Corporate Control: A Study of Firms on the Bucharest Stock Exchange
AbstractThis article analyzes the ownership structure of firms listed on the Bucharest Stock Exchange (BSE) over the period 1998-2000. The history of the BSE is briefly described, showing its similarity to other post-socialist countries in terms of small size and low liquidity of the market, and contrasting it with countries that have developed market economies. Measures of ownership concentration reveal that the BSE's concentrated ownership structure fits the pattern of continental Europe, with 70 percent of shares held by 5 percent or greater blockholders atthe end of 2000. However, the major types of owners are very different from those found in industrialized countries. The Romanian government, through the State Ownership Fund, held blocks in 88 of 116 listed firms in 1998, which fell to 33 of 115 at the end of 2000, in both cases with a median share of over 50 percent. The nature of the Romanian privatization process also influenced the prevalence of other types of owners, with insiders holding blocks in 34 firms, with a 41 percent median, by the end of 2000. Foreigners held stakes in 75 firms, with a 17 percent median, while the remaining blocks were mostly in the hands of domestic firms.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Eastern European Economics.
Volume (Year): 40 (2002)
Issue (Month): 3 (May)
Contact details of provider:
Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=106044
Other versions of this item:
- Almos Telegdy & John S. Earle & Victor Kaznovsky & Csaba Kucsera, . "Corporate Control: A Study of Firms on the Bucharest Stock Exchange," Upjohn Working Papers and Journal Articles jse20025, W.E. Upjohn Institute for Employment Research.
- P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Giurca Vasilescu, Laura, 2008.
"Corporate governance in developing and emerging countries. The case of Romania,"
11053, University Library of Munich, Germany.
- Giurca Vasilescu, Laura, 2008. "Corporate governance in developing and emerging countries. The case of Romania," MPRA Paper 10998, University Library of Munich, Germany.
- Laura Giurca Vasilescu & Daniela Danciulescu, 2006. "Modern Indicators Of Measuring A Firm’S Competitivity," Revista Tinerilor Economisti (The Young Economists Journal), University of Craiova, Faculty of Economics and Business Administration, vol. 1(6), pages 14-19, April.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Nguyen).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.