[go: up one dir, main page]
More Web Proxy on the site http://driver.im/
IDEAS home Printed from https://ideas.repec.org/a/ovi/oviste/vxixy2019i2p895-902.html
   My bibliography  Save this article

The Corporate Governance Code of the Bucharest Stock Exchange: Comply or Explain

Author

Listed:
  • Cosmina Adela Stănilă

    (West University of Timisoara)

Abstract
The companies in Romania which have their titles traded on the Bucharest Stock Exchange (BVB), must operate in a transparent manner, based on the rules established by the Corporate Governance Code (CGC) of the Bucharest Stock Exchange. The implementation of these rules will be based on the "comply or explain" principle that aims to provide the market with correct and upto-date information on how the listed companies comply with the corporate governance rules. The BVB monitors the degree of implementation of the CGC provisions by the companies listed through the "comply or explain" statement, a statement that includes a self-assessment of how the "provisions to be respected" are met and the measures taken to comply with the provisions that are not fully fulfilled yet. The objective of the work is focused on the analysis of the compliance of the provisions of the CGC, respectively of the level of implementation by the Romanian companies listed on the Main Market of the Bucharest Stock Exchange during 2016-2018. The companies analyzed in the study must comply with a set of principles and recommendations set out in the Corporate Governance Code, based on the fact that these shares are traded on a regulated capital market. The purpose of the CGC is to create an attractive capital market internationally and to increase the confidence in the listed companies, based on best practices, transparency and trust.

Suggested Citation

  • Cosmina Adela Stănilă, 2019. "The Corporate Governance Code of the Bucharest Stock Exchange: Comply or Explain," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 895-902, December.
    • Handle: RePEc:ovi:oviste:v:xix:y:2019:i:2:p:895-902
    as

