IDEAS home Printed from https://ideas.repec.org/a/bas/econth/y2003i7p132-146.html
   My bibliography  Save this article

Ownership Structure and Corporate Control in Bulgaria

Author

Listed:
  • Plamen Tchipev

Abstract

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.

Suggested Citation

  • 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.
  • Handle: RePEc:bas:econth:y:2003:i:7:p:132-146
    as

    Download full text from publisher

    File URL: http://www.ceeol.com/aspx/issuedetails.aspx?issueid=71742586-bd7e-4daf-a1c6-e3144fdf03cb&articleid=b177f9d7-9ba5-423f-b3f1-d9b7115f32ab#ab177f9d7-9ba5-423f-b3f1-d9b7115f32ab
    Download Restriction: Fee access

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. 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.
    4. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Erik BerglöF, 2005. "What do Firms Disclose and Why? Enforcing Corporate Governance and Transparency in Central and Eastern Europe," Oxford Review of Economic Policy, Oxford University Press, vol. 21(2), pages 178-197, Summer.
    2. Plamen D. Tchipev, 2008. "Corporate Governance in Bulgaria's Accession to the EU: Corporate Boards Perspective," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 152-181.
    3. Nedelchev, Miroslav, 2014. "Corporate governance of banking group: international recommendations, european policies and national practices," MPRA Paper 64586, University Library of Munich, Germany.
    4. 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.
    5. Georgeta Vintila & Þtefan 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.

    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

    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:econth:y:2003:i:7:p:132-146. 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: (Diana Dimitrova). General contact details of provider: http://edirc.repec.org/data/ikbasbg.html .

    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 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.