Legitimacy Theory in Financial Decision-Making Contexts
将心理学和社会学中的合法性理论引入会计学，探讨其在投资决策中的应用，并实验验证公司合法性如何随时间动态变化，为理解投资者多维期望提供新视角。
ABSTRACT In this paper, we examine legitimacy theory, a well-established framework within psychology and sociology, and introduce it to accounting academics through an exploration of its prior uses in other fields, its potential implications for investment decision-making, and a targeted experimental application. Legitimacy theory posits that individuals respond to a multilevel evaluation of the legitimacy of an entity or system. Based on their simultaneous appraisals of the overall societal benefit and the appropriateness of specific actions undertaken, individuals choose support or opposition. Applied to an investment setting, this framework provides insight into the multidimensional expectations of investors. In addition to covering the existing state of the theory, our study also extends it by exploring how a company’s legitimacy (or lack thereof) may change over time, suggestive of a dynamic aspect of the framework. We conclude with suggestions for future applications of the theory. Data Availability: Data are available from the authors. JEL Classifications: E22; G11; G41.