CORPORATE GOVERNANCE CHALLENGES IN THE KNOWLEDGE ECONOMY

Florentin Caloian (), Adriana Florina Popa () and Ada Lorena Niculiţă ()
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Florentin Caloian: Bucharest University of Economic Studies, Romania
Adriana Florina Popa: Bucharest University of Economic Studies, Romania
Ada Lorena Niculiţă: Bucharest University of Economic Studies, Romania

No 17-18, Social Responsibility, Ethics and Sustainable Business from Bucharest University of Economic Studies

Abstract: In a knowledge-based economy, effectively developing and applying intellectual capital is the key to creating value. Thus, the potential costs of loosing knowledge should be intuitively obvious and important to all stakeholders. But knowledge is a multi-dimensional concept and its value is determined by circumstances, so diagnosing challenges associated to flows of knowledge is more complicated that at first sight. This papers describes different situation where knowledge flows can prove challenging for corporate governance and provide a framework to identify where the intellectual capital loss hurts the organisational performance. The paper discusses a list of corporate governance codes and their implications on business activities and operations, especially in what concerns two major dimensions of the concept: transparency and disclosure of information to shareholders. The corporate governance refers that blend of law, regulation, and appropriate voluntary private-sector practices which enables the corporation to attract financial and human capital, perform efficiently, and thereby perpetuate itself by generation long-term economic value for its shareholders, while respecting the interests of stakeholders and society as a whole. For corporate governance codes to be effective, they must reflect the level of best practices that can be handled and implemented by cross-country companies, along with a certain level of measured aspirations toward higher standards.

Keywords: corporate governance code; corporate value; knowledge; transparency; disclosure of information (search for similar items in EconPapers)
Date: 2012-10
New Economics Papers: this item is included in nep-ene and nep-env
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Published in Working Papers Series on Social Responsibility, Ethics & Sustainable Business

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http://www.csrconferences.org/RePEc/aes/icsrog/2012/2012_1_010.pdf First version, 2012, October (application/pdf)

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