IDEAS home Printed from https://ideas.repec.org/a/jek/journl/v3y2015i2p40-58.html
   My bibliography  Save this article

Corporate Governance Quality On Specific Case Of Romanian Listed Companies

Author

Listed:
  • Sorana Mihaela Manoiu

    (Babes-Bolyai University Cluj-Napoca)

  • Maria Ionela Damian

    (Babes-Bolyai University Cluj-Napoca)

  • Jiri Strouhal

    (University of Economics Prague, Department of Strategy, W. Churchill Square 4, 130 67 Prague 3, Czech Republic)

Abstract

The purpose of this paper is to analyse the compliance of Romanian listed companies with corporate governance codes. From 2010, the “Comply or Explain” Statement, which discloses if and how the corporate governance principles are applied, became mandatory for all companies listed on Bucharest Stock Exchange (BSE). The methodology employed is based on the analysis of the above mentioned Statements published for the period 2009-2013. Research aims to present through a longitudinal and qualitative study the evolution of the compliance with the BSE Corporate Governance Codes. Most of the observed companies made a step forward in what concerns corporate governance principles and over the study period they disclosed more information on their statements. On the other hand, we found cases where the statements made over the studied period contained inconsistencies for some principles. The implementation of corporate governance rules ensures transparent decision-making, based on clear rules and objectives, and increases shareholders’ confidence in the company.

Suggested Citation

  • Sorana Mihaela Manoiu & Maria Ionela Damian & Jiri Strouhal, 2015. "Corporate Governance Quality On Specific Case Of Romanian Listed Companies," International Journal of Entrepreneurial Knowledge, Center for International Scientific Research of VSO and VSPP, vol. 3(2), pages 40-58, December.
    • Handle: RePEc:jek:journl:v:3:y:2015:i:2:p:40-58
    as

