Overcoming ethical issues through symbolic management, cultivating proponents and storytelling: the institutionalization of Korea's horseracing industry

Abstract

This study explores how business organizations taper their ethical problems and garner positive images as a result of the managing organizational legitimacy, especially in the case of the Korea Racing Authority (KRA). KRA adopted various strategies with a full understanding of the message, 'legitimacy matters', including organizational 'repositioning' in the market from the gambling to the leisure industries. This study focuses on the three strategic elements of acquiring legitimacy in Korea's horseracing industry in order to highlight symbolic management, cultivating agents and storytelling for propounding its existence as an ethical and socially beneficial institution. The result of the KRA's acquisition of legitimacy is the reshaping of its identity and the massive growth of sales and loyal followers.