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Transparency and disclosure between theory and practice. A case study of Romania

In: Proceedings of FIKUSZ '09


  • Adina POPA

    () (Eftimie Murgu Rei a University)

  • Rodica BLIDIEL

    () (West University from Timioara)

  • Victoria BOGDAN

    () (University of Oradea)


As a modern system by which companies are directed and controlled (The Cadbury Report, 1992) – corporate governance have became in the last years a system implemented by more and more companies from developed countries and recently from developing once. Having as starting point one of the principles of corporate governance – transparency – in this paper we focus on aspects that contribute to reach the transparency at corporate level, taking into consideration both regulation and practical issues in Romania, a developing country that have recently adopted the mechanisms of corporate governance. Corporate disclosure is the principal mean by which companies can become transparent, and is critical for the functioning of an efficient capital market (Healy & Palepu, 2001). For this reason we investigate several non-financial items that companies operating on international capital markets are usualy disclosing, looking for the extent to which Bucharest Stock Exchange listed companies are disclosing corporate social responsibility information. The results suggest that is a poor disclosure of social responsability information within the annual reports even the companies are activating in domains with great impact on the environment

Suggested Citation

  • Adina POPA & Rodica BLIDIEL & Victoria BOGDAN, 2009. "Transparency and disclosure between theory and practice. A case study of Romania," Proceedings of FIKUSZ '09, in: László Áron Kóczy (ed.), Proceedings of FIKUSZ '09, pages 173-183, Óbuda University, Keleti Faculty of Business and Management.
  • Handle: RePEc:pkk:sfyr09:173-183

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    References listed on IDEAS

    1. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    2. repec:bla:joares:v:13:y:1975:i:1:p:16-37 is not listed on IDEAS
    3. Marie Chavent & Yuan Ding & Linghui Fu & Herve Stolowy & Huiwen Wang, 2006. "Disclosure and determinants studies: An extension using the Divisive Clustering Method (DIV)," European Accounting Review, Taylor & Francis Journals, vol. 15(2), pages 181-218.
    4. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, Oxford University Press, vol. 84(3), pages 488-500.
    5. Adina Popa & Rodica Gabriela Blidisel & Andra Pop, 2008. "Investor relations on the internet. An empirical study of Romanian listed companies," Proceedings Papers of Business Sciences: Symposium for Young Researchers (FIKUSZ) 2008, in: László Áron Kóczy (ed.), FIKUSZ 2008 Business Sciences - Symposium for Young Researchers: Proceedings, pages 187-197, Óbuda University, Keleti Faculty of Business and Management.
    6. 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.
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    Cited by:

    1. Zam Zuriyati Mohamad & Hatijah Mohamed Salleh & Nur Diyana Ismail & Ibrahim Tamby Chek, 2014. "Does Quality of Non-Financial Information Disclosure Influence Firms’ Profitability in Malaysia?," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(4), pages 297-306, October.

    More about this item


    corporate governance; transparency; corporate disclosure; listed companies; corporate responsibility;

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill


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