Critical perspectives of organisational behaviour towards stakeholders through the application of corporate governance principles

Luca, Florin-Alexandru; Tiganas, Claudiu-Gabriel; Grigoras-Ichim, Claudia-Elena; Filipeanu, Dumitru; Morosan-Danila, Lucia Article Critical perspectives of organisational behaviour towards stakeholders through the application of corporate governance principles Administrative Sciences Provided in Cooperation with: MDPI – Multidisciplinary Digital Publishing Institute, Basel Suggested Citation: Luca, Florin-Alexandru; Tiganas, Claudiu-Gabriel; Grigoras-Ichim, Claudia-Elena; Filipeanu, Dumitru; Morosan-Danila, Lucia (2024) : Critical perspectives of organisational behaviour towards stakeholders through the application of corporate governance principles, Administrative Sciences, ISSN 2076-3387, MDPI, Basel, Vol. 14, Iss. 5, pp. 1-20, https://doi.org/10.3390/admsci14050084 This Version is available at: https://hdl.handle.net/10419/320904 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by/4.0/ Citation: Luca, Florin-Alexandru, Claudiu-Gabriel Tiganas, Claudia-Elena Grigoras-Ichim, Dumitru Filipeanu, and Lucia Morosan-Danila. 2024. Critical Perspectives of Organisational Behaviour towards Stakeholders through the Application of Corporate Governance Principles. Administrative Sciences 14: 84. https://doi.org/ 10.3390/admsci14050084 Received: 9 February 2024 Revised: 5 April 2024 Accepted: 19 April 2024 Published: 25 April 2024 Copyright: © 2024 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https:// creativecommons.org/licenses/by/ 4.0/). administrative sciences Article Critical Perspectives of Organisational Behaviour towards Stakeholders through the Application of Corporate Governance Principles Florin-Alexandru Luca 1, Claudiu-Gabriel Tiganas 2, Claudia-Elena Grigoras-Ichim 3, Dumitru Filipeanu 1,* and Lucia Morosan-Danila 3,* 1Faculty of Constructions and Installations, Gheorghe Asachi Technical University of Iasi, 700050 Iasi, Romania; [email protected]o 2Faculty of Economics and Business Administration, Alexandru Ioan Cuza University of Iasi, 700506 Iasi, Romania; [email protected] 3Faculty of Economics, Administration and Business, Stefan cel Mare University of Suceava, 720229 Suceava, Romania; [email protected] *Correspondence: [email protected] (D.F.); [email protected]o (L.M.-D.) Abstract: Corporate governance is gaining interest not only from investors but companies that want to operate in international markets, prompting a more thorough analysis of the field to prioritise stakeholder interests alongside shareholder value. By adopting a holistic approach that considers stakeholders’ diverse needs and expectations, companies can build resilience, foster trust, and create sustainable value for all stakeholders, ensuring long-term success and societal impact. This paper analyses corporate governance principles applied at the international, European, and national levels, emphasising the importance of the field for the stakeholders. The practical approach of the paper analyses the application and compliance of the corporate governance code of 18 companies in the field of financial intermediation and insurance, which are listed on the Bucharest Stock Exchange, underlining the crucial role of transparency of operations in instilling confidence and reassurance in stakeholders. The conclusions present proposals for measures to improve corporate governance practices at the level of companies. Keywords: corporate governance code; stock exchange; financial institutions; organisational behaviour 1. Introduction The significance of this study lies in its exploration of whether financial intermediation and insurance companies within the Bucharest Stock Exchange (BSE) adhere to corporate governance principles, a fundamental requirement for their inclusion in the stock market. The paper’s interest is piqued by the opportunity to uncover the corporate governance practices of these companies within the BSE and conduct a thorough analysis of the code’s principles. This study holds the potential to provide valuable insights into the corporate governance landscape, sparking stakeholders’ and specialists’ interest and engagement and equipping them with the knowledge that can guide future investment decisions and contribute to a fair and just market. This study’s potential impact is significant, as it aims to verify the alignment between corporate governance principles and their practical application. For future investors or entrepreneurs, it underscores the responsibility to uphold the existing legislation and contribute to enhancing corporate governance practices. The stakeholders’ role in this process is crucial, as understanding and applying these principles can significantly influence the corporate governance landscape, making them an integral part of the solution. The analysed companies are economically representative and significantly impact corporate governance. Failure to comply with the principles of the BSE corporate governance Adm. Sci. 2024,14, 84. https://doi.org/10.3390/admsci14050084 https://www.mdpi.com/journal/admsci Adm. Sci. 2024,14, 84 2 of 20 code can negatively influence investors, reducing the company’s credibility in the eyes of clients or investors. BSE has a vital role in monitoring the activities of the companies within it, implying compliance with the code imposed by this market. The research methodology is designed to ensure the relevance and accuracy of the findings. The initial stage involves a comprehensive literature review, exploring critical theories, models, and concepts in corporate governance. This sets the theoretical foundation and contextualises the research objectives. The next step is clearly defining the research objectives and identifying the key variables, guiding the data collection and analysis. In this study, the qualitative method was chosen to collect data on the adherence to corporate governance principles by companies listed on the BSE. The population establishment and sampling consist of 18 financial intermediation and insurance companies listed on the BSE, and data were collected from their annual reports (published on their own or BSE websites), identifying the corporate governance statements, including compliance with the principles. Based on the analysis, the results seek to be interpreted and contextualised to answer the research questions and to validate the hypothesis. Also, the research offers valuable recommendations for the business environment and practitioners to improve corporate governance practices. Regarding the theme’s importance for the economic field and specialised literature, the 180 publications identified in the Web of Science (WOS) database from 2003 to 2023 may be highlighted. The keyword “corporate governance code” was used as the search mode. Figure 1presents the evolution of the identified publications, noting their low start in the first two years, followed by an increase to a maximum of 28 publications in 2018. Adm. Sci. 2024, 14, x FOR PEER REVIEW 2 of 21 The analysed companies are economically representative and significantly impact corporate governance. Failure to comply with the principles of the BSE corporate governance code can negatively influence investors, reducing the company’s credibility in the eyes of clients or investors. BSE has a vital role in monitoring the activities of the companies within it, implying compliance with the code imposed by this market. The research methodology is designed to ensure the relevance and accuracy of the findings. The initial stage involves a comprehensive literature review, exploring critical