Purpose

The purpose of this research is to evaluate the impact of adopting the principles of corporate governance on the financial performance of companies listed on the Bucharest Stock Exchange (BSE). To assess the implementation of corporate governance principles, the authors built an index based on the principles specified in the BSE Corporate Governance Code (CGC).

Design/methodology/approach

An econometric analysis was conducted to estimate the impact that the authors’ corporate governance indicator had on financial performance, measured successively through Tobin's Q, return on equity (ROE), economic value added (EVA) and total shareholder return (TSR).

Findings

Following the regression model, the authors noticed the absence of a significant impact of corporate governance practices on performance measured by ROE, EVA and TSR but instead, a significant and positive relationship for Tobin's Q rate was found.

Research limitations/implications

Due to the lack of data before the implementation of the BSE Code of Corporate Governance, the research period is limited to 2010–2015, but the authors’ future studies will try to extend the research period.

Originality/value

Although numerous studies have been conducted to analyze the empirical relationship between corporate governance and financial performance, no conclusive results have been obtained. The diversity of these findings can refer to methods used in the construction of a corporate governance measure as well as to the accuracy of financial reporting.

中文翻译：

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公司治理和财务业绩：来自罗马尼亚的证据

目的

本研究的目的是评估采用公司治理原则对布加勒斯特证券交易所 (BSE) 上市公司财务业绩的影响。为了评估公司治理原则的实施情况，作者根据 BSE 公司治理准则 (CGC) 中规定的原则构建了一个指数。

设计/方法/方法

进行计量分析以估计作者的公司治理指标对财务绩效的影响，依次通过托宾 Q、股本回报率 (ROE)、经济增加值 (EVA) 和股东总回报 (TSR) 衡量。

发现

根据回归模型，作者注意到公司治理实践对 ROE、EVA 和 TSR 衡量的绩效没有显着影响，但发现与托宾 Q 率存在显着的正相关关系。

研究限制/影响

由于在 BSE 公司治理准则实施之前缺乏数据，研究时间仅限于 2010-2015 年，但作者未来的研究将尝试延长研究时间。

原创性/价值

尽管已经进行了大量研究来分析公司治理与财务绩效之间的实证关系，但尚未得出结论性结果。这些发现的多样性可以参考用于构建公司治理措施的方法以及财务报告的准确性。