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STOCK EXCHANGE REGULATIONS AND ENTREPRENEURSHIP

Year 2021, Volume: 5 Issue: Özel Sayı 1, 75 - 85, 01.03.2021

Abstract

Access to not official flows but foreign savings and interbank transfers for debt to private sectors play an important role in obtaining financing through the capital market. Achieving these goals is very difficult. Thus today, due to the small size and relatively transparency of developing market financial firms, bank loans are commonly to sustain the preferred form of funds instead of bond issuance. An approach to capital market development is likely to include new forms of regulation to regulate securities and a participatory approach to assist International Financial Institutions in structuring and credit improvements.
Providing financing through the local capital market, which is one of the most effective forms of capital increase, is a method that brings together businesses in need and individual investors who desire to contribute, and provides various opportunities to secure financing. The local capital market offers various incentives to the entrepreneur when investing in an entrepreneurial company and entrepreneurship facilities, and allows a large number of investors to own a small amount of shares. Although this method of raising capital is not yet suitable for all existing investors; it can be a viable option for enterprises looking for venture capital or traditional bank financing alternatives such as stock exchange bonds.

References

  • Acemoglu, D., & Verdier, T. (2000). The choice between market failures and corruption. American Economic Review, 90(1), 194-211.
  • Adler-Milstein, J., Ronchi, E., Cohen, G. R., Winn, L. A. P., & Jha, A. K. (2014). Benchmarking health IT among OECD countries: better data for better policy. Journal of the American Medical Informatics Association, 21(1), 111-116.
  • Aghion, P., Blundell, R., Griffith, R., Howitt, P., & Prantl, S. (2009). The effects of entry on incumbent innovation and productivity. The Review of Economics and Statistics, 91(1), 20-32.
  • Ahmad, I. (2011). Badan Kredit Desa; Lembaga Keuangan Mikro yang Terlupakan.
  • Ahmed, S. M., Chowdhury, M., & Bhuiya, A. (2001). Micro-credit and emotional well-being: experience of poor rural women from Matlab, Bangladesh. WorldDevelopment, 29(11), 1957-1966.
  • Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: the role of local financial markets. Journal of International Economics, 64(1), 89-112.
  • Antunes, A. R., & Cavalcanti, T. V. D. V. (2007). Start up costs, limited enforcement, and the hidden economy. European Economic Review, 51(1), 203-224.
  • Bach, D., & Newman, A. L. (2007). The European regulatory state and global public policy: micro-institutions, macro-influence. Journal of European Public Policy, 14(6), 827-846.
  • Broome, A., Homolar, A., & Kranke, M. (2018). Bad science: International organizations and the indirect power of global benchmarking. European Journal of International Relations, 24(3), 514-539.
  • Calomiris, C. W., & Haber, S. H. (2015). Fragile by design: The political origins of banking crises and scarce credit. Princeton University Press.
  • Conning, J., & Udry, C. (2007). Rural financial markets in developing countries. Handbook of Agricultural Economics, 3, 2857-2908.
  • Darnihamedani, P., Block, J. H., Hessels, J., & Simonyan, A. (2018). Taxes, start-up costs, and innovative entrepreneurship. Small Business Economics, 51(2), 355-369.
  • Dell'Ariccia, G., Detragiache, E., & Rajan, R. (2008). The real effect of banking crises. Journal of Financial Intermediation, 17(1), 89-112.
