The emergence and early growth of new niche organisational forms in a highly regulated context: the role of regulatory architecture and analogy in the case of loan-based crowdfunding in the UK
<p>What we are now observing across a variety of economic sectors is the emergence and development of new organisational forms based on technological infrastructures, algorithms and platform-based systems. While these organisational actors offer new services and enable new practices through te...
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| Format: | Thesis |
| Language: | English |
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2023
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| _version_ | 1826313340839788544 |
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| author | Nigmatulina, K |
| author2 | Ventresca, M |
| author_facet | Ventresca, M Nigmatulina, K |
| author_sort | Nigmatulina, K |
| collection | OXFORD |
| description | <p>What we are now observing across a variety of economic sectors is the emergence and development of new organisational forms based on technological infrastructures, algorithms and platform-based systems. While these organisational actors offer new services and enable new practices through technological developments, these processes do not happen in isolation from the wider institutional context (e.g. regulation) and the underlying characteristics of these innovations are not entirely new. These observations are particularly relevant to current developments in the highly regulated financial services context, where financial technology organisations (known as FinTech) have started to co-exist with traditional, incumbent financial institutions. The general purpose of the thesis, using the arguments from theories of organisations and institutions, and on the sociology of law and legal studies, is to uncover the elements and dynamics of the emergence process and early growth stages within the wider institutional environment.</p>
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<p>The thesis is split into two main parts to research the empirical context of the UK crowdfunding market with a specific focus on the first generation of the regulated form of loan-based crowdfunding from 2004 to 2018. This organisational form became the first small, niche, innovative actors based on platform architecture that brought in different elements from financial and non-financial domains, creating a form at the intersection of financial, technological and social areas that enabled new form of lending. Therefore, the first part of the thesis extends the analysis to the era before the emergence in the UK from the 1980s through rich historical materials on the regulatory transformations of financial services to position the phenomenon of emergence within time. The second part of the thesis zooms into the emergence and early growth of loan-based crowdfunding. The main data sources for this longitudinal study are archival materials, interviews, reports, observations of the events and online sources. Hence one of my findings is the role of analogies as a certain device with cognitive elements that bring different elements into a recognisable form, maintaining a balance between novelty and tradition, between legality and illegality. My next contribution is the development of a concept of <i>collective analogising</i> that enabled the process of emergence by which different actors played certain roles in solving the indeterminacy of the product side and legal ambiguity. My aim is that the findings and models from this study of financial services clarify the similar processes in many other important societal sectors.</p> |
| first_indexed | 2024-09-25T04:11:31Z |
| format | Thesis |
| id | oxford-uuid:0813191b-61a8-41ff-b368-c86f4b41af6b |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-09-25T04:11:31Z |
| publishDate | 2023 |
| record_format | dspace |
| spelling | oxford-uuid:0813191b-61a8-41ff-b368-c86f4b41af6b2024-06-26T16:39:43ZThe emergence and early growth of new niche organisational forms in a highly regulated context: the role of regulatory architecture and analogy in the case of loan-based crowdfunding in the UKThesishttp://purl.org/coar/resource_type/c_db06uuid:0813191b-61a8-41ff-b368-c86f4b41af6bStrategy and entrepreneurshipOrganization--researchFinancial services industry--Technological innovationsEnglishHyrax Deposit2023Nigmatulina, KVentresca, MSmets, M<p>What we are now observing across a variety of economic sectors is the emergence and development of new organisational forms based on technological infrastructures, algorithms and platform-based systems. While these organisational actors offer new services and enable new practices through technological developments, these processes do not happen in isolation from the wider institutional context (e.g. regulation) and the underlying characteristics of these innovations are not entirely new. These observations are particularly relevant to current developments in the highly regulated financial services context, where financial technology organisations (known as FinTech) have started to co-exist with traditional, incumbent financial institutions. The general purpose of the thesis, using the arguments from theories of organisations and institutions, and on the sociology of law and legal studies, is to uncover the elements and dynamics of the emergence process and early growth stages within the wider institutional environment.</p> <br> <p>The thesis is split into two main parts to research the empirical context of the UK crowdfunding market with a specific focus on the first generation of the regulated form of loan-based crowdfunding from 2004 to 2018. This organisational form became the first small, niche, innovative actors based on platform architecture that brought in different elements from financial and non-financial domains, creating a form at the intersection of financial, technological and social areas that enabled new form of lending. Therefore, the first part of the thesis extends the analysis to the era before the emergence in the UK from the 1980s through rich historical materials on the regulatory transformations of financial services to position the phenomenon of emergence within time. The second part of the thesis zooms into the emergence and early growth of loan-based crowdfunding. The main data sources for this longitudinal study are archival materials, interviews, reports, observations of the events and online sources. Hence one of my findings is the role of analogies as a certain device with cognitive elements that bring different elements into a recognisable form, maintaining a balance between novelty and tradition, between legality and illegality. My next contribution is the development of a concept of <i>collective analogising</i> that enabled the process of emergence by which different actors played certain roles in solving the indeterminacy of the product side and legal ambiguity. My aim is that the findings and models from this study of financial services clarify the similar processes in many other important societal sectors.</p> |
| spellingShingle | Strategy and entrepreneurship Organization--research Financial services industry--Technological innovations Nigmatulina, K The emergence and early growth of new niche organisational forms in a highly regulated context: the role of regulatory architecture and analogy in the case of loan-based crowdfunding in the UK |
| title | The emergence and early growth of new niche organisational forms in a highly regulated context: the role of regulatory architecture and analogy in the case of loan-based crowdfunding in the UK |
| title_full | The emergence and early growth of new niche organisational forms in a highly regulated context: the role of regulatory architecture and analogy in the case of loan-based crowdfunding in the UK |
| title_fullStr | The emergence and early growth of new niche organisational forms in a highly regulated context: the role of regulatory architecture and analogy in the case of loan-based crowdfunding in the UK |
| title_full_unstemmed | The emergence and early growth of new niche organisational forms in a highly regulated context: the role of regulatory architecture and analogy in the case of loan-based crowdfunding in the UK |
| title_short | The emergence and early growth of new niche organisational forms in a highly regulated context: the role of regulatory architecture and analogy in the case of loan-based crowdfunding in the UK |
| title_sort | emergence and early growth of new niche organisational forms in a highly regulated context the role of regulatory architecture and analogy in the case of loan based crowdfunding in the uk |
| topic | Strategy and entrepreneurship Organization--research Financial services industry--Technological innovations |
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