COMPLIANCE WITH THE ROMANIAN CORPORATE GOVERNANCE CODE. EVIDENCES FROM THE COMPANIES LISTED ON BUCHAREST STOCK EXCHANGE

Georgeta Vintila and Raluca-Georgiana Moscu ()
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Raluca-Georgiana Moscu: Bucharest University of Economic Studies, moscu.raluca@yahoo.com, Bucharest, Romania,

Journal of Public Administration, Finance and Law, 2014, vol. 6, issue 6, 235-248

Abstract: The work aims to conduct a study on how corporate governance principles and recommendations are applied in Romania for companies listed on the Bucharest Stock Exchange. In the first part of the work, corporate governance principles and recommendations are presented as they appear in the statement of conformity "Comply or Explain" and Governance Code of BSE and it is subject to verification how companies listed on BSE meet these governance principles and recommendations and where no criteria is fulfilled it is given the explanation which is offered by the company�s management. To verify compliance with corporate governance recommendations in Romania we selected a sample of 55 companies listed on the BSE, using public information provided by website BSE (annual reports of 2013, the Comply or Explain statement of 2013). Research methodology is based on an index of corporate governance (CG Index) on the implementation of the principles of corporate governance code by listed companies in Romania. Thus the main research tool is a corporate governance index, calculated based on the framework proposed by the authors, and the results of the study consist of scores for each item or principle CG by calculating corporate governance index (CG Index) for the 55 listed companies in Romania. The results show that the degree of compliance with the Code of Corporate Governance of BSE is achieved at a rate of 70.6%, the lowest score is based on a result of 21.1% and the highest is 92.3%.

Keywords: Corporate governance; Statement of conformity "Comply or explain"; Board of Directors (search for similar items in EconPapers)
Date: 2014
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