    Download full text from publisher

    File URL: http://stec.univ-ovidius.ro/html/anale/RO/wp-content/uploads/2020/02/Section%20V/39.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Elisabeth Dedman & Igor Filatotchev, 2008. "Corporate governance research: a contingency framework," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 4(4), pages 248-258, September.
    2. Monica-Violeta Achim & Sorin-Nicolae Borlea & Codruţa Mare, 2016. "Corporate Governance and Business Performance: Evidence for the Romanian Economy," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 17(3), pages 458-474, June.
    3. Yiming Hu & Siqi Li & Thomas W. Lin & Shilei Xie, 2011. "Large creditors and corporate governance: the case of Chinese banks," Review of Accounting and Finance, Emerald Group Publishing Limited, vol. 10(4), pages 332-367, November.
    4. Stefan BUNEA & Marian SACARIN & Mihaela MINU, 2012. "Romanian Professional Accountants’ Perception on the Differential Financial Reporting for Small and Medium-Sized Enterprises," Journal of Accounting and Management Information Systems, Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, vol. 11(1), pages 27-43, March.
    5. Elizabeth Webb, 2008. "Bank stock repurchase extent and measures of corporate governance," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 4(3), pages 180-199, June.
    6. Yuan George Shan & Lei Xu, 2012. "Bad debt provisions of financial institutions," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 8(4), pages 344-364, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cosmina Adela Stanila, 2019. "The Impact of Corporate Governance on Company’s Performance through Non-financial Indicators," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 660-666, August.
    2. S. Susela Devi & R. Helen Samujh, 2015. "The Political Economy of Convergence: The Case of IFRS for SMEs," Australian Accounting Review, CPA Australia, vol. 25(2), pages 124-138, June.
    3. SABĂU (POPA) Andrada Ioana & SAFTA (PLEȘA) Ioana Lavinia & BORLEA Nicolae Sorin, 2023. "Analysis Of The Quality Of Corporate Governance. Case For Romanian Companies," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 75(1), pages 66-79, April.
    4. Iván Arribas & María Dolores Espinós-Vañó & Fernando García & Javier Oliver, 2019. "Defining socially responsible companies according to retail investors’ preferences," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 7(2), pages 1641-1653, December.
    5. Muhammad Azeem Qureshi & Minhas Akbar & Ahsan Akbar & Petra Poulova, 2021. "Do ESG Endeavors Assist Firms in Achieving Superior Financial Performance? A Case of 100 Best Corporate Citizens," SAGE Open, , vol. 11(2), pages 21582440211, June.
    6. Naeem Tabassum & Satwinder Singh, 2020. "Corporate Governance and Organisational Performance," Springer Books, Springer, number 978-3-030-48527-6, June.
    7. Tha’er Amjed Mahmoud Ababneh & Mehmet Aga, 2019. "The Impact of Sustainable Financial Data Governance, Political Connections, and Creative Accounting Practices on Organizational Outcomes," Sustainability, MDPI, vol. 11(20), pages 1-16, October.
    8. Boya Wang, 2016. "Ownership, Institutions & Firm Value: Cross-Provincial Evidence from China," Working Papers wp484, Centre for Business Research, University of Cambridge.
    9. Bogdan Aurelian Mihail & Dalina Dumitrescu & Daniela Serban & Carmen Daniela Micu & Adriana Lobda, 2021. "The Role of Investor Relations and Good Corporate Governance on Firm Performance in the Case of the Companies Listed on the Bucharest Stock Exchange," JRFM, MDPI, vol. 14(12), pages 1-12, November.
    10. Pompei Mititean, 2022. "The Impact Of Corporate Governance Characteristics On Companies’ Financial Performance: Evidence From Romania," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 67(233), pages 113-134, April – J.
    11. Marian Siminica & Mirela Cristea & Mirela Sichigea & Gratiela Georgiana Noja & Ion Anghel, 2019. "Well-Governed Sustainability and Financial Performance: A New Integrative Approach," Sustainability, MDPI, vol. 11(17), pages 1-21, August.
    12. Shan, Yuan George, 2015. "Value relevance, earnings management and corporate governance in China," Emerging Markets Review, Elsevier, vol. 23(C), pages 186-207.
    13. Christian Engelen, 2015. "The effects of managerial discretion on moral hazard related behaviour: German evidence on agency costs," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(4), pages 927-960, November.
    14. Marius Eugen ROGOZ & Dragoș Andrei STOICA, 2024. "How Do Listed Romanian Companies Comply with or Explain Good Corporate Governance Guidelines?," CECCAR Business Review, Body of Expert and Licensed Accountants of Romania (CECCAR), vol. 5(7), pages 51-61, July.
    15. Joanna Golden, 2018. "The Effect of Shareholder Rights and Information Asymmetry on Stock-Option-Related Repurchase Activity," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 21(02), pages 1-41, June.
    16. Haroon ur Rashid Khan & Waqas Bin Khidmat & Osama Al Hares & Naeem Muhammad & Kashif Saleem, 2020. "Corporate Governance Quality, Ownership Structure, Agency Costs and Firm Performance. Evidence from an Emerging Economy," JRFM, MDPI, vol. 13(7), pages 1-35, July.
    17. Shan, Yuan George, 2019. "Do corporate governance and disclosure tone drive voluntary disclosure of related-party transactions in China?," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 34(C), pages 30-48.
    18. Michele Pizzo, 2013. "Related party transactions under a contingency perspective," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 17(2), pages 309-330, May.
    19. repec:fst:rfsisf:v:8:y:2023:i:14:p:98-109 is not listed on IDEAS
    20. Irina Diana Iordache, 2020. "Awareness level of IFRS Among Managers in Romania," Book chapters-LUMEN Proceedings, in: Carmen NÄ‚STASE (ed.), 16th Economic International Conference NCOE 4.0 2020, edition 1, volume 13, chapter 14, pages 148-157, Editura Lumen.
    21. Long Wu & Lei Xu, 2022. "Bank loans and firm environmental information disclosure: Evidence from China's heavy polluters," Australian Economic Papers, Wiley Blackwell, vol. 61(1), pages 42-71, March.

    More about this item

    Keywords

    corporate governance; corporate transparency; Stock Exchange Bucharest;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ovi:oviste:v:xix:y:2019:i:2:p:895-902. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Gheorghiu Gabriela (email available below). General contact details of provider: https://edirc.repec.org/data/feoviro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.