In various regulatory settings, firms receive feedback (i.e., firm‐specific private advice) from authorities on how to improve compliance. Although the literature sheds light on the authorities' decision of when to provide feedback, less is known about firms' decisions on how to respond. Building on research on compliance and regulation, we expect a higher level of responsiveness to feedback when the financial capacity to cover short‐term costs is higher (as this allows firms to allocate resources for compliance in the current period) and when firms expect higher revenues for the upcoming period (as current non‐compliance represents the risk of a larger future loss). We also expect a conditional association: having a limited financial capacity may truncate the effect of positive expectations (inability to respond), and negative expectations may truncate the effect of having a sufficient financial capacity (lack of incentive to respond). To test these hypotheses, we examine anonymized financial and regulation‐related data of over 5500 financial intermediaries operating in the Netherlands during 2009 and 2010. The results of a series of tests indicate that the effects of financial capacity and revenue expectations are indeed distinct yet independent. Interestingly, responding to feedback depends on positive expectations, even when firms have a limited current financial capacity to respond.

中文翻译：

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回应监管反馈：财务能力、收入预期和企业对管理局建议的回应

在各种监管环境中，公司会收到来自当局的反馈（即针对特定公司的私人建议），以了解如何提高合规性。尽管文献阐明了当局何时提供反馈的决定，但对公司如何应对的决定知之甚少。基于对合规和监管的研究，我们预计，当支付短期成本的财务能力较高时（因为这允许公司在当前时期为合规分配资源）以及当公司预期未来收入更高时（因为当前的不合规代表未来更大损失的风险），公司对反馈的响应能力会更高。我们还预期存在条件关联：财务能力有限可能会截断积极预期（无法回应）的效果，而消极期望可能会截断拥有足够财务能力（缺乏回应的动力）的影响。为了检验这些假设，我们检查了 2009 年和 2010 年期间在荷兰运营的 5500 多家金融中介机构的匿名金融和监管相关数据。一系列测试的结果表明，财务能力和收入预期的影响确实是不同的，但又是独立的。有趣的是，对反馈的回应取决于积极的期望，即使公司目前的应对财务能力有限。