Overview at the … 13institutional and private investor-creditor-manager as well. Regarding the indicators aimed category of beneficiaries served by socialservices in Hunedoara County, shows the existence of social services for children, General Overview on Evolution of Social Services from Romania and … 21adults at risk, people with special needs and older people. According to theanalysis of documents provided by social institutions ability in the social assistancefield, in Hunedoara county social services have been developed and proposed to meetthe diverse needs of the population. Evenimentul este destinat comunitatii academice si non-academice, reunind printre speakeri un grup de cercetatori si profesionisti din domeniu.

From European to InternationalMangu, S. Nowicka-Skowron, M. The focus isplaced on the correlations between the key elements that are intrinsic to the governanceevolution in time. At the worldwide level, in the contextof the natural resources rarity and informational technology development, economicperformances of different countries are highly interdependent. An actual key-concept is represented by corporate governance. Stricto sensu,corporate governance encompasses a system of elements based on which a company ismanaged and controlled.

From a wider perspective, corporate governance represents an assembly ofpolicies and control mechanisms that are applied in order to protect and to harmonizevarious interests, frequently contradictory, of different entities acting within acompany. These determined other countries to consider thepossibility to implement different version of these codes adapted to their nationalsystems.

In parallel, international organisations such as OECD and the World Bank setforth own standards on corporate governance, including correspondingrecommendations and principles. Other entities deeply involved in the phenomenon such as corporate managersor financial carlos x dating dynamics were at the core of these actions. Another key element that generated the development of the corporate governancestandards was represented carlos x dating dynamics the obligation for the companies that are listed on thestock exchanges to implement the corporate governance carlos x dating dynamics.

Literature contains several discussions regarding the impact of thefinancial globalization on the corporate governance models, especially from theperspective of a potential alignment of corporate governance systems to identicalstandards.

The hypothesis of an unique corporate governance model generated manycontroversial discussions on the model at the country level that would represent thereference pillar in accordance with which there will be elaborated the single model.

The polemic on a single corporate governance model triggered numerous prosand cons, being unlikely to reach a certain compromise. The pros generally rally upon the idea that harmonized policies in terms ofemployment, production and marketing give incentive to a highly competitiveenvironment.

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The cons assume the impossibility to align different corporate governancebecause of intrinsic diverse features originating in carlos x dating dynamics legal systems, financialmarkets or social environments.

Recently, theories regarding corporate governance rallied upon controlmechanisms that are specific to the shareholders and managers relationships; thecontrol becomes effective at the level of the tripartite relationship between institutionaland private investor-creditor-manager as well.

From a theoretical perspective, carlos x dating dynamics ground on divergent objectives. Classic theories acknowledge thatshareholders aim at company value maximization while private investors look forprofit maximization.

In opposition, institutional investors focus on the social dimension, deeplyanchored in corporate social responsibility area. The Diversity of Corporate Governance Models. Overview at the … 7Despite the so-called objectives divergence, explained by different interestsincurred by various entities, analysts confirmed that a common goal support therelationships characteristic to corporate governance area: profit increase.

This common objective lies behind different corporate management strategies;although there are different manners by which these strategies are elaborated, thecommon goal determines an alignment of interest. In line with this idea, the agencycosts tend to reduce this asymmetry, revealing the importance of the controlmechanisms that in essence aim at ensuring all the parties involved in a business thatrules are complied with and all the actions and measures that are taken subscribe towealth accumulation.

There are several discussions on the management and corporate governanceactivities; some analysts consider them to interfere to a large extent, but the majority ofthe opinions assume carlos x dating dynamics clear differences between them.

Management refers strictly to coordination, organisation and internal controlactivities, being deeply anchored in the internal environment of the company. Corporate governance is rooted especially in external environment, referring tothe control exerted by shareholders on the company managers.

The two types of control —internal and external- are exerted on different layers,triggering the involvement of third entities represented by the capital market orbanking industry; the involvement of these entities is triggered by the necessity tomake financing operations. The first main challenge in terms of corporate governance analysis isrepresented exactly by the necessity to define corporate governance systems. This type of definition is frequentlyencountered in the o corporate governance codes and the OECDPrinciples of Corporate Governance, issued in This broader definition is related to a larger extent to theinternal environment of the company, reflecting the involvement of theinstitutional investors and of the financial markets in the current life ofthe enterprise.

