Luca, Flo in-Alexand u; Tiganas, Claudiu-Gab iel; G igo as-Ichim, Claudia-Elena;
Filipeanu, Dumi u; Mo osan-Danila, Lucia
A icle
C i ical pe spec i es o o ganisa ional beha iou owa ds
s akeholde s h ough he applica ion o co po a e
go e nance p inciples
Adminis a i e Sciences
P o ided in Coope a ion wi h:
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Sugges ed Ci a ion: Luca, Flo in-Alexand u; Tiganas, Claudiu-Gab iel; G igo as-Ichim, Claudia-Elena;
Filipeanu, Dumi u; Mo osan-Danila, Lucia (2024) : C i ical pe spec i es o o ganisa ional beha iou
owa ds s akeholde s h ough he applica ion o co po a e go e nance p inciples, Adminis a i e
Sciences, ISSN 2076-3387, MDPI, Basel, Vol. 14, Iss. 5, pp. 1-20,
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Ci a ion: Luca, Flo in-Alexand u,
Claudiu-Gab iel Tiganas,
Claudia-Elena G igo as-Ichim,
Dumi u Filipeanu, and Lucia
Mo osan-Danila. 2024. C i ical
Pe spec i es o O ganisa ional
Beha iou owa ds S akeholde s
h ough he Applica ion o Co po a e
Go e nance P inciples. Adminis a i e
Sciences 14: 84. h ps://doi.o g/
10.3390/admsci14050084
Recei ed: 9 Feb ua y 2024
Re ised: 5 Ap il 2024
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adminis a i e
sciences
A icle
C i ical Pe spec i es o O ganisa ional Beha iou owa ds
S akeholde s h ough he Applica ion o Co po a e
Go e nance P inciples
Flo in-Alexand u Luca 1, Claudiu-Gab iel Tiganas 2, Claudia-Elena G igo as-Ichim 3, Dumi u Filipeanu 1,*
and Lucia Mo osan-Danila 3,*
1Facul y o Cons uc ions and Ins alla ions, Gheo ghe Asachi Technical Uni e si y o Iasi,
700050 Iasi, Romania; [email p o ec ed]o
2Facul y o Economics and Business Adminis a ion, Alexand u Ioan Cuza Uni e si y o Iasi,
700506 Iasi, Romania; [email p o ec ed]
3Facul y o Economics, Adminis a ion and Business, S e an cel Ma e Uni e si y o Sucea a,
720229 Sucea a, Romania; [email p o ec ed]
*Co espondence: [email p o ec ed] (D.F.); [email p o ec ed]o (L.M.-D.)
Abs ac : Co po a e go e nance is gaining in e es no only om in es o s bu companies ha wan
o ope a e in in e na ional ma ke s, p omp ing a mo e ho ough analysis o he ield o p io i ise
s akeholde in e es s alongside sha eholde alue. By adop ing a holis ic app oach ha conside s
s akeholde s’ di e se needs and expec a ions, companies can build esilience, os e us , and c ea e
sus ainable alue o all s akeholde s, ensu ing long- e m success and socie al impac . This pape
analyses co po a e go e nance p inciples applied a he in e na ional, Eu opean, and na ional le els,
emphasising he impo ance o he ield o he s akeholde s. The p ac ical app oach o he pape
analyses he applica ion and compliance o he co po a e go e nance code o 18 companies in he
ield o inancial in e media ion and insu ance, which a e lis ed on he Bucha es S ock Exchange,
unde lining he c ucial ole o anspa ency o ope a ions in ins illing con idence and eassu ance
in s akeholde s. The conclusions p esen p oposals o measu es o imp o e co po a e go e nance
p ac ices a he le el o companies.
Keywo ds: co po a e go e nance code; s ock exchange; inancial ins i u ions; o ganisa ional
beha iou
1. In oduc ion
The signi icance o his s udy lies in i s explo a ion o whe he inancial in e media ion
and insu ance companies wi hin he Bucha es S ock Exchange (BSE) adhe e o co po a e
go e nance p inciples, a undamen al equi emen o hei inclusion in he s ock ma ke .
The pape ’s in e es is piqued by he oppo uni y o unco e he co po a e go e nance
p ac ices o hese companies wi hin he BSE and conduc a ho ough analysis o he code’s
p inciples. This s udy holds he po en ial o p o ide aluable insigh s in o he co po a e
go e nance landscape, spa king s akeholde s’ and specialis s’ in e es and engagemen
and equipping hem wi h he knowledge ha can guide u u e in es men decisions and
con ibu e o a ai and jus ma ke .
This s udy’s po en ial impac is signi ican , as i aims o e i y he alignmen be ween
co po a e go e nance p inciples and hei p ac ical applica ion. Fo u u e in es o s o
en ep eneu s, i unde sco es he esponsibili y o uphold he exis ing legisla ion and
con ibu e o enhancing co po a e go e nance p ac ices. The s akeholde s’ ole in his
p ocess is c ucial, as unde s anding and applying hese p inciples can signi ican ly in luence
he co po a e go e nance landscape, making hem an in eg al pa o he solu ion.
The analysed companies a e economically ep esen a i e and signi ican ly impac co -
po a e go e nance. Failu e o comply wi h he p inciples o he BSE co po a e go e nance
Adm. Sci. 2024,14, 84. h ps://doi.o g/10.3390/admsci14050084 h ps://www.mdpi.com/jou nal/admsci
Adm. Sci. 2024,14, 84 2 o 20
code can nega i ely in luence in es o s, educing he company’s c edibili y in he eyes o
clien s o in es o s. BSE has a i al ole in moni o ing he ac i i ies o he companies wi hin
i , implying compliance wi h he code imposed by his ma ke .
The esea ch me hodology is designed o ensu e he ele ance and accu acy o he
indings. The ini ial s age in ol es a comp ehensi e li e a u e e iew, explo ing c i ical
heo ies, models, and concep s in co po a e go e nance. This se s he heo e ical ounda ion
and con ex ualises he esea ch objec i es. The nex s ep is clea ly de ining he esea ch
objec i es and iden i ying he key a iables, guiding he da a collec ion and analysis. In
his s udy, he quali a i e me hod was chosen o collec da a on he adhe ence o co po a e
go e nance p inciples by companies lis ed on he BSE. The popula ion es ablishmen and
sampling consis o 18 inancial in e media ion and insu ance companies lis ed on he
BSE, and da a we e collec ed om hei annual epo s (published on hei own o BSE
websi es), iden i ying he co po a e go e nance s a emen s, including compliance wi h
he p inciples. Based on he analysis, he esul s seek o be in e p e ed and con ex ualised
o answe he esea ch ques ions and o alida e he hypo hesis. Also, he esea ch o e s
aluable ecommenda ions o he business en i onmen and p ac i ione s o imp o e
co po a e go e nance p ac ices.
