The development of modern telecommunication systems and information technologies facilitate information processing and transmission that opens larger opportunities for self-regulation. In fact, self-regulation, as a tool of corporate control, focuses on monitoring and inspection of internal business operations and performance of employees at all hierarchical levels of the organisational structure. In such a situation, modern telecommunication systems and information technologies allow corporations to monitor and inspect all units, all employees and all internal business operations efficiently because modern technologies allow processing large volume of information fast, with low risks of errors. Therefore, self-regulation can use modern technologies to process information fast and efficiently that facilitates identification of problems within organisation and their elimination in terms of self-regulatory policies. As a result, corporations do not need to engage external auditors to identify problems within their organisational structure and internal business processes.
As modern telecommunication systems and information technologies opens large opportunities for monitoring and control, corporations naturally introduce self-regulation more frequently than they used to do before because, in the past, they had considerable doubts about efficiency of self-regulation. In the past, costs of self-regulation could outweigh its benefits because complex organisational structure of large corporations, for instance, raised the problem of efficient monitoring and control. Modern telecommunication systems and information technologies can help to solve this problem. Hence, corporations introduce self-regulation to enhance monitoring and control and to improve their performance.
5 The resistance of corporations to the growing impact of government
Attempts of the government to interfere into the economic development and regulatory policies encourage companies to decrease the control from the part of the government and to increase self-regulation. The excessive government control and regulation increases the resistance of corporations to the impact of the government and encourages the rise of self-regulation. In fact, the growing government pressure on corporations encourages them to replace government regulators or inspectors by internal ones because the government inspectors cannot always understand specificities of their business. As a result, the government regulation often raises barriers on the way to the successful business development. In contrast, self-regulation grants corporations with tools of self-control and corporate inspectors conduct regulation being fully aware of specificities of the organisational structure and functions of all units and employees of corporations. Moreover, self-regulation provides corporations with the possibility to set rules that match their needs and specificities. In such a way, self-regulation does not raise barriers on the way to the successful business development. On the contrary, self-regulation stimulates business growth and successful marketing performance of corporations.
 Jenkins, R. (2001). “Corporate Codes of Conduct: Self-Regulation in a global economy,”¯ Technology, Business and Society Programme, 2, 35
 Lutz, S. et al. (2005) “Quality Leadership When Regulating Standards Are Forthcoming,”¯ Journal of Industrial Economics, 13, 114
 Stigler, G. (1971). “The Theory of Economic Regulation,”¯ Bell Journal of Economics and Management Science, 2, 11