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.

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.

• Item Type: MPRA Paper
• Language: English
• Keywords: Corporate governance, ownership structure, corporate control.
• Subjects: G - Financial Economics > G3 - Corporate Finance and Governance > G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill; G - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance; G - Financial Economics > G3 - Corporate Finance and Governance > G38 - Government Policy and Regulation; K - Law and Economics > K2 - Regulation and Business Law > K22 - Business and Securities Law

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