theories, models, and concepts in corporate governance. This sets the theoretical foundation and contextualises the research objectives. The next step is clearly defining the research objectives and identifying the key variables, guiding the data collection and analysis. In this study, the qualitative method was chosen to collect data on the adherence to corporate governance principles by companies listed on the BSE. The population establishment and sampling consist of 18 financial intermediation and insurance companies listed on the BSE, and data were collected from their annual reports (published on their own or BSE websites), identifying the corporate governance statements, including compliance with the principles. Based on the analysis, the results seek to be interpreted and contextualised to answer the research questions and to validate the hypothesis. Also, the research offers valuable recommendations for the business environment and practitioners to improve corporate governance practices. Regarding the theme’s importance for the economic field and specialised literature, the 180 publications identified in the Web of Science (WOS) database from 2003 to 2023 may be highlighted. The keyword “corporate governance code” was used as the search mode. Figure 1 presents the evolution of the identified publications, noting their low start in the first two years, followed by an increase to a maximum of 28 publications in 2018. Figure 1. Publications in the field of corporate governance code (2003–2023). Even if the interest in the field is at an early stage (the first publication appeared in 2003), the main fields of activity addressed in the identified publications are business finance—64 publications, business—63 publications, management—58 publications, economy—36 publications, law—19 publications, etc. The theoretical and practical analysis of the application of the corporate governance code involves an extensive series of implications at the level of companies, such as corporate governance, social responsibility, quality, reporting, emerging markets, etc. Figure 2 shows a map of the relationships between 0 50 100 150 200 250 300 350 400 0 5 10 15 20 25 30 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Citations Publications Publications Citations Figure 1. Publications in the field of corporate governance code (2003–2023). Even if the interest in the field is at an early stage (the first publication appeared in 2003), the main fields of activity addressed in the identified publications are business finance—64 publications, business—63 publications, management—58 publications, economy—36 publications, law—19 publications, etc. The theoretical and practical analysis of the application of the corporate governance code involves an extensive series of implications at the level of companies, such as corporate governance, social responsibility, quality, reporting, emerging markets, etc. Figure 2shows a map of the relationships between the key terms in the 180 analysed publications. The main concepts and studies in the field are analysed in the next section of the paper. Adm. Sci. 2024,14, 84 3 of 20 Adm. Sci. 2024, 14, x FOR PEER REVIEW 3 of 21 the key terms in the 180 analysed publications. The main concepts and studies in the field are analysed in the next section of the paper. Figure 2. Map of relationships in the field of the corporate governance code. Studies highlight the fundamental role of corporate governance in identifying fraud and violations of ethical principles at the company level. Specific internal and external corporate governance mechanisms, including the audit committee’s function, are essential to reducing the risk of fraud and ensuring compliance with ethics and integrity principles (Anugerah 2014). A robust ethical culture and effective corporate governance are also emphasised to reduce fraud and ethical violations (Jelal and Mbohwa 2014). Practical internal control principles and corporate governance mechanisms ensure transparency and accountability, which are crucial for combating fraud and ethical violations (Boghean et al. 2009). Corporate governance promotes ethical behaviour through principles such as integrity, honesty, and fairness, thus contributing to identifying and preventing fraud and ethical violations (Arjoon 2005). Corporate governance has a significant role in preventing fraudulent financial reporting, and it has a negative and significant relationship with them, which underlines the importance of complying with corporate governance practices for maintaining ethical standards in companies (Rostami and Rezaei 2022). Likewise, corporate governance is crucial for ensuring an ethical organisational culture and an integrated work environment that promotes vigilance against fraud and violations, according to governance requirements and preconditions for developing an ethical occupational environment (Sabău et al. 2013). Static data show that companies register many cases of fraud and violations of ethical principles, thus emphasising the need for corporate governance rules and principles in their identification. Certified Fraud Examiners estimate that organisations lose revenues to fraud by 5% each year; for example, in the study conducted by the Association of Certified Fraud Examiners (ACFE 2024) for 1921 fraud cases from 138 countries and territories, they recorded losses of over $3.1 billion. OECD (2023) emphasises the importance of complying with corporate governance codes for a high level of trust with shareholders within companies, thus demonstrating their role in fraud. Examples are two recent fraud scandals: (1) cryptocurrency entrepreneur Sam Bankman-Fried was sentenced to 25 years in prison after being found guilty of Figure 2. Map of relationships in the field of the corporate governance code. Studies highlight the fundamental role of corporate governance in identifying fraud and violations of ethical principles at the company level. Specific internal and external corporate governance mechanisms, including the audit committee’s function, are essential to reducing the risk of fraud and ensuring compliance with ethics and integrity principles (Anugerah 2014). A robust ethical culture and effective corporate governance are also emphasised to reduce fraud and ethical violations (Jelal and Mbohwa 2014). Practical internal control principles and corporate governance mechanisms ensure transparency and accountability, which are crucial for combating fraud and ethical violations (Boghean et al. 2009). Corporate governance promotes ethical behaviour through principles such as integrity, honesty, and fairness, thus contributing to identifying and preventing fraud and ethical violations (Arjoon 2005). Corporate governance has a significant role in preventing fraudulent financial reporting, and it has a negative and significant relationship with them, which underlines the importance of complying with corporate governance practices for maintaining ethical standards in companies (Rostami and Rezaei 2022). Likewise, corporate governance is crucial for ensuring an ethical organisational culture and an integrated work environment that promotes vigilance against fraud and violations, according to governance requirements and preconditions for developing an ethical occupational environment (Sabău et al. 2013). Static data show that companies register many cases of fraud and violations of ethical principles, thus emphasising the need for corporate governance rules and principles in their identification. Certified Fraud Examiners estimate that organisations lose revenues to fraud by 5% each year; for example, in the study conducted by the