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Institutional investors in Bulgarian corporate governance reform: obstacles or facilitators?

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  • Belev, Boyan

Abstract

Institutional investors can play a special role in corporate governance reform given their dual status as both objects and subjects of corporate governance. In transition economies these investors can turn into an obstacle to good governance practices because of inconsistency of their strategy with the reform goals, internal mechanisms of corporate control precluding equitable treatment of shareholders, and serious problems with transparency and disclosure. The expected positive role of institutional investors as subjects of corporate governance may be problematic if they adopt a strategy of accommodation with the anti-reform status quo.

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  • Belev, Boyan, 2003. "Institutional investors in Bulgarian corporate governance reform: obstacles or facilitators?," Journal of World Business, Elsevier, vol. 38(4), pages 361-374, November.
    • Handle: RePEc:eee:worbus:v:38:y:2003:i:4:p:361-374
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    References listed on IDEAS

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    7. Plamen Tchipev & Rilka Dragneva, 1999. "Mass Privatization Funds – the New Institutional Investors in the East? A Comparative Study of CEE Mass Privatization Schemes," ERI-BAS Chapters, in: Mitko Dimitrov & Wladimir Andreff & Laszlo Csaba (ed.), Economies in Transition and the Variety of Capitalisms. Features, Changes, Convergence, edition 1, chapter 28, pages 367-389, Bulgarian Academy of Sciences - Economic Research Institute.
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    2. McCarthy, Daniel J. & Puffer, Sheila M., 2003. "Corporate governance in Russia: a framework for analysis," Journal of World Business, Elsevier, vol. 38(4), pages 397-415, November.
    3. Jiang, Li & Bai, Yu, 2022. "Strategic or substantive innovation? -The impact of institutional investors' site visits on green innovation evidence from China," Technology in Society, Elsevier, vol. 68(C).
    4. Xihui Chen & Juan Ou & Xuemei Tang & Qinghe Yang, 2023. "The Impact of Officials’ Off-Office Accountability Audit of Natural Resource Assets on Firms’ Green Innovation Strategies: A Quasi-Natural Experiment in China," Sustainability, MDPI, vol. 15(3), pages 1-36, February.
    5. Yuan, Rongli & Xiao, Jason Zezhong & Zou, Hong, 2008. "Mutual funds' ownership and firm performance: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 32(8), pages 1552-1565, August.
    6. Jim-Yuh Huang & Kao-Yi Shen & Joseph C.P. Shieh & Gwo-Hshiung Tzeng, 2019. "Strengthen Financial Holding Companies’ Business Sustainability by Using a Hybrid Corporate Governance Evaluation Model," Sustainability, MDPI, vol. 11(3), pages 1-27, January.
    7. Huang, Wei & Wright, Brian, 2015. "Analyst earnings forecast under complex corporate ownership in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 35(C), pages 69-84.

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