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Corporate Control: A Study of Firms on the Bucharest Stock Exchange


  • Álmos
  • John S. Earle
  • Victor Kaznovsky
  • Csaba Kucsera


This article analyzes the ownership structure of firms listed on the Bucharest Stock Exchange (BSE) over the period 1998-2000. The history of the BSE is briefly described, showing its similarity to other post-socialist countries in terms of small size and low liquidity of the market, and contrasting it with countries that have developed market economies. Measures of ownership concentration reveal that the BSE's concentrated ownership structure fits the pattern of continental Europe, with 70 percent of shares held by 5 percent or greater blockholders atthe end of 2000. However, the major types of owners are very different from those found in industrialized countries. The Romanian government, through the State Ownership Fund, held blocks in 88 of 116 listed firms in 1998, which fell to 33 of 115 at the end of 2000, in both cases with a median share of over 50 percent. The nature of the Romanian privatization process also influenced the prevalence of other types of owners, with insiders holding blocks in 34 firms, with a 41 percent median, by the end of 2000. Foreigners held stakes in 75 firms, with a 17 percent median, while the remaining blocks were mostly in the hands of domestic firms.

Suggested Citation

  • Álmos & John S. Earle & Victor Kaznovsky & Csaba Kucsera, 2002. "Corporate Control: A Study of Firms on the Bucharest Stock Exchange," Eastern European Economics, Taylor & Francis Journals, vol. 40(3), pages 6-27, May.
  • Handle: RePEc:mes:eaeuec:v:40:y:2002:i:3:p:6-27

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    Cited by:

    1. Giurca Vasilescu, Laura, 2008. "Corporate governance in developing and emerging countries. The case of Romania," MPRA Paper 10998, University Library of Munich, Germany.
    2. Laura Giurca Vasilescu & Daniela Danciulescu, 2006. "Modern Indicators Of Measuring A Firm’S Competitivity," Revista Tinerilor Economisti (The Young Economists Journal), University of Craiova, Faculty of Economics and Business Administration, vol. 1(6), pages 14-19, April.
    3. Laura VASILESCU, 2014. "Corporate Governance in the Central and Eastern Europe Countries - Features and Developments," Finante - provocarile viitorului (Finance - Challenges of the Future), University of Craiova, Faculty of Economics and Business Administration, vol. 1(16), pages 114-118, December.

    More about this item

    JEL classification:

    • P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions


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