Association of Certified Fraud Examiners (ACFE 2024) for 1921 fraud cases from 138 countries and territories, they recorded losses of over $3.1 billion. OECD (2023) emphasises the importance of complying with corporate governance codes for a high level of trust with shareholders within companies, thus demonstrating their role in fraud. Examples are two recent fraud scandals: (1) cryptocurrency entrepreneur Sam Bankman-Fried was sentenced to 25 years in prison after being found guilty of stealing $8 billion from FTX customers (Vasile 2024); and (2) Markus Jooste, the former head of Steinhoff, was involved in corporate fraud in South Africa with a loss of $7.4 billion (Stan 2024). This research evaluates how financial intermediaries and insurance companies listed on the Bucharest Stock Exchange apply and respect corporate governance principles. The Adm. Sci. 2024,14, 84 4 of 20 study aims to analyse the impact of these governance practices on transparency and organisational behaviour towards stakeholders, highlighting the importance of compliance with the corporate governance code within the Romanian capital market. Through an analytical approach, the paper aims to contribute to a deeper understanding of the relationship between corporate governance and corporate social responsibility, providing critical insights into organisational behaviour. The motivation for the selection of the 18 companies in the field of financial intermediation and insurance, listed on the Bucharest Stock Exchange (BVB), for research, is based on several key considerations, namely: 1. These companies were considered economically representative of Romania’s financial intermediation and insurance sector. Their presence in the capital market indicates a certain level of maturity and stability, making them relevant for analysing the application and compliance with corporate governance principles. This selection suggests that the research findings will have broad applicability and can contribute to improving corporate governance practices within this sector. 2. As the only companies in this field listed on the BSE, their analysis provides a comprehensive picture of how the financial intermediation and insurance sector aligns its practices with the corporate governance code. Therefore, the study can highlight areas of strength and aspects that require improvement in corporate governance, thus contributing to strengthening investor confidence and increasing operational transparency. 3. According to the BVB’s corporate governance code, these companies’ presence on the capital market requires compliance with strict reporting and transparency standards. Their analysis provides the opportunity to assess how well companies’ current practices align with these requirements, identifying good practices and potential gaps. 4. The research adds value to the speciality literature by specifically examining companies in financial intermediation and insurance listed on the BVB, a field less explored in the Romanian context. This aspect may encourage further studies and contribute to developing improved theoretical and practical frameworks in corporate governance. 5. Focusing on BSE-listed companies, the research underlines the importance of corporate governance in the Romanian capital market. The study’s results can provide valuable insights for regulators, investors, and other stakeholders on the current state of corporate governance and how it can be improved to support sustainable capital market development. Based on the initial analysis of the research theme, the following hypotheses of the work were formulated: Hypothesis 1 (H1). There is a significant positive correlation between the degree of compliance with the principles of corporate governance imposed by the Bucharest Stock Exchange and the level of transparency in the financial and operational reporting of brokerage and insurance companies listed on the BSE. Hypothesis 2 (H2). Financial intermediation and insurance companies listed on the Bucharest Stock Exchange adopt and adhere to corporate governance principles, enhancing transparency and accountability towards stakeholders and improving stakeholder relations and organisational behaviour. Adopting sound corporate governance practices is assumed to help improve investor confidence, reduce risk, and increase operational efficiency, ultimately increasing long-term value for shareholders and the entire financial market. 2. Literature Review Governance refers to the activities of executive bodies and institutions, such as courts, NGOs, Parliament, etc. To govern is to lead and control. Communication between governmental and non-governmental actors creates an environment favourable to joint development, thus resulting in the community’s well-being. Adm. Sci. 2024,14, 84 5 of 20 Good governance refers to political, administrative, and economic reforms. Thus, according to Toma and Chirle s , an (2011), national policies aimed at citizen involvement and supporting a democratic, transparent environment correlated with the adoption of coherent decisions. How companies are managed and checked is called corporate governance, generating efficiency, transparency, and trust on their part. The removal of financial crises can be achieved through corporate monitoring and supervision; thus, the economic development capacity of a country will increase, increasing the emergence of new jobs (Bordeianu et al. 2021). Doyle (2001) explores brand strategies based on shareholder value, emphasising that firms with strong brands, such as Procter & Gamble and Unilever, must generate shareholder value through effective corporate governance and crisis management strategies tailored to the economy and the markets in which they operate. Heller and Darling (2011) discuss the importance of effective crisis management, using Toyota as a case study for 2007–2010, highlighting the opportunities Toyota had to minimise crisis through problem recognition and transparency in decision-making. Johnson et al. (2000) examine the impact of corporate governance on the Asian financial crisis of 1997–1998, demonstrating that corporate governance measures, particularly the effectiveness of minority shareholder protection, better explain the magnitude of currency depreciation and stock market declines than standard macroeconomic measures. The IMF (International Monetary Fund) Group, along with the Organisation for Economic Co-operation and Development (OECD), the Financial Stability Board (FSB), and the Basel Committee, aims to develop corporate governance for emerging countries. From a historical point of view, the World Bank mentions the foundations of its action to support developing countries. It played a vital role in promoting favourable living conditions for citizens, economic momentum, and the provision of effective and efficient public services after 1990. With the help of the United Nations Organisation (UN) and the United Nations Development Program (UNDP), the creation of sound governance principles, grouped into five categories, are being considered: legitimacy, orientation, performance, accountability, and fairness. The European Commission’s White Paper reflects the term governance through a definition that leads to rules and ways of leading that present five ideas: transparency, participation, responsibility, efficiency, and the coherence of the European Community system (European Commission n.d.). At the European level, the concept of multilevel governance, i.e., governance on several levels, which will have the role of its applicability between several actors involved, is born. Thus, the public sector contains four levels: