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A View on Corporate Governance in Romania: Regulation and Effects

In: Corporate Governance in Central Europe and Russia

Author

Listed:
  • Mihaela Tofan

    (University “Alexandru Ioan Cuza” of Iasi)

  • Elena Cigu

    (University “Alexandru Ioan Cuza” of Iasi)

Abstract

Corporate governance in Romania evolved from the model specific to a complete centralized society, in the early 1990s, when the management of business was the exclusive public authority prerogative, to one based on market economy principles, where corporate governance in not only about the respect for the rule of law, but also about finance, social economy and global sustainability objectives of the state authorities’ activity. Almost every year a new important law was adopted to create a coherent legislative context for public and private companies, their ownership, the management structures and the transparency of the activities they are involved in. The chapter proposes a theoretical approach of the corporate governance legal framework in Romania, in terms of its evolution and its impact throughout implementation, as well as the status of its functioning today. The results of the research point out some proposals for improving the Romanian legal framework in the corporate governance field. The chapter is a useful viewpoint in understanding the complex transformation of Romanian corporate governance legislation, in accord with market economy principles, thus developing the existing literature on corporate finance.

Suggested Citation

  • Mihaela Tofan & Elena Cigu, 2020. "A View on Corporate Governance in Romania: Regulation and Effects," CSR, Sustainability, Ethics & Governance, in: Maria Aluchna & Samuel O. Idowu & Irina Tkachenko (ed.), Corporate Governance in Central Europe and Russia, chapter 0, pages 177-197, Springer.
    • Handle: RePEc:spr:csrchp:978-3-030-39504-9_11
    DOI: 10.1007/978-3-030-39504-9_11
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    Cited by:

    1. Corina MURAFA & Theodor COJOIANU, 2023. "Financial Instruments for Decarbonization: Likely Pathways in the Romanian Economy," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 24(2), pages 198-209, May.
    2. Bogdan Aurelian Mihail & Dalina Dumitrescu, 2021. "Corporate Governance from a Cross-Country Perspective and a Comparison with Romania," JRFM, MDPI, vol. 14(12), pages 1-13, December.
    3. 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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