ПРЕДИЗВИКАТЕЛСТВАТА НА КОРПОРАТИВНОТО УПРАВЛЕНИЕ В БЪЛГАРИЯ
CHALLENGES OF CORPORATE GOVERNANCE IN BULGARIA
Edited and compiled by Prof. Dr. Habil. Ilia Georgiev and Dr. Lilia Chankova
Contributor(s): Ilia Georgiev (Editor), Lilia Chankova (Editor)
Subject(s): Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Micro-Economics, Financial Markets, Public Finances
Published by: Институт за икономически изследвания при Българска академия на науките
Summary/Abstract: Instead of a short abstract, please refer to the PDF-files of the introduction to the book (where are the abstracts of the articles), its table of content and the sample-PDF which, each of them, you can download for free from here. We hope you'll get through this files a more comprehensive impression about the book than would be provided by just a few lines of an abstract / summary.
- Print-ISBN-10: 954-90138-2-1
- Page Count: 187
- Publication Year: 2003
- Language: Bulgarian
Към модернизиране на корпоративното управление в България
Към модернизиране на корпоративното управление в България
(TOWARDS MODERNIZATION OF ТНЕ CORPORATE GOVERNANCE IN BULGARIA)
- Author(s):Ilia Georgiev, Spartak Keremidchiev
- Language:Bulgarian
- Subject(s):National Economy, Business Economy / Management
- Page Range:6-50
- No. of Pages:45
- Keywords:corporate governance; conflicts of interests; ownership concentration; corporate governance models; modernization of corporate governance
- Summary/Abstract:The рарег aims at outlining the existing gaps in Bulgarian corporate governance compared to the standards and the state of corporate governance in developed market economies. The current state of corporate governance, the conflicts of interests, the degree of ownership concentration as well as the strengths and weaknesses of согроrate governance аге examined for the fulfillment of this goal. Оп the other hand the main features of the corporate governance models аге summed up and current trends in their development in leading market economies аге discussed. А conceptual model for modernization of corporate governance in Bulgaria is created.
- Price: 4.50 €
Съвременни тенденции в корпоративното управление в България
Съвременни тенденции в корпоративното управление в България
(Modern Trends in Bulgarian Corporate Covernance)
- Author(s):Bistra Boeva
- Language:Bulgarian
- Subject(s):Economy, National Economy, Business Economy / Management
- Page Range:51-61
- No. of Pages:11
- Keywords:corporate governance; ОЕСD principles of corporate governance; public companies; principal-agent relationship
- Summary/Abstract:Corporate governance is an established fact in Bulgarian public companies. Various measures and efforts are used by the regulator and the business community to promote the implementation of modern principles of corporate governance. The objective of this paper is to brief on the results of а survey, that examined one of this measures - the program for the implementation of the internationally accepted standards/principles of corporate governance. The results of the survey are discussed from the perspective of the efficiency of this measure, legally imposed by Law on Public Offering of Securities, and from the perspective of the principal-agent relations. New issues for future exploration are drawn up as well.
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Корпоративен контрол в публичните предприятия в България
Корпоративен контрол в публичните предприятия в България
(Corporate Control in the Public Companies in Bulgaria)
- Author(s):Plamen Chipev
- Language:Bulgarian
- Subject(s):Economy, National Economy, Business Economy / Management, Public Finances
- Page Range:62-81
- No. of Pages:20
- Keywords:corporate governance and control; public companies;
- Summary/Abstract:Two important problems are investigated - how is the information for corporate control revealed and what is its model in the Bulgarian public companies. The introduction and the implementation of the EU Directive for information revealing as well as statistical investigation of the corporate control in 104 public companies, traded on the Sofia Stock Exchange by means of their shareholder structure are analyzed.
