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We propose that strengthened public disclosure of misconduct imposes disciplinary pressure which improves services and intermediation in the retail financial sector and that it ultimately benefits the local economy. Using a large dataset of public complaints about financial misconduct, we find a positive relationship between the intensity of public disclosure and new business formation in the local community. We also find such a market discipline avenue complements the role of social trust in improving the local entrepreneurial ecosystem.<\/jats:p>","DOI":"10.1007\/s11187-026-01262-z","type":"journal-article","created":{"date-parts":[[2026,8,11]],"date-time":"2026-08-11T06:08:22Z","timestamp":1786428502000},"page":"1327-1344","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Financial market discipline and new business formation"],"prefix":"10.1007","volume":"67","author":[{"given":"Micha\u00ebl","family":"Dewally","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Pu","family":"Liu","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-3423-6391","authenticated-orcid":false,"given":"Yingying","family":"Shao","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"297","published-online":{"date-parts":[[2026,8,11]]},"reference":[{"key":"1262_CR1","doi-asserted-by":"crossref","first-page":"277","DOI":"10.1111\/1475-679X.12114","volume":"54","author":"VV Acharya","year":"2016","unstructured":"Acharya, V. 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