IDEAS home Printed from https://ideas.repec.org/a/ahd/journl/v6y2025i11p2-13.html

The Value of Companies: A Perspective from the Angle of Corporate Governance

Author

Listed:
  • Marius Eugen ROGOZ

    (Bucharest University of Economic Studies)

Abstract

The present study aims to provide a clear picture of the degree of compliance of companies listed on the Bucharest Stock Exchange and the relationship between compliance and company value. The analysis uses an extensive data set for the years 2023 and 2024, including market indicators such as price-to-book value (PBV), price-to-earnings ratio (PER) and dividend yield (DIVY), along with 145 detailed governance scores at company and recommendation level. The results highlight a high and stable level of compliance, with an average of approximately 80% of the governance score indicator per company, suggesting the maturation of governance practices among issuers. At the same time, the study reveals significant differences between financial and non-financial companies, as well as between Premium and Standard companies. The regression results do not indicate a significant relationship between the governance score per company and the selected financial indicators. The conclusions contribute to the literature on corporate governance in emerging markets and offer relevant practical implications for investors, regulators, and listed companies, in a context marked by the transition to a new Code of Corporate Governance.

Suggested Citation

  • Marius Eugen ROGOZ, 2025. "The Value of Companies: A Perspective from the Angle of Corporate Governance," CECCAR Business Review, Body of Expert and Licensed Accountants of Romania (CECCAR), vol. 6(11), pages 2-13, November.
    • Handle: RePEc:ahd:journl:v:6:y:2025:i:11:p:2-13
    DOI: 10.37945/cbr.2025.11.01
    as

    Download full text from publisher

    File URL: https://www.ceccarbusinessreview.ro/the-value-of-companies-a-perspective-from-the-angle-of-corporate-governance-a515d/download-PDF/
    Download Restriction: no
    File URL: https://www.ceccarbusinessreview.ro/the-value-of-companies-a-perspective-from-the-angle-of-corporate-governance-a515a/abstract/
    Download Restriction: no
    File URL: https://libkey.io/10.37945/cbr.2025.11.01?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M49 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Other
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ahd:journl:v:6:y:2025:i:11:p:2-13. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Radu CIOBANU (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.