  • Egan, M. (2014). Single markets: Economic integration in Europe and the United States. OUP Oxford.
  • Erturk, I., & Solari, S. (2007). Banks as continuous reinvention. New Political Economy, 12(3), 369-388.
  • Fischer, S. (2014). Financial sector reform: How far are we. NBER Reporter, (3), 1-8.
  • Fombrun, C. J., Van Riel, C. B., & Van Riel, C. (2004). Fame & fortune: How successful companies build winning reputations. Ft Press.
  • Francis, N., & Ramey, V. A. (2005). Is the technology-driven real business cycle hypothesis dead? Shocks and aggregate fluctuations revisited. Journal of Monetary Economics, 52(8), 1379-1399.
  • French, S., Leyshon, A., & Wainwright, T. (2011). Financializing space, spacing financialization. Progress in Human Geography, 35(6), 798-819.
  • Gornall, W., & Strebulaev, I. A. (2018). Financing as a supply chain: The capital structure of banks and borrowers. Journal of Financial Economics, 129(3), 510-530.
  • Hailu, Z. A. (2010). Demand side factors affecting the inflow of foreign direct investment to African countries: does capital market matter?. International Journal of Business and Management, 5(5), 104.
  • Hallward-Driemeier, M. (2003). Do bilateral investment treaties attract foreign direct investment? Only a bit… and they could bite. The World Bank.
  • Harper, M. (2002). Beyond micro-credit: Putting development back into micro-finance. Oxfam.
  • Hoevenaars, R. P., Molenaar, R. D., Schotman, P. C., & Steenkamp, T. B. (2008). Strategic asset allocation with liabilities: Beyond stocks and bonds. Journal of Economic Dynamics and Control, 32(9), 2939-2970.
  • Holmlund, B. (2014). What do labor market institutions do?. Labour Economics, 30, 62-69.
  • Hulme, D., & Arun, T. (Eds.). (2009). Microfinance: A reader. Routledge.
  • Hussain, J., Mahmood, S., & Scott, J. (2019). Gender, microcredit and poverty alleviation in a developing country: The case of women entrepreneurs in Pakistan. Journal of International Development, 31(3), 247-270.
  • Jones, A. (2018). Discovering a global growth path for Finnish SaaS companies.
  • Jorgenson, D., Gollop, F. M., & Fraumeni, B. (2016). Productivity and US economic growth. Elsevier.
  • Justman, M., & Teubal, M. (1991). A structuralist perspective on the role of technology in economic growth and development. World Development, 19(9), 1167-1183.
  • Khavul, S., Chavez, H., & Bruton, G. D. (2013). When institutional change outruns the change agent: The contested terrain of entrepreneurial microfinance for those in poverty. Journal of Business Venturing, 28(1), 30-50.
  • Kim, A. M. (2004). A market without the ‘right’property rights. Economics of Transition, 12(2), 275-305.
  • Klingebiel, R., & Adner, R. (2015). Real options logic revisited: The performance effects of alternative resource allocation regimes. Academy of Management Journal, 58(1), 221-241.
  • Kritikos, A. S. (2014). Entrepreneurs and their impact on jobs and economic growth. IZA World of Labor.
  • Laeven, L., & Valencia, F. (2013). Systemic banking crises database. IMF Economic Review, 61(2), 225-270.
  • Lentner, C., Szegedi, K., & Tatay, T. (2015). Corporate social responsibility in the banking sector. Pénzügyi Szemle/Public Finance Quarterly, 60(1), 95-103.
  • Levy, D. L., Szejnwald Brown, H., & De Jong, M. (2010). The contested politics of corporate governance: The case of the global reporting initiative. Business & Society, 49(1), 88-115.
  • Lhabitant, F. S. (2009). Hedge funds: quantitative insights. John Wiley & Sons.
  • Minniti, M. (2008). The role of government policy on entrepreneurial activity: productive, unproductive, or destructive?. Entrepreneurship theory and Practice, 32(5), 779-790.