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Специфични субекти и инструментариум на корпоративното управление
Специфични субекти и инструментариум на корпоративното управление
(Specific Corporate Subjects and Tools)
- Author(s):Nikolay Dimitrov
- Language:Bulgarian
- Subject(s):Economy, National Economy, Business Economy / Management
- Page Range:82-93
- No. of Pages:12
- Keywords:corporate governance; specific subjects; specific tools; headquarters; committees; project groups;
- Summary/Abstract:This paper attempts to reveal the scope and specific activities in the corporate governance. Special emphasis is placed on specific corporate governance subjects and tools. The functions and activities of headquarters, committees, complex programs, etc. have been clarified. Three approaches to development of "programs that apply the international standards for corporate governance" has been grounded. The examined problems are bound up with the transformation of property, as well as with the type of organizations, the regulation programs and good western standards.
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Корпоративно управление в развитите пазарни икономики и в България
Корпоративно управление в развитите пазарни икономики и в България
(Corporate Governance in Developed Market Economies and Bulgaria)
- Author(s):Evgeny Peev
- Language:Bulgarian
- Subject(s):Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Public Finances
- Page Range:94-100
- No. of Pages:7
- Keywords:corporate governance; ownership; control;
- Summary/Abstract:The paper presents а comparative analysis of corporate governance in Bulgaria and developed market economies. It focuses on key issues, namely: (i) согроrate governance systems; (ii) governance structures; (iii) legal system; (iv) the impact of corporate governance on economic development. The emerging Bulgarian system of corporate governance challenges our conventional understanding of "insider-outsider" dichotomy for financial systems in market economies. In Bulgaria, capital markets are underdeveloped but banks are not major shareholders of non-financial companies. This creates credit constraints to companies and hampers corporate growth.
- Price: 4.50 €
Корпоративно управление в банковата система
Корпоративно управление в банковата система
(Corporate Governance in Banking)
- Author(s):Miroslav Nedelchev
- Language:Bulgarian
- Subject(s):Economy, National Economy, Business Economy / Management, Financial Markets
- Page Range:101-107
- No. of Pages:7
- Keywords:corporate governance; banks; new international financial architecture
- Summary/Abstract:The modern corporate governance in banking should be approached within the framework of the New International Financial Architecture (G-7). The corporate governance in banking is non-traditional for the specificity of banks as financial intermediaries. The leading feature of the corporate governance in banking is the control by а multitude of supervising bodies (international economic organizations, national institutions, rating agencies). The opaque and strong regulation increases the information asymmetry and therefore the corporate governance in banking is tackled by the stakeholders theory. The corporate governance in banking follows the life cycle of the national economy
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Корпоративният сектор в преходната българска икономика
Корпоративният сектор в преходната българска икономика
(Corporate Sector in the Bulgarian Economy in Transition)
- Author(s):Vesselin Minchev
- Language:Bulgarian
- Subject(s):National Economy, Business Economy / Management
- Page Range:108-123
- No. of Pages:16
- Keywords:corporate governance in Bulgaria; joint stock companies; concentration of ownership; insiders;
- Summary/Abstract:The presentation of the corporate sector in Bulgaria is based on the broad understanding of the concept of corporate governance, which implies consideration of factors, economic agents and relations beyond the classic relationship between shareholders and management. As а result of the intensive re-distribution of ownership from mass privatization а corporate model has been formed in Bulgaria characterized by high concentration of ownership, merged ownership and management, and finally – а clearly defined insider corporate system. Thus, it is paradoxical that the Commerce Code allows for one-tier governance system, typical for dispersed ownership. In this situation, the latest amendments to the Law on Public Offering of Securities, concerning the appointment of independent external directors, investor relations directors and the adoption of annual programs of corporate governance, brought by the need to harmonize the Bulgarian legislation with that of the European Union, raise concerns if it would be possible at all to effectively apply such measures. There are grounds for debate to what extent the insider system of corporate governance in public companies is related to the decline of their revenues and low capitalization. The shortage of financial resources in the country, including the fact that the stock exchange is not used as а way to collect resources, seriously hinder the continuing restructuring and modernization of the companies and restricts their expansion potential. This sense, it is not surprising that in the recent years the external indebtedness of the private sector reached USD 1.5 billion. This makes up about 13% of the country's GDP and over - of the country's short-term debt. The growth in the private sector's external debt obviously compensates for the resource shortage also due to an underestimation of the attraction of resources at the local stock exchange. This situation entails potential risks to the macro-economic stability of the Bulgarian economy restricted by the currency board.