global governance, national governance, organisational governance, and governance at the community level. The five principles of corporate governance represent the foundation of democracy, where institutional actors participate with local and regional authorities and not just as intermediaries. The Romanian dictionary contains the term governance, which means leadership (Dictionary of the Romanian Language n.d.). Corporate comes from the word body, resulting in the unit, organisation, and ensemble concepts. The Anglo-Saxon system uses corporate governance, as found in the International Standards on Internal Auditing (Ghita et al. 2010). The OECD defines corporate governance as how the company’s management, board, shareholders, and securities holders communicate effectively to achieve the objectives and closely follow the performance indicators (Morariu et al. 2008). The principles by which corporate governance operates are set out in Figure 3. Adm. Sci. 2024,14, 84 6 of 20 Adm. Sci. 2024, 14, x FOR PEER REVIEW 6 of 21 The Anglo-Saxon system uses corporate governance, as found in the International Standards on Internal Auditing (Ghita et al. 2010). The OECD defines corporate governance as how the company’s management, board, shareholders, and securities holders communicate effectively to achieve the objectives and closely follow the performance indicators (Morariu et al. 2008). The principles by which corporate governance operates are set out in Figure 3. Figure 3. The principles by which corporate governance works. Corporate governance is considered to be effective when it provides an enabling environment for the development of investment (La Porta et al. 2000; Defond and Hung 2004; Shahid and Abbas 2019) and when it is considered ineffective when it hinders the development of foreign investment, encourages corruption, and transmits mistrust to those who own capital. Corporate governance expresses: • managers’ attention to the correctness of the existing information in the financial reports (Măciucă et al. 2015); • compliance with the limited deadlines in terms of financial reporting (Sorici et al. 2021); • transparent display of all financial results (Coca et al. 2021); • the actual transmission of the internal, external, and existing audit processes (Bostan and Grosu 2010; Boghean and Cibotariu 2018). Corporate governance involves two sides, mainly (1) the behavioural side, which indicates the relationship between the company’s managers, its employees, shareholders, customers, creditors and suppliers, and other involved parties, and (2) the normative side, involving the regulations that support all the relationships between the participating actors of society. In terms of risk management aimed at introducing the control system, the level of performance supported by integrity, honesty, transparency, and responsibility is identified (Cosmulese et al. 2019; Voda et al. 2019). This process is instrumental in aligning corporate strategies with societal values and expectations. Table 1 provides a literature review of the importance of transparency and the engagement of the stakeholders in corporate governance. Figure 3. The principles by which corporate governance works. Corporate governance is considered to be effective when it provides an enabling environment for the development of investment (La Porta et al. 2000;Defond and Hung 2004;Shahid and Abbas 2019) and when it is considered ineffective when it hinders the development of foreign investment, encourages corruption, and transmits mistrust to those who own capital. Corporate governance expresses: • managers’ attention to the correctness of the existing information in the financial reports (Măciucăet al. 2015); • compliance with the limited deadlines in terms of financial reporting (Sorici et al. 2021); •transparent display of all financial results (Coca et al. 2021); • the actual transmission of the internal, external, and existing audit processes (Bostan and Grosu 2010;Boghean and Cibotariu 2018). Corporate governance involves two sides, mainly (1) the behavioural side, which indicates the relationship between the company’s managers, its employees, shareholders, customers, creditors and suppliers, and other involved parties, and (2) the normative side, involving the regulations that support all the relationships between the participating actors of society. In terms of risk management aimed at introducing the control system, the level of performance supported by integrity, honesty, transparency, and responsibility is identified (Cosmulese et al. 2019;Voda et al. 2019). This process is instrumental in aligning corporate strategies with societal values and expectations. Table 1provides a literature review of the importance of transparency and the engagement of the stakeholders in corporate governance. The practice supports the fact that these previously listed notions benefit any society. For this, an element is needed to closely verify compliance with all provisions. That is why the notion of internal audit is introduced, which aims to monitor the implemented ideals. Internal auditing is the objective way to improve an organisation’s operations. The origins of corporate governance can be found in the functionality of corruption and the bankruptcy laws of all countries. In 1970, it appeared in common discussions in the United States of America, identifying the interest of American companies in what politics means through the contribution of funds to the various political parties (Buzatu 2004). Along the way, the term corporate governance develops meanings, such as the following: •complex supervision of the branch of a field, an institution, or a field; •risk analysis; •effective management through verification, evaluation, and control. Adm. Sci. 2024,14, 84 7 of 20 Table 1. The importance of transparency and stakeholder engagement in corporate governance. Corporative Governance Goal Classification of the Goals Characteristics Limitations Transparency in Corporate Governance Financial and Governance Transparency Financial transparency captures the timeliness and reliability of financial disclosures, while governance transparency concerns the disclosure of governance practices and mechanisms (Bushman et al. 2003) Risk of information overload and misinterpretation (Bushman et al. 2003; Schnackenberg and Tomlinson 2016) Balancing transparency with the need for confidentiality (Schnackenberg and Tomlinson 2016) Dynamic Transparency ICT facilitated it, making information exchange between corporations and stakeholders collaborative. This transparency goes beyond static disclosure, fostering greater openness and stakeholder engagement (Vaccaro and Madsen 2009). Technological and accessibility barriers (Vaccaro and Madsen 2009) Balancing transparency with confidentiality (Elia 2009) Stakeholder Engagement Beyond Corporate Responsibility It challenges the assumption that stakeholder engagement is intrinsically responsible. While traditionally seen as a manifestation of corporate responsibility, stakeholder engagement is a morally neutral practice that requires careful consideration of its ethical dimensions and impacts (Greenwood 2007). Divergent stakeholder interests and expectations (Greenwood 2007) Resource and time constraints (Dawkins 2014) Measuring impact and effectiveness (Mease et al. 2018) Transparency and Stakeholder Participation Transparency principles positively affect qualitative and quantitative corporate performance through stakeholder participation (Zehir et al. 2016). Complexity in managing diverse stakeholder expectations (Greenwood 2007) Resource and capacity constraints (Dawkins 