Corporate Governance at European Level: Romania – Study Case, Romanian Public Enterprises

Moşneanu Diana Georgiana

doi:doi:10.11648/j.ijber.20211004.15

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Corporate Governance at European Level: Romania – Study Case, Romanian Public Enterprises

Moşneanu Diana Georgiana

Published in International Journal of Business and Economics Research (Volume 10, Issue 4)

Received: 15 July 2021 Accepted: 6 August 2021 Published: 13 August 2021

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Abstract

The background: This paper present how the implementation of Corporate Governance in Romania’s Public Enterprises is applied. The paper examines how the Key Performance Indicators are used to monitories the performance of the Public Enterprises, of the Board’s performance and overall the Corporate Governance efficiency. Objective: Although the primary target of this paper is the improving of the Key Performance Indicators by introducing the sustainability indicator. The establishment of the sustainability indicator reflecting the competencies and clarifications of Board members from each public enterprises under the auspices of the Public Authority. Preliminary Studies: The Corporate Governance Codes, along with the Principles and Recommendations in this area, bring a reform in Europe. The research is based on the definition of Corporate Governance from the perspective of established scholars of the field, in which it is understood a concept of “corporate governance”. Method: The methodology used in data collection, in consultation with the Annual Reports prepared by the Board of a public company, has led me to obtain key quantitative information that bases on the indicators used in the annual reporting and allows me to study new indicators for the future recruitment process. In order to obtain the necessary data for the formulation of the hypotheses, I approached the non-participatory observation in the conduct of investigations at the Romanian state companies. This matrix must also include a sustainability indicator, in addition to those that reflect the candidate's experience and training. Results: Depending on the current decisions, the recruitment process is lacking in adaptation of future trends in a developing society. This implies the adjustment of the present recruitment matrix, bringing to a form closer to the market demands and taking into account the transformations that takes place in the society. Implications: I am one of the specialist in the field of the implementation process of Corporate Government in Romania, so through self-questioning I will disseminate the information necessary for the study. Conclusion: A sustainable Corporate Governance is about efficiency, and must have a complex approach in the process of selecting candidates for the vacancies spots in the Board. By adopting a new selection criterion in addition to the existing ones, Corporate Governance conforms to the new trends of the society, such as sustainability trend. Sustainability in decision-making process becomes a strong point of “good Corporate Governance”.

Published in	International Journal of Business and Economics Research (Volume 10, Issue 4)
DOI	10.11648/j.ijber.20211004.15
Page(s)	147-154
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Corporate Governance, Public Administration, Study Case, KPI