  • Minović, J., Stevanović, S., & Aleksić, V. (2020). The Relationship between Foreign Direct Investment and Institutional Quality in Western Balkan Countries. Journal of Balkan and Near Eastern Studies, 1-22.
  • Mitchell, D. J. (2005). The impact of government spending on economic growth. The Heritage Foundation, 1813, 1-18.
  • Moran, T. (2011). Foreign direct investment and development: Launching a second generation of policy research: Avoiding the mistakes of the first, reevaluating policies for developed and developing countries. Columbia University Press.
  • Mullineux, A. W., & Murinde, V. (2001). Developing financial structures to foster enterprise development. Institute for Development Policy and Management, University of Manchester.
  • Nelson, P. (2006). The varied and conditional integration of NGOs in the aid system: NGOs and the World Bank. Journal of International Development, 18(5), 701-713.
  • Nijkamp, P. (2003). Entrepreneurship in a modern network economy. Regional Studies, 37(4), 395-405.
  • Pels, J., & Sheth, J. N. (2017). Business models to serve low-income consumers in emerging markets. Marketing Theory, 17(3), 373-391.
  • Platteau, J. P. (2000). Institutions, social norms, and economic development (Vol. 1). Psychology Press.
  • Porter, M. E. (1989). How competitive forces shape strategy. In Readings in strategic management (pp. 133-143). Palgrave, London.
  • Post, R. (2005). Transparent and efficient markets: compelled commercial speech and coerced commercial Association in United Foods, Zauderer, and Abood. Val. UL Rev., 40, 555.
  • Rousseau, P. L., & Sylla, R. (2005). Emerging financial markets and early US growth. Explorations in Economic History, 42(1), 1-26.
  • Samwick, A. A. (2000). Is pension reform conducive to higher saving?. Review of Economics and Statistics, 82(2), 264-272.
  • Saunders, A., & Allen, L. (2010). Credit risk management in and out of the financial crisis: new approaches to value at risk and other paradigms (Vol. 528). John Wiley & Sons.
  • Schreiner, M. J. (1997). A framework for the analysis of the performance and sustainability of subsidized microfinance organizations with application to Bancosol of Bolivia and Grameen Bank of Bangladesh (Doctoral dissertation, The Ohio State University).
  • Schreiner, M. (2003). A cost‐effectiveness analysis of the Grameen Bank of Bangladesh. Development Policy Review, 21(3), 357-382.
  • Suriada, I. N. (2008). Upaya Bank Dagang Bali melawan pencabutan izin usaha oleh Bank Indonesia (Doctoral dissertation, Universitas Gadjah Mada).
  • Svirydzenka, K. (2016). Introducing a new broad-based index of financial development.
  • Taupitz, T. (2018). True Business Model Innovation–a Credit‐Based Approach. The InsurTech Book: The Insurance Technology Handbook for Investors, Entrepreneurs and FinTech Visionaries, 215-217.
  • Teece, D. J. (2014). A dynamic capabilities-based entrepreneurial theory of the multinational enterprise. Journal of international business studies, 45(1), 8-37.
  • Valliere, D., & Peterson, R. (2009). Entrepreneurship and economic growth: Evidence from emerging and developed countries. Entrepreneurship & Regional Development, 21(5-6), 459-480.
  • Van Stel, A., Storey, D. J., & Thurik, A. R. (2007). The effect of business regulations on nascent and young business entrepreneurship. Small business economics, 28(2-3), 171-186.
  • Wacker, K. M. (2016). (When) Should we use foreign direct investment data to measure the activities of multinational corporations? Theory and evidence. Review of International Economics, 24(5), 980-999.