2014) Challenges in measuring the impact of engagement (Mease et al. 2018) The syncretic approach between corporate governance and risk management throughout the organisation (ERM) is highlighted, as well as the relationship between corporate governance and the evolution of the financial management and internal control (MFC) system. The lack of investor confidence due to numerous failures in the private sector is driving the development of corporate governance. After 1980, the Cadbury Report, prepared by Sir Adrian Cadbury, appeared in Great Britain. It highlights the causes of private company failures that prevented their development due to the functioning of internal control (The Committee on the Financial Aspects of Corporate Governance 1992). The year 1997 is notable for the OECD Council’s request to implement corporate governance standards. Thus, this set of principles was accepted in 1999 and recognised by the Forum for Financial Stability, which supports its importance for an optimal financial system (it is one of the 12 basic standards). Over time, round table discussions supported by the World Bank and the World Forum for Corporate Governance have been organised in various places, such as Latin America, Asia, Russia, South-Eastern Europe, and Eurasia, to improve corporate governance in those areas, as noted in the White Book. From the point of view of financial instability, some radical changes can be identified in terms of the level of information correlated with directing funds to the best investments (Toma and Chirle s , an 2011). This is how financial crises appear, with a specific frequency and Adm. Sci. 2024,14, 84 8 of 20 slowing economic development. So that investors do not fully feel these crises, corporate governance focuses on efficient economic development. In 1776, Adam Smith identified a problem in which managers who handle other people’s money do not have the same level of care as the owner. In 1932, Berle and Means highlighted the separation between ownership and control of companies, its consequences, and the divergent interests of directors, managers, and investors. In 1976, Jensen and Meckling (1979) defined an agency relationship and explained how principals can align their interests with those of agents by setting appropriate incentives. Decision processes should separate management decisions (implementation and enforcement) from control decisions (ratification and monitoring) at all levels of the organisation to efficiently manage agency issues. This theory focuses on information asymmetry, adverse selection, precontractual opportunism, and moral or post-contractual hazard. Exploring theoretical frameworks in corporate governance literature reveals a landscape of various theories explaining how corporations are governed and how governance structures influence organisational behaviour and performance. The discussion of corporate governance theories is rich and spans various paradigms, some shown in Table 2. Table 2. Corporate governance theories. Theories Authors Key Aspects of Corporate Governance Theories Agency Theory Eisenhardt (1989) Band (1992) Sternberg (1997) Lan and Heracleous (2010) Pande and Ansari (2014) It is central to corporate governance literature, focusing on the relationship between principals (shareholders) and agents (managers). It suggests that governance structures are necessary to align managers’ and shareholders’ interests due to the potential for conflicting interests. The Anglo-Saxon model of corporate governance, heavily influenced by agency theory, emphasises the role of the board of directors in curbing executive power to protect shareholders’ interests. Stakeholder Theory Donaldson and Preston (1995) Jones (1995) Gibson (2000) Freeman et al. (2004) Fontaine et al. (2006) Pande and Ansari (2014) It expands the focus of corporate governance beyond shareholders to include other stakeholders, such as employees, customers, suppliers, and the community. This theory contends that corporations should consider the interests and welfare of all stakeholders in their decision-making processes. However, integrating stakeholder theory into governance frameworks can sometimes conflict with directors’ legal obligations to prioritise shareholder interests. Stewardship Theory Donaldson and Davis (1991) Davis et al. (1997) Smallman (2004) Subramanian (2018) Chrisman (2019) Offers a perspective that contrasts with the agency theory by proposing that managers are stewards whose interests align with those of the shareholders. Managers, as stewards, are motivated by a desire to achieve high performance and the organisation’s success rather than by personal gain. This theory supports governance models that empower managers rather than strictly control them. Beyond Traditional Theories Shapira (2000) Daily et al. (2003) Sundaramurthy and Lewis (2003) Letza et al. (2008) Georgescu (2012) Yusoff et al. (2012) According to the literature, fresh theoretical perspectives beyond conventional frameworks, such as agency, stakeholder, and stewardship theories, are required. There is an increasing demand for a comprehensive theory of governance, with some experts suggesting the concept of the organisation as an organism that emphasises long-term strategic value and growth. Corporate governance literature encompasses a variety of theoretical frameworks, each providing unique insights into how corporations can be effectively governed. While agency theory has historically dominated the discourse, alternative perspectives, like stakeholder and stewardship theories, offer valuable considerations for the roles and responsibilities of corporate managers and boards. The ongoing debate and evolution of these theories highlight the complexity of corporate governance and the need for adaptable and inclusive approaches that consider the interests of all stakeholders for sustainable organisational success. To attract investments and maintain them for a long time, Morariu et al. (2008) highlighted several advantages of corporate governance: Adm. Sci. 2024,14, 84 15 of 20 sise the importance of corporate governance for the companies’ credibility and long-term success in a competitive market environment. The study recommends intensifying efforts to monitor and implement higher standards of corporate governance to strengthen investor confidence and optimise organisational performance. Here are some reasons why compliance with the corporate governance code is essential: 4. Protection of investors’ interests: A well-defined and enforced corporate governance code helps protect the interests of investors by providing them with a transparent and fair environment in which to invest their capital. This can increase investor confidence in the company and generate access to additional financial resources for development. 5. Promotion of responsibility and ethics: The corporate governance code encourages compliance with ethical principles and moral values at all levels of the organisation. This can prevent conflicts of interest, abuses, and improper practices and promote social responsibility and respect for the environment and communities. 6. Increasing transparency and information disclosure: A corporate governance code will establish precise requirements for fair and full disclosure of financial, operational, and corporate governance information. This will enable investors and other stakeholders to obtain relevant information and make decisions based on accurate data. 7. Improved management and decision-making: A well-designed corporate governance system will ensure effective management and rational and responsible decisionmaking. This can help to increase the company’s performance and avoid unnecessary risks. 