Rega ding he heme’s impo ance o he economic ield and specialised li e a u e,
he 180 publica ions iden i ied in he Web o Science (WOS) da abase om 2003 o 2023
may be highligh ed. The keywo d “co po a e go e nance code” was used as he sea ch
mode. Figu e 1p esen s he e olu ion o he iden i ied publica ions, no ing hei low s a
in he i s wo yea s, ollowed by an inc ease o a maximum o 28 publica ions in 2018.
Adm. Sci. 2024, 14, x FOR PEER REVIEW 2 o 21
The analysed companies a e economically ep esen a i e and signi ican ly impac
co po a e go e nance. Failu e o comply wi h he p inciples o he BSE co po a e go e n-
ance code can nega i ely in luence in es o s, educing he company’s c edibili y in he
eyes o clien s o in es o s. BSE has a i al ole in moni o ing he ac i i ies o he compa-
nies wi hin i , implying compliance wi h he code imposed by his ma ke .
The esea ch me hodology is designed o ensu e he ele ance and accu acy o he
indings. The ini ial s age in ol es a comp ehensi e li e a u e e iew, explo ing c i ical
heo ies, models, and concep s in co po a e go e nance. This se s he heo e ical ounda-
ion and con ex ualises he esea ch objec i es. The nex s ep is clea ly de ining he e-
sea ch objec i es and iden i ying he key a iables, guiding he da a collec ion and analy-
sis. In his s udy, he quali a i e me hod was chosen o collec da a on he adhe ence o
co po a e go e nance p inciples by companies lis ed on he BSE. The popula ion es ab-
lishmen and sampling consis o 18 inancial in e media ion and insu ance companies
lis ed on he BSE, and da a we e collec ed om hei annual epo s (published on hei
own o BSE websi es), iden i ying he co po a e go e nance s a emen s, including com-
pliance wi h he p inciples. Based on he analysis, he esul s seek o be in e p e ed and
con ex ualised o answe he esea ch ques ions and o alida e he hypo hesis. Also, he
esea ch offe s aluable ecommenda ions o he business en i onmen and p ac i ione s
o imp o e co po a e go e nance p ac ices.
Rega ding he heme’s impo ance o he economic ield and specialised li e a u e,
he 180 publica ions iden i ied in he Web o Science (WOS) da abase om 2003 o 2023
may be highligh ed. The keywo d “co po a e go e nance code” was used as he sea ch
mode. Figu e 1 p esen s he e olu ion o he iden i ied publica ions, no ing hei low s a
in he i s wo yea s, ollowed by an inc ease o a maximum o 28 publica ions in 2018.
Figu e 1. Publica ions in he ield o co po a e go e nance code (2003–2023).
E en i he in e es in he ield is a an ea ly s age ( he i s publica ion appea ed in
2003), he main ields o ac i i y add essed in he iden i ied publica ions a e business i-
nance—64 publica ions, business—63 publica ions, managemen —58 publica ions, econ-
omy—36 publica ions, law—19 publica ions, e c. The heo e ical and p ac ical analysis o
he applica ion o he co po a e go e nance code in ol es an ex ensi e se ies o implica-
ions a he le el o companies, such as co po a e go e nance, social esponsibili y, qual-
i y, epo ing, eme ging ma ke s, e c. Figu e 2 shows a map o he ela ionships be ween
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
Ci a ions
Publica ions
Publica ions Ci a ions
Figu e 1. Publica ions in he ield o co po a e go e nance code (2003–2023).
E en i he in e es in he ield is a an ea ly s age ( he i s publica ion appea ed
in 2003), he main ields o ac i i y add essed in he iden i ied publica ions a e busi-
ness inance—64 publica ions, business—63 publica ions, managemen —58 publica ions,
economy—36 publica ions, law—19 publica ions, e c. The heo e ical and p ac ical analysis
o he applica ion o he co po a e go e nance code in ol es an ex ensi e se ies o implica-
ions a he le el o companies, such as co po a e go e nance, social esponsibili y, quali y,
epo ing, eme ging ma ke s, e c. Figu e 2shows a map o he ela ionships be ween he
key e ms in he 180 analysed publica ions. The main concep s and s udies in he ield a e
analysed in he nex sec ion o he pape .
Adm. Sci. 2024,14, 84 3 o 20
Adm. Sci. 2024, 14, x FOR PEER REVIEW 3 o 21
he key e ms in he 180 analysed publica ions. The main concep s and s udies in he ield
a e analysed in he nex sec ion o he pape .
Figu e 2. Map o ela ionships in he ield o he co po a e go e nance code.
S udies highligh he undamen al ole o co po a e go e nance in iden i ying aud
and iola ions o e hical p inciples a he company le el. Speci ic in e nal and ex e nal
co po a e go e nance mechanisms, including he audi commi ee’s unc ion, a e essen ial
o educing he isk o aud and ensu ing compliance wi h e hics and in eg i y p inciples
(Anuge ah 2014). A obus e hical cul u e and effec i e co po a e go e nance a e also em-
phasised o educe aud and e hical iola ions (Jelal and Mbohwa 2014).
P ac ical in e nal con ol p inciples and co po a e go e nance mechanisms ensu e
anspa ency and accoun abili y, which a e c ucial o comba ing aud and e hical iola-
ions (Boghean e al. 2009). Co po a e go e nance p omo es e hical beha iou h ough
p inciples such as in eg i y, hones y, and ai ness, hus con ibu ing o iden i ying and
p e en ing aud and e hical iola ions (A joon 2005).
Co po a e go e nance has a signi ican ole in p e en ing audulen inancial epo -
ing, and i has a nega i e and signi ican ela ionship wi h hem, which unde lines he
impo ance o complying wi h co po a e go e nance p ac ices o main aining e hical
s anda ds in companies (Ros ami and Rezaei 2022). Likewise, co po a e go e nance is
c ucial o ensu ing an e hical o ganisa ional cul u e and an in eg a ed wo k en i onmen
ha p omo es igilance agains aud and iola ions, acco ding o go e nance equi e-
men s and p econdi ions o de eloping an e hical occupa ional en i onmen (Sabău e
al. 2013).