References

[1]	Corporate Governance in the Digital world, Moşneanu Diana, 2020, Proceedings of the International Conference on Business Excellence, Sciendo, vol. 14 (1), pages 333-342, July.
[2]	Term used in Cadbury Report, Lord Cadbury, UK (1992).
[3]	Essentials for Board Directors: An A–Z Guide, Bloomberg Press, New York, 2009, ISBN 978-1-57660-354-3, Retrieved 2013-05-18, Tricker, Adrian.
[4]	OECD Principles of Corporate Governance, 2004.
[5]	Governance: A very short introduction. Oxford, UK: Oxford University Press. ISBN 9780191646294, Bevir, Mark (2012).
[6]	The Corporate Governance of Iconic Executives. SSRN 2040922, Lin, Tom C. W. (Aug 11, 2011).
[7]	E-government implementation in Romania. From national success to international example. Ovidiu Stoica, Academia.edu accesed on 1 june 2021.
[8]	Decision HG no. 722 of September 28, 2016 for the approval of the Methodological Norms for the application of certain provisions of the Government Emergency Ordinance no. 109/2011 on the corporate governance of public enterprises.
[9]	Alexandru, Ioan şi Matei, Lucica. (2000). Servicii publice. Bucureşti: Editura Economică.
[10]	Boulouis, Jean. (1964). “La Decentralisation”. Publications des annals de la Faculte de Lettres. Aix-en- Provence: Edition Ophrys. Nouvelle Serie no. 44.
[11]	COMMISSION EUROPEAN, COMMISSION WORKING DOCUMENT: Country Report of 2018 on Romania.
[12]	COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN CENTRAL BANK AND THE EUROGRUP European Semester 2018: Assessment of progress in the field structural reforms, prevention and correction of macroeconomic imbalances, as well and the results of the in-depth reviews carried out under Regulation (EU) no. 1176/2011.
[13]	Managing Sustainability risks and opportunities in the financial services sector Non-Executive Directors Briefing, May 2012 Phil Case PwC UK.
[14]	Roy Girasa. "Corporate Governance and Finance Law", Springer Science and Business Media LLC, 2013.
[15]	"International Debt", Springer Science and Business Media LLC, 2013.
[16]	Robert W. McGee. "Chapter 1 Corporate Governance in Transition Economies", Springer Science and Business Media LLC, 2009.
[17]	Development of Corporate Governance under the privatization process in Montenegro, Petrar Ivanovic-Director Center for Entrepreneurship and Economic Development (CEED), Podgorica, Montengro. Prepared for the: First South East Europe Corporate Governance Round Table. Organised By: OECD and The World Bank Hosted By: The National Securities Commission and the Bucharest Stock Exchange Bucharest, 20-21 September 2001.
[18]	Practical Guide to Corporate Governance, Implementing Governance, pp. 162.
[19]	United Nations Capital Development Fund, pp. 2.
[20]	Govermental Emergency Orders: O. U. G. 109/2011 on the corporate governance of public enterprises.
[21]	Minister of Romanian Public Finance Order no 1752/2005: "Analysis of the operating result".
[22]	International Financial Reporting Standards (known under IFRS as the International Financial Reporting Standards) are a set of accounting standards. They are currently issued by the International Accounting Standards Board (IASB). Many of the standards that are part of IFRS are known under the old International Accounting Standards (IAS).
[23]	The IASs were issued between 1973 and 2001 by the International Accounting Standards Committee (IASC). In April 2001, the IASB adopted all IAS standards and then continued their development. The new standards bear the name of IFRS.
[24]	European Corporate Governance Institute, Corporate Governance, European Union, ECGI- European corporate governance institute.
[25]	Websites: www.gov.ro; www.anfp.gov.ro; www.pna.gov.ro; www.transparency.org.ro; consulted at june 2021.

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APA Style

Moşneanu Diana Georgiana. (2021). Corporate Governance at European Level: Romania – Study Case, Romanian Public Enterprises. International Journal of Business and Economics Research, 10(4), 147-154. https://doi.org/10.11648/j.ijber.20211004.15

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Moşneanu Diana Georgiana. Corporate Governance at European Level: Romania – Study Case, Romanian Public Enterprises. Int. J. Bus. Econ. Res. 2021, 10(4), 147-154. doi: 10.11648/j.ijber.20211004.15

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Moşneanu Diana Georgiana. Corporate Governance at European Level: Romania – Study Case, Romanian Public Enterprises. Int J Bus Econ Res. 2021;10(4):147-154. doi: 10.11648/j.ijber.20211004.15

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@article{10.11648/j.ijber.20211004.15,
  author = {Moşneanu Diana Georgiana},
  title = {Corporate Governance at European Level: Romania – Study Case, Romanian Public Enterprises},
  journal = {International Journal of Business and Economics Research},
  volume = {10},
  number = {4},
  pages = {147-154},
  doi = {10.11648/j.ijber.20211004.15},
  url = {https://doi.org/10.11648/j.ijber.20211004.15},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20211004.15},
  abstract = {The background: This paper present how the implementation of Corporate Governance in Romania’s Public Enterprises is applied. The paper examines how the Key Performance Indicators are used to monitories the performance of the Public Enterprises, of the Board’s performance and overall the Corporate Governance efficiency. Objective: Although the primary target of this paper is the improving of the Key Performance Indicators by introducing the sustainability indicator. The establishment of the sustainability indicator reflecting the competencies and clarifications of Board members from each public enterprises under the auspices of the Public Authority. Preliminary Studies: The Corporate Governance Codes, along with the Principles and Recommendations in this area, bring a reform in Europe. The research is based on the definition of Corporate Governance from the perspective of established scholars of the field, in which it is understood a concept of “corporate governance”. Method: The methodology used in data collection, in consultation with the Annual Reports prepared by the Board of a public company, has led me to obtain key quantitative information that bases on the indicators used in the annual reporting and allows me to study new indicators for the future recruitment process. In order to obtain the necessary data for the formulation of the hypotheses, I approached the non-participatory observation in the conduct of investigations at the Romanian state companies. This matrix must also include a sustainability indicator, in addition to those that reflect the candidate's experience and training. Results: Depending on the current decisions, the recruitment process is lacking in adaptation of future trends in a developing society. This implies the adjustment of the present recruitment matrix, bringing to a form closer to the market demands and taking into account the transformations that takes place in the society. Implications: I am one of the specialist in the field of the implementation process of Corporate Government in Romania, so through self-questioning I will disseminate the information necessary for the study. Conclusion: A sustainable Corporate Governance is about efficiency, and must have a complex approach in the process of selecting candidates for the vacancies spots in the Board. By adopting a new selection criterion in addition to the existing ones, Corporate Governance conforms to the new trends of the society, such as sustainability trend. Sustainability in decision-making process becomes a strong point of “good Corporate Governance”.},
 year = {2021}
}