8. Promoting economic stability and development: Sound corporate governance can contribute to a country’s economic stability and development. It attracts investments, supports the development of the private sector, and increases companies’ market competitiveness. In conclusion, compliance with the corporate governance code is essential for companies’ healthy and efficient operation. It serves as a framework of guidance and control, ensuring the protection of investors’ interests, promoting ethics and accountability, increasing transparency, and making well-informed decisions while contributing to the stability and development of the economy as a whole. As a result of the analysis issue the following recommendations for companies listed on the stock exchange to improve their corporate governance practices (especially for those companies that do not fully or partially comply with the principles of corporate governance imposed by the Bucharest Stock Exchange, as well as companies to want to ensure a high level of quality in the relationship with stakeholders): 1. Rigorous Internal Assessment and Audit: Implementing a regular internal assessment and audit process to identify non-conformities and areas for improvement in corporate governance. This may include reviewing the organisational structure, internal policies, and decision-making processes. 2. Training and Continuing Education: Organisation of training sessions and educational workshops for board members and executive directors to improve their understanding and application of corporate governance principles. 3. Improving Transparency and Communication: Ensuring full transparency in financial reporting and communications with investors and other stakeholders by regularly publishing sustainability and corporate governance reports. 4. Renovation of the Board of Directors Structure: Diversification of the board of directors by including independent members with extensive experience and varied perspectives to ensure effective control and supervision. 5. Implementation of Fair Remuneration Policies: Creating and implementing fair and transparent remuneration policies for board members and executive directors based on company performance and individual achievements. 6. Strengthening Corporate Social Responsibility (CSR): Integrating CSR practices into the company’s overall strategy demonstrates its commitment to sustainable development and the communities in which it operates. Adm. Sci. 2024,14, 84 16 of 20 7. Improving Internal Control Mechanisms and Risk Management: Develop and strengthen internal control systems and risk management practices to prevent fraud and errors and ensure compliance with applicable laws and regulations. 8. Promoting Business Ethics and Integrity: Implementing a solid code of ethics and promoting an organisational culture that values integrity, business ethics, and mutual respect. For the effective implementation of these measures, companies must engage expert corporate governance consultants and work closely with all stakeholders, including regulators, to ensure that improvements are sustainable in the long term and aligned with international best practice standards. 4. Conclusions and Recommendations Enforcing the corporate governance code is essential for building trust and transparency between companies and their stakeholders, including investors, shareholders, employees, suppliers, and customers. This contributes to creating a stable and predictable business environment, providing opportunities for growth and development, and protecting the rights and interests of each party. Ultimately, corporate governance improves companies’ reputation and long-term sustainability, benefiting the entire economic and social ecosystem. In this context, it ensures the safety of how businesses are managed and the excellent management of the risks that may arise, involving participation in important decisions, lower volatility of investments, and increased loyalty and strengthening of the reputation in the market. Failure to comply with the corporate governance principles set out in the Corporate Governance Codes by listed companies can have various and significant consequences. For example, the quality of explanations for non-compliance can vary considerably, and there is a call to improve them to be helpful to users, highlighting the importance of specificity, localisation, and complexity of explanations (Shrives and Brennan 2015). The rhetorical strategies used in explanations for non-compliance have become more geared towards misleading explanations than compelling rationales, which can lead to a loss of market confidence and affect the comply-or-explain system itself (Shrives and Brennan 2017). Compliance with Corporate Governance Codes is associated with better firm performance, suggesting that investors value compliance and are willing to pay a premium for companies that comply with governance norms (Shaukat and Padgett 2005). Specific compliance with the board of directors’ recommendations reduces the likelihood of financial distress, highlighting the importance of board structure and functioning in preventing financial crises (Bravo-Urquiza and Moreno-Ureba 2021). These studies emphasise the importance of compliance with corporate governance principles and the potentially harmful effects of non-compliance, both from the perspective of company performance, trust, and market perception. Listed companies must pay close attention to corporate governance principles to ensure long-term sustainability and positive relations with investors and other stakeholders. To improve the corporate governance practices of Romanian companies in all fields of activity, and not only, the following measures could be considered: 9. The introduction of clear rules and standards regarding corporate governance through specific legislation. These rules should include requirements regarding the independence of board directors, transparency and disclosure of relevant information, corporate social responsibility, and shareholder involvement in decision-making processes. 10. Encouraging the formation of independent and professional boards of directors. This could be achieved by promoting diversity and experience in the board’s composition and by introducing mechanisms for evaluating and continuously training board members. 11. Developing a culture of respect for shareholders’ rights. This could be achieved by ensuring effective and transparent communication with shareholders, consulting them Adm. Sci. 2024,14, 84 17 of 20 in making important decisions, and recognising their rights to vote and participate in general meetings. 12. Improving the level of transparency and disclosure of financial and operational information. Companies should provide quality and relevant information to shareholders and stakeholders so that they can make informed decisions. 13. Creating an adequate framework for supervision and internal control in companies. This could be ensured by developing clear policies and procedures, periodically reviewing and auditing operational activities and risks, and implementing an internal reporting system. 