Institutional investors in Bulgarian corporate governance reform: obstacles or facilitators? |
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Authors: | Boyan Belev |
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Institution: | Center for the Study of Democracy, 5 Alexander Zhendov Street, Sofia 1113, Bulgaria |
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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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Keywords: | Corporate governance Institutional investors Transition economies Bulgaria Financial sector reform |
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