The Relationship between Entrepreneurship and Corporate Governance The Case of Romanian listed Companies
This paper offers an investigation at a micro-level of entrepreneurship in the business environment. More precisely, we conduct an empirical study of the relationship between corporate entrepreneurship and corporate governance in the case of the Romanian nonfinancial listed companies. We use publ...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Editura ASE
2015-02-01
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| Series: | Amfiteatru Economic |
| Subjects: | |
| Online Access: | http://www.amfiteatrueconomic.ro/ArticolEN.aspx?CodArticol=2370 |
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| Summary: | This paper offers an investigation at a micro-level of entrepreneurship in the business
environment. More precisely, we conduct an empirical study of the relationship between
corporate entrepreneurship and corporate governance in the case of the Romanian nonfinancial
listed companies. We use publicly-available information (financial statements,
annual reports) and we mobilize a framework derived from the agency and signalling
theories to interpret our findings from the statistical analysis based on correlations. Our
results suggest that there are differences between industries and between the companies
included or not in the new BET-TR index in terms of corporate entrepreneurship and
corporate governance practices and disclosures. Agency theory partly explains our findings.
Specifically, some corporate governance mechanisms, i.e. board independence and
institutional ownership, are associated in our sample with corporate entrepreneurship. We
thus document that corporate governance as a controlling and management technique
fosters corporate entrepreneurship in Romanian companies. Signalling theory assumptions
are generally not verified for the companies in our study. There are only a few associations
between high values of corporate entrepreneurship and corporate entrepreneurship
disclosures, and even fewer between corporate governance practices and corporate
governance disclosures. |
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| ISSN: | 1582-9146 2247-9104 |