THE INFLUENCE OF REGULATORY CHANGES ON BUSINESS STRATEGIES
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- NGN 3000
ABSTRACT: THE INFLUENCE OF REGULATORY CHANGES ON BUSINESS STRATEGIES
This research aims to: 1) assess the impact of regulatory changes on business compliance costs; 2) analyze the strategies businesses adopt to adapt to regulatory reforms; and 3) evaluate the long-term implications for business operations. A survey research design is adopted to gather comprehensive data on regulatory impacts. Using Taro Yamane’s formula, a sample size of 340 businesses, including regulatory compliance officers and business executives, is determined. Lagos, with its regulatory environment, is selected as the location. The survey instruments achieve a reliability coefficient score of 0.87. Findings reveal that regulatory changes increase compliance costs and operational complexities for businesses. Companies implement proactive compliance strategies, engage in regulatory advocacy, and invest in regulatory technology (RegTech) solutions to navigate regulatory challenges effectively. The study recommends that businesses stay informed about regulatory developments, maintain flexibility in their operations, and collaborate with regulatory bodies to influence favorable regulatory outcomes.
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