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Regulation Theory Research Paper

788 Words4 Pages

Introduction
This essay will discuss the following pointers: (1) Understanding the regulation Theory; (2) What the concept of “regulation” entail; (2.1) Public Interest Theory; (2.2) Interest Group Theory; (2.3) Regulation Capture Theory; (2.4) Negotiated Order Theory; (2.5) Cultural theories; (3) How economic institutions serve as regulatory mechanisms in the socio-economy; (3.1) What is an institution?; (3.2) The role of institutions; (3.3) How does it affect economic growth and the social environment?; (3.4) Examples of institutions; and (4. I) Institutions Vs Institutes.

Body

1. Understanding the regulation Theory
Regulation is the implementation of guidelines to control, manage and make one’s setting and everyday life understandable. …show more content…

The beneficiaries of this theory are the private sector organizations, the state and the public. An example of this theory is the Accounting professional organizations. (Gaffikin 1991) 2.3 Regulation Capture Theory:
Regulations that will serve the interests of a certain interest group in order to maintain power are introduced by Politicians/stat. The beneficiaries of this theory are Private interests groups such as the Politicians/state and special interest group. Its focus is on social welfare. (Gaffikin 1991)

2.4 Negotiated Order Theory:
A regulation that was created to bring order and structure for its own sake instead of serving a particular group. An example of this is hospitals. (Gaffikin 1991)

2.5 Cultural theories:
Regulation presented within a certain significance system and spread across various institutions. Examples are SA: Democracy: Constitution, elections, multi-party system, local government. (Gaffikin 1991)

3. How economic institutions serve as regulatory mechanisms in the socio-economy

3.1 What is an …show more content…

(Deloitte)
• IFRS: The IFRS Foundation is an independent, not-for-profit organisation working in the public interest. Their primary mission is to develop a single set of high quality, understandable, enforceable and globally accepted International Financial Reporting Standards (IFRS) based upon clearly expressed principles. (IFRS)
• Companies Act: An Act to which all companies must follow.
• King III Report: Corporate governance that all organizations must follow
• GAAP: provides guidance to those involved in the preparation, audit or analysis of financial statements

4. Institutions Vs Institutes
Institution: Accounting Standards, GAAP and gaap, IFRS, Companies Act, King III Report.
Regulatory agencies (institutes): SAICA, IASB, the state.

Conclusion
From the above one can conclude that Regulation and Institutions are a bit different but go hand in hand. Without Regulations and Institutions there will be very little order and more uncertainty over anything one does. Therefore Institutions and Regulations are very important in the world

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