Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 15, 2006 erstellt
Description:
Over the past decade, Romania's political, economic and social life where subordinated to one major objective: the transition from the pre-1990 centrally planned economic system to a market economy in the context of EU enlargement. The effective conduct of business is an issue of general relevance and interest, corporate governance as we are defining it aims to address the very specific problems that result from the separation of ownership and control. We will focus on large companies as they are more frequently confronted with corporate governance problems, more exactly on joint stock companies that are forms of networks specially designed to deal with the issues of separation between ownership and control. The companies listed on the stock exchange are the most representative illustrations of the corporate governance issue.In the first part of our research, after a short presentation of OECD principles of Corporate Governance and disclosure and transparency principle, we present the legal framework of corporate governance in Romania. In the second part we point the improvements related to disclosure and transparency principle made by regulatory institutes and in the third part we analyze the evolution of disclosure: mandatory, voluntary to Stock Exchange, toward shareholders, and by internet, finalizing with conclusions about disclosure and transparency of Romanian listed companies