Корпоративно управление в развитите пазарни икономики и в България
Corporate Governance in Developed Market Economies and Bulgaria

Author(s): Evgeny Peev
Subject(s): Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Public Finances
Published by: Институт за икономически изследвания при Българска академия на науките
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.

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