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Corporate governance in developing and emerging countries. The case of Romania

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  • Giurca Vasilescu, Laura

Abstract

The experiences of the developed countries reveals that a good corporate governance could reduces risk, stimulates performance, improves access to capital markets, enhances the marketability of goods and services, improves leadership, increases the value of the corporations, enables the corporation to acquire external finances more easily and at a lower cost. In the case of developing and emerging economies the need for corporate governance extends beyond resolving problems resulting from the separation of ownership and control. Developing and emerging economies are constantly confronted with issues such as the lack of property rights, the abuse of minority shareholders or contract violations. But in order that corporate governance measures have a strong impact in the economy, a set of democratic, market institutions and legal system should be settled up. The Romanian governance system follows the patterns of the Continental European model based on the internal control of the employees and the management but with some particularities in function of the specific economic, political, cultural conditions.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 10998.

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Date of creation: 09 Oct 2008
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Handle: RePEc:pra:mprapa:10998

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Keywords: corporate governance; developing countries; principles; models; firm; performance;

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  1. Earle, John S. & Telegdy, Almos, 2002. "Privatization Methods and Productivity Effects in Romanian Industrial Enterprises," Journal of Comparative Economics, Elsevier, vol. 30(4), pages 657-682, December.
  2. Cornelius, Peter K. & Kogut, Bruce (ed.), 2003. "Corporate Governance and Capital Flows in Global Economy," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780195161717, October.
  3. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, American Finance Association, vol. 54(2), pages 471-517, 04.
  4. Almos Telegdy & John S. Earle & Victor Kaznovsky & Csaba Kucsera, . "Corporate Control: A Study of Firms on the Bucharest Stock Exchange," Upjohn Working Papers and Journal Articles, W.E. Upjohn Institute for Employment Research jse20025, W.E. Upjohn Institute for Employment Research.
  5. Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
  6. Keasey, Kevin & Thompson, Steve & Wright, Mike (ed.), 1997. "Corporate Governance: Economic and Financial Issues," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198289913, October.
  7. Paula ACOSTA MARQUEZ, 2002. "Does corporate governance matter for developing countries? An overview of the Mexican case," ARCHIVOS DE ECONOMÍA 002380, DEPARTAMENTO NACIONAL DE PLANEACIÓN.
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