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Research on institutional change has flourished ever since the debate on agency and structure has moved away from the previously uncompromising positions in which either agency or structure was emphasized. A conceptual compromise is sought here in a focus on the processes of institutionalization, which allows one to move beyond the idea that institutions are mere mental constructs or the point of view that behavior is the mere reproduction of institutional patterns. Contributing to an understanding of the processes of institutional change, this paper analyzes institutional change as instigated by tensions, triggered by agents’ discrepancies berween concrete institutional settings and the socio-economic values these are to represent. The Social Value Nexus that is presented introduces an emphasis on the perceived legitimacy of institutions. Describing (types of) tensions berween socio-cultural values and …