S a ic da a show ha companies egis e many cases o aud and iola ions o e hical
p inciples, hus emphasising he need o co po a e go e nance ules and p inciples in
hei iden i ica ion. Ce i ied F aud Examine s es ima e ha o ganisa ions lose e enues
o aud by 5% each yea ; o example, in he s udy conduc ed by he Associa ion o Ce -
i ied F aud Examine s (ACFE 2024) o 1921 aud cases om 138 coun ies and e i o-
ies, hey eco ded losses o o e $3.1 billion.
OECD (2023) emphasises he impo ance o complying wi h co po a e go e nance
codes o a high le el o us wi h sha eholde s wi hin companies, hus demons a ing
hei ole in aud. Examples a e wo ecen aud scandals: (1) c yp ocu ency en ep e-
neu Sam Bankman-F ied was sen enced o 25 yea s in p ison a e being ound guil y o
Figu e 2. Map o ela ionships in he ield o he co po a e go e nance code.
S udies highligh he undamen al ole o co po a e go e nance in iden i ying aud
and iola ions o e hical p inciples a he company le el. Speci ic in e nal and ex e nal
co po a e go e nance mechanisms, including he audi commi ee’s unc ion, a e essen ial
o educing he isk o aud and ensu ing compliance wi h e hics and in eg i y p inciples
(Anuge ah 2014). A obus e hical cul u e and e ec i e co po a e go e nance a e also
emphasised o educe aud and e hical iola ions (Jelal and Mbohwa 2014).
P ac ical in e nal con ol p inciples and co po a e go e nance mechanisms ensu e
anspa ency and accoun abili y, which a e c ucial o comba ing aud and e hical iola-
ions (Boghean e al. 2009). Co po a e go e nance p omo es e hical beha iou h ough
p inciples such as in eg i y, hones y, and ai ness, hus con ibu ing o iden i ying and
p e en ing aud and e hical iola ions (A joon 2005).
Co po a e go e nance has a signi ican ole in p e en ing audulen inancial e-
po ing, and i has a nega i e and signi ican ela ionship wi h hem, which unde lines
he impo ance o complying wi h co po a e go e nance p ac ices o main aining e hical
s anda ds in companies (Ros ami and Rezaei 2022). Likewise, co po a e go e nance is
c ucial o ensu ing an e hical o ganisa ional cul u e and an in eg a ed wo k en i onmen
ha p omo es igilance agains aud and iola ions, acco ding o go e nance equi emen s
and p econdi ions o de eloping an e hical occupa ional en i onmen (Sabău e al. 2013).
S a ic da a show ha companies egis e many cases o aud and iola ions o e hical
p inciples, hus emphasising he need o co po a e go e nance ules and p inciples in
hei iden i ica ion. Ce i ied F aud Examine s es ima e ha o ganisa ions lose e enues o
aud by 5% each yea ; o example, in he s udy conduc ed by he Associa ion o Ce i ied
F aud Examine s (ACFE 2024) o 1921 aud cases om 138 coun ies and e i o ies, hey
eco ded losses o o e $3.1 billion.
OECD (2023) emphasises he impo ance o complying wi h co po a e go e nance
codes o a high le el o us wi h sha eholde s wi hin companies, hus demons a ing
hei ole in aud. Examples a e wo ecen aud scandals: (1) c yp ocu ency en ep eneu
Sam Bankman-F ied was sen enced o 25 yea s in p ison a e being ound guil y o s ealing
$8 billion om FTX cus ome s (Vasile 2024); and (2) Ma kus Joos e, he o me head o
S einho , was in ol ed in co po a e aud in Sou h A ica wi h a loss o $7.4 billion
(S an 2024).
This esea ch e alua es how inancial in e media ies and insu ance companies lis ed
on he Bucha es S ock Exchange apply and espec co po a e go e nance p inciples. The
Adm. Sci. 2024,14, 84 4 o 20
s udy aims o analyse he impac o hese go e nance p ac ices on anspa ency and o gani-
sa ional beha iou owa ds s akeholde s, highligh ing he impo ance o compliance wi h
he co po a e go e nance code wi hin he Romanian capi al ma ke . Th ough an analy ical
app oach, he pape aims o con ibu e o a deepe unde s anding o he ela ionship be-
ween co po a e go e nance and co po a e social esponsibili y, p o iding c i ical insigh s
in o o ganisa ional beha iou .
The mo i a ion o he selec ion o he 18 companies in he ield o inancial in e medi-
a ion and insu ance, lis ed on he Bucha es S ock Exchange (BVB), o esea ch, is based
on se e al key conside a ions, namely:
1.
These companies we e conside ed economically ep esen a i e o Romania’s inancial
in e media ion and insu ance sec o . Thei p esence in he capi al ma ke indica es
a ce ain le el o ma u i y and s abili y, making hem ele an o analysing he
applica ion and compliance wi h co po a e go e nance p inciples. This selec ion
sugges s ha he esea ch indings will ha e b oad applicabili y and can con ibu e o
imp o ing co po a e go e nance p ac ices wi hin his sec o .
2.
As he only companies in his ield lis ed on he BSE, hei analysis p o ides a com-
p ehensi e pic u e o how he inancial in e media ion and insu ance sec o aligns i s
p ac ices wi h he co po a e go e nance code. The e o e, he s udy can highligh a eas
o s eng h and aspec s ha equi e imp o emen in co po a e go e nance, hus con-
ibu ing o s eng hening in es o con idence and inc easing ope a ional anspa ency.
3.
Acco ding o he BVB’s co po a e go e nance code, hese companies’ p esence on
he capi al ma ke equi es compliance wi h s ic epo ing and anspa ency s an-
da ds. Thei analysis p o ides he oppo uni y o assess how well companies’ cu en
p ac ices align wi h hese equi emen s, iden i ying good p ac ices and po en ial gaps.
4.
The esea ch adds alue o he speciali y li e a u e by speci ically examining compa-
nies in inancial in e media ion and insu ance lis ed on he BVB, a ield less explo ed
in he Romanian con ex . This aspec may encou age u he s udies and con ibu e o
de eloping imp o ed heo e ical and p ac ical amewo ks in co po a e go e nance.
5.
