More research is needed to clarify the causes of regulation and formulate a complete set of testable determinants. As a byproduct of our focus on reporting concerns, we have left aside open questions about other roles of information which range from stewardship in the context of conflict of interests between managers and shareholders to other choices such as capital structure or product market competition. Further, we do not provide here a detailed model of the decision process within the policy-making bodies, and more reflection will be necessary to understand whether certain institutional structures might be more effective than others.