The concept of institutionalization is widely employed but often poorl
y defined in the literature on political parties. This paper argues th
at 'institutionalization' as it is frequently used encompasses a diver
se set of meanings that are better thought of as conceptually distinct
. The paper examines two phenomena that have been widely associated wi
th institutionalization: 'value infusion' and 'behavioral routinizatio
n'. It uses the case of Peronism in Argentina, which is infused with v
alue but poorly routinized, to demonstrate that these phenomena can va
ry independently. The paper argues that the failure to make these conc
eptual distinctions may pose serious problems for causal analysis. As
an example, it shows how different conceptions of institutionalization
lead to opposing arguments about the relation between institutionaliz
ation and the capacity of parties to adapt to changing electoral and p
olicy environments. The paper then examines the distinction between fo
rmal and informal routinization with respect to political parties, arg
uing that many studies of political parties fail to incorporate inform
ally routinized behavior patterns into their conceptions of institutio
nalization.