In the Line of Fire: European Financial Regulators before, during, and after the Crisis

Abstract

A key argument in recent theorizing on the drivers of bureaucratic behaviour is that agencies seek to establish and maintain a unique reputation. While recent years have witnessed substantial empirical support for this claim, the field lacks comparative examinations of the dynamics of reputation and its management throughout crisis periods. This article draws on a systematic media content analysis to explore the exposure and communication responses of the German, Belgian and Danish financial regulators to reputational threats before, during, and after the financial crisis. Our results point at the dynamic and context-sensitive nature of reputation management.