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Why are elite jewelers reluctant to sell turquoise, despite strong demand? Why did leading investment bankers shun junk bonds for years, despite potential profits? Status Signals is the first major sociological examination of how concerns about status affect market competition. Starting from the basic premise that status pervades the ties producers form in the marketplace, Joel Podolny shows how anxieties about status influence whom a producer does (or does not) accept as a partner, the price a producer can charge, the ease with which a producer enters a market, how the producer's inventions are received, and, ultimately, the market segments the producer can (and should) enter. To achieve desired status, firms must offer more than strong past performance and product quality--they must also send out and manage social and cultural signals. Through detailed analyses of market competition across a broad array of industries--including investment banking, wine, semiconductors, shipping, and venture capital--Podolny demonstrates the pervasive impact of status. Along the way, he shows how corporate strategists, tempted by the profits of a market that would negatively affect their status, consider not only whether to enter the market but also whether they can alter the public's perception of the market. Podolny also examines the different ways in which a firm can have status. Wal-Mart, for example, has low status among the rich as a place to shop, but high status among the rich as a place to invest. Status Signals provides a systematic understanding of market dynamics that have--until now--not been fully appreciated.

This paper examines how a producer's status in the market influences its choices about product quality, and the outcomes that result. We compare economic models of reputation that emphasize the role of past quality as a source of information about current quality with sociological models of status that emphasize the role of affiliations. We test hypotheses about the complementary effects of status and reputation in an analysis of more than 10,000 affiliation decisions made by 595 wineries over a 10-year period. Results show that actors occupying high-status positions obtain greater benefit from subsequent high-status affiliations than do actors occupying low-status positions. As such, these actors are more willing and able to pay for subsequent high-status affiliations and to use them to advance their position in the larger status ordering.

Initial sociological interest in network forms of organization was motivated in part by a critique of economic views of organization. Sociologists sought to highlight the prevalence and functionality of organizational forms that could not be classified as markets or hierarchies. As a result of this work, we now know that network forms of organization foster learning, represent a mechanism for the attainment of status or legitimacy, provide a variety of economic benefits, facilitate the management of resource dependencies, and provide considerable autonomy for employees. However, as sociologists move away from critiquing what are now somewhat outdated economic views, they need to balance the exclusive focus on prevalence and functionality with attention to constraint and dysfunctionality. The authors review work that has laid a foundation for this broader focus and suggest analytical concerns that should guide this literature as it moves forward.

Status has become an increasingly influential concept in the fields of organizational and economic sociology during the past two decades. Research in this area has not only helped explain behavior within and between organizations, but has also contributed to our understanding of status processes more generally. In this review, we point to the contributions of this field in terms of the determinants of status, the effects of status, and the mechanisms by which these effects are produced. We next appraise the way in which a network approach has contributed to our formal understanding of status positions and status hierarchies. We then highlight recent studies that demonstrate the value of studying the structures of status hierarchies themselves rather than focusing solely on the actors within them. After suggesting potential directions for future research, we conclude by calling for renewed efforts to translate concepts and theories across levels of analysis and substantive commitment in order to build more general theories of status processes.