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2004, vol. 9, br. 1-2, str. 127-133
Consideration on the Corporate Governance Code in Romanian business environment
(naslov ne postoji na srpskom)
West University of Timisoara Faculty of Economics Romania
(ne postoji na srpskom)
In respect to OECD principles, Corporate Governance has a tri-dimensional definition. First of all, Corporate Governance represents a set of relationships between a company’s management, its board, its shareholders and other stakeholders. Second, Corporate Governance can be seen as a stricture through which the objectives of the company are set and the means of attaining those objectives and monitoring performance are provided. Third, Corporate Governance represents a framework for standards and practices which allow to find optimal solutions for problems that result from separation of ownership and control. Financial crises in emerging markets, and a long transition process in many countries from plan to market have made clear the relevance of good corporate governance as a key structural and institutional feature of a functioning market economy. This has been true in Romania, which had no private corporations at the beginning of the last decade, but now has a large corporate sector producing over sixty percent of Romanian’s GDP and employing over fifty percent of active people. Good corporate governance ensures that companies use their resources more efficiently and leads to better relations with workers, creditors, and other stakeholders. Most importantly for a transition economy like Romania good corporate governance enhances the confidence of domestic and foreign investors. It is an initial prerequisite for attracting international investment, especially the patient capital needed for sustained long-term economic growth. The paper aims to present and discuss a Corporate Governance Code which has been proposed by Romanian business organization. The acceptance degree of this code will be verified and test upon a representative sample of companies from light industry (textiles, clothing and footwear) operating in west region of Romania. Conclusion will emphasize the level of comprehension and application of the Corporate Governance norms and will try to answer at the following questions: are the business environment from the region compatible with the European companies’ business ethics and their managerial performances.
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jezik rada: engleski
vrsta rada: stručni članak
objavljen u SCIndeksu: 02.06.2007.

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