14. Promoting companies’ social responsibility. Companies should be aware of their impact on the environment, employees, and communities and develop social responsibility and sustainability practices and policies. These measures could improve corporate governance in Romanian companies and increase the confidence of shareholders and investors in the economic sectors. Furthermore, solid and transparent corporate governance can bring multiple long-term benefits to companies, employees, shareholders, and the economy as a whole. The research results highlight how implementing corporate governance principles at companies listed on the Bucharest Stock Exchange positively influences transparency and accountability towards stakeholders. These results could underline a correlation between adherence to these principles and improving relations with stakeholders, demonstrating that sound corporate governance practices are essential for companies’ long-term success. Thus, the research contributes to the specialised literature by providing an in-depth perspective on the importance of corporate governance in today’s business environment. Author Contributions: Conceptualisation, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; methodology, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; validation, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; formal analysis, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; investigation, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; resources, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; data curation, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; writing—original draft preparation, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; writing—review and editing, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; visualisation, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; supervision, D.F.; project administration, L.M.-D. All authors have read and agreed to the published version of the manuscript. Funding: This research received no external funding. Institutional Review Board Statement: Due to the nature of the study, where public documents of some companies listed on the Bucha-rest Stock Exchange were analysed, and the absence of personal data utilisation, in accordance with the laws of Romania, the study was deemed exempt from Ethics Committee approval at Stef-an cel Mare University of Suceava. Informed Consent Statement: Informed consent was obtained from all subjects involved in the study. Data Availability Statement: Dataset available on request from the authors. Conflicts of Interest: The authors declare no conflicts of interest. References Primary Sources Law no. 31 of November 16. 1990. Regarding commercial companies, republished. Law no. 82 of December 24. 1991. Accounting law, republished. Law no. 297 of Iune 26. 2004. Regarding the capital market, republished. Secondary Sources ACFE. 2024. Occupational Fraud 2024: A Report to the Nations. Available online: https://www.acfe.com/-/media/files/acfe/pdfs/ rttn/2024/2024-report-to-the-nations.pdf (accessed on 5 April 2024). Anugerah, Rita. 2014. Peranan good corporate governance dalam pencegahan fraud. Jurnal Akuntansi 3: 101–13. Arjoon, Surendra. 2005. Corporate governance: An ethical perspective. Journal of Business Ethics 61: 343–52. [CrossRef] Band, David. 1992. Corporate governance: Why agency theory is not enough. European Management Journal 10: 453–59. [CrossRef] Adm. Sci. 2024,14, 84 18 of 20 Boghean, Florin, and Irina-Stefana Cibotariu. 2018. The Role of Internal Audit in Corporate Governance to Substantiate the Decision. Ovidius University Annals, Economic Sciences Series 18: 561–65. Boghean, Florin, Hlaciuc Elena, Moro¸san-DănilăLucia, and Boghean Carmen. 2009. Objectives and Particularities of Decisions in the Context of Corporate Governance. Annales Universitatis Apulensis Series Oeconomica 11: 1. Bordeianu, Otilia-Maria, Grigoras-Ichim Claudia-Elena, and Morosan-Danila Lucia. 2021. SMEs Sustainability in Times of Crisis. Lumen Proceedings 17: 58–65. [CrossRef] [PubMed] Bostan, Ionel, and Veronica Grosu. 2010. The Role of Internal Audit in Optimization of Corporate Governance at the Groups of Companies. Theoretical & Applied Economics 17: 89–110. Bravo-Urquiza, Francisco, and Elena Moreno-Ureba. 2021. Does compliance with corporate governance codes help to mitigate financial distress? Research in International Business and Finance 55: 101344. [CrossRef] BSE Corporate Governance Code. n.d. Available online: https://bvb.ro/info/Rapoarte/Diverse/RO_Cod%20Guvernanta%20 Corporativa_WEB_revised.pdf (accessed on 21 January 2024). Bucharest Stock Exchange. n.d. Available online: https://bvb.ro/ (accessed on 25 May 2023). Bushman, Robert, Piotroski Joseph, and Smith Abbi. 2003. What Determines Corporate Transparency? Economic Growth 42: 207–52. [CrossRef] Buzatu, Laura. 2004. Perspectivele Pietei de Capital in Romania. Bucuresti: ASE. Chrisman, James. 2019. Stewardship Theory: Realism, Relevance, and Family Firm Governance. Entrepreneurship Theory and Practice 43: 1051–66. [CrossRef] Coca, Timofte Cristina, Socoliuc Marian, Grosu Veronica, and Coca Dan Andrei. 2021. Fiscal and accounting fraud risk detection using beneish model. A Romanian case study. International Journal of Business and Society 22: 296–312. [CrossRef] Cosmulese, Cristina Gabriela, Socoliuc Marian, Ciubotariu Marius Sorin, Mihaila Svetlana, and Grosu Veronica. 2019. An empirical analysis of stakeholders’ expectations and integrated reporting quality. Economic research-Ekonomska istraživanja 32: 3963–86. [CrossRef] Daily, Catherine, Dalton Dan, and Cannella Albert. 2003. Corporate Governance: Decades of Dialogue and Data. Academy of Management Review 28: 371–82. [CrossRef] Davis, James, Schoorman David, and Donaldson Lex. 1997. Toward A Stewardship Theory Of Management. Academy of Management Review 22: 20–47. [CrossRef] Dawkins, Cedric. 2014. The Principle of Good Faith: Toward Substantive Stakeholder Engagement. Journal of Business Ethics 121: 283–95. [CrossRef] Defond, Mark L., and Mingyi Hung. 2004. Investor protection and corporate governance: Evidence from worldwide CEO turnover. Journal of Accounting Research 42: 269–312. [CrossRef] Dictionary of the Romanian Language. n.d. Available online: https://dexonline.ro/definitie/guvernare (accessed on 25 May 2023). Donaldson, Lex, and James Davis. 1991. Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns. Australian Journal of Management 16: 49–64. [CrossRef] Donaldson, Thomas, and Lee Preston. 1995. The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. Academy of Management Review 20: 65–91. [CrossRef] Doyle, Peter. 2001. Building value-based branding strategies. Journal of Strategic Marketing 9: 255–68. Eisenhardt, Kathleen. 1989. Agency Theory: An Assessment and Review. Academy of Management Review 14: 57–74. [CrossRef] Elia, John. 2009. Transparency rights, technology, and trust. Ethics and Information Technology 11: 145–53. [CrossRef] European Commission. n.d. Available online: https://ec.europa.eu/ (accessed on 3 April 2024). Fontaine, Charles, Haarman Antoine, and Schmid Stefan. 2006. The Stakeholder Theory. London: SAGE Publications Ltd. [CrossRef] Freeman, Edward, Wicks Andrew, and Parmar Bidhan. 2004. Stakeholder Theory and “The Corporate Objective Revisited”. Organization Science 15: 364–69. [CrossRef] Georgescu, Cristina Elena. 2012. Theoretical Framework for Corporate Governance. Ovidius University Annals: Economic Sciences Series 2021: 493–98. Ghita, Marcel, Boghean Florin, Hlaciuc Elena, and Ghita Razvan. 2010. Guvernan t , a Corporativă s , i Auditul Intern. Ia s , i: Editura Tipo Moldova. Gibson, Kevin. 2000. The Moral Basis of Stakeholder Theory. Journal of Business Ethics 26: 245–57. [CrossRef] Greenwood, Michelle. 2007. Stakeholder Engagement: Beyond the Myth of Corporate Responsibility. Journal of Business Ethics 74: 315–27. [CrossRef] Heller, Victor, and John R. Darling. 2011. Toyota in crisis: Denial and mismanagement. Journal of Business Strategy 32: 4–13. [CrossRef] Jelal, Roshan, and Charles Mbohwa. 