Bulgarian mass privatisation scheme: Implications on corporate governance
AbstractStriving 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 InfoArticle provided by Emerald Group Publishing in its journal Journal of Economic Studies.
Volume (Year): 30 (2003)
Issue (Month): 3/4 (September)
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Other versions of this item:
- Plamen D. Tchipev, 1998. "Bulgarian Mass Privatisation: Implications on Corporate Governance," ERI-BAS Chapters, in: Plamen D. Tchipev & Jurgen Backhaus & Frank Stephen (ed.), Mass privatisation schemes in Central and East European Countries. Implications on corporate governance, edition 1, chapter 2, pages 77-116 Bulgarian Academy of Sciences - Economic Research Institute.
- 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
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- Tchipev, Plamen D, 2001. "Bulgarian corporate governance rules and institutions," MPRA Paper 32593, University Library of Munich, Germany.
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- Tchipev, Plamen D, 2001. "Ownership Structure and Corporate Control in Bulgaria," MPRA Paper 47169, University Library of Munich, Germany.
- 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.
- 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.
- 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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