift organizations and institutions proceeded primarily through selection. Adaptation was constrained by both institutional factors (it was difficult to adopt a novel institutional logic) and technical factors (early thrifts were generally small, so entry and exit were easy).

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