    Download full text from publisher

    File URL: http://www.ijek.org/files/IJEK_2-2015v3/IJEK-2-2015,v.3_manoiu,s.m.,damian,m.i.,strouhal,j..pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Miroslav Nedelchev, 2013. "Good Practices in Corporate Governance: One-Size-Fits-All vs. Comply-or-Explain," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 4(6), pages 75-81, November.
    2. David Seidl & Paul Sanderson & John Roberts, 2009. "Applying 'Comply-or-Explain': Conformance with Codes of Corporate Governance in the UK and Germany," Working Papers wp389, Centre for Business Research, University of Cambridge.
    3. Steven E. Salterio & Joan E. D. Conrod & Regan N. Schmidt, 2013. "Canadian Evidence of Adherence to “Comply or Explain” Corporate Governance Codes: An International Comparison," Accounting Perspectives, John Wiley & Sons, vol. 12(1), pages 23-51, March.
    4. Jiří Strouhal & Natalja Gurvitš & Monika Nikitina-Kalamäe & Emilia Startseva, 2015. "Finding the Link between CSR Reporting and Corporate Financial Performance: Evidence on Czech and Estonian Listed Companies," Central European Business Review, Prague University of Economics and Business, vol. 2015(3), pages 48-59.
    5. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cannizzaro, Anthony P. & Weiner, Robert J., 2015. "Multinational investment and voluntary disclosure: Project-level evidence from the petroleum industry," Accounting, Organizations and Society, Elsevier, vol. 42(C), pages 32-47.
    2. Nguyen, Thu Ha & Lan, Yihui & Treepongkaruna, Sirimon & Zhong, Rui, 2023. "Credit rating downgrades and stock price crash risk: International evidence," Finance Research Letters, Elsevier, vol. 55(PB).
    3. Wang Wenge, 2018. "Board Independence of Listed Companies in the US and China," Asian Journal of Law and Economics, De Gruyter, vol. 9(3), pages 1-21, December.
    4. Ginger Zhe Jin & Andrew Kato & John A. List, 2010. "That’S News To Me! Information Revelation In Professional Certification Markets," Economic Inquiry, Western Economic Association International, vol. 48(1), pages 104-122, January.
    5. Maha Faisal Alsayegh & Rashidah Abdul Rahman & Saeid Homayoun, 2020. "Corporate Economic, Environmental, and Social Sustainability Performance Transformation through ESG Disclosure," Sustainability, MDPI, vol. 12(9), pages 1-20, May.
    6. Eunsoo Kim & Suyon Kim & Jaehong Lee, 2021. "Do Foreign Investors Affect Carbon Emission Disclosure? Evidence from South Korea," IJERPH, MDPI, vol. 18(19), pages 1-14, September.
    7. Stephen A. Hillegeist & James P. Kavourakis & Matthew Pinnuck, 2023. "The association between quarter length, forecast errors, and firms’ voluntary disclosures," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 1885-1918, June.
    8. Caroline Flammer & Michael W. Toffel & Kala Viswanathan, 2021. "Shareholder activism and firms' voluntary disclosure of climate change risks," Strategic Management Journal, Wiley Blackwell, vol. 42(10), pages 1850-1879, October.
    9. Florian Meier, 2020. "The Age of Cheap Money and Passive Investing: Are Pro Forma Earnings Value Relevant?," Journal of Finance and Investment Analysis, SCIENPRESS Ltd, vol. 9(2), pages 1-1.
    10. Bikki Jaggi & Alessandra Allini & Riccardo Macchioni & Annamaria Zampella, 2018. "Do investors find carbon information useful? Evidence from Italian firms," Review of Quantitative Finance and Accounting, Springer, vol. 50(4), pages 1031-1056, May.
    11. Jiao Ji & Oleksandr Talavera & Shuxing Yin, 2018. "The Hidden Information Content: Evidence from the Tone of Independent Director Reports," Working Papers 2018-28, Swansea University, School of Management.
    12. Sergey Sinelnikov-Murylev & Alexandr Radygin (ed.), 2018. "Russian Economy in 2017. Trends and Outlooks. (Issue 39) In English," Books, Gaidar Institute for Economic Policy, edition 1, volume 39, number re39-2017-en, November.
    13. Kim, Sang-Joon & Bae, John & Oh, Hannah, 2019. "Financing strategically: The moderation effect of marketing activities on the bifurcated relationship between debt level and firm valuation of small and medium enterprises," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 663-681.
    14. Anna Maria Biscotti & Eugenio D’Amico, 2019. "Does Equity Market Differently Perceive IC Management and Disclosure Behaviours?," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 10(2), pages 756-775, June.
    15. Pedro J. García-Teruel & Pedro Martínez-Solano & Juan P. Sánchez-Ballesta, 2014. "Supplier Financing and Earnings Quality," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(9-10), pages 1193-1211, November.
    16. Loukil, Nadia & Yousfi, Ouidad, 2010. "Firm's information environment and stock liquidity: evidence from Tunisian context," MPRA Paper 28699, University Library of Munich, Germany, revised Feb 2011.
    17. Claus Holm & Morten Balling & Thomas Poulsen, 2014. "Corporate governance ratings as a means to reduce asymmetric information," Cogent Economics & Finance, Taylor & Francis Journals, vol. 2(1), pages 1-16, December.
    18. Yanyi Ye & Yun Wang & Xiaoguang Yang, 2022. "Bank loan information and information asymmetry in the stock market: evidence from China," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-28, December.
    19. Chang, Yingying & Du, Xingqiang & Zeng, Quan, 2021. "Does environmental information disclosure mitigate corporate risk? Evidence from China," Journal of Contemporary Accounting and Economics, Elsevier, vol. 17(1).
    20. Lisa Baudot & Zhongwei Huang & Dana Wallace, 2021. "Stakeholder Perceptions of Risk in Mandatory Corporate Responsibility Disclosure," Journal of Business Ethics, Springer, vol. 172(1), pages 151-174, August.

    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:jek:journl:v:3:y:2015:i:2:p:40-58. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: Aleksandr Kljucnikov (email available below). General contact details of provider: https://edirc.repec.org/data/vsposcz.html .

    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.