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Bulgarian Mass Privatisation: Implications on Corporate Governance

In: Mass privatisation schemes in Central and East European Countries. Implications on corporate governance

Author

Listed:
  • Plamen D. Tchipev

    (Economic Research Institute at BAS, Bulgaria)

Abstract

Privatisation is the major component in all the transition processes carried out in the Central and East European countries. With different pace and scale across the counties, it took distinct, sometimes even opposing forms. The volume presents the results from a comparative research on mass privatisation schemes in Bulgaria, Czech Republic, Poland, Romania, Slovakia. The underlying field research had been carried out simultaneously in the all five CEE countries, following a common analytical model. Chaperet 1 presents the data and results for Bulgaria. The Bulgarian case shaped in almost 90% of all the Privatisation funds acquiring the legal form of a classical holding company. Although, it was not clear what was the goal of such a large process; there were signs that it is mostly a willingness to avoid the rigid legal regulation imposed on the investment intermediaries and not a strong inclination against the active monitoring. Those doubts were fuelled by previous experience history of such holdings, but still did not show a firm predominance of the governing behaviour over the companies. Perhaps, the most important observation was that in all the countries there was no clear or¬i¬en¬tation towards one or another of the best world-wide known models for corporate go¬ver¬¬nance. In all of them the stock markets were welcomed and many efforts were put on their develop¬ment, but in all of the countries the banks played (or tried) very important role in privatisation.

Suggested Citation

  • Plamen D. Tchipev, 1998. "Bulgarian Mass Privatisation: Implications on Corporate Governance," ERI-BAS Chapters, in: Plamen D. Tchipev & Jurgen Backhaus & Frank Stephen (ed.), Mass privatisation schemes in Central and East European Countries. Implications on corporate governance, edition 1, chapter 2, pages 77-116, Bulgarian Academy of Sciences - Economic Research Institute.
  • Handle: RePEc:bas:ecchap:46
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    File URL: http://www.iki.bas.bg/RePEc/BAS/ecchap/CH_Mass-Privatisation_restricted.pdf
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    Citations

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    Cited by:

    1. 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.
    2. Cândida Ferreira, 2009. "European Integration and the Credit Channel Transmission of Monetary Policy," Working Papers Department of Economics 2009/07, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    3. Dan Gabriel ANGHEL & Elena Valentina ŢILICĂ & Victor DRAGOTĂ, 2020. "Intraday Patterns in Returns on the Romanian and Bulgarian Stock Markets," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 92-114, July.
    4. Tchipev, Plamen D, 2001. "Bulgarian corporate governance rules and institutions," MPRA Paper 32593, University Library of Munich, Germany.
    5. Plamen Tchipev, 2003. "Ownership Structure and Corporate Control in Bulgaria," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 132-146.
    6. Vesselin Mintchev & Plamen Tchipev & Rosska Petkova, 2000. "Structure of the Corporate Control in the Enterprises from the Mass Privatization," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 33-72.

    More about this item

    Keywords

    Bulgaria; privatisation; corporate governance; financial institutions;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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