Skip to main content
SpringerLink
Log in

A View on Corporate Governance in Romania: Regulation and Effects

  • Chapter
  • First Online:
Corporate Governance in Central Europe and Russia

Part of the book series: CSR, Sustainability, Ethics & Governance ((CSEG))

Abstract

Corporate governance in Romania evolved from the model specific to a complete centralized society, in the early 1990s, when the management of business was the exclusive public authority prerogative, to one based on market economy principles, where corporate governance in not only about the respect for the rule of law, but also about finance, social economy and global sustainability objectives of the state authorities’ activity. Almost every year a new important law was adopted to create a coherent legislative context for public and private companies, their ownership, the management structures and the transparency of the activities they are involved in. The chapter proposes a theoretical approach of the corporate governance legal framework in Romania, in terms of its evolution and its impact throughout implementation, as well as the status of its functioning today. The results of the research point out some proposals for improving the Romanian legal framework in the corporate governance field. The chapter is a useful viewpoint in understanding the complex transformation of Romanian corporate governance legislation, in accord with market economy principles, thus developing the existing literature on corporate finance.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 84.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 109.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 109.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  • Alexandru, S. (2017). Femeile ajunse în funcții de conducere promovează femei mai mult decât bărbații. Capital.

    Google Scholar 

  • Cărăuşu, D. N., Filip, B. F., Cigu, E., & Toderaşcu, C. (2018). Contagion of capital markets in CEE countries: Evidence from wavelet analysis. Emerging Markets Finance and Trade, 54(3), 618–641. https://doi.org/10.1080/1540496X.2017.1410129

    Article  Google Scholar 

  • Cigna, G. P., Kobel, Y., & Sigheartau, A. (2016). Corporate governance in transition economies Romania country report. European Bank for Reconstruction and Development.

    Google Scholar 

  • Claessens, S., & Yurtoglu, B. B. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1–33. https://doi.org/10.1016/j.ememar.2012.03.002.

    Article  Google Scholar 

  • Committee on the Financial Aspects of Corporate Governance and Gee and Co. Ltd. (1992). Cadbury Report - Report of the Committee on the Financial Aspects of Corporate Governance.

    Google Scholar 

  • Corporate Governance Code of The Bucharest Stock Exchange, 2008. (2015). http://www.bvb.ro/

  • Corporate Governance Code of The Bucharest Stock Exchange, 2006, 2008, 2015, on http://www.bvb.ro/. Romania: Bucharest.

  • Council Directive 2000/43/EC of 29 June 2000 implementing the principle of equal treatment between persons irrespective of racial or ethnic origin.

    Google Scholar 

  • Council Directive 2000/78/EC of 27 November 2000 establishing a general framework for equal treatment in employment and occupation, etc. One of the most important institutions in Romania implicated in implementing the principle of equal treatment between persons is National Council for Combating Discrimination that was established by DG no. 1194/2001.

    Google Scholar 

  • Decision no. 775/2015 regarding The National Strategy for Competitiveness 2015–2020.

    Google Scholar 

  • Government Decision no. 365/2018 on National Strategy of 24 May 2018 on the Promotion of Equal Opportunities and Treatment for Women and Men and on the Prevention and Combating of Domestic Violence for the Period 2018–2021.

    Google Scholar 

  • Government Decision no. 859/2014 on Governmental Strategy for the Small and Medium Enterprises Sector Development and the Improvement of the Romanian Business Environment - Horizon 2020.

    Google Scholar 

  • Hardi, P., & Buti, K. (2012). Corporate governance variables: Lessons from a holistic approach to Eastern-European practice. Corporate Governance, 12(1), 101–117.

    Article  Google Scholar 

  • Hopt, K. (2011). Comparative corporate governance: The state of the art and international regulation. The American Journal of Comparative Law, 59(1), 1–73.

    Article  Google Scholar 

  • International Finance Corporation. (2013 January). Corporate governance case study: Mobinets. Retrieved from http://www.gcgf.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/corporate+governance/publications/focus_case+studies/cg+case+study+-+mobinets

  • International Labour Organization. (2015). Women in business and management – gaining momentum, global report. Geneva: ILO.

    Google Scholar 

  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.

