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Are Compliance Costs Arising From Capital Markets Regulations in Turkey Actually that High to Hinder IPOs?

Saim Kilic, Ali Alp and Onder Kaymaz

Istanbul Stock Exchange Review, 2009, vol. 11, issue 41, 1-24

Abstract: In this study, the costs arising from compliance with the disclosure and reporting obligations in the Capital Markets Regulations of 610 public companies registered at the Capital Markets Board, have been measured by exploiting the Standard Cost Model which is an internationally recognized approach. 335 of these public companies are the listed ones whose stocks are traded in the stock exchange, and the resting 275 companies are the non-listed ones whose stocks are not traded in the stock exchange market. Accordingly, as for the year 2007, the average compliance cost per public company has been estimated to be 254 thousand Turkish lira for the listed companies and 20 thousand Turkish lira for the non-listed companies. When the results of the study are evaluated together with the other findings, the assertion suggesting that costs arising in compliance with capital markets regulations, compliance costs, constitute an obstacle for the companies that are willing to go public is shown to be invalid.

Keywords: Capital Market Regulations; Public Companies; Regulation Costs; Standard Cost Model; Compliance Costs (search for similar items in EconPapers)
Date: 2009
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Handle: RePEc:bor:iserev:v:11:y:2009:i:41:p:1-24