MENKUL KIYMETLER BORSASI DÜZENLEMELERİ VE GİRİŞİMCİLİK

Year 2021, Volume: 5 Issue: Özel Sayı 1, 75 - 85, 01.03.2021

Abstract

Resmi akışlardan başka yabancı tasarruflara erişim imkânı ve özel sektörlere borçlar için bankalar arası transferlerde yerel sermaye piyasası yoluyla finansman temin etmede önemli bir yer tutmaktadır. Söz konusu hedeflere ulaşmak oldukça zordur. Bu yüzden günümüzde, gelişmekte olan piyasa şirketlerinin küçüklüğü ve nispeten şeffaf olmaması nedeniyle, banka kredilerinin tahvil ihracı üzerine tercih edilen fon biçimi olarak kalması muhtemeldir. Sermaye piyasası gelişimine yönelik bir yaklaşım muhtemelen, menkul kıymetleri düzenleme amaçlı yeni düzenleme formları ve Uluslararası Finansal Kuruluşların kurumsallaştırma ve kredi iyileştirmelerine yardımcı olmak için katılımı içeren bir yaklaşım olacaktır.
Sermayeyi artırmanın en etkin biçimlerinden biri olan yerel sermaye piyasası yoluyla finansman temini, ihtiyaç duyulan işletmeleri ve katkıda bulunmak isteyen bireysel yatırımcıları bir araya getiren ve finansmanı güvence altına alabilmek için çeşitli olanaklar sağlayan bir yöntemdir. Yerel sermaye piyasası, bir girişimci şirketinde yatırım yaparken girişimciye çeşitli teşvikler sunmakta ve çok sayıda yatırımcıya küçük bir miktar hisse sahibi olma olanağı tanımaktadır. Bu yöntemle sermaye temini henüz tüm mevcut yatırımcılar için uygun olmasa da; girişim sermayesi veya menkul kıymetler borsası gibi geleneksel banka finansman alternatifleri arayan girişimler için uygun bir seçenek olabilmektedir.

