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Ownership Structure and Corporate Control in Bulgaria

  • Plamen Tchipev

The paper presents the actual ownership structure of public companies in Bulgaria on the basis of a survey of 104 companies traded on the Bulgarian Stock Exchange. It also discusses the problems of disclosure of ownership information, focussing on the transposition of the EC Large Holdings Directives. The paper finds out an inconsistent enforcement of the disclosure procedures and very concentrated ownership; for more than half of the companies the largest shareholders stakes’ exceed more than 50%. That provides incentives and opportunities for violation of the rights of minority shareholders, though this is far not the only reason.

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Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

Volume (Year): (2003)
Issue (Month): 7 ()
Pages: 132-146

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Handle: RePEc:bas:econth:y:2003:i:7:p:132-146
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  1. Plamen Tchipev, 2003. "Bulgarian mass privatisation scheme: Implications on corporate governance," Journal of Economic Studies, Emerald Group Publishing, vol. 30(3/4), pages 351-388, September.
  2. Becht, M.C. & Chapelle, A. & Renneboog, L.D.R., 1999. "Shareholding Cascades : The Separation of Ownership and Control in Belgium," Discussion Paper 1999-96, Tilburg University, Center for Economic Research.
  3. Stefan Petranov, 2001. "Concentration of Capital in the Public Joint-stock Companies, Protection for the Investors and the Capital Market: 1997-1999," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 133-148.
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