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Search Results: 1 - 10 of 48 matches for " Niculae Feleaga "
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The Institutional Investors and Corporate Governance
Niculae Feleaga
Theoretical and Applied Economics , 2006,
Abstract: The years between 1990-2000 represented the rising power period for the institutional investors, especially within the developed countries. In the Anglo-Saxon environment, such a growth significantly modified the structure of companies’ shareholder frameworks. The development and the institutionalization of the stock exchange market determined the companies’ bonds to be more concentrated within the hands of the financial institutions, which have a superior economic expertise, rather than do the natural persons when saving. In order to diminish the informational lack of symmetry, between the company’s leaders and its shareholders, and for influencing the leaders in managing the enterprise – with the purpose of maximizing value – some institutional investors tried to implement an external control system. Therefore, they formulated new corporate governance procedures. The development of the institutional investors is part of a reform movement targeted towards the macro-financial environment. That is why, two important elements deserve to be mentioned: the households’ financial patrimonies and the structure of the financing frameworks. The institutional investors are essentially the mutual funds, the insurance companies and the pension funds, and therefore they manage considerable amounts of capital (in thousands of billions of dollars) within the assembly of OCDE countries.
European Level Test of Romanian Enterprise Governance
Niculae Feleaga
Theoretical and Applied Economics , 2006,
Abstract: The corporate governance is a central and dynamic aspect of the businesses. The term governance comes from the latin “gubernare”, meaning to guide and supposes that the corporate governance imply equally both the leadership function and that of control. As is known there are more ways of defining the enterprise governance starting from the simple stones, which focus on the enterprise and its shareholders, to the most complex ones incorporating individual or departamental responsability to implement a given function of the companies and which implies many other groups of persons. Responsability is the consequence of the law and reglementation application or contract agreements.
The Financial Crisis between the XXth and XXIst Centuries and the Corporate Governance
Niculae Feleaga
Theoretical and Applied Economics , 2006,
Abstract: The various companies, originating in different countries, have been approaching the corporate governance issues starting early in time. Nowdays, these issues have changed in dimension due to an exponential growth of the financial globalization, the involved companies’ faith being directly linked to the stock market support or critics. Whenever corporate governance is being mentioned within a conference, a paper, or generally in media, each one of us knows that it concerns a company’s control and leadership mechanisms, also concerning the investors’ trust, the accountability and behaviour of the entity’s managers within the social affairs. The capitalism hasn’t stopped evolving during its long history. The last decade corresponds to the transition towards a new type of capitalism, marked by the domination of the finance and knowledge-based economy. During the last years, corporate governance has been the center of a passionate debate. The governance codes and policies have been adopted both at a national and international level, with the purpose of better protecting the shareholders’ interests and/or the involvement of the stakeholders. The good corporate governance practice lays within the answer to a fundamental question: which is the path for a company x, in a y business environment, to be able to accomplish, in a optimal manner, its main objective: generating and distributing wealth?”.
Financial Accounting Constitution or its Referential Matrix
Liliana Feleaga,Niculae Feleaga
Theoretical and Applied Economics , 2006,
Abstract: Using a simplified approach it may be stated that the financial accounting theoretical framework is structured on three levels. At the first level, reference is made to the accounting objectives. These objectives are fundamental for the theoretical framework. At the second level, we find the accounting information characteristics and explicit mentions about the headings of financial statements. The mentioned characteristics of accounting information represent the basic issues for ensuring its utility. The headings represent the main categories of elements disclosed in the financial statements, like assets and liabilities – these two elements’ definitions brought radical changes both in the accounting thinking and practices. Overall, the second level’s components represent the basis for building the practice directives as a matter of recognition (identification) and measurement (evaluation). Inside the third level, the recognition and measurement directives are being detailed, which will be further used by the accounting specialist in order to identify and apply the accounting standards. These two directives enclose postulates, principles and restrictions. Such specifications prove to be useful whenever precise answers must be given to relative financial information issues. Usually, it is accepted that the theoretical framework, also called the accounting framework is the standard-setting, metaphorically speaking is actually the constitution of financial accounting, or in other words, its reference matrix.
International Accounting Convergences Related to EU Admitance
Liliana Feleaga,Niculae Feleaga
Theoretical and Applied Economics , 2006,
Abstract: Starting from January 1, 2005, member countries of the European Union began the obligatory or optional application of the international standards IAS/IFRS for consolidated accounts, what means a revolution in financial reporting of the enterprises. In regards to the individual accounts (generally based on the national book-keeping standards) these will converge gradually to referential international book-keeper on short and medium term. At the world level the process which dominates the accounting systems is the convergence between american and international reference system, followed immediatly more or less by the convergence between national accounting systems and the international one. Where Romania and its specialists are situated confronting this process? A reflection subject which finalises this article.
Models and Rules of Evaluation in International Accounting
Niculae Feleaga,Liliana Feleaga
Theoretical and Applied Economics , 2006,
Abstract: The accounting procedures cannot be analyzed without a previous evaluation. Value is in general a very subjective issue, usually the result of a monetary evaluation made to a specific asset, group of assets or entities, or to some rendered services. Within the economic sciences, value comes from its very own deep history. In accounting, the concept of value had a late and fragile start. The term of value must not be misinterpreted as being the same thing with cost, even though value is frequently measured through costs. At the origin of the international accounting standards lays the framework for preparing, presenting and disclosing the financial statements. The framework stays as a reference matrix, as a standard of standards, as a constitution of financial accounting. According to the international framework, the financial statements use different evaluation basis: the hystorical cost, the current cost, the realisable (settlement) value, the present value (the present value of cash flows). Choosing the evaluation basis and the capital maintenance concept will eventually determine the accounting evaluation model used in preparing the financial statements of a company. The multitude of accounting evaluation models differentiate themselves one from another through various relevance and reliable degrees of accounting information and therefore, accountants (the prepares of financial statements) must try to equilibrate these two main qualitative characteristics of financial information.
