During the past years, developing countries have become extremely interesting for researchers, as well as for capital investors. Even if they lack macroeconomic indicator stability or sufficiently mature financial markets, they provide a quick growth and the perspective of a solid development as long as these countries identify measures that will stimulate foreign investors to invest. One such measure is increasing the quality of corporate governance at the level of small and medium-sized

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... rises, where it is currently almost absent. This article aims to help raise awareness of the need to implement good corporate management practices at the level of companies in developing countries and especially in Romania. This paper uses a questionnaire in order to evaluate the state of the corporate governance in Timis county and offers some suggestions on what should be done for a higher corporate governance quality in the case of small and medium-sized companies in Romania, with the purpose of establishing a connection between governance quality and business performance of SMEs.