Strategijski menadžment
kako citirati ovaj članak
podeli ovaj članak


  • citati u SCIndeksu: 0
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[]
  • posete u poslednjih 30 dana:1
  • preuzimanja u poslednjih 30 dana:0


članak: 4 od 5  
Back povratak na rezultate
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.
*** (2001) Corporate governance in Romania. Paris: OECD, Report, www.oecd.org
Alchian, A.A., Demsetz, H. (1972) Production, information costs and economic organization. American Economic Review, vol. 62, br. 5, str. 777-795
Aoki, M. (1994) The contingent governance of teams: Analysis of institutional complimentarily. International Economic Review, vol. 35, br. 3, str. 657-676
Becht, M., Bolton, P., Roell, A. (2002) Corporate governance and control. National Bureau of Economic Research / NBER, Working Paper, www.nber.org/papers/w9371
Berle, A.A., Means, G.C. (1932) The modern corporation and private property. London-New York, itd: Macmillan Publishing
Cadbury Committee (1992) Report on the financial aspects of corporate governance. London: Gee and Co
Franks, J., Mayer, C. (1990) Capital markets and corporate control: A study of France, Germany and the United Kingdom. Economic Policy, br. 10, str. 189-231
Grossman, S.J., Hart, O.D. (1986) The costs and benefits of ownership: A theory of vertical and lateral integration. Journal of Political Economy, vol. 94, br. 4, str. 691-719
Hart, O., Moore, J. (1990) Property rights and the nature of the firm. Journal of Political Economy, br. 98, str. 1119-1158
Jensen, M.C., Ruback, R.S. (1983) The market for corporate control: The scientific evidence. Journal of Financial Economics, vol. 11, br. 1, str. 5-50
Julien, R., Rieger, L. (2003) Seven components of good corporate governance: The corporate board. July/August, www.crowechizek.com
Mathiesen, H. (2002) u: Encyclopedia corporate governance, www.encycogov.com
Monks, R.A.G., Minow, N. (1995) Corporate governance. Oxford, UK, itd: Blackwell
Naughton, A. (2002) Corporate governance: An international perspective. Australie: Griffith University, www.gu.edu.au
Naughton, T., Harvey, M. (2002) The role of securities markets in enhancing corporate governance in Asia. u: Econometric Society Australasian Meeting, Brisbane
Organization for Economic Cooperation and Development (1999) Principles of Corporate Governance. Paris, www.oecd.org
Rajan, R.G., Zingales, L. (2001) The firm as a dedicated hierarchy: A theory of the origins and growth of firms. Q J Econ, br. 116, str. 206-212, http://gsbwww.uchicago.edu
Rajan, R.G., Zingales, L. (1998) Power in a theory of the firm. Q J Econ, br. 113, str. 387-432, http://gsbwww.uchicago.edu
Shleifer, A., Vishny, R.W. (1997) A survey of corporate governance. Journal of Finance, June, vol. 52, Issue 2, str. 737-783
Zingales, L. (1997) Corporate governance. New York-Cambridge, MA, itd: National Bureau of Economic Research / NBER, Working Paper 6309, http://www.nber.org

O članku

jezik rada: engleski
vrsta rada: stručni članak
objavljen u SCIndeksu: 02.06.2007.

Povezani članci