Clearing the Smoke: Regulations, Moral Legitimacy, and Performance in the U.S. Tobacco Industry
研究了1994至2010年美国各州烟草行业数据，发现监管不仅直接降低行业绩效，还通过损害道德合法性间接影响绩效，且这种中介作用仅在监管符合道德价值观时成立。
Abstract Considering recent theoretical discussions about the concept of moral legitimacy, this study advances our understanding of its performance consequences. Specifically, it uncovers the mediating role of moral legitimacy in the relationship between regulations and industry performance. Our analysis of the U.S. state-level data on regulations in a controversial industry between 1994 and 2010 yields four significant findings. The results show that regulations not only decrease performance but also negatively impact moral legitimacy. Moreover, this study provides empirical evidence that moral legitimacy is positively related to industry performance, providing much-needed direct support for this premise. Importantly, the results indicate that moral legitimacy mediates the effect of regulations on performance, but only when regulations are aligned with moral values. Overall, this study extends our understanding of how regulations influence moral legitimacy, and in turn impact industry performance.