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Ownership Structure and Corporate Control in Bulgaria

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  • Plamen Tchipev

Abstract

The paper presents the actual ownership structure of public companies in Bulgaria on the basis of a survey of 104 companies traded on the Bulgarian Stock Exchange. It also discusses the problems of disclosure of ownership information, focussing on the transposition of the EC Large Holdings Directives. The paper finds out an inconsistent enforcement of the disclosure procedures and very concentrated ownership; for more than half of the companies the largest shareholders stakes’ exceed more than 50%. That provides incentives and opportunities for violation of the rights of minority shareholders, though this is far not the only reason.

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Bibliographic Info

Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

Volume (Year): (2003)
Issue (Month): 7 ()
Pages: 132-146

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Handle: RePEc:bas:econth:y:2003:i:7:p:132-146

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  1. Plamen Tchipev, 2003. "Bulgarian mass privatisation scheme: Implications on corporate governance," Journal of Economic Studies, Emerald Group Publishing, Emerald Group Publishing, vol. 30(3/4), pages 351-388, September.
  2. Becht, M.C. & Chapelle, A. & Renneboog, L.D.R., 1999. "Shareholding Cascades: The Separation of Ownership and Control in Belgium," Discussion Paper, Tilburg University, Center for Economic Research 1999-96, Tilburg University, Center for Economic Research.
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Cited by:
  1. Plamen D. Tchipev, 2008. "Corporate Governance in Bulgaria's Accession to the EU: Corporate Boards Perspective," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 152-181.
  2. Raina Tsaneva, 2011. "Institutional Investment in Bulgaria – Trends, Problems and Directions," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 66-89.
  3. Erik BerglöF, 2005. "What do Firms Disclose and Why? Enforcing Corporate Governance and Transparency in Central and Eastern Europe," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 21(2), pages 178-197, Summer.

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