A trend has been noticed in that financial institutions have improved their structures of corporate governance after 2008 (Spahiu, 2010). The corporate governance regulatory framework has also improved due to the institutional reforms that the accession to the European Union in 2007 implied (Bonetto, 2009). Several researchers point towards Romania following the general pattern of Continental Europe in terms of internal control of employees and managerial approach, with some particularities (Giurca Vasilescu, 2008). There is a distinct trend that points to a shift from owner-management to professional management (Berklof, Pajuste, 2003).

Comparative to the more developed states of the Old Continent, Romania still reveals shortages (Malamud, Ofer & Pop Eleches, Cristian, 2010) A closer look at UK's corporate governance regulatory framework, for instance, unveils stricter and better implemented rules, as well as an increased emphasis on transparency, financial...

The Romanian emphasis on these elements is still decreased, revealing the need for more progress in the corporate governance regulatory framework of the Eastern European country (Shu-Acquaye, 2007).