This underscores the importance of effectively designed and enforced regulation,and avoidance of its capture by special interest groups ,as well as institutions promoting rule of law ,such as judicial independence from polity.furthermore evidence is found that founder-led entrepreneurial firms are likely to disclose more information as are firms in technology and extractive industries,where these firms place importance on local indigenous stock markets as a principal source of external finance. This is in contrast to firms with increasing levels of ownership of long term foreign partners,such as local subsidiary or affiliates of multinational enterprises(mnes),where this is negatively associated with ipo prospectus lenght and amount of disclosure,inferring the importance of other financing means