    Article  Google Scholar 

  • Kiviaho, J., Nikkinen, J., Piljak, V., & Rothovius, T. (2014). The comovement dynamics of European frontier stockmarkets. European Financial Management, 20(3), 574–595. https://doi.org/10.1111/j.1468-036X.2012.00646.x

    Article  Google Scholar 

  • Law no. 82/1991 on accounting, with subsequent amendments.

    Google Scholar 

  • Law no. 31/1990 regarding companies with subsequent amendments.

    Google Scholar 

  • Law no. 202/2002 on equal opportunities and treatment of women and men republished.

    Google Scholar 

  • Law no. 297/2004 on the capital market.

    Google Scholar 

  • Law no. 346/2004 on stimulating the establishment and development of small and medium-sized enterprises (SMEs), with subsequent amendments.

    Google Scholar 

  • Law no. 571/2003 on Fiscal Code replaced by Law no. 227/2015.

    Google Scholar 

  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1997). Legal determinants of external finance. Journal of Finance, 52(3), 1131–1150. https://doi.org/10.1111/j.1540-6261.1997.tb02727.x.

    Article  Google Scholar 

  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2002). Investor protection and corporate valuation. Journal of Finance, 57(3), 1147–1170. https://doi.org/10.1111/1540-6261.00457.

    Article  Google Scholar 

  • Nakpodia, F., & Adegbite, E. (2018). Corporate governance and elites. Accounting Forum, 42(1), 17–31. https://doi.org/10.1016/j.accfor.2017.11.002

    Article  Google Scholar 

  • OECD. (2015). G20/OECD principles of corporate governance.

    Google Scholar 

  • Onofrei, M. (2009). Corporate governance. Bucharest: Wolters Kluwer.

    Google Scholar 

  • Regulations of the National Securities Commission (CNVM), http://www.cnvmr.ro/

    Google Scholar 

  • Shailer, G. (2004). An introduction to corporate governance in Australia. Sydney: Pearson Education Australia.

    Google Scholar 

  • Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783.

    Article  Google Scholar 

  • Stanciu, V., & Caratas, M. A. (2015). Which is the pulse of Romanian corporate governance? – An empirical study. Procedia Economics and Finance, 20, 586–594.

    Article  Google Scholar 

  • Syllignakis, M. N., & Kouretas, G. P. (2011). Dynamic correlation analysis of financial contagion: Evidence from the central and eastern European markets. International Review of Economics and Finance, 20(4), 717–732. https://doi.org/10.1016/j.iref.2011.01.006.

    Article  Google Scholar 

  • Tofan, M., Bercu, A.-M., & Cigu, E. (2015). Corporate governance framework in Romanian companies. Procedia Economics and Finance, 20, 629–636. https://doi.org/10.1016/S2212-5671(15)00117-3

    Article  Google Scholar 

  • World Bank. (2018). Doing business report.

    Google Scholar 

  • Young, M., & Peng, M. (2008). Corporate governance in emerging economies: A review of principal-principal perspective. Journal of Management Studies, 45(1). issn 0022-2380.

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. University “Alexandru Ioan Cuza” of Iasi, Iași, Romania

    Mihaela Tofan & Elena Cigu

Authors
  1. Mihaela Tofan
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Elena Cigu
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Mihaela Tofan .

Editor information

Editors and Affiliations

  1. Warsaw School of Economics, Warsaw, Poland

    Maria Aluchna

  2. Guildhall Faculty of Business and Law, London Metropolitan University, London, UK

    Samuel O. Idowu

  3. Corporate Economics and Business Governance, Ural State University of Economics, Ekaterinburg, Russia

    Irina Tkachenko

Rights and permissions

Reprints and permissions

Copyright information

© 2020 Springer Nature Switzerland AG

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Tofan, M., Cigu, E. (2020). A View on Corporate Governance in Romania: Regulation and Effects. In: Aluchna, M., Idowu, S.O., Tkachenko, I. (eds) Corporate Governance in Central Europe and Russia. CSR, Sustainability, Ethics & Governance. Springer, Cham. https://doi.org/10.1007/978-3-030-39504-9_11

Download citation

Publish with us

Policies and ethics

Search

Navigation