References

  • Acemoglu, D., & Verdier, T. (2000). The choice between market failures and corruption. American Economic Review, 90(1), 194-211.
  • Adler-Milstein, J., Ronchi, E., Cohen, G. R., Winn, L. A. P., & Jha, A. K. (2014). Benchmarking health IT among OECD countries: better data for better policy. Journal of the American Medical Informatics Association, 21(1), 111-116.
  • Aghion, P., Blundell, R., Griffith, R., Howitt, P., & Prantl, S. (2009). The effects of entry on incumbent innovation and productivity. The Review of Economics and Statistics, 91(1), 20-32.
  • Ahmad, I. (2011). Badan Kredit Desa; Lembaga Keuangan Mikro yang Terlupakan.
  • Ahmed, S. M., Chowdhury, M., & Bhuiya, A. (2001). Micro-credit and emotional well-being: experience of poor rural women from Matlab, Bangladesh. WorldDevelopment, 29(11), 1957-1966.
  • Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: the role of local financial markets. Journal of International Economics, 64(1), 89-112.
  • Antunes, A. R., & Cavalcanti, T. V. D. V. (2007). Start up costs, limited enforcement, and the hidden economy. European Economic Review, 51(1), 203-224.
  • Bach, D., & Newman, A. L. (2007). The European regulatory state and global public policy: micro-institutions, macro-influence. Journal of European Public Policy, 14(6), 827-846.
  • Broome, A., Homolar, A., & Kranke, M. (2018). Bad science: International organizations and the indirect power of global benchmarking. European Journal of International Relations, 24(3), 514-539.
  • Calomiris, C. W., & Haber, S. H. (2015). Fragile by design: The political origins of banking crises and scarce credit. Princeton University Press.
  • Conning, J., & Udry, C. (2007). Rural financial markets in developing countries. Handbook of Agricultural Economics, 3, 2857-2908.
  • Darnihamedani, P., Block, J. H., Hessels, J., & Simonyan, A. (2018). Taxes, start-up costs, and innovative entrepreneurship. Small Business Economics, 51(2), 355-369.
  • Dell'Ariccia, G., Detragiache, E., & Rajan, R. (2008). The real effect of banking crises. Journal of Financial Intermediation, 17(1), 89-112.
  • Egan, M. (2014). Single markets: Economic integration in Europe and the United States. OUP Oxford.
  • Erturk, I., & Solari, S. (2007). Banks as continuous reinvention. New Political Economy, 12(3), 369-388.
  • Fischer, S. (2014). Financial sector reform: How far are we. NBER Reporter, (3), 1-8.
  • Fombrun, C. J., Van Riel, C. B., & Van Riel, C. (2004). Fame & fortune: How successful companies build winning reputations. Ft Press.
  • Francis, N., & Ramey, V. A. (2005). Is the technology-driven real business cycle hypothesis dead? Shocks and aggregate fluctuations revisited. Journal of Monetary Economics, 52(8), 1379-1399.
  • French, S., Leyshon, A., & Wainwright, T. (2011). Financializing space, spacing financialization. Progress in Human Geography, 35(6), 798-819.
  • Gornall, W., & Strebulaev, I. A. (2018). Financing as a supply chain: The capital structure of banks and borrowers. Journal of Financial Economics, 129(3), 510-530.
  • Hailu, Z. A. (2010). Demand side factors affecting the inflow of foreign direct investment to African countries: does capital market matter?. International Journal of Business and Management, 5(5), 104.
  • Hallward-Driemeier, M. (2003). Do bilateral investment treaties attract foreign direct investment? Only a bit… and they could bite. The World Bank.
  • Harper, M. (2002). Beyond micro-credit: Putting development back into micro-finance. Oxfam.
  • Hoevenaars, R. P., Molenaar, R. D., Schotman, P. C., & Steenkamp, T. B. (2008). Strategic asset allocation with liabilities: Beyond stocks and bonds. Journal of Economic Dynamics and Control, 32(9), 2939-2970.
  • Holmlund, B. (2014). What do labor market institutions do?. Labour Economics, 30, 62-69.
  • Hulme, D., & Arun, T. (Eds.). (2009). Microfinance: A reader. Routledge.
  • Hussain, J., Mahmood, S., & Scott, J. (2019). Gender, microcredit and poverty alleviation in a developing country: The case of women entrepreneurs in Pakistan. Journal of International Development, 31(3), 247-270.
  • Jones, A. (2018). Discovering a global growth path for Finnish SaaS companies.
  • Jorgenson, D., Gollop, F. M., & Fraumeni, B. (2016). Productivity and US economic growth. Elsevier.
  • Justman, M., & Teubal, M. (1991). A structuralist perspective on the role of technology in economic growth and development. World Development, 19(9), 1167-1183.
  • Khavul, S., Chavez, H., & Bruton, G. D. (2013). When institutional change outruns the change agent: The contested terrain of entrepreneurial microfinance for those in poverty. Journal of Business Venturing, 28(1), 30-50.
  • Kim, A. M. (2004). A market without the ‘right’property rights. Economics of Transition, 12(2), 275-305.
  • Klingebiel, R., & Adner, R. (2015). Real options logic revisited: The performance effects of alternative resource allocation regimes. Academy of Management Journal, 58(1), 221-241.