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Поведението на фирмите в процеса на формиране модела на корпоративно управление в България
Поведението на фирмите в процеса на формиране модела на корпоративно управление в България
(Companies Bahaviour in the Process of Bulgarian Governance Model Forming)
- Author(s):Liliya Chankova
- Language:Bulgarian
- Subject(s):Economy, National Economy, Business Economy / Management, Micro-Economics, Financial Markets
- Page Range:124-139
- No. of Pages:16
- Keywords:corporate governance; companies' behavior; environment; transition;
- Summary/Abstract:The paper examines the companies' behavior in the Bulgarian conditions under transition. The influence of the macro- and the microeconomic environment and the state of the corporate governance as main factors for the companies' behavior are analyzed. The characteristic features of the corporations' behavior in the transition to market economy in Bulgaria are represented for two periods (1992-1997 and 1998-2001) by using the "case study" method.
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Корпоративното управление в социалната сфера: възможности за прилагане
Корпоративното управление в социалната сфера: възможности за прилагане
(Corporate Governance in the Field of Social Activities)
- Author(s):Stefka Dacheva
- Language:Bulgarian
- Subject(s):Economy, National Economy, Business Economy / Management, Public Finances
- Page Range:140-156
- No. of Pages:17
- Keywords:social services market; regulative social services; preconditioned consumption; assurance funds; conflict of interests;
- Summary/Abstract:Corporate governance is considered as one of the devices for overcoming the institutional problems raised from the government system of social services. We are concerned with the alternative forms of corporate governance of social activities following the example of the assurance funds and regulations in the latest social legislation. The conclusion is drawn, that the corporate management in the field of social activities is an underestimated alternative, which follows omitted benefits from the government and the citizens with respect to effective utilization of financial resources and the quality of services ensuring social security and protection.
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Иновации и корпоративно управление
Иновации и корпоративно управление
(Innovations and Corporate Governance)
- Author(s):Radostina Bakardjieva
- Language:Bulgarian
- Subject(s):Economy, National Economy, Business Economy / Management, Micro-Economics
- Page Range:157-175
- No. of Pages:19
- Keywords:innovation; corporate governance; German system of corporate governance; venture capital; SMEs;
- Summary/Abstract:The paper discusses the interaction between innovation and corporate governance. The innovation is presented like collective, commutative and uncertain process. The innovation activity of enterprises supposes many organizational, financial premises and strategic control, too. The paper studies the difficult organizational and institutional questions concerning the governance of innovative enterprise. It presents the German innovative corporate experience and draws lessons for Bulgaria.
- Price: 4.50 €
Актуални проблеми на управлението на корпорациите в България
Актуални проблеми на управлението на корпорациите в България
(Modern Problems of Corporate Governance in Bulgaria)
- Author(s):Pencho Penchev
- Language:Bulgarian
- Subject(s):Economy, National Economy, Business Economy / Management, Micro-Economics, Public Finances
- Page Range:176-187
- No. of Pages:12
- Keywords:corporation; management; environment; motivations
- Summary/Abstract:The paper reviews the main problems that have to be resolved by the manager teams of the corporations at the present stage of the country development. They are related to the role of international and domestic environment and the overcoming of the conflict between the corporations' goals and their resources; elaboration of managerial solutions and improvement of the managers' knowledge and skills; the strategic planning system and the implementation of adequate organizational structures; implementation of appropriate motivation mechanisms.
- Price: 4.50 €
