IDEAS home Printed from https://ideas.repec.org/a/bas/econst/y2011i1p66-89.html

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. 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.
    2. 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.
    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, December.
    5. 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.
    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. David Salvador Cisneros Zepeda, 2022. "Los efectos del crédito bancario otorgado a la industria y al consumo en el crecimiento económico: evidencia de México, 1994-2017," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 17(2), pages 1-25, Abril - J.
    4. Massa, Massimo & Zhang, Lei, 2015. "Fire Sales and Information Advantage: When Informed Investor Helps," CEPR Discussion Papers 10536, C.E.P.R. Discussion Papers.
    5. Sahibzada, Irfan Ullah, 2023. "To what extent do sovereign rating actions affect global equity market sectors?," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 240-261.
    6. 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.
    7. Najeb Masoud & Glenn Hardaker, 2012. "The impact of financial development on economic growth," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 29(3), pages 148-173, July.
    8. Murillo Campello & Rafael P. Ribas & Albert Y. Wang, 2014. "Is the Stock Market Just a Side Show? Evidence from a Structural Reform," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 3(1-2), pages 1-38.
    9. Chen Haibo & Emmanuel Kwaku Manu & Mary Somuah, 2023. "Examining Finance-Growth Nexus: Empirical Evidence From the Sub-Regional Economies of Africa," SAGE Open, , vol. 13(1), pages 21582440231, February.
    10. Kangni Kpodar & Maëlan Le Goff & Raju Jan Singh, 2019. "Financial Deepening, Terms of Trade Shocks and Growth in Low-Income Countries," Working papers 719, Banque de France.
    11. Benson, Karen & Faff, Robert & Smith, Tom, 2015. "Injecting liquidity into liquidity research," Pacific-Basin Finance Journal, Elsevier, vol. 35(PB), pages 533-540.
    12. Cândida Ferreira, 2015. "The relevance of the EU banking sector to economic growth and the recent financial crisis," Working Papers Department of Economics 2015/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    13. Sultan Mehmood, 2013. "Access to External Finance and Innovation: A Macroeconomic Perspective," CPB Discussion Paper 218.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    14. Gu, Lifeng & Wang, Yixin & Yao, Wentao & Zhang, Yilin, 2018. "Stock liquidity and corporate diversification: Evidence from China’s split share structure reform," Journal of Empirical Finance, Elsevier, vol. 49(C), pages 57-80.
    15. Akguc, Serkan & Choi, Jongmoo Jay, 2025. "Time horizon and corporate investment: Evidence from private and public firms around the world," Research in International Business and Finance, Elsevier, vol. 73(PA).
    16. 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.
    17. Agarwal, Vikas & Cao, Sean Shun & Huang, Shawn & Kim, Min, 2025. "Incentive realignment: Mutual funds' influence on executive compensation contracts," CFR Working Papers 25-08, University of Cologne, Centre for Financial Research (CFR).
    18. Mello, Antonio S. & Repullo, Rafael, 2004. "Shareholder activism is non-monotonic in market liquidity," Finance Research Letters, Elsevier, vol. 1(1), pages 2-10, March.
    19. Ms. Marialuz Moreno Badia & Veerle Slootmaekers, 2009. "The Missing Link Between Financial Constraints and Productivity," IMF Working Papers 2009/072, International Monetary Fund.
    20. Randi Næs, 2004. "Ownership Structure and Stock Market Liquidity," Working Paper 2004/6, Norges 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.