Focusing on BSE-lis ed companies, he esea ch unde lines he impo ance o co po-
a e go e nance in he Romanian capi al ma ke . The s udy’s esul s can p o ide
aluable insigh s o egula o s, in es o s, and o he s akeholde s on he cu en s a e
o co po a e go e nance and how i can be imp o ed o suppo sus ainable capi al
ma ke de elopmen .
Based on he ini ial analysis o he esea ch heme, he ollowing hypo heses o he
wo k we e o mula ed:
Hypo hesis 1 (H1). The e is a signi ican posi i e co ela ion be ween he deg ee o compliance
wi h he p inciples o co po a e go e nance imposed by he Bucha es S ock Exchange and he le el
o anspa ency in he inancial and ope a ional epo ing o b oke age and insu ance companies
lis ed on he BSE.
Hypo hesis 2 (H2). Financial in e media ion and insu ance companies lis ed on he Bucha es
S ock Exchange adop and adhe e o co po a e go e nance p inciples, enhancing anspa ency and ac-
coun abili y owa ds s akeholde s and imp o ing s akeholde ela ions and
o ganisa ional beha iou .
Adop ing sound co po a e go e nance p ac ices is assumed o help imp o e in es o
con idence, educe isk, and inc ease ope a ional e iciency, ul ima ely inc easing long- e m
alue o sha eholde s and he en i e inancial ma ke .
2. Li e a u e Re iew
Go e nance e e s o he ac i i ies o execu i e bodies and ins i u ions, such as cou s,
NGOs, Pa liamen , e c. To go e n is o lead and con ol. Communica ion be ween go e n-
men al and non-go e nmen al ac o s c ea es an en i onmen a ou able o join de elop-
men , hus esul ing in he communi y’s well-being.
Adm. Sci. 2024,14, 84 5 o 20
Good go e nance e e s o poli ical, adminis a i e, and economic e o ms. Thus,
acco ding o Toma and Chi le
s
,
an (2011), na ional policies aimed a ci izen in ol emen
and suppo ing a democ a ic, anspa en en i onmen co ela ed wi h he adop ion o
cohe en decisions.
How companies a e managed and checked is called co po a e go e nance, gene a ing
e iciency, anspa ency, and us on hei pa . The emo al o inancial c ises can be
achie ed h ough co po a e moni o ing and supe ision; hus, he economic de elopmen
capaci y o a coun y will inc ease, inc easing he eme gence o new jobs (Bo deianu e al.
2021). Doyle (2001) explo es b and s a egies based on sha eholde alue, emphasising
ha i ms wi h s ong b ands, such as P oc e & Gamble and Unile e , mus gene a e
sha eholde alue h ough e ec i e co po a e go e nance and c isis managemen s a egies
ailo ed o he economy and he ma ke s in which hey ope a e. Helle and Da ling (2011)
discuss he impo ance o e ec i e c isis managemen , using Toyo a as a case s udy o
2007–2010, highligh ing he oppo uni ies Toyo a had o minimise c isis h ough p oblem
ecogni ion and anspa ency in decision-making. Johnson e al. (2000) examine he
impac o co po a e go e nance on he Asian inancial c isis o 1997–1998, demons a ing
ha co po a e go e nance measu es, pa icula ly he e ec i eness o mino i y sha eholde
p o ec ion, be e explain he magni ude o cu ency dep ecia ion and s ock ma ke declines
han s anda d mac oeconomic measu es.
The IMF (In e na ional Mone a y Fund) G oup, along wi h he O ganisa ion o
Economic Co-ope a ion and De elopmen (OECD), he Financial S abili y Boa d (FSB), and
he Basel Commi ee, aims o de elop co po a e go e nance o eme ging coun ies.
F om a his o ical poin o iew, he Wo ld Bank men ions he ounda ions o i s ac ion
o suppo de eloping coun ies. I played a i al ole in p omo ing a ou able li ing
condi ions o ci izens, economic momen um, and he p o ision o e ec i e and e icien
public se ices a e 1990.
Wi h he help o he Uni ed Na ions O ganisa ion (UN) and he Uni ed Na ions
De elopmen P og am (UNDP), he c ea ion o sound go e nance p inciples, g ouped in o
i e ca ego ies, a e being conside ed: legi imacy, o ien a ion, pe o mance, accoun abili y,
and ai ness.
The Eu opean Commission’s Whi e Pape e lec s he e m go e nance h ough a
de ini ion ha leads o ules and ways o leading ha p esen i e ideas: anspa ency,
pa icipa ion, esponsibili y, e iciency, and he cohe ence o he Eu opean Communi y
sys em (Eu opean Commission n.d.).
A he Eu opean le el, he concep o mul ile el go e nance, i.e., go e nance on
se e al le els, which will ha e he ole o i s applicabili y be ween se e al ac o s in ol ed,
is bo n. Thus, he public sec o con ains ou le els: global go e nance, na ional go e nance,
o ganisa ional go e nance, and go e nance a he communi y le el.
The i e p inciples o co po a e go e nance ep esen he ounda ion o democ acy,
whe e ins i u ional ac o s pa icipa e wi h local and egional au ho i ies and no jus as
in e media ies.
The Romanian dic iona y con ains he e m go e nance, which means leade ship (Dic-
iona y o he Romanian Language n.d.). Co po a e comes om he wo d body, esul ing
in he uni , o ganisa ion, and ensemble concep s.
The Anglo-Saxon sys em uses co po a e go e nance, as ound in he In e na ional
S anda ds on In e nal Audi ing (Ghi a e al. 2010).
The OECD de ines co po a e go e nance as how he company’s managemen , boa d,
sha eholde s, and secu i ies holde s communica e e ec i ely o achie e he objec i es and
closely ollow he pe o mance indica o s (Mo a iu e al. 2008).
The p inciples by which co po a e go e nance ope a es a e se ou in Figu e 3.
Adm. Sci. 2024,14, 84 6 o 20
Adm. Sci. 2024, 14, x FOR PEER REVIEW 6 o 21
The Anglo-Saxon sys em uses co po a e go e nance, as ound in he In e na ional
S anda ds on In e nal Audi ing (Ghi a e al. 2010).
The OECD de ines co po a e go e nance as how he company’s managemen , boa d,
sha eholde s, and secu i ies holde s communica e effec i ely o achie e he objec i es and
closely ollow he pe o mance indica o s (Mo a iu e al. 2008).
