Transformations  in
Business & Economics

CORPORATE GOVERNANCE IN ROMANIA - A SMEs PERSPECTIVE
Gabriela Gheorghiu, Elena Cerasela Spatariu, Cristina Elena Georgescu

ABSTRACT. The importance of corporate governance is indisputable for companies of all sizes, as it effectively helps them to thrive and succeed in the market they operate on. So, the present research intiative aims to highlight the need for implementing good corporate governance practices in Romanian small and medium entreprises (SME) in the context of their participation in the European market. For this purpose, starting from the characteristics of the European Union's approach to corporate governance, the paper presents a retrospective of the evolutionary framework of corporate governance in Romania, followed by an assessment of its applicability to the national SMEs based on empirical evidences. The conclusions of the paper refer to the need for the Romanian SMEs to improve their capabilities and increase their efforts to make smart decisions about their managerial system and the business environment in which they perform, in order to sustain their competitiveness on the national, European and global market based on sound good corporative governance practices   .

KEYWORDS: corporate governance, corporate governance codes, European Union, Romanian corporate governance framework, Small and Medium Enterprises .

JEL classification: G34, G38, K20, F15, O52, L53.