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Corporate Governance Quality On Specific Case Of Romanian Listed Companies

Author

Listed:
  • Sorana Mihaela Manoiu

    (Babes-Bolyai University Cluj-Napoca)

  • Maria Ionela Damian

    (Babes-Bolyai University Cluj-Napoca)

  • Jiri Strouhal

    (University of Economics Prague, Department of Strategy, W. Churchill Square 4, 130 67 Prague 3, Czech Republic)

Abstract

The purpose of this paper is to analyse the compliance of Romanian listed companies with corporate governance codes. From 2010, the “Comply or Explain” Statement, which discloses if and how the corporate governance principles are applied, became mandatory for all companies listed on Bucharest Stock Exchange (BSE). The methodology employed is based on the analysis of the above mentioned Statements published for the period 2009-2013. Research aims to present through a longitudinal and qualitative study the evolution of the compliance with the BSE Corporate Governance Codes. Most of the observed companies made a step forward in what concerns corporate governance principles and over the study period they disclosed more information on their statements. On the other hand, we found cases where the statements made over the studied period contained inconsistencies for some principles. The implementation of corporate governance rules ensures transparent decision-making, based on clear rules and objectives, and increases shareholders’ confidence in the company.

Suggested Citation

  • Sorana Mihaela Manoiu & Maria Ionela Damian & Jiri Strouhal, 2015. "Corporate Governance Quality On Specific Case Of Romanian Listed Companies," International Journal of Entrepreneurial Knowledge, Center for International Scientific Research of VSO and VSPP, vol. 3(2), pages 40-58, December.
    • Handle: RePEc:jek:journl:v:3:y:2015:i:2:p:40-58
    as

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    File URL: http://www.ijek.org/files/IJEK_2-2015v3/IJEK-2-2015,v.3_manoiu,s.m.,damian,m.i.,strouhal,j..pdf
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    References listed on IDEAS

    as
    1. Miroslav Nedelchev, 2013. "Good Practices in Corporate Governance: One-Size-Fits-All vs. Comply-or-Explain," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 4(6), pages 75-81, November.
    2. David Seidl & Paul Sanderson & John Roberts, 2009. "Applying 'Comply-or-Explain': Conformance with Codes of Corporate Governance in the UK and Germany," Working Papers wp389, Centre for Business Research, University of Cambridge.
    3. Steven E. Salterio & Joan E. D. Conrod & Regan N. Schmidt, 2013. "Canadian Evidence of Adherence to “Comply or Explain” Corporate Governance Codes: An International Comparison," Accounting Perspectives, John Wiley & Sons, vol. 12(1), pages 23-51, March.
    4. Jiří Strouhal & Natalja Gurvitš & Monika Nikitina-Kalamäe & Emilia Startseva, 2015. "Finding the Link between CSR Reporting and Corporate Financial Performance: Evidence on Czech and Estonian Listed Companies," Central European Business Review, Prague University of Economics and Business, vol. 2015(3), pages 48-59.
    5. Healy, Paul M. & Palepu, Krishna G., 2001. "Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 405-440, September.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Delia Deliu, 2020. "Corporate Governance in Romania: Academic Literature Review and Research Perspectives," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 898-908, August.

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