Advanced Search
MyIDEAS: Login to save this paper or follow this series

Privatisation versus capital market: the corporate governance case of Bulgaria

Contents:

Author Info

  • Tchipev, Plamen D

Abstract

The paper presents some of the results of a survey of ownership sructure. The survey uses the classic tradition in the treatment of the problem,stating that the means for effective control on the management of the enterprise are determined by the scale and the distribution of the shareholders’ participation in its capital. Later on this was used as a basis for the development of a methodological approach for practical surveys by authors like Cubbin & Leech (1983) and (Zeitlin 1974), and John Scott (1991. On the basis of this approach the main concepts for majority-minority control and the whole scale of derivative forms (mechanisms) such as the presence/absence of majority shareholder, the presence/absence of a second strong shareholder or group of shareholders in the capital of a company, the correlation between the capital in the hands of the biggest (the leading) shareholder and the others, and finally the general structure of shareholders’ participation are drawn. All of these determine the classification of one or another form of corporate control. The whole entity of specific forms of corporate control defines the structure of corporate control in a given country. Those criteria, taken not only in their temporal development, but in their national specifics, are analyzed in detail in the report. This focus of the report is predetermined not only by the scale and the influence of mass privatisation, but by the fact that initial dispersion of property was present in the mass privatisation, unlike all the other forms which in Bulgaria were based on direct techniques for transfer of property in the hands of one buyer. The most significant conclusion presented in the report is that the arising concentrated forms of control do not help for the development of the stock market in Bulgaria.

Download Info

If 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.
File URL: http://mpra.ub.uni-muenchen.de/37287/
File Function: original version
Download Restriction: no

Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 37287.

as in new window
Length:
Date of creation: 04 Nov 2000
Date of revision:
Handle: RePEc:pra:mprapa:37287

Contact details of provider:
Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
Fax: +49-(0)89-2180-3900
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC

Related research

Keywords: Ownership structure; Corporate governance; Bulgaria; Mass privatisation;

Find related papers by JEL classification:

References

References listed on IDEAS
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.:
as in new window
  1. Cubbin, John S & Leech, Dennis, 1983. "The Effect of Shareholding Dispersion on the Degree of Control in British Companies: Theory and Measurement," Economic Journal, Royal Economic Society, vol. 93(37), pages 351-69, June.
  2. 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.
  3. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
Full references (including those not matched with items on IDEAS)

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:37287. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).

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.