“…Consequently, numerous studies in this field are driven by the idea that “[…] when trying to account for a regulator’s behavior,” we should “ look at the audience , and look at the threats ” (Carpenter 2010b, 832; italics in original ). Scholars claim that agency reputation-management strategies vary according to the number of reputational threats arising due to conflicting audience assessments vis-à-vis the agency’s end products, procedures, and performance (Carpenter 2010a; Carpenter and Krause 2012; 2015; Boon, Salomonsen, and Verhoest 2021; for a review, see Perez 2021). Potential sources of threats in risk regulation regimes (Hood, Rothstein, and Baldwin 2001; Rothstein 2003; Rothstein, Borraz, and Huber 2012) include the disparity between an agency’s policy conduct and reputation, low levels of organizational conduct (e.g., subunits fail to coordinate satisfactorily), and shifting expectations among the agency’s audiences regarding the agency or the sector within which it operates.…”