Abstract
The objective of the research was focused on measuring the performance level of corporate governance in Romania. This is carried out by evaluating the importance level given to the principles of corporate governance in the Romanian economy, while the practices of transparency and dissemination of companies’ information in the selected sample were monitored. To achieve the objectives of the study, we need to examine the Corporate Governance Code of the Bucharest Stock Exchange. Sample companies were selected and their information from the “Comply or Explain” Statements was analyzed.The research method is a non-participating observation—based on the information from the “Comply or Explain” Statement to determine whether companies are applying corporate governance and transparency elements. The research results highlight the progress of Romanian companies in the process of exercising to the principles of corporate governance, becoming internationally recognized, and integrating into the Corporate Governance Code of the Bucharest Stock Exchange.
Highlights
IntroductionAt economic and financial levels, the change highlights the gradual transition from the production of manufacturing type to the production of automated type, from individual knowledge to the group knowledge, which emphasizes the importance of communication
The human society is faced with multiple and rapid changes in all fields
To achieve the microeconomic objectives of the “new economy,” which aim to maximize the overall performance of the company, a good corporate governance is required
Summary
At economic and financial levels, the change highlights the gradual transition from the production of manufacturing type to the production of automated type, from individual knowledge to the group knowledge, which emphasizes the importance of communication. In this context, a “new economy” has emerged and developed, and “it is conducted with unprecedented speed and its effects will be more radical than anything happened before” (Drucker, 2001). In 2000s, those Member States who had developed the first generation of codes of good practice began to adopt them. Until 2007-2008, the last European Union countries adopted such codes (Luxembourg, Bulgaria, and Romania), so that, to date, all European Union Member States have at least one national code of corporate governance except for Ireland (applying “British Combined Code”) and Greece (applying legal, mandatory rules in this respect) (Achim, 2013)
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