Ownership Structure and Corporate Control in Bulgaria
AbstractThe 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 InfoArticle provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.
Volume (Year): (2003)
Issue (Month): 7 ()
Other versions of this item:
- Plamen Tchipev, 2002. "Corporate control in the public enterprises in Bulgaria," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 48-68.
- Tchipev, Plamen D, 2001. "Ownership Structure and Corporate Control in Bulgaria," MPRA Paper 47169, University Library of Munich, Germany.
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
- K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ariane Chapelle & Marco Becht & Luc Renneboog, 2001.
"Shareholding cascades: the separation of ownership and control in Belgium,"
ULB Institutional Repository
2013/9947, ULB -- Universite Libre de Bruxelles.
- Becht, M.C. & Chapelle, A. & Renneboog, L.D.R., 1999. "Shareholding Cascades: The Separation of Ownership and Control in Belgium," Discussion Paper 1999-96, Tilburg University, Center for Economic Research.
- Raina Tsaneva, 2011. "Institutional Investment in Bulgaria – Trends, Problems and Directions," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 66-89.
- 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, vol. 21(2), pages 178-197, Summer.
- 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, issue 2, pages 152-181.
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