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The State As A Driver For Good Corporate Governance Of State-Owned Enterprises

Author

Listed:
  • KEREMIDCHIEV Spartak

    (Economic Research Institute at Bulgarian Academy of Science, Bulgaria)

  • NEDELCHEV Miroslav

    (Economic Research Institute at Bulgarian Academy of Science, Bulgaria)

Abstract

The state, represented by the legislature and the executive power, is committed to create a pattern for good corporate governance of state-owned enterprises (SOEs). First attempt to formulate such principles for private companies listed in the stock exchange emerged in the UK. Considering the size and importance of state sector, the Organization for Economic Co-operation and Development (OECD) gradually adopted and recommended similar principles for SOEs. They are the most commonly recognized and accepted pattern for good corporate governance of SOEs throughout the world. The study aims to evaluate the current level of compliance with these principles in Bulgaria (2016–2018) by state authorities and to find the gaps in their implementation. To achieve this aim, an original methodology has been developed derived on OECD principles and the use of expert assessment. The study found that the state (Parliament and Council of Ministers) has established in relatively high degree compliant with OECD principles of good corporate governance of SOEs pattern, while the ministries-principals of SOEs have insufficiently complied with these principles. They need to devote a lot of attention and endeavors to fill the gaps in complying with these principles and to create a modern corporate governance pattern for SOEs.

Suggested Citation

  • KEREMIDCHIEV Spartak & NEDELCHEV Miroslav, 2022. "The State As A Driver For Good Corporate Governance Of State-Owned Enterprises," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 17(3), pages 113-131, December.
    • Handle: RePEc:blg:journl:v:17:y:2022:i:3:p:113-131
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    File URL: http://magazines.ulbsibiu.ro/eccsf/RePEc/blg/journl/17309keremidchiev.pdf
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    References listed on IDEAS

    as
    1. Bram De Lange & Bruno Merlevede, 2020. "State-Owned Enterprises across Europe: Stylized Facts from a Large Firm-level Dataset," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 20/1006, Ghent University, Faculty of Economics and Business Administration.
    2. Younes Belfellah & Bilal Bourkha, 2016. "The State owned enterprise governance : Literature review and Sate roles propositions," Post-Print hal-02533031, HAL.
    3. Spartak Keremidchiev & Miroslav Nedelchev, 2020. "Foreign models and policies for state-owned enterprises," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 3-14,15-25.
    Full references (including those not matched with items on IDEAS)

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