Preparing Information, Accounting and Social Systems for the IPO, in a Romanian Experience ★

The listing process of a company at the stock exchange poses very specific challenges at many levels of that company, from the social organization to financial disclosures. The re-start of the Romanian Stock Exchange and the historical perspective we can have now on that process, almost twenty years later, pictures a success story of listing massive numbers of companies in a very short period of time. This has been made possible in a well-organized institutional setting, loose but firm and clear regulations, and a huge amount of efforts on companies’ side to make the necessary adjustments in a compressed time-frame. We analyze the context and point out the factors related to accounting data, information and social implications that made possible the success part of the story, even though the drawbacks from the public's almost quasi generalized unawareness could shade away the whole long-term (social) benefits.