IDEAS home Printed from https://ideas.repec.org/a/bas/econst/y2011i1p66-89.html
   My bibliography  Save this article

Institutional Investment in Bulgaria – Trends, Problems and Directions

Author

Listed:
  • Raina Tsaneva

Abstract

The objective of the study is to evaluate the investment activity of the pension funds in Bulgaria. The subject of the study is the pension funds as institutional investors functioning on capital cover principle. On this basis the study examines in details: 1) the concept “interaction frame” between corporate governance and institutional investors; 2) normative order of the investment activity of the pension funds in Bulgaria, including legally regulated quantity limitation for them; 3) analysis of the dynamics of the investment portfolio of the pension funds in the country; 4) the status of the institutional investors (particularly the pension funds), in order to outline their potential for participation in the corporate ownership. The currency of the problems is added by the fact that the traditional understanding of the shareholding ownership evolves due mostly to the gradual change of the status of the investors (mostly the institutional investors).

Suggested Citation

  • Raina Tsaneva, 2011. "Institutional Investment in Bulgaria – Trends, Problems and Directions," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 66-89.
    • Handle: RePEc:bas:econst:y:2011:i:1:p:66-89
    as

    Download full text from publisher

    File URL: http://www.ceeol.com/aspx/issuedetails.aspx?issueid=68da7dc4-1aac-46ad-8be2-4dc68be23be9&articleid=2d0be504-977b-408b-b7f4-99f156cc30ff#a2d0be504-977b-408b-b7f4-99f156cc30ff
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. 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.
    2. Georgi Shopov, 2008. "The Bulgarian Pension System - design, pre-reform and post-reform financial status," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 3-21.
    3. Bhide, Amar, 1993. "The hidden costs of stock market liquidity," Journal of Financial Economics, Elsevier, vol. 34(1), pages 31-51, August.
    4. Митко Димитров (ed.), 2007. "Студии За Ускорено Развитие На Българската Икономика," ERI-BAS Books, Bulgarian Academy of Sciences - Economic Research Institute, number 5:p:1-565.
    5. David, Parthiban & Kochhar, Rahul, 1996. "Barriers to effective corporate governance by institutional investors: Implications for theory and practice," European Management Journal, Elsevier, vol. 14(5), pages 457-466, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Georgeta Vintila & tefan Cristian Gherghina, 2015. "Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 501-514.
    2. Bingrun Xu & Wenli Huang & Lu Li & Lei Lu, 2023. "Mutual fund activism and corporate innovation: Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(S2), pages 2755-2779, June.
    3. Gao, Huasheng & Harford, Jarrad & Li, Kai, 2013. "Determinants of corporate cash policy: Insights from private firms," Journal of Financial Economics, Elsevier, vol. 109(3), pages 623-639.
    4. Pierre Durand, 2018. "Impact du financement par fonds de pension sur la performance des entreprises du CAC 40," EconomiX Working Papers 2018-4, University of Paris Nanterre, EconomiX.
    5. Brogaard, Jonathan & Li, Dan & Xia, Ying, 2017. "Stock liquidity and default risk," Journal of Financial Economics, Elsevier, vol. 124(3), pages 486-502.
    6. Soedarmono, Wahyoe & Augier, Laurent, 2009. "Threshold Effect and Financial Intermediation in Economic Development," MPRA Paper 14905, University Library of Munich, Germany.
    7. Ghabri Yosra & Olfa Ben Ouda Sioud, 2011. "Ultimate ownership structure and stock liquidity: empirical evidence from Tunisia," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 28(4), pages 282-300, October.
    8. Castaneda, Gonzalo, 2006. "Economic growth and concentrated ownership in stock markets," Journal of Economic Behavior & Organization, Elsevier, vol. 59(2), pages 249-286, February.
    9. Marco Becht & Yuliya Kamisarenka & Anete Pajuste, 2018. "Loyalty Shares with Tenure Voting - a Coasian bargain? Evidence from the Loi Florange Experiment," Working Papers ECARES 2018-10, ULB -- Universite Libre de Bruxelles.
    10. Gunther Capelle-Blancard, 2018. "What is the Point of (the Hundreds of Thousands of Billions of) Stock Transactions?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 60(1), pages 15-33, March.
    11. Erik Lehmann & Jürgen Weigand, 2000. "Does the Governed Corporation Perform Better? Governance Structures and Corporate Performance in Germany," Review of Finance, European Finance Association, vol. 4(2), pages 157-195.
    12. Venkat Eleswarapu & Chandrasekar Krishnamurti, 1995. "Liquidity, stock returns and ownership structure: an empirical study of the BSE," Finance 9507005, University Library of Munich, Germany.
    13. JOSEPH A. McCAHERY & ZACHARIAS SAUTNER & LAURA T. STARKS, 2016. "Behind the Scenes: The Corporate Governance Preferences of Institutional Investors," Journal of Finance, American Finance Association, vol. 71(6), pages 2905-2932, December.
    14. French, Joseph J. & Fujitani, Ryosuke & Yasuda, Yukihiro, 2021. "Does stock market listing impact investment in Japan?," Journal of the Japanese and International Economies, Elsevier, vol. 59(C).
    15. Heinrich, Ralph P., 1999. "Complementarities in Corporate Governance - A Survey of the Literature with Special Emphasis on Japan," Kiel Working Papers 947, Kiel Institute for the World Economy (IfW Kiel).
    16. Bilgehan TEKIN & Erol YENER, 2019. "The causality between economic growth and stock market in developing and developed countries: Toda-Yamamoto approach," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(2(619), S), pages 79-90, Summer.
    17. Laurent Augier & Wahyoe Soedarmono, 2011. "Threshold Effect and Financial Intermediation in Economic Development," Economics Bulletin, AccessEcon, vol. 31(1), pages 342-357.
    18. Gabriella Chiesa & Giovanna Nicodano, 2003. "Privatization and Financial Market Development: Theoretical Issues," Working Papers 2003.1, Fondazione Eni Enrico Mattei.
    19. Yangyang Chen & Rui Ge & Henock Louis & Leon Zolotoy, 2019. "Stock liquidity and corporate tax avoidance," Review of Accounting Studies, Springer, vol. 24(1), pages 309-340, March.
    20. Schmukler,Sergio L. & Versperoni,Esteban, 2000. "Globalization and firms'financing choices - evidence from emerging economies," Policy Research Working Paper Series 2323, The World Bank.

    More about this item

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bas:econst:y:2011:i:1:p:66-89. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Diana Dimitrova (email available below). General contact details of provider: https://edirc.repec.org/data/ikbasbg.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.