“Norms guide market-oriented behaviors within organizations. More specifically, we focus on market orientation as the concrete object of these norms. If, for example, the members of an organization share the value of openness of internal communication, a specific norm related to that value is the openness of market-related internal communication. As another example, the norm of market-related responsibility of employees is a specification of the more general shared value of responsibility of the employees… The difference between values and norms is that norms guide behaviors in a specific context, whereas values represent general guidelines.”

Source: "A multiple-layer model of market-oriented organizational culture", 2000, p. 451

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Christian Homburg18

German academic 1962

Christian Homburg (1962) German academic

Source: "A multiple-layer model of market-oriented organizational culture", 2000, p. 449 ; Abstract

“Organizational culture consists of four distinguishable but interrelated components. They include shared basic values, behavioral norms, different types of artifacts, and behaviors… Values can be defined as "a conception, explicit or implicit, distinctive of an individual or characteristic of a group, of the desirable which influences the selection from available modes, means, and ends of action." Norms differ from values by a higher degree of specificity and a higher relevance for actual behaviors (Katz and Kahn 1978, p. 43). The shared values within an organization form the basis for the development of these norms, which legitimate specific behaviors. More specifically, we define norms as expectations about behavior or its results that are at least partially shared by a social group (O'Reilly 1989; Thibaut and Kelley 1959). Artifacts include stories, arrangements, rituals, and language that are created by an organization and have a strong symbolic meaning (Schein 1992; Trice and Beyer 1993). The symbolic meaning of artifacts is more important than any instrumental function (Hatch 1993). In contrast, behaviors refer to organizational behavioral patterns with an instrumental function.”

Christian Homburg (1962) German academic

Source: "A multiple-layer model of market-oriented organizational culture", 2000, p. 450

“Markets are useful instruments for organizing productive activity. But unless we want to let the market rewrite the norms that govern social institutions, we need a public debate about the moral limits of markets.”

Michael J. Sandel book Justice: What's the Right Thing to Do?

Source: Justice: What's the Right Thing to Do?

“The greater the extent of market dynamism, the greater is the positive impact of market-oriented behaviors on market performance.”

Christian Homburg (1962) German academic

Source: "A multiple-layer model of market-oriented organizational culture", 2000, p. 453

“A market is a group of buyers and sellers of a particular good or service. The buyers as a group determine the demand for the product, and the sellers as a group determine the supply of the product. Markets take many forms. Some markets are highly organized, such as the markets for many agricultural commodities. In these markets, buyers and sellers meet at a specific time and place, where an auctioneer helps set prices and arrange sales. More often, markets are less organized.”

N. Gregory Mankiw (1958) American economist

Source: Principles of Economics (1998-), Ch. 4. The Market Forces of Supply and Demand; p. 66

“Once standards of procedures and the allocation of tasks and authority become the subject of normative agreements, the cost of change greatly increased. Normative agreements constrain adaptation in at least two ways. First, they provide a justification and an organizing principle for those elements that wish to resist reorganization (i. e. they can resist in terms of a shared principle). Second, normative agreements preclude the serious consideration of many alternative responses.”

Michael T. Hannan (1943) US-American sociologist of Stanford University

Source: "The Population Ecology of Organizations," 1977, p. 931

“If assets are priced rationally, variables that are related to average returns, such as size and book-to-market equity, must proxy for sensitivity to common (shared and thus undiversifiable) risk factors in returns. The time-series regressions give direct evidence on this issue. In particular, the slopes and R2 values show whether mimicking portfolios for risk factors related to size and [book-to-market] capture shared variation in stock and bond returns not explained by other factors.”

Eugene Fama (1939) American economist and Nobel laureate in Economics

Source: Common risk factors in the returns on stocks and bonds, 1993, p. 4-5

“We shall here define the market as a set of social institutions in which a large number of commodity exchanges of a specific type regularly take place, and to some extent are facilitated and structured by those institutions. Exchange as defined above, involves contractual agreement and the exchange of property rights, and the market consists in part of mechanisms to structure, organize and legitimate these activities. Markets, in short, are organized and institutionalized exchange. Stress is placed on those market institutions, which help to both regulate and establish a consensus over prices and, more generally, to communicate information regarding products, prices, quantities, potential buyers and potential sellers.”

Geoffrey Hodgson (1946) British economist

Source: Economics and Institutions, 1988, p. 174

“Some institutions within the market are associated with exchange and contracts in an elemental sense (such as the legal system and the customs which govern the contract)… These would be present even if a formal market did not exist. Other institutions are specifically to do with the development of a market and the coordination of a large number of exchanges in an organized manner.”

Geoffrey Hodgson (1946) British economist

Source: Economics and Institutions, 1988, p. 174

“By determining law — so far as it is the subject of a specific science of law — as norm, it is delimited against nature; and science of law against natural science. But in addition to legal norms, there are other norms regulating the behavior of men to each other, that is, social norms; and the science of law is therefore not the only discipline directed toward the cognition and description of social norms. There other social norms may be called “morals.” and the discipline directed toward their cognition and description, “ethics.” So far as justice is a postulate of morals, the relationship between justice and law is included in the relationship between morals and law.”

Hans Kelsen book Pure Theory of Law

Pure Theory of Law (revised ed., 1960), 7. Moral Norms as Social Norms

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Christian Homburg18

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