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TY  - JOUR
T1  - Corporate Governance at European Level: Romania – Study Case, Romanian Public Enterprises
AU  - Moşneanu Diana Georgiana
Y1  - 2021/08/13
PY  - 2021
N1  - https://doi.org/10.11648/j.ijber.20211004.15
DO  - 10.11648/j.ijber.20211004.15
T2  - International Journal of Business and Economics Research
JF  - International Journal of Business and Economics Research
JO  - International Journal of Business and Economics Research
SP  - 147
EP  - 154
PB  - Science Publishing Group
SN  - 2328-756X
UR  - https://doi.org/10.11648/j.ijber.20211004.15
AB  - The background: This paper present how the implementation of Corporate Governance in Romania’s Public Enterprises is applied. The paper examines how the Key Performance Indicators are used to monitories the performance of the Public Enterprises, of the Board’s performance and overall the Corporate Governance efficiency. Objective: Although the primary target of this paper is the improving of the Key Performance Indicators by introducing the sustainability indicator. The establishment of the sustainability indicator reflecting the competencies and clarifications of Board members from each public enterprises under the auspices of the Public Authority. Preliminary Studies: The Corporate Governance Codes, along with the Principles and Recommendations in this area, bring a reform in Europe. The research is based on the definition of Corporate Governance from the perspective of established scholars of the field, in which it is understood a concept of “corporate governance”. Method: The methodology used in data collection, in consultation with the Annual Reports prepared by the Board of a public company, has led me to obtain key quantitative information that bases on the indicators used in the annual reporting and allows me to study new indicators for the future recruitment process. In order to obtain the necessary data for the formulation of the hypotheses, I approached the non-participatory observation in the conduct of investigations at the Romanian state companies. This matrix must also include a sustainability indicator, in addition to those that reflect the candidate's experience and training. Results: Depending on the current decisions, the recruitment process is lacking in adaptation of future trends in a developing society. This implies the adjustment of the present recruitment matrix, bringing to a form closer to the market demands and taking into account the transformations that takes place in the society. Implications: I am one of the specialist in the field of the implementation process of Corporate Government in Romania, so through self-questioning I will disseminate the information necessary for the study. Conclusion: A sustainable Corporate Governance is about efficiency, and must have a complex approach in the process of selecting candidates for the vacancies spots in the Board. By adopting a new selection criterion in addition to the existing ones, Corporate Governance conforms to the new trends of the society, such as sustainability trend. Sustainability in decision-making process becomes a strong point of “good Corporate Governance”.
VL  - 10
IS  - 4
ER  -

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Moşneanu Diana Georgiana

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APA Style

Moşneanu Diana Georgiana. (2021). Corporate Governance at European Level: Romania – Study Case, Romanian Public Enterprises. International Journal of Business and Economics Research, 10(4), 147-154. https://doi.org/10.11648/j.ijber.20211004.15

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ACS Style

Moşneanu Diana Georgiana. Corporate Governance at European Level: Romania – Study Case, Romanian Public Enterprises. Int. J. Bus. Econ. Res. 2021, 10(4), 147-154. doi: 10.11648/j.ijber.20211004.15

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AMA Style

Moşneanu Diana Georgiana. Corporate Governance at European Level: Romania – Study Case, Romanian Public Enterprises. Int J Bus Econ Res. 2021;10(4):147-154. doi: 10.11648/j.ijber.20211004.15