The difficulty to capture the characteristics of the corporate governance into astrict definition is determined by its complexity. Out of the control dating girl timp de 6 săptămâni dimension, corporate governance area can beassociated with the process of wealth creation and distribution Klein,pp.

There are various classifications of corporate governance systems, taking intoaccount the country, company or social level peculiarities. Nevertheless, literaturecontains many variations on two basic models: on one hand the liberal model and onthe other hand the social model.

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The liberal model envisages the company to be the property of shareholderswhile the social model reflects the company under the form of a social community, 8 Al Essawi, M. These different interests represent therationale for agency theory that includes the perspective of various entities such asmanagers, employees and stakeholders.

An extension of the social model allows a classification of the corporategovernance models at the country level. In Germany, France and Japan, the financialmarkets exert a deep impact on corporate governance models; analysts uncovered thatimportant features characteristic to corporate governance models are derived out of theeffect bearing the mark of the financial market La Porta, et al.

The financial globalization represents a challenge for the multinationalcompanies from the perspective of the corporate governance model that have to beimplemented in the organizational structure at the worldwide level.

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This processimplies the necessity to select a benchmark corporate governance model in referencewith which there will be elaborated the global model. Traditional model North-American model bases on two legal relationshipsand three levels: one is established between shareholders and board by the virtue of anagency contract while the other one is established between board and managers.

In thelatter, managers dispose of a form of authority that derives from the board authority. In thiscase, shares value is based on the present value of future dividends which derive out ofthe net profit. In comparison with the traditional one, this model introduces a system ofparticipative management, grounding on the assumption that business risk is lower forshareholders in comparison with employees because of the impossibility to diversifyinvestment portfolio from the perspective of the last ones.

Overview at the … 9The role of the superior council is identical with the role of the shareholdersfrom the perspective of certain aspects since it exerts the control function, analyzes thestartegical objectives of the company and formulates recommendations to the boardmembers. It is forbidden to interpose another entity between shareholders and managers.

The rationale of this model consists of the carlos x dating dynamics that the activity of acompany should not be affected by the relationships that are created between entitiesthat incur different risks and interests.

In comparison with the co-determination model, this model extends the systemof participative management, although it doers not reflect in a sufficient manner thewrights and the obligations of every person in the balance that has to be kept from theperspective ghid de dating online pentru baieti the decision making process.

The single-tier model of corporate governance in the UKIn UK, corporate governance relies upon the one-tier model that implies a deepcontrol exerted by the board of directors on the global activity of the company; thecurrent management responsibilities are delegated to some of the executive directors. An interesting aspect consists of the fat that executive directors are partly involved inthe board. The UK model envisages the shareholders to be the unique owners of thecompany.

Nevertheless, the act did speed ​​dating wien ab 20 manage to trigger any enforceability of a potentialinvolvement of the employees to participate in the management structure of thecompany or in the oversight of the board activity.

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Literature reflecting the evolution of the corporate governance theoriesrevealed that even during this period of time the role of the managers was representedby the administration of the company in the best interests of the stakeholders. Another interesting element consists of the fact that UK is the first UE countrythat initiated important measures regarding the elaboration of precise corporategovernance standards. The Cadbury Code represents an important step in the evolution of corporategovernance systems; its main peculiarity derives from the obligation imposed to thecompanies that are listed on the London Stock Exchange to obey to the rule of complyor-explainprinciple.

Another step in the evolution of the corporate governance system is the reportpublished by Greenbury Committee, together with a code attached including principleson the disclosure relative to director remuneration; shortly, this aspect becamecompulsory for the companies listed on the Stock Exchange. Even if the specialists made efforts in order to elaborate different standardsgoverning the issues of corporate governance, there was a problematic aspect regardingthe high degree of complexity and even bureaucracy relative to these standards.

That is why in Januarythe Hampel Committee Report made a researchon the implementation of the Cadbury guidelines and revealed some deficienciescaused evenly by their bureaucracy.

This is the reason that lies behind a modifiedversion of a Combined Code dating from ; this version represents in fact asynthesis of the former codes that diminishes the bureaucracy degree. Another reference point in the evolution of corporate governance model is theTurnbull Report focused on the internal control mechanism.

In January the Higgs Report highlighted the role and effectiveness ofnon-executive directors in the context of the financial scandals occurring that time inUSA.

