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Managing expectations in financial markets: voluntary accountability practices of capital market regulators in Spain and Turkey

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dc.contributor.author Apaydin, Fulya
dc.contributor.author Jordana, Jacint
dc.date.accessioned 2021-12-23T12:05:47Z
dc.date.issued 2023
dc.identifier.citation Apaydin F, Jordana J. Managing expectations in financial markets: voluntary accountability practices of capital market regulators in Spain and Turkey. Socio-Economic Review. 2023 Apr;21(2):1171-96. DOI: 10.1093/ser/mwab047
dc.identifier.issn 1475-1461
dc.identifier.uri http://hdl.handle.net/10230/52156
dc.description Includes supplementary materials for the online appendix.
dc.description.abstract In recent decades, independent regulatory agencies (IRAs) have been introduced as part of public administration reforms around the world. Unlike traditional administrative agencies, most IRAs are not accountable to the executive and their accountability relationship to the legislative tends to be weak. Nevertheless, these agencies often engage in acts of voluntary explanation and justification of their decisions to stakeholders. Based on a comparative study of financial regulation agencies, this article shows that these IRAs resort more actively to voluntary accountability when the expectations of actors interacting with the agency are at conflict. Specifically, we argue that the agency’s ability to manage expectations is shaped by the level of agency independence and the degree of organizational capacity. Our findings contribute to the existing debates by conceptualizing voluntary accountability as a mechanism for managing stakeholders’ conflicting expectations through the lens of financial regulation based on original evidence from Spain and Turkey.
dc.description.sponsorship This research has been funded by the Spanish Ministry of Economy and Business (Ministerio de Economia y Empresario-MINECO) grant no. CSO2012-39693 under the project entitled ‘The Political Economy of Regulatory Agencies: Accountability, Transparency and Effectiveness’ (AccountReg).
dc.format.mimetype application/pdf
dc.language.iso eng
dc.publisher Oxford University Press
dc.relation.ispartof Socio-Economic Review. 2023 Apr;21(2):1171-96
dc.rights © Oxford University Press. This is a pre-copyedited, author-produced version of an article accepted for publication in Socio-Economic Review following peer review. The version of record Apaydin F, Jordana J. Managing expectations in financial markets: voluntary accountability practices of capital market regulators in Spain and Turkey. Socio-Economic Review. 2023 Apr;21(2):1171-96. DOI: 10.1093/ser/mwab047 is available online at: https://academic.oup.com/ser/advance-article/doi/10.1093/ser/mwab047/6379064
dc.title Managing expectations in financial markets: voluntary accountability practices of capital market regulators in Spain and Turkey
dc.type info:eu-repo/semantics/article
dc.identifier.doi http://dx.doi.org/10.1093/ser/mwab047
dc.subject.keyword Financial markets
dc.subject.keyword Regulation
dc.subject.keyword Organizational behavior
dc.subject.keyword Public administration
dc.subject.keyword Governance
dc.relation.projectID info:eu-repo/grantAgreement/ES/3PN/CSO2012-39693
dc.rights.accessRights info:eu-repo/semantics/embargoedAccess
dc.type.version info:eu-repo/semantics/acceptedVersion
dc.embargo.liftdate 2023-10-01
dc.date.embargoEnd info:eu-repo/date/embargoEnd/2023-10-01

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