Analysis of Transparency Indicators in the Romanian Capital Market

Transparency is a fundamental pillar for the efficient functioning of any capital market. In the current economic context, the analysis of public data and reports of listed companies becomes essential for investors and for the entire economy.

Our recent study focuses on assessing the level of transparency of Romanian companies listed on the Bucharest Stock Exchange (BVB). We analyzed financial reports, market communications, and shareholder structure to identify trends and areas for improvement.

Methodology and Criteria

We used a set of objective criteria, aligned with international standards, to evaluate:

• The timeliness and completeness of quarterly and annual financial reports.
• The clarity and accessibility of information regarding corporate and shareholder structure.
• Transparency in communicating major corporate decisions.
• The availability of data in open and easily processable formats.

The results indicate a positive evolution over the last five years, with a significant increase in the number of issuers adopting proactive disclosure practices. However, there remain areas, such as non-financial reporting (ESG), where there is substantial potential for progress.

Transparency is not just a regulatory obligation; it is a competitive advantage that builds trust and attracts long-term investment. The StocksTruth platform continues to monitor and analyze these developments, providing the public with tools for a deeper understanding of the market.