Corporate Governance in Emerging Economies The Case of Romania.docVIP

Theoretical and Applied Economics Volume XVIII (2011), No. 9(562), pp. 5-16 Corporate Governance in Emerging Economies: The Case of Romania Niculae FELEAG? Bucharest Academy of Economic Studies nfeleaga@ Liliana FELEAG? Bucharest Academy of Economic Studies liliana_malciu@ Voicu Dan DRAGOMIR Bucharest Academy of Economic Studies voicudragomir@ Adrian Doru BIGIOI Bucharest Academy of Economic Studies adrian.bigioi@realteam.ro Abstract. In Romania corporate governance has emerged beginning with the early 2000s. The delay is explainable by the difficult steps taken on the line of political, legal, economic and social reform. In recent years, however, the corporate governance environment in Romania has changed. Transparency and accountability have become key factors not only for shareholders, but also for investors, buyers, suppliers, and other stakeholders. In this context, it is worth to consider, based on statistical data, the degree of development of corporate governance in Romania. The selected indicators are linked to attributes of the Board of directors, in particular Board structure, size, independence, frequency of meetings, and other factors. The sources used are based on the official data published by companies listed on the Bucharest Stock Exchange (BSE). The results will be compared with results of other case studies of emerging countries and the European best practice. Keywords: corporate governance; emerging economies; Romania; disclosure; corporate governance indicators. JEL Code: G3. REL Code: 17G.  6 Niculae Feleag?, Liliana Feleag?, Voicu Dan Dragomir, Adrian Doru Bigioi 1. Introduction Corporate governance represents a set of “rules of the game” through which companies are managed internally and supervised by Boards of directors, aiming to protect the interests of corporate stakeholders. It specifies the distribution of rights and r