The p inciples by which co po a e go e nance ope a es a e se ou in Figu e 3.
Figu e 3. The p inciples by which co po a e go e nance wo ks.
Co po a e go e nance is conside ed o be effec i e when i p o ides an enabling en-
i onmen o he de elopmen o in es men (La Po a e al. 2000; De ond and Hung
2004; Shahid and Abbas 2019) and when i is conside ed ineffec i e when i hinde s he
de elopmen o o eign in es men , encou ages co up ion, and ansmi s mis us o
hose who own capi al. Co po a e go e nance exp esses:
• manage s’ a en ion o he co ec ness o he exis ing in o ma ion in he inancial e-
po s (Măciucă e al. 2015);
• compliance wi h he limi ed deadlines in e ms o inancial epo ing (So ici e al.
2021);
• anspa en display o all inancial esul s (Coca e al. 2021);
• he ac ual ansmission o he in e nal, ex e nal, and exis ing audi p ocesses (Bos an
and G osu 2010; Boghean and Cibo a iu 2018).
Co po a e go e nance in ol es wo sides, mainly (1) he beha iou al side, which in-
dica es he ela ionship be ween he company’s manage s, i s employees, sha eholde s,
cus ome s, c edi o s and supplie s, and o he in ol ed pa ies, and (2) he no ma i e side,
in ol ing he egula ions ha suppo all he ela ionships be ween he pa icipa ing ac-
o s o socie y.
In e ms o isk managemen aimed a in oducing he con ol sys em, he le el o
pe o mance suppo ed by in eg i y, hones y, anspa ency, and esponsibili y is iden i-
ied (Cosmulese e al. 2019; Voda e al. 2019). This p ocess is ins umen al in aligning co -
po a e s a egies wi h socie al alues and expec a ions. Table 1 p o ides a li e a u e e-
iew o he impo ance o anspa ency and he engagemen o he s akeholde s in co po-
a e go e nance.
Figu e 3. The p inciples by which co po a e go e nance wo ks.
Co po a e go e nance is conside ed o be e ec i e when i p o ides an enabling
en i onmen o he de elopmen o in es men (La Po a e al. 2000;De ond and Hung
2004;Shahid and Abbas 2019) and when i is conside ed ine ec i e when i hinde s he
de elopmen o o eign in es men , encou ages co up ion, and ansmi s mis us o hose
who own capi al. Co po a e go e nance exp esses:
•
manage s’ a en ion o he co ec ness o he exis ing in o ma ion in he inancial
epo s (Măciucăe al. 2015);
•
compliance wi h he limi ed deadlines in e ms o inancial epo ing
(So ici e al. 2021);
• anspa en display o all inancial esul s (Coca e al. 2021);
•
he ac ual ansmission o he in e nal, ex e nal, and exis ing audi p ocesses (Bos an
and G osu 2010;Boghean and Cibo a iu 2018).
Co po a e go e nance in ol es wo sides, mainly (1) he beha iou al side, which
indica es he ela ionship be ween he company’s manage s, i s employees, sha eholde s,
cus ome s, c edi o s and supplie s, and o he in ol ed pa ies, and (2) he no ma i e side,
in ol ing he egula ions ha suppo all he ela ionships be ween he pa icipa ing ac o s
o socie y.
In e ms o isk managemen aimed a in oducing he con ol sys em, he le el o
pe o mance suppo ed by in eg i y, hones y, anspa ency, and esponsibili y is iden i-
ied (Cosmulese e al. 2019;Voda e al. 2019). This p ocess is ins umen al in aligning
co po a e s a egies wi h socie al alues and expec a ions. Table 1p o ides a li e a u e
e iew o he impo ance o anspa ency and he engagemen o he s akeholde s in
co po a e go e nance.
The p ac ice suppo s he ac ha hese p e iously lis ed no ions bene i any socie y.
Fo his, an elemen is needed o closely e i y compliance wi h all p o isions. Tha is why
he no ion o in e nal audi is in oduced, which aims o moni o he implemen ed ideals.
In e nal audi ing is he objec i e way o imp o e an o ganisa ion’s ope a ions.
The o igins o co po a e go e nance can be ound in he unc ionali y o co up ion
and he bank up cy laws o all coun ies. In 1970, i appea ed in common discussions in he
Uni ed S a es o Ame ica, iden i ying he in e es o Ame ican companies in wha poli ics
means h ough he con ibu ion o unds o he a ious poli ical pa ies (Buza u 2004).
Along he way, he e m co po a e go e nance de elops meanings, such as
he ollowing:
•complex supe ision o he b anch o a ield, an ins i u ion, o a ield;
• isk analysis;
•e ec i e managemen h ough e i ica ion, e alua ion, and con ol.
Adm. Sci. 2024,14, 84 7 o 20
Table 1. The impo ance o anspa ency and s akeholde engagemen in co po a e go e nance.
Co po a i e
Go e nance Goal
Classi ica ion o he
Goals Cha ac e is ics Limi a ions
T anspa ency in
Co po a e Go e nance
Financial and
Go e nance
T anspa ency
Financial anspa ency cap u es he
imeliness and eliabili y o
inancial disclosu es, while
go e nance anspa ency conce ns
he disclosu e o go e nance
p ac ices and mechanisms
(Bushman e al. 2003)
Risk o in o ma ion o e load and
misin e p e a ion (Bushman e al. 2003;
Schnackenbe g and Tomlinson 2016)
Balancing anspa ency wi h he need
o con iden iali y (Schnackenbe g and
Tomlinson 2016)
Dynamic T anspa ency
ICT acili a ed i , making
in o ma ion exchange be ween
co po a ions and s akeholde s
collabo a i e. This anspa ency
goes beyond s a ic disclosu e,
os e ing g ea e openness and
s akeholde engagemen (Vacca o
and Madsen 2009).
Technological and accessibili y ba ie s
(Vacca o and Madsen 2009)
Balancing anspa ency wi h
con iden iali y (Elia 2009)
S akeholde
Engagemen
Beyond Co po a e
Responsibili y
I challenges he assump ion ha
s akeholde engagemen is
in insically esponsible. While
adi ionally seen as a mani es a ion
o co po a e esponsibili y,
s akeholde engagemen is a
mo ally neu al p ac ice ha
equi es ca e ul conside a ion o i s
e hical dimensions and impac s
(G eenwood 2007).
