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Editura Universitara Financial instability and inadequacies of corporate governance

Publisher: Editura Universitara

Author: Adina Criste, Iulia Lupu, Tudor Ciumara

ISBN: 978-606-28-0188-5

DOI: 10.5682/9786062801885

Publisher year: 2015

Edition: I

Pages: 112

Product Code: 9786062801885 Do you need help? 0745 200 718 / 0745 200 357
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The paper "Financial instability and inadvertences of corporate governance" is based on the results, updated, of research undertaken at the Center for Financial and Monetary Research "Victor Slavescu", materialized in a study conducted in 2014. The paper presents reflections, ideas and conclusions research team, in a context still problematic and marked by frustrations. Without claiming exhaustiveness or infallibility, the authors propose a panorama of the corporate landscape, of interest both for financial corporatists themselves and for regulators, both categories having the opportunity to get acquainted with the image seen from the outside, with clear or less visible passages and to incorporate in their practices experiences, ideas and also to reflect on the themes likely to raise in their way new waves and obstacles generating losses. The study was conducted by a team of researchers from the Center for Financial and Monetary Research "Victor Slavescu" within the National Institute for Economic Research "Costin C. Kiritescu" from the Romanian Academy, concerned with finding an answer or useful elements of answer to the complicated problem of reconciling the public interest with the private one, in promoting a corporate governance that does not leave in the background or in the care of other structures of the society the objective of financial stability. This is a serious reason for authors to be encouraged to present their research results publicly, and to express the hope that they will attract the attention of stakeholders. The following pages are a useful read for specialists and for the reader more and more attentive to events that weigh on his personal savings, investment projects and even the living conditions for which he has consumed energy and confidence.
  • Instabilitatea financiara si inadvertentele guvernantei corporative

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IULIA LUPU - Coordonator 
TUDOR CIUMARA 
ADINA CRISTE 

FOREWORD / 5

INTRODUCTION / 11

1. FINANCIAL STABILITY FROM A FUNCTIONING CHARACTERISTIC TO A DIRECT OBJECTIVE / 15

2. THE RELATIONSHIP BETWEEN CORPORATE GOVERNANCE AND FINANCIAL STABILITY / 19
2.1. PROBLEMS RELATED TO CORPORATE GOVERNANCE IN FINANCIAL INSTITUTIONS / 22
2.2. REGULATORY ISSUES
2.3. STATISTICAL REPRESENTATION OF CORPORATE GOVERNANCE INDICATORS / 27
2.4. ROMANIA - PROBLEMS OF TRANSPARENCY AND QUALITY OF ROMANIAN INVESTORS COMPARED TO FOREIGNERS / 43

3. INTRODUCTION OF CULTURAL ELEMENTS. THE EFFECT OF REPUTATION / 46
3.1. THE ROLE OF CULTURAL ELEMENTS IN ESTABLISHING STRATEGIES / 46
3.2. CULTURAL ELEMENTS AND CORPORATE GOVERNANCE / 50
3.3. REPUTATIONAL RISK / 52

4. CONFLICT OF INTERESTS - APPROACHING DIFFERENT PAIRS OF CONFLICT / 57
4.1. PRIVATE INTEREST VERSUS PUBLIC INTEREST / 57
4.2. FINANCIAL STABILITY AT MICRO AND MACROECONOMIC LEVEL / 60
4.3. TYPES OF BANK-SPECIFIC CONFLICTS / 60

5. THE NEED TO INTRODUCE IMPROVED ELEMENTS REGARDING CORPORATE GOVERNANCE / 65
5.1. REFORM INITIATIVES FOR CORPORATE GOVERNANCE AT INTERNATIONAL LEVEL / 65
5.2. REFORM INITIATIVES FOR CORPORATE GOVERNANCE IN ROMANIA / 70

6. FINAL CONSIDERATIONS / 75

LIST OF FIGURES / 103

LIST OF TABLES / 103

LIST OF ANNEXES / 104

BIBLIOGRAPHY / 105

The issue related to financial instability is a constant in economic research.
Fundamental theoretical contributions have highlighted the structural and conjunctural causes of instability, but the acts and deeds of economic actors are guided by interests and less by theories and lessons from textbooks. Even the lessons learned are not remembered for a long time. Instability itself is a constant in economic life and people might think they are used to it. However, although it manifests itself at all levels of the economic organism, certain components are more sensitive and receptive to the action of generating factors and more strongly positioned in areas that transmit contaminating effects. The increasing amplitudes and the acute phases of the oscillations give rise to worries and questions, dissatisfaction and reproaches to those who are presumed to serve as an oracle or shield for danger. Among them, researchers who, although they are present and always say what skill, inspiration and perseverance help them to understand in the increasingly complicated network of the economic organism and what should be consistently pursued to avoid convulsions, are expected with miracle solutions. for overcoming high voltage moments.
It has proven over time that prevention is much less expensive than treatment and for many economic actors this is a learned lesson. But prevention also becomes a difficult mission in a globalized context, in which the conditions and the corporate and institutional framework of decisions change rapidly and unpredictably. That is why the persistent and continuous inclination on the elements of change and the mechanisms that determine and explain them is a necessity.
In this context, we note that concerns for corporate governance have increased, not only in the sense of better use of statistical data, but also in the direction of awareness of its role for economic and financial development, to reflect economic growth on the social environment in ensemble.
Addressing the values ​​of corporate governance in a broader context of institutional reform, and not only at company level, as a device for optimizing public management and promoting market-oriented reforms can be a premise for long-term development without the convulsions that have marked the company and whose echo has not yet faded, of the financial markets. Precisely for this reason, the presence in the academic research plan of a direction such as "Study of economic instability and stabilization policies in the new conditions of financing economies and increasing complexity, resilience and vulnerability of economic and social processes and institutional systems", is fully justified and the communication during the conclusions it proves its usefulness.
The paper "Financial instability and inadvertences of corporate governance" is based on the results, updated, of research undertaken at the Center for Financial and Monetary Research "Victor Slavescu", materialized in a study conducted in 2014. The paper presents reflections, ideas and conclusions research team, in a context still problematic and marked by frustrations. Without claiming exhaustiveness or infallibility, the authors propose a panorama of the corporate landscape, of interest both for financial corporatists themselves and for regulators, both categories having the opportunity to get acquainted with the image seen from the outside, with clear or less visible passages and to incorporate in their practices experiences, ideas and also to reflect on the themes likely to raise in their way new waves and obstacles generating losses. The study was conducted by a team of researchers from the Center for Financial and Monetary Research "Victor Slavescu" within the National Institute for Economic Research "Costin C. Kiritescu" from the Romanian Academy, concerned with finding an answer or useful elements of answer to the complicated problem of reconciling the public interest with the private one, in promoting a corporate governance that does not leave in the background or in the care of other structures of the society the objective of financial stability. This is a serious reason for authors to be encouraged to present their research results publicly, and to express the hope that they will attract the attention of stakeholders. The following pages are a useful read for specialists and for the reader more and more attentive to events that weigh on his personal savings, investment projects and even the living conditions for which he has consumed energy and confidence.

Dr. Constantin Marin,
Director, "Victor Slavescu" Financial and Monetary Research Center

www.editurauniversitara.ro

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