Our findings support the hypothesis that the type of corporate governance influences performance
through strategy, style, and structure. We find that Romanian firms with greater
State ownership have significantly lower financial performance, thus providing some support
for our hypotheses. Furthermore, as stakeholder theory suggests, financial performance
appears to be influenced by owner-stakeholder influences on managerial style and
organizational structure. It also appears that owner-stakeholders may influence strategy
indirectly, through their impact on management style, as suggested by strategic contingency
and stakeholder theories.