Di e gen s akeholde in e es s and
expec a ions (G eenwood 2007)
Resou ce and ime cons ain s
(Dawkins 2014)
Measu ing impac and e ec i eness
(Mease e al. 2018)
T anspa ency and
S akeholde
Pa icipa ion
T anspa ency p inciples posi i ely
a ec quali a i e and quan i a i e
co po a e pe o mance h ough
s akeholde pa icipa ion
(Zehi e al. 2016).
Complexi y in managing di e se
s akeholde expec a ions
(G eenwood 2007)
Resou ce and capaci y cons ain s
(Dawkins 2014)
Challenges in measu ing he impac o
engagemen (Mease e al. 2018)
The sync e ic app oach be ween co po a e go e nance and isk managemen h ough-
ou he o ganisa ion (ERM) is highligh ed, as well as he ela ionship be ween co po a e go -
e nance and he e olu ion o he inancial managemen and in e nal con ol
(MFC) sys em.
The lack o in es o con idence due o nume ous ailu es in he p i a e sec o is d i ing
he de elopmen o co po a e go e nance.
A e 1980, he Cadbu y Repo , p epa ed by Si Ad ian Cadbu y, appea ed in G ea
B i ain. I highligh s he causes o p i a e company ailu es ha p e en ed hei de elop-
men due o he unc ioning o in e nal con ol (The Commi ee on he Financial Aspec s o
Co po a e Go e nance 1992).
The yea 1997 is no able o he OECD Council’s eques o implemen co po a e
go e nance s anda ds. Thus, his se o p inciples was accep ed in 1999 and ecognised by
he Fo um o Financial S abili y, which suppo s i s impo ance o an op imal inancial
sys em (i is one o he 12 basic s anda ds).
O e ime, ound able discussions suppo ed by he Wo ld Bank and he Wo ld Fo um
o Co po a e Go e nance ha e been o ganised in a ious places, such as La in Ame ica,
Asia, Russia, Sou h-Eas e n Eu ope, and Eu asia, o imp o e co po a e go e nance in hose
a eas, as no ed in he Whi e Book.
F om he poin o iew o inancial ins abili y, some adical changes can be iden i ied
in e ms o he le el o in o ma ion co ela ed wi h di ec ing unds o he bes in es men s
(Toma and Chi le
s
,
an 2011). This is how inancial c ises appea , wi h a speci ic equency and
Adm. Sci. 2024,14, 84 8 o 20
slowing economic de elopmen . So ha in es o s do no ully eel hese c ises, co po a e
go e nance ocuses on e icien economic de elopmen .
In 1776, Adam Smi h iden i ied a p oblem in which manage s who handle o he
people’s money do no ha e he same le el o ca e as he owne . In 1932, Be le and Means
highligh ed he sepa a ion be ween owne ship and con ol o companies, i s consequences,
and he di e gen in e es s o di ec o s, manage s, and in es o s. In 1976, Jensen and
Meckling (1979) de ined an agency ela ionship and explained how p incipals can align
hei in e es s wi h hose o agen s by se ing app op ia e incen i es. Decision p ocesses
should sepa a e managemen decisions (implemen a ion and en o cemen ) om con ol
decisions ( a i ica ion and moni o ing) a all le els o he o ganisa ion o e icien ly manage
agency issues. This heo y ocuses on in o ma ion asymme y, ad e se selec ion, p e-
con ac ual oppo unism, and mo al o pos -con ac ual haza d.
Explo ing heo e ical amewo ks in co po a e go e nance li e a u e e eals a land-
scape o a ious heo ies explaining how co po a ions a e go e ned and how go e nance
s uc u es in luence o ganisa ional beha iou and pe o mance. The discussion o co po a e
go e nance heo ies is ich and spans a ious pa adigms, some shown in Table 2.
Table 2. Co po a e go e nance heo ies.
Theo ies Au ho s Key Aspec s o Co po a e Go e nance Theo ies
Agency Theo y
Eisenha d (1989)
Band (1992)
S e nbe g (1997)
Lan and He acleous (2010)
Pande and Ansa i (2014)
I is cen al o co po a e go e nance li e a u e, ocusing on he
ela ionship be ween p incipals (sha eholde s) and agen s (manage s).
I sugges s ha go e nance s uc u es a e necessa y o align manage s’
and sha eholde s’ in e es s due o he po en ial o con lic ing in e es s.
The Anglo-Saxon model o co po a e go e nance, hea ily in luenced
by agency heo y, emphasises he ole o he boa d o di ec o s in
cu bing execu i e powe o p o ec sha eholde s’ in e es s.
S akeholde
Theo y
Donaldson and P es on (1995)
Jones (1995)
Gibson (2000)
F eeman e al. (2004)
Fon aine e al. (2006)
Pande and Ansa i (2014)
I expands he ocus o co po a e go e nance beyond sha eholde s o
include o he s akeholde s, such as employees, cus ome s, supplie s,
and he communi y. This heo y con ends ha co po a ions should
conside he in e es s and wel a e o all s akeholde s in hei
decision-making p ocesses. Howe e , in eg a ing s akeholde heo y
in o go e nance amewo ks can some imes con lic wi h di ec o s’
legal obliga ions o p io i ise sha eholde in e es s.
S ewa dship
Theo y
Donaldson and Da is (1991)
Da is e al. (1997)
Smallman (2004)
Sub amanian (2018)
Ch isman (2019)
O e s a pe spec i e ha con as s wi h he agency heo y by p oposing
ha manage s a e s ewa ds whose in e es s align wi h hose o he
sha eholde s. Manage s, as s ewa ds, a e mo i a ed by a desi e o
achie e high pe o mance and he o ganisa ion’s success a he han by
pe sonal gain. This heo y suppo s go e nance models ha empowe
manage s a he han s ic ly con ol hem.
Beyond T adi ional
Theo ies
Shapi a (2000)
Daily e al. (2003)
Sunda amu hy and Lewis (2003)
Le za e al. (2008)
Geo gescu (2012)
Yuso e al. (2012)
Acco ding o he li e a u e, esh heo e ical pe spec i es beyond
con en ional amewo ks, such as agency, s akeholde , and
s ewa dship heo ies, a e equi ed. The e is an inc easing demand o a
comp ehensi e heo y o go e nance, wi h some expe s sugges ing
he concep o he o ganisa ion as an o ganism ha emphasises
long- e m s a egic alue and g ow h.
