Staging Exchange Partner Choices: When Do Status and Reputation Matter?
研究企业如何分阶段选择交易伙伴：先用地位筛选潜在伙伴，再用声誉在特定地位群体中做最终选择。以2002年安达信倒闭后其客户选择新审计师为例，发现对强大市场机构的问责性影响地位选择，而行业专长和诚信声誉影响具体审计师选择。
This study models the choice of exchange partners as a staged process in which a firm first uses status to screen potential partners and then uses reputation to choose a specific firm within the chosen status bracket. We examine our model in the context of the U.S. audit industry and choices of new auditors by former clients of Arthur Andersen following its collapse in 2002. We show that accountability to powerful market institutions is an important determinant of the choice of status bracket, whereas reputations for industry expertise and business integrity are important to the choice of a particular auditor.