  • Kritikos, A. S. (2014). Entrepreneurs and their impact on jobs and economic growth. IZA World of Labor.
  • Laeven, L., & Valencia, F. (2013). Systemic banking crises database. IMF Economic Review, 61(2), 225-270.
  • Lentner, C., Szegedi, K., & Tatay, T. (2015). Corporate social responsibility in the banking sector. Pénzügyi Szemle/Public Finance Quarterly, 60(1), 95-103.
  • Levy, D. L., Szejnwald Brown, H., & De Jong, M. (2010). The contested politics of corporate governance: The case of the global reporting initiative. Business & Society, 49(1), 88-115.
  • Lhabitant, F. S. (2009). Hedge funds: quantitative insights. John Wiley & Sons.
  • Minniti, M. (2008). The role of government policy on entrepreneurial activity: productive, unproductive, or destructive?. Entrepreneurship theory and Practice, 32(5), 779-790.
  • Minović, J., Stevanović, S., & Aleksić, V. (2020). The Relationship between Foreign Direct Investment and Institutional Quality in Western Balkan Countries. Journal of Balkan and Near Eastern Studies, 1-22.
  • Mitchell, D. J. (2005). The impact of government spending on economic growth. The Heritage Foundation, 1813, 1-18.
  • Moran, T. (2011). Foreign direct investment and development: Launching a second generation of policy research: Avoiding the mistakes of the first, reevaluating policies for developed and developing countries. Columbia University Press.
  • Mullineux, A. W., & Murinde, V. (2001). Developing financial structures to foster enterprise development. Institute for Development Policy and Management, University of Manchester.
  • Nelson, P. (2006). The varied and conditional integration of NGOs in the aid system: NGOs and the World Bank. Journal of International Development, 18(5), 701-713.
  • Nijkamp, P. (2003). Entrepreneurship in a modern network economy. Regional Studies, 37(4), 395-405.
  • Pels, J., & Sheth, J. N. (2017). Business models to serve low-income consumers in emerging markets. Marketing Theory, 17(3), 373-391.
  • Platteau, J. P. (2000). Institutions, social norms, and economic development (Vol. 1). Psychology Press.
  • Porter, M. E. (1989). How competitive forces shape strategy. In Readings in strategic management (pp. 133-143). Palgrave, London.
  • Post, R. (2005). Transparent and efficient markets: compelled commercial speech and coerced commercial Association in United Foods, Zauderer, and Abood. Val. UL Rev., 40, 555.
  • Rousseau, P. L., & Sylla, R. (2005). Emerging financial markets and early US growth. Explorations in Economic History, 42(1), 1-26.
  • Samwick, A. A. (2000). Is pension reform conducive to higher saving?. Review of Economics and Statistics, 82(2), 264-272.
  • Saunders, A., & Allen, L. (2010). Credit risk management in and out of the financial crisis: new approaches to value at risk and other paradigms (Vol. 528). John Wiley & Sons.
  • Schreiner, M. J. (1997). A framework for the analysis of the performance and sustainability of subsidized microfinance organizations with application to Bancosol of Bolivia and Grameen Bank of Bangladesh (Doctoral dissertation, The Ohio State University).
  • Schreiner, M. (2003). A cost‐effectiveness analysis of the Grameen Bank of Bangladesh. Development Policy Review, 21(3), 357-382.
  • Suriada, I. N. (2008). Upaya Bank Dagang Bali melawan pencabutan izin usaha oleh Bank Indonesia (Doctoral dissertation, Universitas Gadjah Mada).
  • Svirydzenka, K. (2016). Introducing a new broad-based index of financial development.
  • Taupitz, T. (2018). True Business Model Innovation–a Credit‐Based Approach. The InsurTech Book: The Insurance Technology Handbook for Investors, Entrepreneurs and FinTech Visionaries, 215-217.
  • Teece, D. J. (2014). A dynamic capabilities-based entrepreneurial theory of the multinational enterprise. Journal of international business studies, 45(1), 8-37.
  • Valliere, D., & Peterson, R. (2009). Entrepreneurship and economic growth: Evidence from emerging and developed countries. Entrepreneurship & Regional Development, 21(5-6), 459-480.
  • Van Stel, A., Storey, D. J., & Thurik, A. R. (2007). The effect of business regulations on nascent and young business entrepreneurship. Small business economics, 28(2-3), 171-186.
  • Wacker, K. M. (2016). (When) Should we use foreign direct investment data to measure the activities of multinational corporations? Theory and evidence. Review of International Economics, 24(5), 980-999.
There are 61 citations in total.

Details

Primary Language English
Journal Section Research Article
Authors

Duygu Hıdıroğlu 0000-0003-2647-8750

Publication Date March 1, 2021
Published in Issue Year 2021 Volume: 5 Issue: Özel Sayı 1

Cite

APA Hıdıroğlu, D. (2021). STOCK EXCHANGE REGULATIONS AND ENTREPRENEURSHIP. EUropean Journal of Managerial Research (EUJMR), 5(Özel Sayı 1), 75-85.

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