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Transparency and disclosure between theory and practice. A case study of Romania

In: Proceedings of FIKUSZ '09

Author

Listed:
  • Adina POPA

    (Eftimie Murgu Rei a University)

  • Rodica BLIDIEL

    (West University from Timioara)

  • Victoria BOGDAN

    (University of Oradea)

Abstract

As a modern system by which companies are directed and controlled (The Cadbury Report, 1992) – corporate governance have became in the last years a system implemented by more and more companies from developed countries and recently from developing once. Having as starting point one of the principles of corporate governance – transparency – in this paper we focus on aspects that contribute to reach the transparency at corporate level, taking into consideration both regulation and practical issues in Romania, a developing country that have recently adopted the mechanisms of corporate governance. Corporate disclosure is the principal mean by which companies can become transparent, and is critical for the functioning of an efficient capital market (Healy & Palepu, 2001). For this reason we investigate several non-financial items that companies operating on international capital markets are usualy disclosing, looking for the extent to which Bucharest Stock Exchange listed companies are disclosing corporate social responsibility information. The results suggest that is a poor disclosure of social responsability information within the annual reports even the companies are activating in domains with great impact on the environment

Suggested Citation

  • Adina POPA & Rodica BLIDIEL & Victoria BOGDAN, 2009. "Transparency and disclosure between theory and practice. A case study of Romania," Proceedings of FIKUSZ '09, in: László Áron Kóczy (ed.),Proceedings of FIKUSZ '09, pages 173-183, Óbuda University, Keleti Faculty of Business and Management.
    • Handle: RePEc:pkk:sfyr09:173-183
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    File URL: http://uni-obuda.hu/users/vecseya/RePEc/pkk/sfyr09/Popa_Adina.pdf
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    References listed on IDEAS

    as
    1. World Commission on Environment and Development,, 1987. "Our Common Future," OUP Catalogue, Oxford University Press, number 9780192820808.
    2. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    3. Buzby, Sl, 1975. "Company Size, Listed Versus Unlisted Stocks, And Extent Of Financial Disclosure," Journal of Accounting Research, Wiley Blackwell, vol. 13(1), pages 16-37.
    4. Marie Chavent & Yuan Ding & Linghui Fu & Herve Stolowy & Huiwen Wang, 2006. "Disclosure and determinants studies: An extension using the Divisive Clustering Method (DIV)," European Accounting Review, Taylor & Francis Journals, vol. 15(2), pages 181-218.
    5. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
    6. Adina Popa & Rodica Gabriela Blidisel & Andra Pop, 2008. "Investor relations on the internet. An empirical study of Romanian listed companies," Proceedings Papers of Business Sciences: Symposium for Young Researchers (FIKUSZ) 2008, in: László Áron Kóczy (ed.),FIKUSZ 2008 Business Sciences - Symposium for Young Researchers: Proceedings, pages 187-197, Óbuda University, Keleti Faculty of Business and Management.
    7. 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.
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    Cited by:

    1. Hope Osayantin Aifuwa, 2020. "Sustainability Reporting And Firm Performance In Developing Climes: A Review Of Literature," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 9(1), pages 9-29.
    2. Iwiyisi Inua, Ofe & Anita Emeni, Ashinedu, 2019. "Corporate Governance Attributes And Social Sustainability Reporting," International Journal of Contemporary Accounting Issues-IJCAI (formerly International Journal of Accounting & Finance IJAF), The Institute of Chartered Accountants of Nigeria (ICAN), vol. 8(1), pages 21-37, June.
    3. Zam Zuriyati Mohamad & Hatijah Mohamed Salleh & Nur Diyana Ismail & Ibrahim Tamby Chek, 2014. "Does Quality of Non-Financial Information Disclosure Influence Firms’ Profitability in Malaysia?," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(4), pages 297-306, October.

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    More about this item

    Keywords

    corporate governance; transparency; corporate disclosure; listed companies; corporate responsibility;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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