Source: https://tendernation.io/opportunities/01a13bd0-b21a-701d-8489-4e402f26099f/literature-review-on-the-balance-between-publicly-listed-and-privately-held-comp awarded GB open procedure Suitable for SMEs # Literature review on the balance between publicly-listed and privately-held companies [The Financial Reporting Council Limited](https://tendernation.io/buyers/the-financial-reporting-council-limited) Estimated value £40,000 Published 10 Mar 2026 Deadline Closed 16 Jan 2026 ## Who can bid - Buyer says suitable for SMEs The buyer ticked “suitable for SMEs” on the notice. Anyone can still bid. - Buyer says suitable for VCSEs The buyer ticked “suitable for voluntary, community and social enterprises” on the notice. - Below-threshold contract Buyers cannot shortlist bidders on suitability before tenders are in, so everyone gets to submit a bid (except some larger works contracts). [Procurement Act 2023, section 85](https://www.legislation.gov.uk/ukpga/2023/54/section/85) - Open procedure Anyone can submit a full tender; there is no shortlisting stage. [More contracts for small businesses and VCSEs](https://tendernation.io/opportunities/for-small-businesses) ## About this tender ### THIS IS A CONTRACT AWARD NOTICE The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. As the Competent Authority for audit in the UK, we set auditing and ethical standards and monitor and enforce audit quality. The purpose of the FRC is to serve the public interest and support UK economic growth by upholding high standards of corporate governance, corporate reporting, audit and actuarial work. The FRC was seeking a Literature review on the balance between publicly-listed and privately-held companies. The number of UK publicly-listed companies (PLCs) has fallen over the past decade. At the same time more companies are choosing to remain unlisted and financing their growth through private capital . The UK has become Europe's largest private-equity hub, and its leading venture capital market , both of which are funding privately held (non-listed) companies (PHCs). As part of its ongoing market monitoring activities, the FRC was seeking research services to deliver a review of the leading expert literature to understand the scale, trajectory and international context of these changes. As well as potential implications which might arise. This will include peer-reviewed academic research, as well as studies carried out with suitable rigour by professional bodies, industry organisations, and think tanks (grey literature). The review will draw on literature from a range of relevant disciplines including, but not limited to: law, economics, political economy, business, public administration. It should be written to inform non-academic readers about the following: - The leading analyses of evidence on theses changes, including: o The scale, trajectory, and other relevant characteristics. o Views on what might happen next. o The international context from relevant jurisdiction(s). o The causes/drivers of the change and whether they are evolving over time, including evidence on how and why commercial entities choose between different potential sources of funding. - Whether the literature provides any information relevant to understanding any potential impact on: o Our regulation, in particular the effect of shifts in sources of capital when combined with the existing policy landscape and legislative definitions which drive audit and corporate reporting requirements. o Any additional, relevant policy implications for us to consider. The review should be focused on the UK but may also draw on literature that brings insights from other jurisdictions, where clearly relevant. The markets in-scope for this research will include: - London Stock Exchange (LSE) Main Market - LSE Alternative Investment Market (AIM) - Relevant markets of the Aquis exchange - UK private-equity, venture capital, and private-credit markets We may also include other UK debt and equity markets. This will be discussed with the successful research contractor once appointed. The suggested approach for the Literature Review was: ### Methodology - Search strategy: databases (e.g. JSTOR, SSRN, Web of Science, Scopus), policy portals, news archives. - Literature: o Inclusion/exclusion criteria should include, but not be limited to: relevance to UK context, credibility/quality/reliability, publication date, citations (or equivalent). o Biases and perspectives to be identified, where present, but not by themselves to be critria for exclusion. - Analytical approach: thematic coding, comparative case analyses, cross-discipliniary comparison (gaps and/or contradictions), synthesis of findings. Read full description ## CPV classification Research and development services and related consultancy services Source Find a Tender (UK) · Notice ocds-h6vhtk-05f072-2026-03-10T17:07:15Z [View official notice](https://www.find-tender.service.gov.uk/Notice/ocds-h6vhtk-05f072-2026-03-10T17:07:15Z) Never miss a tender like this again Get AI summaries, deadline alerts and a bid pipeline for tenders matched to your business. Free to start. 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