THE IMPACT OF CORPORATE GOVERNANCE MEASURES ON THE PERFORMANCE OF ENTERPRISES

The issue in the forefront of this research aims to find answers and solutions to questions of national and international interest, such as: to what extent does corporate governance affect managerial decisions regarding achieving performance in an enterprise? Could enterprise performance, defined based on information provided by financial statements, influence future management decisions? Is the application of corporate governance laws reflected in achieving performance within an enterprise? Moreover, this paper attempts not just to find answers for these questions, but also to bring arguments and evidence. To this purpose, an econometric model has been used, demonstrating the close relationship between financial motivation of human capital involved in activities of the most important companies from the Romanian pharmaceutical industry - matter reflected in financial statements by staff expenditure - and performance achieved – expressed through turnover.