Co po a e go e nance li e a u e encompasses a a ie y o heo e ical amewo ks,
each p o iding unique insigh s in o how co po a ions can be e ec i ely go e ned. While
agency heo y has his o ically domina ed he discou se, al e na i e pe spec i es, like
s akeholde and s ewa dship heo ies, o e aluable conside a ions o he oles and
esponsibili ies o co po a e manage s and boa ds. The ongoing deba e and e olu ion o
hese heo ies highligh he complexi y o co po a e go e nance and he need o adap able
and inclusi e app oaches ha conside he in e es s o all s akeholde s o sus ainable
o ganisa ional success.
To a ac in es men s and main ain hem o a long ime, Mo a iu e al. (2008)
highligh ed se e al ad an ages o co po a e go e nance:
Adm. Sci. 2024,14, 84 15 o 20
sise he impo ance o co po a e go e nance o he companies’ c edibili y and long- e m
success in a compe i i e ma ke en i onmen . The s udy ecommends in ensi ying e o s
o moni o and implemen highe s anda ds o co po a e go e nance o s eng hen in es o
con idence and op imise o ganisa ional pe o mance.
He e a e some easons why compliance wi h he co po a e go e nance code
is essen ial:
4.
P o ec ion o in es o s’ in e es s: A well-de ined and en o ced co po a e go e nance
code helps p o ec he in e es s o in es o s by p o iding hem wi h a anspa en and
ai en i onmen in which o in es hei capi al. This can inc ease in es o con idence
in he company and gene a e access o addi ional inancial esou ces o de elopmen .
5.
P omo ion o esponsibili y and e hics: The co po a e go e nance code encou ages
compliance wi h e hical p inciples and mo al alues a all le els o he o ganisa ion.
This can p e en con lic s o in e es , abuses, and imp ope p ac ices and p omo e
social esponsibili y and espec o he en i onmen and communi ies.
6.
Inc easing anspa ency and in o ma ion disclosu e: A co po a e go e nance code will
es ablish p ecise equi emen s o ai and ull disclosu e o inancial, ope a ional, and
co po a e go e nance in o ma ion. This will enable in es o s and o he s akeholde s
o ob ain ele an in o ma ion and make decisions based on accu a e da a.
7.
Imp o ed managemen and decision-making: A well-designed co po a e go e nance
sys em will ensu e e ec i e managemen and a ional and esponsible decision-
making. This can help o inc ease he company’s pe o mance and a oid unneces-
sa y isks.
8.
P omo ing economic s abili y and de elopmen : Sound co po a e go e nance can
con ibu e o a coun y’s economic s abili y and de elopmen . I a ac s in es -
men s, suppo s he de elopmen o he p i a e sec o , and inc eases companies’
ma ke compe i i eness.
In conclusion, compliance wi h he co po a e go e nance code is essen ial o com-
panies’ heal hy and e icien ope a ion. I se es as a amewo k o guidance and con ol,
ensu ing he p o ec ion o in es o s’ in e es s, p omo ing e hics and accoun abili y, inc eas-
ing anspa ency, and making well-in o med decisions while con ibu ing o he s abili y
and de elopmen o he economy as a whole.
As a esul o he analysis issue he ollowing ecommenda ions o companies lis ed
on he s ock exchange o imp o e hei co po a e go e nance p ac ices (especially o hose
companies ha do no ully o pa ially comply wi h he p inciples o co po a e go e nance
imposed by he Bucha es S ock Exchange, as well as companies o wan o ensu e a high
le el o quali y in he ela ionship wi h s akeholde s):
1.
Rigo ous In e nal Assessmen and Audi : Implemen ing a egula in e nal assessmen
and audi p ocess o iden i y non-con o mi ies and a eas o imp o emen in co po a e
go e nance. This may include e iewing he o ganisa ional s uc u e, in e nal policies,
and decision-making p ocesses.
2.
T aining and Con inuing Educa ion: O ganisa ion o aining sessions and educa ional
wo kshops o boa d membe s and execu i e di ec o s o imp o e hei unde s anding
and applica ion o co po a e go e nance p inciples.
3.
Imp o ing T anspa ency and Communica ion: Ensu ing ull anspa ency in inancial
epo ing and communica ions wi h in es o s and o he s akeholde s by egula ly
publishing sus ainabili y and co po a e go e nance epo s.
4.
Reno a ion o he Boa d o Di ec o s S uc u e: Di e si ica ion o he boa d o di ec o s
by including independen membe s wi h ex ensi e expe ience and a ied pe spec i es
o ensu e e ec i e con ol and supe ision.
5.
Implemen a ion o Fai Remune a ion Policies: C ea ing and implemen ing ai and
anspa en emune a ion policies o boa d membe s and execu i e di ec o s based
on company pe o mance and indi idual achie emen s.
6.
S eng hening Co po a e Social Responsibili y (CSR): In eg a ing CSR p ac ices in o
he company’s o e all s a egy demons a es i s commi men o sus ainable de elop-
men and he communi ies in which i ope a es.
Adm. Sci. 2024,14, 84 16 o 20
7.
Imp o ing In e nal Con ol Mechanisms and Risk Managemen : De elop and s eng hen
in e nal con ol sys ems and isk managemen p ac ices o p e en aud and e o s
and ensu e compliance wi h applicable laws and egula ions.
8.
P omo ing Business E hics and In eg i y: Implemen ing a solid code o e hics and
p omo ing an o ganisa ional cul u e ha alues in eg i y, business e hics, and mu-
ual espec .
Fo he e ec i e implemen a ion o hese measu es, companies mus engage expe
co po a e go e nance consul an s and wo k closely wi h all s akeholde s, including eg-
ula o s, o ensu e ha imp o emen s a e sus ainable in he long e m and aligned wi h
in e na ional bes p ac ice s anda ds.
4. Conclusions and Recommenda ions
En o cing he co po a e go e nance code is essen ial o building us and ans-
pa ency be ween companies and hei s akeholde s, including in es o s, sha eholde s,
employees, supplie s, and cus ome s. This con ibu es o c ea ing a s able and p edic able
business en i onmen , p o iding oppo uni ies o g ow h and de elopmen , and p o-
ec ing he igh s and in e es s o each pa y. Ul ima ely, co po a e go e nance imp o es
companies’ epu a ion and long- e m sus ainabili y, bene i ing he en i e economic and
social ecosys em. In his con ex , i ensu es he sa e y o how businesses a e managed and
he excellen managemen o he isks ha may a ise, in ol ing pa icipa ion in impo an
decisions, lowe ola ili y o in es men s, and inc eased loyal y and s eng hening o he
epu a ion in he ma ke .
