Munich Personal RePEc Archive

Ownership Structure and Corporate Control in Bulgaria

Tchipev, Plamen D (2001): Ownership Structure and Corporate Control in Bulgaria. Published in: Economic Thought journal , Vol. 7, No. 2003 : pp. 132-146.

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Abstract

The paper presents the actual ownership structure of public companies in Bulgaria on the basis of a survey of 104 of the companies traded on the Bulgarian Stock Exchange. It discusses as well the problems of disclosure of ownership information, focusing 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 the half of the companies the largest shareholders stakes’ exceeds more than 50%. That provides incentives and opportunities for violation of the rights of minority shareholders, though this is far not the only reason. This is an earlier version of a paper published later as an article in English and Bulgarian under the same/very close names, respectively.

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