21. Role of Corporate Governance in the Context of Globalization

The globalization process, although criticized, is constantly growing, contributing to the internationalization of activities performed by companies and to the internationalization of markets. This also resulted in the occurrence of important changes regarding the operation and functioning of organizations, as well as regarding the operating mode of governments that have to adopt their policies to a changing market. In addition, the corporate governance, besides the ethical principles it observes, and the social responsibility also use rules and procedures aimed to increase the value of the company. Moreover, the emergence of the economic crisis showed that accounting frauds are a result of the lack of control or of control deficiencies, and that is why the corporate governance is even more important. This paper intends to analyze the different systems of corporate governance and to highlight the difficulties the companies are facing as a result of their adapting to the globalization system.