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Bulgarian mass privatisation scheme: Implications on corporate governance


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  • Plamen Tchipev


Striving to shorten the time-period necessary for the huge transfer of the property needed by the ongoing economic reforms, Bulgaria developed a mass privatisation scheme (MPS). Based on specific financial intermediaries called privatisation funds (PF) that scheme encounters a major problem – to facilitate the establishment of an effective system for corporate governance of the privatised companies. Can it succeed in resolving that problem? This paper provides an analysis of mass privatisation objectives, the legal and economic frameworks of privatisation, funds’ activities, their goals and portfolio structures. It examines the types of funds’ founders and the presence of different groups among their shareholders. Additionally, it outlines the role of financial institutions in the process. The study is based on the PFs’ prospectus for capital rise. Its results should not be seen as final, since the process is competitive, and not all funds will be able to achieve what they strive for in their prospectus.

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Bibliographic Info

Article provided by Emerald Group Publishing in its journal Journal of Economic Studies.

Volume (Year): 30 (2003)
Issue (Month): 3/4 (September)
Pages: 351-388

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Handle: RePEc:eme:jespps:v:30:y:2003:i:3/4:p:351-388

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Related research

Keywords: Bulgaria; Corporate governance; Financial institutions; Privatization;

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Cited by:
  1. Tchipev, Plamen D, 2001. "Bulgarian corporate governance rules and institutions," MPRA Paper 32593, University Library of Munich, Germany.
  2. Belev, Boyan, 2003. "Institutional investors in Bulgarian corporate governance reform: obstacles or facilitators?," Journal of World Business, Elsevier, vol. 38(4), pages 361-374, November.
  3. Tchipev, Plamen D, 2000. "Privatisation versus capital market: the corporate governance case of Bulgaria," MPRA Paper 37287, University Library of Munich, Germany.
  4. Plamen Tchipev, 2003. "Ownership Structure and Corporate Control in Bulgaria," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 132-146.
  5. Raúl de Arriba Bueno, 2006. "Private or Market Economy in Bulgaria? An Institutional Approach to the Bulgarian Transition," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 71-89.
  6. Vesselin Mintchev & Plamen Tchipev & Rosska Petkova, 2000. "Structure of the Corporate Control in the Enterprises from the Mass Privatization," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 33-72.
  7. Cândida Ferreira, 2009. "European Integration and the Credit Channel Transmission of Monetary Policy," Working Papers Department of Economics 2009/07, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.


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