Controversies Regarding Goodwill Evaluation, Depreciation and Recording Policies
Niculae Feleaga,Liliana Feleaga
Theoretical and Applied Economics , 2006,
Abstract: In some of the continental European countries (e.g. France), there is a necessity to make a clear distinction between the legal issue of commerce fund (fonds de commerce, in French language), and the related accounting concept represented by goodwill. Fonds de commerce represents a set of movable and immovable goods with a common destination, therefore having a unique legal status. Goodwill is an intangible asset item that is placed within the Balance Sheet. It holds together all the fonds de commerce elements which finally form a subset containing the following: (i) intangible assets; (ii) not evaluated, nor separately recorded; (iii) purchased, but not internally created; (iv) which compete for the maintenance and further development of the company’s activity potential. The goodwill issue appears very often within the consolidated accounts. A commercial relationship between the parent of a group and one of its subsidiaries may appear either through the creation of a new enterprise (initiated by the group leader), or by acquisition of already existent business. In this second case, we are talking about a business combination. The acquired goodwill is mentioned in the Balance Sheet, amongst non-current intangible asset items. The internally generated goodwill is not recognised within the Balance Sheet. Goodwill may be stated as the difference between the acquisition cost and the percentage belonging to the buyer within the fair value of the assets, liabilities and contingent liabilities identifiable acquired. In the advanced accounting systems, goodwill is no longer amortized. His useful life is undefined, but not unlimited. The fact that is no longer amortized determines an annual depreciation test. Such a depreciation test is meant to evaluate the goodwill on the basis of present cash flows.
Corporate Governance, Essential Lever of the Policy for Stockholders Wealth Maximization and its Contemporary Complements
Niculae Feleaga,Liliana Feleaga
Theoretical and Applied Economics , 2006,
Abstract: After the Second World War, in USA and in the capitalist Europe, a new economic growth regime emerges, known under the name of: the “ford regime”. This regime is based on four main institutional issues: the “ford” wage proportion – which organises the sharing of productivity gains; the active economic policies – budget and monetary ones; the “providence” status – given by a social security system based on social classes and generations’ solidarity; financial systems – meant to ensure the financing of the productive capital accumulation through bank credits. Beginning with the 70’s, the international finances raised their powers within a globalization context. The financial globalization is a process of capital markets’ interaction both at a national and international level – a fact that leads to a world unified cash flow market. Corporate governance is often presented as one of the key institutions of the new capitalism. The theoretical and classical hypothesis, which lies at the base of the Anglo-Saxon governance model, is the one saying that a company’s managers and shareholders have opposite interests. The managers are seeking to take advantage of their status and financial powers because of the inside-business information they hold, all by damaging the shareholders. The “agency theory” is meant either to explain and detail the organisational models as ways to solve conflicts or reduce involved costs (all leading to a “positive agency theory” -PAT), or to allow the reduction of these conflicts’ costs (leading to a “normative/prescriptive agency theory”). The new corporate governance models have as objective the reduction of the informational asymmetry, and of guiding the business leaders towards managing the company in the interests of the shareholders by placing all operations in the area of maximising the value per share. Beyond this approach, many countries adopt a governance model where the company is seen as a social construction, resulting from the interaction of all participating parties. In this case, the main idea is that if on short-term, the company doesn’t focus on maximising exclusively the shareholders’ interests, the economic entity will not be able to actually develop, and on long-term this would have a negative impact on the shareholders.
Corporate Governance, between Classicism and Modernism
Niculae Feleaga,Cristina Vasile
Theoretical and Applied Economics , 2006,
Abstract: Corporate governance represents a complex concept, being an assembly of mechanisms used to set order into company leaders’ decisions. The rules of corporate governance are the ones keeping the score between the economic entity’s leaders and the third parties who invest their resources in the business. The corporate governance issue did not appear by hazard, but it resulted from the necessity to reconcile many business interests within a company (sometimes contradictory issues), especially the ones between the shareholders and the business leaders. The Anglo-Saxon view, in which the business power is given to the Equity items, is traditionally opposing the European (continental) vision, where focus is being made on the Stakeholders’ interests. Within a world dominated by globalization issues, and where the financial markets evolve on an exponential curve, the two above mentioned corporate governance models ought to interact one with another in a constructive manner. Even if the corporate governance concept has developed recently, mainly during the last 25 years, its origins are rooted way back into the world history. Corporate governance is organically linked to the capitalist society and economy. After the 11 September attacks, many of the contemporary authors had the tendency to declare this date as the beginning of the XXIst century. If the ‘Twin Towers’ had hosted companies like: Tyco, Enron, Xerox, Wordcom and many other Stock Exchange-quoted businesses, it is likely that the financial crisis from 2000-2002 would have been differently perceived, and corporate governance had developed slightly different evolutionary mechanisms. A scientific article, based on the comparison between the classical and modern corporate governance experiences, would therefore suit the Romanian business environment.
QUELQUES PROPOS SUR LA REFORME COMPTABLE. LE CAS DE LA ROUMANIE
Feleaga Niculae,Feleaga Liliana,Sandu Raluca,Avram Viorel
Annals of the University of Oradea : Economic Science , 2009,
Abstract: Accounting appears to develop in different ways, depending on the context and its specific needs, based essentially on the Darwinian principle : the useful accounting survived (Alexander, Nobes, 2001). Our research is basically a discussion of this positi
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