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An important point consists of the persistency of this Combined Code untilpresent; nevertheless, there were slight changes made in and UK preoccupation for the development of appropriate corporate governancestandards continued until the carlos x dating dynamics period; this deep interest is supported bynumerous associations in this area such as Association of British Insurers, NationalAssociation of Pension Funds and the Institute of Chartered Accountants in Englandand Wales ICAEW.

These legal entities elaborated their own policies in the field ofcorporate governance, many of them containing more strict requirements than thosethat are promoted in the Combined Code. Literature unveiled that the UK corporate governance code, together with otherEuropean countries lucruri de știut când se întâlnește cu un marin, concentrated on the necessity to obey managers todisciplinary actions so that they should not be capable of tailoring the companystrategy to their own interest.

A lot of studies revealed that managers do not have to be the object of suchmeasures as long as their activity envisaged competitive products and services.

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Analysts disclosed that this aspect can be figured out as a compromise solution thatcould solve out a potential conflict between the interests incurred by different entities. If the managers are preoccupied by competitive products and services, then theeconomic growth and implicitly the profit accumulation were ensured. This superiorlevel of the quality created the opportunity of a competitive advantage in relation withthe other companies in the market.

Carlos x dating dynamics fact, the essential objective of corporate governance code consists of theprocess of value creation. Principles underlying corporate governance code aim atcreating all the premises in order to give incentive to value creation. Overview at the … 11Previous researches pointed out that the working climate is highly supportiveto the value creation process; an important element of this working climate is exactlythe capacity of managers to avoid the conflicts at the internal and external level.

Internally, conflicts may intervene between managers and employees whileexternal conflicts are likely to appear between managers, board representatives andshareholders. From this perspective, corporate governancesystem contributes to sustainable corporate growth.

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The interpretation of the market model for corporate governance in the U. The US corporate governance model assumes that company managers makeefforts in order to increase the profit. The strategies they conceive in order to obtainbenefits consist either of involvement in risky actions, commensurate with thecompany risk profile.

A key element of the US corporate governance model consists ofthe limited responsibilities held by lower-level managers. Jensen elaborated on the free cash-flow theory, suggesting thatmanagers are reluctant to dividend distribution to shareholders, preferring rather toimplement less profitable investment projects; this attitude can be explained by theirwillingness to exert control on the company financial resources.

Literature revealed that if managers hold a certain percentage of the enterprisecapital, they are more motivated to implement business strategies in compliance withcompany sustainable growth perspectives Dahya, et al. Analysts showed that business strategies look usually for company valuemaximization; what is really important for company sound governance system consistsprecisely of the manner in which this objective pursued.

Only sound practices that arein line with a sustainable long term growth ensure an adequate corporate governancesystem Drobetz, et al.

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The US corporate governance model highlights that shareholders confer to themanagers the power to make decisions; this is made in respect of the agency costs. Researches at the level of US companies Hermalin,pp.

These two key components reveal the unwillingness of company shareholdersto bear the agency costs implied by the management oversight. Financial resources impact company overall business, especially from theperspective of financial costs involved by external financing.

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Credit granting is highly dependent on the company financial standing that isprecisely subject to the financial analysis performed by the bank officers.

It is possible that credit may be extended to a companywhich do not fulfil the bank carlos x dating dynamics in terms of solvency. This is likely to occurbecause of unreliable financial data reflected in the financial documents. This aspect can lead to moral hazard phenomenon since creditors may beexposed to additional risks that are not captured by financial documents.

Moreover,academic studies uncovered that there are frequent cases when, in a first stage, acompany meets the solvency conditions imposed by the bank credit strategies, but it ispossible for the company managers to behave subsequently in a manner that is noncompliantwith sound corporate governance standards Wymeersch,pp. Literature revealed that a good part of the company financial revenues origin ininvestments in the capital market; this aspect was encouraged by the strong growthrecorded on the financial market during the period of Pérez,pp.

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Moreover, financial markets offered the opportunity of retirement plans whichwere strongly promoted during the last periods. From this perspective, this type of corporate governance modelbrings forth collateral entities such as pension funds, commercial and investmentbankers, financial analysts and brokers of an essential importance for the structure ofcorporate governance model.

The sustained level of corporate growth recorded in USA gave incentive toother countries to implement a similar shareholder oriented corporate governancemodel. Experience showed that the implementation of such a model is not effectivebecause of the financial market development degree. Only in the countries that posses adeveloped capital market this model can perform to the utmost effects.

The G8 countries made public their decisions to adopt effectively this marketoriented corporate governance model.

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