2014. A Study of Management Principles Incorporating Corporate Governance and Advocating Ethics to Reduce Fraud at a South African Bank. International Journal of Humanities and Social Sciences 8: 1223–28. Jensen, Michael C., and William H. Meckling. 1979. Rights and production functions: An application to labor-managed firms and codetermination. Journal of Business 1979: 469–506. [CrossRef] Johnson, Simon, Boone Peter, Breach Alasdair, and Friedman Eric. 2000. Corporate governance in the Asian financial crisis. Journal of financial Economics 58: 141–86. [CrossRef] Jones, Thomas. 1995. Instrumental Stakeholder Theory: A Synthesis Of Ethics And Economics. Academy of Management Review 20: 404–37. [CrossRef] Adm. Sci. 2024,14, 84 19 of 20 La Porta, Rafael, Lopez-de-Silanes Florencio, Shleifer Andrei, and Vishny Robert. 2000. Investor protection and corporate governance. Journal of Financial Economics 58: 3–27. [CrossRef] Lan, Luh, and Loizos Heracleous. 2010. Rethinking Agency Theory: The View from Law. Academy of Management Review 35: 294–314. [CrossRef] Letza, Stephen, Kirkbride James, Sun Xiuping, and Smallman Clive. 2008. Corporate governance theorising: Limits, critics and alternatives. International Journal of Law and Management 50: 17–32. [CrossRef] Maher, Maria, and Thomas Andersson. 2000. Corporate Governance: Effects on Firm Performance and Economic Growth. Oxford: Oxford University Press. Măciucă, Geanina, Hlaciuc Elena, and Ursache Antonela. 2015. The role of prudence in financial reporting: IFRS versus Directive 34. Procedia Economics and Finance 32: 738–44. [CrossRef] Mease, Lindley, Erickson Arickson, and Hicks Christina. 2018. Engagement takes a (fishing) village to manage a resource: Principles and practice of effective stakeholder engagement. Journal of Environmental Management 212: 248–57. [CrossRef] [PubMed] Morariu, Ana, Suciu Gheorghe, and Stoian Flavia. 2008. Audit Intern s ,i Guvernant ,ăCorporativă. Bucures ,ti: Editura Universitară. Morosan-Danila, Lucia, Bordeianu Otilia Maria, Grigoras-Ichim Claudia Elena, and Bitca Alexandra. 2022. The Performance of Companies Listed on the Stock Exchange. The USV Annals of Economics and Public Administration 22: 134–41. OECD. 2023. OECD Corporate Governance Factbook 2023. Available online: https://www.oecd-ilibrary.org/finance-and-investment/ oecd-corporate-governance-factbook-2023_6d912314-en (accessed on 3 April 2024). Pande, Santosh, and Valeed Ahmad Ansari. 2014. A Theoretical Framework for Corporate Governance. Indian Journal of Corporate Governance 7: 56–72. [CrossRef] Prelipcean, Gabriela, Boscoianu Mircea, Lupan Mariana, and Nastase Carmen Eugenia. 2014. Innovative Financing Solutions Based on Venture Capital and Private Equity to Support the Development of Entrepreneurship in Romania. Transformations in Business & Economics 13: 331. Rostami, Vahab, and Leyla Rezaei. 2022. Corporate governance and fraudulent financial reporting. Journal of Financial Crime 29: 1009–26. [CrossRef] Sabău, Elena Monica, ¸Sendroiu Cleopatra, and Sgârdea Florinel Marian. 2013. Corporate Anti-fraud Strategies-Ethic Culture and Occupational Integrity. Cross-Cultural Management Journal 15: 59–65. Schnackenberg, Andrew, and Edward Tomlinson. 2016. Organizational Transparency. Journal of Management 42: 1784–810. [CrossRef] Shahid, Mohammad Sadiq, and Muhammad Abbas. 2019. Does corporate governance play any role in investor confidence, corporate investment decisions relationship? Evidence from Pakistan and India. Journal of Economics and Business 105: 105839. [CrossRef] Shapira, Zur. 2000. Governance in Organizations: A Cognitive Perspective. Journal of Management and Governance 4: 53–67. [CrossRef] Shaukat, Amama, and Carol Padgett. 2005. The UK Code of Corporate Governance: Link between Compliance and Firm Performance. European Public Law: National eJournal 2008: 167. [CrossRef] Shrives, Philip, and Niamh Brennan. 2015. A typology for exploring the quality of explanations for non-compliance with UK corporate governance regulations. British Accounting Review 47: 85–99. [CrossRef] Shrives, Philip, and Niamh Brennan. 2017. Explanations for corporate governance non-compliance: A rhetorical analysis. Critical Perspectives on Accounting 49: 31–56. [CrossRef] Smallman, Clive. 2004. Exploring theoretical paradigms in corporate governance. International Journal of Business Governance and Ethics 1: 78–94. [CrossRef] Sorici, Monica Laura, Grosu Veronica, Cosmulese Cristina Gabriela, and Socoliuc Marian. 2021. Adjusting Financial Reporting in the Perspective of Transferring Financial Transactions to the Cryptocurrency Market. LUMEN Proceedings 17: 597–610. [CrossRef] [PubMed] Stan, Stefan. 2024. Final violent pentru unul dintre cei mai boga¸ti ¸si puternici oameni din lume. A murit dupăce a fost împu¸scat. El s-a aflat în centrul uneia dintre cele mai mari fraude corporative din Africa de Sud. Business Magazin. Available online: https://www. businessmagazin.ro/actualitate/final-violent-pentru-unul-dintre-cei-mai-bogati-si-puternici-oameni-22303280 (accessed on 3 April 2024). Sternberg, Elaine. 1997. The Defects of Stakeholder Theory. Corporate Governance: An International Review 5: 3–10. [CrossRef] Subramanian, Shanmugasundaram. 2018. Stewardship Theory of Corporate Governance and Value System: The Case of a Familyowned Business Group in India. Indian Journal of Corporate Governance 11: 102–88. [CrossRef] Sundaramurthy, Chamu, and Lewis Marianne Lewis. 2003. Control and Collaboration: Paradoxes of Governance. Academy of Management Review 28: 397–415. [CrossRef] The Committee on the Financial Aspects of Corporate Governance. 1992. Financial Aspects of Corporate Governance. Available online: http://www.ecgi.org/codes/documents/cadbury.pdf (accessed on 12 March 2023). Toma, Constantin, and Dan Chirle s , an. 2011. Informa t , ia Contabilă s , i Guvernan t , a Corporativăîn Context European s , i Global. Ia s , i: Editura Junimea. Vaccaro, Antomio, and Peter Madsen. 2009. Corporate dynamic transparency: The new ICT-driven ethics? Ethics and Information Technology 11: 113–22. [CrossRef] Adm. Sci. 2024,14, 84 20 of 20 Vasile, Tiberiu. 2024. Una dintre cele mai mari fraude financiare din istoria SUA: Un “rege al criptomonedelor”, închis pentru 25 de ani dupăce a furat miliarde de dolari de la clien t , ii FTX. DCNews. Available online: https://www.dcnews.ro/una-dintre-celemai-mari-fraude-financiare-din-istoria-sua-un-rege-al-criptomonedelor-inchis-pentru-25-de-ani-dupa-ce-a-furat-miliardede-dolari-de-la-clientii-ftx_954236.html (accessed on 3 April 2024). Voda, Ana Iolanda, Martinez Ignacio, Tiganas Claudiu Gabriel, Maha Liviu George, and Filipeanu Dumitru. 2019. Examining The Effects Of Creativity And Willingness To Take Risk On Young Students’entrepreneurial Intention. Transformations in Business & Economics 18: 469. World Trade Organization. 2013. International Standards and the WTO TBT Agreement: Improving Governance for Regulatory Alignment. Available online: https://www.wto.org/english/res_e/reser_e/ersd201306_e.pdf (accessed on 21 May 2023). Yusoff, Wan, Fauziah Wan, and Alhaji Idris Adamu. 2012. Insight of Corporate Governance Theories. Journal of Business Management 1: 52–63. [CrossRef] Zehir, Cemal, Çınar Fadime, and ¸Sengül Halil. 2016. Role of Stakeholder Participation between Transparency and Qualitative and Quantitive Performance Relations: An Application at Hospital Managements. Procedia—Social and Behavioral Sciences 229: 234–45. [CrossRef] Disclaimer/Publisher’s Note: The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of MDPI and/or the editor(s). MDPI and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.