Failu e o comply wi h he co po a e go e nance p inciples se ou in he Co po a e
Go e nance Codes by lis ed companies can ha e a ious and signi ican consequences. Fo
example, he quali y o explana ions o non-compliance can a y conside ably, and he e
is a call o imp o e hem o be help ul o use s, highligh ing he impo ance o speci ici y,
localisa ion, and complexi y o explana ions (Sh i es and B ennan 2015).
The he o ical s a egies used in explana ions o non-compliance ha e become mo e
gea ed owa ds misleading explana ions han compelling a ionales, which can lead o
a loss o ma ke con idence and a ec he comply-o -explain sys em i sel (Sh i es and
B ennan 2017).
Compliance wi h Co po a e Go e nance Codes is associa ed wi h be e i m pe o -
mance, sugges ing ha in es o s alue compliance and a e willing o pay a p emium o
companies ha comply wi h go e nance no ms (Shauka and Padge 2005).
Speci ic compliance wi h he boa d o di ec o s’ ecommenda ions educes he likeli-
hood o inancial dis ess, highligh ing he impo ance o boa d s uc u e and unc ioning
in p e en ing inancial c ises (B a o-U quiza and Mo eno-U eba 2021).
These s udies emphasise he impo ance o compliance wi h co po a e go e nance
p inciples and he po en ially ha m ul e ec s o non-compliance, bo h om he pe spec i e
o company pe o mance, us , and ma ke pe cep ion. Lis ed companies mus pay close
a en ion o co po a e go e nance p inciples o ensu e long- e m sus ainabili y and posi i e
ela ions wi h in es o s and o he s akeholde s.
To imp o e he co po a e go e nance p ac ices o Romanian companies in all ields o
ac i i y, and no only, he ollowing measu es could be conside ed:
9.
The in oduc ion o clea ules and s anda ds ega ding co po a e go e nance h ough
speci ic legisla ion. These ules should include equi emen s ega ding he indepen-
dence o boa d di ec o s, anspa ency and disclosu e o ele an in o ma ion, co po-
a e social esponsibili y, and sha eholde in ol emen in decision-making p ocesses.
10.
Encou aging he o ma ion o independen and p o essional boa ds o di ec o s.
This could be achie ed by p omo ing di e si y and expe ience in he boa d’s com-
posi ion and by in oducing mechanisms o e alua ing and con inuously aining
boa d membe s.
11.
De eloping a cul u e o espec o sha eholde s’ igh s. This could be achie ed by
ensu ing e ec i e and anspa en communica ion wi h sha eholde s, consul ing hem
Adm. Sci. 2024,14, 84 17 o 20
in making impo an decisions, and ecognising hei igh s o o e and pa icipa e in
gene al mee ings.
12.
Imp o ing he le el o anspa ency and disclosu e o inancial and ope a ional in o -
ma ion. Companies should p o ide quali y and ele an in o ma ion o sha eholde s
and s akeholde s so ha hey can make in o med decisions.
13.
C ea ing an adequa e amewo k o supe ision and in e nal con ol in companies.
This could be ensu ed by de eloping clea policies and p ocedu es, pe iodically
e iewing and audi ing ope a ional ac i i ies and isks, and implemen ing an in e nal
epo ing sys em.
14.
P omo ing companies’ social esponsibili y. Companies should be awa e o hei
impac on he en i onmen , employees, and communi ies and de elop social espon-
sibili y and sus ainabili y p ac ices and policies.
These measu es could imp o e co po a e go e nance in Romanian companies and
inc ease he con idence o sha eholde s and in es o s in he economic sec o s. Fu he -
mo e, solid and anspa en co po a e go e nance can b ing mul iple long- e m bene i s o
companies, employees, sha eholde s, and he economy as a whole.
The esea ch esul s highligh how implemen ing co po a e go e nance p inciples a
companies lis ed on he Bucha es S ock Exchange posi i ely in luences anspa ency and
accoun abili y owa ds s akeholde s. These esul s could unde line a co ela ion be ween
adhe ence o hese p inciples and imp o ing ela ions wi h s akeholde s, demons a ing
ha sound co po a e go e nance p ac ices a e essen ial o companies’ long- e m suc-
cess. Thus, he esea ch con ibu es o he specialised li e a u e by p o iding an in-dep h
pe spec i e on he impo ance o co po a e go e nance in oday’s business en i onmen .
Au ho Con ibu ions: Concep ualisa ion, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; me hodology,
F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; alida ion, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; o -
mal analysis, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; in es iga ion, F.-A.L., C.-G.T., C.-E.G.-I.,
D.F., L.M.-D.; esou ces, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; da a cu a ion, F.-A.L., C.-G.T.,
C.-E.G.-I., D.F., L.M.-D.; w i ing—o iginal d a p epa a ion, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.;
w i ing— e iew
and edi ing, F.-A.L., C.-G.T., C.-E.G.-I., D.F., L.M.-D.; isualisa ion, F.-A.L., C.-G.T.,
C.-E.G.-I., D.F., L.M.-D.; supe ision, D.F.; p ojec adminis a ion, L.M.-D. All au ho s ha e ead and
ag eed o he published e sion o he manusc ip .
Funding: This esea ch ecei ed no ex e nal unding.
Ins i u ional Re iew Boa d S a emen : Due o he na u e o he s udy, whe e public documen s o
some companies lis ed on he Bucha- es S ock Exchange we e analysed, and he absence o pe sonal
da a u ilisa ion, in acco dance wi h he laws o Romania, he s udy was deemed exemp om E hics
Commi ee app o al a S e -an cel Ma e Uni e si y o Sucea a.
In o med Consen S a emen : In o med consen was ob ained om all subjec s in ol ed in he s udy.
Da a A ailabili y S a emen : Da ase a ailable on eques om he au ho s.
Con lic s o In e es : The au ho s decla e no con lic s o in e es .
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au ho (s) and con ibu o (s) and no o MDPI and/o he edi o (s). MDPI and/o he edi o (s) disclaim esponsibili y o any inju y o
people o p ope y esul ing om any ideas, me hods, ins uc ions o p oduc s e e ed o in he con en .
