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Съвременното Състояние На Корпоративното Управление В България
[Contemporary State of Corporate Governance in Bulgaria]

Author

Listed:
  • Dimitrov, Mitko
  • Tchipev, Plamen D
  • Keremidchiev, Spartak
  • Bakardjieva, Radostina

Abstract

The paper presents the results of a large study of the current state of the corporate governance in Bulgaria, made in the light of the established principles and standards of corporate governance in the country and good practices in other economies. For this purpose two empirical studies are made with managers of public and non-public companies, as well as a representative study on the attitude of the population as a potential investor and two focus groups with key representatives of public companies, presenting the investors’ community and civic associations, Bulgarian Stock Exchange and experts in the field. The main conclusion of the study is that the corporate governance in the country is in an initial stage of its development. It needs a periodical studying, constant monitoring. The introduced standards for good corporate governance are to be improved and confirmed so the competitiveness of the Bulgarian economy can be supported. Bulgarian National Corporate Governance Code, adapted by most public companies, ranges the main leading principles and standards for current corporate governance. The National Code reflects normatively determined decisions, as well as practices voluntarily adopted by the corporations. Still, the principles and standards of the National Corporate Governance Code can be further developed and improved. For this purpose the paper presents recommendations concerning corporate boards, stakeholders and the corporate social responsibility.

Suggested Citation

  • Dimitrov, Mitko & Tchipev, Plamen D & Keremidchiev, Spartak & Bakardjieva, Radostina, 2014. "Съвременното Състояние На Корпоративното Управление В България
    [Contemporary State of Corporate Governance in Bulgaria]
    ," MPRA Paper 62343, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:62343
    as

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    File URL: https://mpra.ub.uni-muenchen.de/62343/1/MPRA_paper_62343.pdf
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    References listed on IDEAS

    as
    1. Spartak Keremidchiev, 2005. "Towards Modernization Of The Corporate Governance In Bulgaria," Industrial Organization 0501004, EconWPA.
    2. Plamen D. Tchipev, 2009. "Where is the Bulgarian Corporate Governance Model Heading to?," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 58-65.
    3. Радостина Бакърджиева, 2010. "Корпоративната Социална Отговорност - Ядро На Устойчивото Развитие," ERI-BAS Chapters,in: Искра Христова-Балканска (ed.), Устойчиво развитие и многообразие в България, edition 1, chapter 2, pages 17-22 Bulgarian Academy of Sciences - Economic Research Institute.
    4. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    5. Mitko Dimitrov & Saul Estrin & Xavier Richet & Vesselin Mintchev & G. Zaman & Ilir Gedeshi & et al., 1997. "State Enterprise Restructuring in Bulgaria, Romania and Albania," ERI-BAS Books, Bulgarian Academy of Sciences - Economic Research Institute, number 2:p:1-294 edited by Mitko Dimitrov, March.
    6. Mitko Dimitrov & Wladimir Andreff & Laszlo Csaba & N. Campos & Tatiana Houbenova-Delissivkova & Gabor Hunya & Vesselin Mintchev & Nikolay Naydenov & A. Pailhe & Rossitsa Rangelova & Plamen Tchipev & A, 1999. "Economies in Transition and the Variety of Capitalisms. Features, Changes, Convergence," ERI-BAS Books, Bulgarian Academy of Sciences - Economic Research Institute, number 1:p:1-527 edited by Mitko Dimitrov & Wladimir Andreff & Laszlo Csaba, March.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    corporate governance; Bulgaria; National Corporate Governance Code; good practices;

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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