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@article{10.11648/j.ijber.20211004.15,
  author = {Moşneanu Diana Georgiana},
  title = {Corporate Governance at European Level: Romania – Study Case, Romanian Public Enterprises},
  journal = {International Journal of Business and Economics Research},
  volume = {10},
  number = {4},
  pages = {147-154},
  doi = {10.11648/j.ijber.20211004.15},
  url = {https://doi.org/10.11648/j.ijber.20211004.15},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20211004.15},
  abstract = {The background: This paper present how the implementation of Corporate Governance in Romania’s Public Enterprises is applied. The paper examines how the Key Performance Indicators are used to monitories the performance of the Public Enterprises, of the Board’s performance and overall the Corporate Governance efficiency. Objective: Although the primary target of this paper is the improving of the Key Performance Indicators by introducing the sustainability indicator. The establishment of the sustainability indicator reflecting the competencies and clarifications of Board members from each public enterprises under the auspices of the Public Authority. Preliminary Studies: The Corporate Governance Codes, along with the Principles and Recommendations in this area, bring a reform in Europe. The research is based on the definition of Corporate Governance from the perspective of established scholars of the field, in which it is understood a concept of “corporate governance”. Method: The methodology used in data collection, in consultation with the Annual Reports prepared by the Board of a public company, has led me to obtain key quantitative information that bases on the indicators used in the annual reporting and allows me to study new indicators for the future recruitment process. In order to obtain the necessary data for the formulation of the hypotheses, I approached the non-participatory observation in the conduct of investigations at the Romanian state companies. This matrix must also include a sustainability indicator, in addition to those that reflect the candidate's experience and training. Results: Depending on the current decisions, the recruitment process is lacking in adaptation of future trends in a developing society. This implies the adjustment of the present recruitment matrix, bringing to a form closer to the market demands and taking into account the transformations that takes place in the society. Implications: I am one of the specialist in the field of the implementation process of Corporate Government in Romania, so through self-questioning I will disseminate the information necessary for the study. Conclusion: A sustainable Corporate Governance is about efficiency, and must have a complex approach in the process of selecting candidates for the vacancies spots in the Board. By adopting a new selection criterion in addition to the existing ones, Corporate Governance conforms to the new trends of the society, such as sustainability trend. Sustainability in decision-making process becomes a strong point of “good Corporate Governance”.},
 year = {2021}
}

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TY  - JOUR
T1  - Corporate Governance at European Level: Romania – Study Case, Romanian Public Enterprises
AU  - Moşneanu Diana Georgiana
Y1  - 2021/08/13
PY  - 2021
N1  - https://doi.org/10.11648/j.ijber.20211004.15
DO  - 10.11648/j.ijber.20211004.15
T2  - International Journal of Business and Economics Research
JF  - International Journal of Business and Economics Research
JO  - International Journal of Business and Economics Research
SP  - 147
EP  - 154
PB  - Science Publishing Group
SN  - 2328-756X
UR  - https://doi.org/10.11648/j.ijber.20211004.15
AB  - The background: This paper present how the implementation of Corporate Governance in Romania’s Public Enterprises is applied. The paper examines how the Key Performance Indicators are used to monitories the performance of the Public Enterprises, of the Board’s performance and overall the Corporate Governance efficiency. Objective: Although the primary target of this paper is the improving of the Key Performance Indicators by introducing the sustainability indicator. The establishment of the sustainability indicator reflecting the competencies and clarifications of Board members from each public enterprises under the auspices of the Public Authority. Preliminary Studies: The Corporate Governance Codes, along with the Principles and Recommendations in this area, bring a reform in Europe. The research is based on the definition of Corporate Governance from the perspective of established scholars of the field, in which it is understood a concept of “corporate governance”. Method: The methodology used in data collection, in consultation with the Annual Reports prepared by the Board of a public company, has led me to obtain key quantitative information that bases on the indicators used in the annual reporting and allows me to study new indicators for the future recruitment process. In order to obtain the necessary data for the formulation of the hypotheses, I approached the non-participatory observation in the conduct of investigations at the Romanian state companies. This matrix must also include a sustainability indicator, in addition to those that reflect the candidate's experience and training. Results: Depending on the current decisions, the recruitment process is lacking in adaptation of future trends in a developing society. This implies the adjustment of the present recruitment matrix, bringing to a form closer to the market demands and taking into account the transformations that takes place in the society. Implications: I am one of the specialist in the field of the implementation process of Corporate Government in Romania, so through self-questioning I will disseminate the information necessary for the study. Conclusion: A sustainable Corporate Governance is about efficiency, and must have a complex approach in the process of selecting candidates for the vacancies spots in the Board. By adopting a new selection criterion in addition to the existing ones, Corporate Governance conforms to the new trends of the society, such as sustainability trend. Sustainability in decision-making process becomes a strong point of “good Corporate Governance”.
VL  - 10
IS  - 4
ER  -

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